A small bank is offering competitive savings rates to Minnesota residents who open a rewards checking and a savings account.
Roundbank in Waseca — that’s a tiny town of less than 10,000 residents in south-central Minnesota — pays 1.11% APY on its Kasasa Saver accounts for balances to $25,000.
That’s a tenth of a percentage point higher than the best nationally available savings offer.
Before you can open the savings account, you’ll need to open a Kasasa Cash rewards checking account, which pays 3.01% APY on balances to $10,000.
Any portion of your balance more than $10,000 earns 0.51% APY.
To open the fee-free rewards checking account requires a $50 minimum deposit.
Then you’ll need to make at least a dozen debit card transactions each month, access Internet banking at least once a month and receive eStatements to earn the best rate.
If you don’t fulfill those requirements, you’ll earn just 0.05% APY.
If you meet the monthly qualifications, you’ll also get up to $20 in ATM fees reimbursed each month.
Meeting the rewards checking requirements also allows you to earn the top rate of 1.11% APY on the Kasasa Saver account, which is notable at a time when the best savings accounts pay about 1.00% APY.
The Kasasa Saver account, which has no fees, requires a minimum deposit of $50 to open.
Savings account balances higher than $25,000 earn 0.50% APY, and your entire balance will earn only 0.05% APY if you don’t meet the rewards checking account requirements.
The offer is available to anyone who lives in Minnesota.
The bank has four locations in Farmington, New Prague, Waldorf and Waseca. These accounts can be opened in person or online.
For more information visit www.roundbank.com or call 507-835-4220.