[PA] Coatesville Savings Bank 2% APY on up to $50,000

Offer at a glance

• Interest Rate: 2%
• Maximum Balance: $50,000
• Availability: Pennsylvania, in-branch only
• Direct deposit required: None
• Additional requirements: Yes, see below 
• Hard/soft pull: Unknown
• Credit card funding: None
• Monthly fees: None
• Insured: FDIC

The Offer

Direct link to offer

Coatesville Savings Bank offers the CA$H REWARD$ Checking account which can get an interest rate of 2% APY on balances up to $50,000. Balances over $50,000 will earn 1% APY (on the portion of the balance over $50,000), up to $150,000 maximum.

The following requirements are necessary for this rate:

• Have at least 12 debit card purchases post and settle
• Be enrolled and receive eStatements

Another benefit of this account is ATM fee refunds, up to $20 per month.

The Fine Print

• If you do not do the qualifying requirements, there is still no monthly service fee and you earn an interest rate of .05% APY
• Qualifying transactions must post and settle to your CA$H REWARD$ Checking account during the monthly statement cycle; transactions may take one or more business days from the date the transaction was made to post and settle to the account.
• When qualifications are met, balances up to $50,000 receive APY of 2.00%; balances between $50,000.01 and $150,000 receive APY of 1.00% on the portion of the balance over $50,000; and balances over $150,000 receive APY of 0.30% on the portion of the balance over $150,000, resulting in a range from 0.31% to 2.00% APY
• APYs are current as of 3/1/2016
• Rates and rewards are variable and may change after account is opened
• $25 minimum deposit is required to open the account
• Limit one account per social security number
• There are no recurring monthly service charges or fees to open or close this account
• Contact a CSBank service representative for additional information, details, restrictions, processing limitations and enrollment instructions

Avoiding Fees

There are no fees on this account, even if the qualifications are not met.

Our Verdict

On the surface, 2% is good but not incredible. In this case, the account has a huge $50,000 max for the 2% rate, much higher than most high-yield accounts offer.

For someone who lives in Pennsylvania and keeps a lot of money in cash, this is an excellent option. If you max out the $50,000, you’ll net an extra $500 per year by using this account versus a standard 1% account. (See High-Yield Savings Accounts: Profit per Account.) I also like the fact that balances $50,001 – $150,000 earn 1% APY.

Unfortunately, this account can only be opened in-branch, and might only be available to Pennsylvania residents.

We’ll add this account to our post which high-interest savings account to get. And here are some ideas on how to meet the debit card requirements.

Hat tip to depositaccounts