If you’re fishing around for a new savings account, residents in the Portland, Maine, area can land a big one at Ocean Communities Federal Credit Union.
It pays 1.01% APY with a balance cap of a whopping $50,000 — far higher than many top-paying local savings accounts.
Ocean Communities offers that yield with a Kasasa Saver account, which must be opened in conjunction with a Kasasa Cash rewards checking account. The Kasasa Cash account pays 2.01% APY on balances to $10,000.
The offer caught our attention not only because the rate paid on the Saver account is a touch higher than the best nationally available savings account but also because many credit unions and community banks limit the top rate on their Kasasa savings accounts to balances of $10,000 and lower.
Right now, the best you can earn nationally is the 1.00% APY paid by The Palladian PrivateBank (www.palladianprivatebank.com), based in Chicago. But you need to make a deposit of at least $10,000 to open an account. You don’t need to keep that much in your account to earn interest, but if your balance falls below $10,000, there’s a $10 monthly fee.
If you want to open a Kasasa Saver account at Ocean Communities, you first need to set up a Kasasa Cash rewards checking account. The checking account requires a $100 minimum deposit to open. But you don’t need to keep a certain amount in your account to earn interest, and the account has no fees.
To earn 2.01% APY on balances to $10,000, you need to make at least a dozen debit card purchases each month, along with at least one direct deposit or automatic payment. You also need to receive eStatements. If you do that, you’ll also have your domestic ATM fees reimbursed.
Balance portions above $10,000 earn 0.50% APY. If you don’t fulfill the requirements in a certain month, you’ll earn 0.05% APY.
With a Kasasa Saver account, you’ll earn 1.01% APY on balances to $50,000 and 0.50% APY for higher amounts when you meet the Kasasa Cash requirements. Otherwise you’ll earn 0.05% APY.
You need a deposit of at least $50 to open a Saver account. It has no minimum balance requirements and no fees.
If you aren’t already a member of Ocean Communities Federal Credit Union, headquartered in Biddeford, Maine, membership requires a deposit of $50 into a savings account.
Membership is open to anyone who lives, works or attends school in the Maine counties of York and Cumberland.
You can open all your accounts online or stop by one of the credit union’s six locations.
For more information, visit www.oceancommunities.com or call 800-418-1486.