bank rates

Reward Checking In Louisiana Pays 3.51%

St. Martin Bank & Trust Co. offers its best rate on deposits up to $10,000.While most big banks pay a pittance in interest for checking and savings accounts, decent deals can be found at some smaller banks.

One case in point is St. Martin Bank & Trust Co. based in St. Martinville, La., which pays 3.51% APY for Kasasa Cash rewards checking accounts and 1.51% APY on Kasasa Saver accounts for all Louisiana residents.

Its savings account rate is more than a quarter of a percentage higher than that of the best nationally available offer of 1.25% APY from TIAA Direct (www.tiaadirect).

To take advantage of St. Martin’s savings rate, you first must open a Kasasa Cash account (www.stmartinbank.com).

While the rate falls well short of the 4.09% APY offered nationally by Consumers Credit Union (www.myconsumers.org) of Waukegan, Ill., Consumers pays next to nothing for savings accounts — just 0.05% APY.

At St. Martin, the 3.51% APY is good for rewards checking balances up to $10,000. Anything above that earns 0.25% APY if you meet the monthly requirements.

That means each month you need to make at least 10 debit card purchases, have one automatic payment or direct deposit, access online banking and receive eStatements. If you don’t do that, you’ll earn 0.05% APY.

For higher balances, you’re better off keeping your money in a Kasasa Saver account, which pays 1.51% APY on balances to $25,000. Anything above that earns 0.25% APY if you meet the rewards checking account requirements. Otherwise you’ll earn 0.05% APY on your account.

You need a $50 deposit to open either account at St. Martin, but you don’t need to keep a minimum amount in the account to earn interest.

If you don’t live in Louisiana, your best savings account option is TIAA Direct, which pays 1.25% APY on your entire balance. You need a $25 deposit to open an account. TIAA Direct is a division of TIAA-CREF Trust Co.

You can open a St. Martin account online or at one of its 11 locations in St. Martin, Lafayette, Acadia and Jefferson Davis parishes.

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  1. Kathy at Bankaholic said:
    on April 16th at 07:10 am

    St. Martin’s Kasasa rates are still available.