If you live in the Pittsburgh area, you can open a savings account that pays 1.00% APY — comparable to the best rate available nationally — on balances to $50,000.
But to earn that top rate, you’ll also need to open a rewards checking account and use it regularly.
Indiana First Bank (www.infirstbank.com), based in Indiana, Pa., has a Kasasa Saver account that only requires a minimum deposit of $100 to open.
That’s a far cry from the $10,000 minimum deposit needed to open a savings account at The Palladian PrivateBank (www.palladianprivatebank.com), which has the best-paying account available to all savers.
At Indiana First Bank, you’ll need to open your savings account along with a Kasasa Cash rewards checking account, which pays a respectable 2.50% APY on balances to $25,000.
To earn those top rates, you’ll need to make at least a dozen debit card purchases in a month, have one direct deposit or automatic payment each month into your checking account, and receive eStatements.
If you do that, you’ll earn 2.50% APY on your checking account. Balance portions greater than $25,000 earn 0.50% APY. You’ll also get $20 worth of ATM fees refunded.
You’ll also earn 1.00% APY on balances to $50,000 for your savings account and 0.50% APY on higher balance portions.
If you don’t meet the requirements, you’ll earn 0.05% APY on both accounts.
Opening a Kasasa Cash account takes a $100 minimum deposit, and you don’t pay any monthly fees for either the checking or savings accounts.
In comparison, The Palladian PrivateBank pays 1.00% APY on all balances, but if you don’t keep at least $10,000 in your account, you’ll pay a $10 monthly maintenance fee.
The Palladian PrivateBank is the online division The PrivateBank and Trust Co., based in Chicago.
Indiana First Bank has four locations in western Pennsylvania. Residents of 14 counties in that area — including Allegheny County, home to Pittsburgh — can open an account in person or online.