bank rates

Virginia Deal On Checking, Savings

Northern Star Credit Union pays 1.50% APY on savings account balances up to $25,000.Savers in the Hampton Roads area of Virginia can earn 1.50% APY on balances up to $25,000 at Northern Star Credit Union, a rate that’s a quarter of a percentage point higher than the best nationally available savings account.

Northern Star (www.nstarcu.org) offers that rate on its Kasasa Saver account, which means you first must open a Kasasa Cash rewards checking account, where you’ll earn 2.35% APY on balances to $25,000.

With either account, the portion of your balance greater than $25,000 earns 1.00%, which is a rarity among savings accounts these days. Both accounts have no minimum balance requirements and charge no monthly fees.

Like a typical Kasasa Cash account, you have to make at least 12 debit card purchases per month, plus have one automatic payment or direct deposit and sign up for eStatements. Northern Star refunds up to $30 a month in out-of-network ATM fees.

If you fail to meet those monthly requirements, you’ll earn just 0.15% APY.

For those who don’t live in the Hampton Roads area, your best option is TIAA Direct (www.tiaadirect.com), which pays 1.25% APY on its High Yield Savings account. The rate is good on your entire balance.

You only need a $25 minimum deposit to open an account with TIAA Direct, which is a division of TIAA-CREF Trust Co.

To join Northern Star, you must live, work, worship, volunteer or attend school in Norfolk, Virginia Beach, Suffolk, Chesapeake, Portsmouth, Hampton or Newport News, Va. You can open an account online or at a branch.

The credit union is based in Portsmouth and has three locations in the area. But it’s part of the Credit Union Service Centers network, which gives you access to services at more than 4,600 credit unions nationwide.

You can check to see how these rates compare to the best savings and money market account rates from our extensive database of banks.

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Comments (1)
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  1. Kathy at Bankaholic said:
    on July 16th at 08:04 am

    Northern Star’s Kasasa rates are still available.