bank rates

Top Savings Rate At Baltimore Bank

man in a suit putting money in his breast pocketBaltimore-area residents take note: Patapsco Bank has a savings account that pays a bit better than the top nationally available deal — and you only need to make a $50 deposit to open an account.

Patapsco pays 1.01% APY on its Kasasa Saver account.

That’s slightly higher than the 1.00% APY offered by The PalladianPrivate Bank (, based in Chicago, but Palladian requires a minimum deposit of $10,000 if you want to open an account.

You’ll also need to open a Kasasa Cash rewards checking account and meet monthly requirements to earn the best rate at Patapsco.

The Kasasa Cash account requires an opening deposit of $50 and pays 2.01% APY.

Both accounts have a low balance cap. You’ll earn this rate only on balances of less than $12,000 in each account.

You’ll have to make at least 12 debit card purchases, have at least one direct deposit or automatic payment, sign up for eStatements and log on to online banking at least once a month to earn that rate.

You’ll also get up to $15 in ATM fees reimbursed per month if you meet the requirements. Higher balances earn 0.75% APY.

If you don’t meet the requirements in a particular month, you’ll earn just 0.01% APY.

The Kasasa accounts have no monthly service fees and no minimum balance requirements to earn interest.

Patapsco is based in Dundalk, Md., and has three other locations in the Baltimore area. Kasasa accounts are only available to those who live in the Baltimore metro area. You can open an account online or at one of the branches.

For more information, visit or call 410 285-9335.

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