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2.25% Reward Savings Account at Sutton Bank Available in OH, MI, IN & KY

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Sutton Bank
Sutton Bank has added a reward savings account that is intended for those who have the bank's reward checking account. The savings account rate as of 8/07/09 is 2.25% APY for all balances as long as the monthly reward checking account requirements are met. If they're not met, the savings account rate falls to 0.25%. There are no minimum or maximum balance requirements and no monthly fees.

Sutton Bank's reward checking account currently pays 3.51% APY on balances up to $25K (see post). The savings account would only be useful for those with balances over $25K and don't want to open additional reward checking accounts.

There's an online application. However, the first page of the application states that new account applications are restricted to residents of Ohio, Michigan, Indiana and Kentucky.

Branches are located in several cities of Ohio. The bank has been a FDIC member since 1934 (Certificate # 5962).

Reward Savings Accounts

Another name for reward savings account is Kasasa Saver (I prefer reward savings). I mentioned this new savings account in my May post on the Kasasa brand. I also listed a few banks which offer this new account. One is First Arkansas Bank & Trust which is available nationwide (except for CA).

If you have more than $25K, a reward savings account like this one from Sutton Bank can make sense. The other option is to open multiple reward checking accounts, but you'll have to meet more monthly requirements. If you don't want to hassle with more reward checking requirements, online savings accounts would be the next best option. However, it's getting difficult to find an online savings account with a rate of 2.25% or higher.

Another alternative to the reward savings account is a reward checking account without a balance cap. There are not many of them, and they usually don't offer top rates. The best nationally available one is at City National Bank which offers an APY of 3.28% (see post). Close behind City National Bank is CBDirect which offers 3.00% APY (see post).

To find other reward checking accounts without balance caps (or with large caps), refer to my high yield checking website.
  Tags: Indiana, Michigan, Sutton Bank, Kentucky, Ohio, savings account

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