Bank rates have been falling lower and lower, and nowadays it’s rare to find an annual rate that can climb to 1.5%. However, a special and limited time only rate from Leighton State Bank can cause investors eyes to sparkle as we see a savings account rate that is hardly available at these bleak times. Leighton State Bank is currently offering a mind blowing 2.5% APY on deposits between $5,000 – $24,999.99.
This rate is one of the highest rates available for savings accounts, and it is even higher than the rates of all 1 year certificates of deposit. In Iowa City, the highest 1 year CD around is from Ally Bank at a mere 1.11%. Although this is already seen to be competitive as compared to the national average of 0.39%. Other institutions that can offer competitive rates are credit unions. One of the highest rates available is from Melrose Credit Union, and even their 1 year share certificate is only at 1.15%.
In order to open a Bonus Savings Account with Leighton State Bank, here’s what you need:
* $2,500 opening balance (account may already be opened with this amount, however the 2.5% rate will only apply to deposits of $5,000 – $24,999.99)
* A primary checking account
One of the things that need to be noticed with this account is that interest is compounded monthly unlike some other institutions that offer to compound daily. Also, balances above $24,999.99 will be subjected to a lower rate of 1.49%. Verifying with a bank official or customer representative may be done to verify this information.
This annual percentage yield has only been available since August 22 as Leighton State Bank celebrates its 100th year anniversary. And there is still no news as to when this promotional rate will be changed. Until that happens, there is still a lot of time left to make arrangements to transfer your cash from your current savings account.
Leighton State Bank is located in Iowa.