Published on October 16th, 2016 | by Chuck1
[PA] Coatesville Savings Bank 2% APY on up to $50,000
Offer at a glance
- Interest Rate: 2%
- Maximum Balance: $50,000
- Availability: Pennsylvania, in-branch only
- Direct deposit required: None
- Additional requirements: Yes, see below
- Hard/soft pull: Unknown
- Credit card funding: None
- Monthly fees: None
- Insured: FDIC
Coatesville Savings Bank offers the CA$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
There are no fees on this account, even if the qualifications are not met.
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.
Hat tip to depositaccounts