bank rates

Reward Checking Account Pays Iowa Savers 3.3% On Up To $25,000

A central Iowa bank is offering one of the highest rates in the country on a rewards checking account, and it’s paying that return on a sizable balance, too.

State Savings Bank will pay you a hefty 3.30% APY on balances to $25,000 with a Rewards Checking account.

Not only is the rate far higher than that at the vast majority of banks and credit unions in the country, most financial institutions limit their top rate to balances of $10,000.

State Savings Bank’s monthly requirements are a bit stiffer than those of most financial institutions, but you’ll probably find it’s worth the extra effort for the rate you can earn.

To earn the best rate, you’ll need to make at least 15 debit card purchases in a month. Most other financial institutions require you to make a dozen such transactions.

You’ll also need to make at least five online bill payments or have at least five automatic payments each month, or have an auto loan payment with the bank. And you’ll need to receive at least one direct deposit of a payroll, Social Security or similar type of check.

If you do those things, you’ll earn 3.30% APY on balances to $25,000 and 0.25% APY on higher balances. If you don’t meet the monthly requirements, you’ll earn just 0.05% APY.

There’s no minimum deposit amount required to open a Rewards Checking account at State Savings Bank, and you don’t need to keep a certain amount in the account to earn interest. There’s also no monthly service fee.

You can only open a Rewards Checking account at State Savings Bank by visiting one of its two branches in West Des Moines or Baxter.

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