You can earn the top nationally available savings rate at Tennessee Commerce Bank with no restrictions.
Until Friday.
Then you’ll need to also open a checking account (there are several options) when you open your savings account to earn the top rates advertised in the Franklin, Tenn., bank’s special offer.
Tennessee Commerce’s savings account pays 1.50% APY on balances between $250 and $99,999. The bank pays 1.55% APY for balances between $100,000 and $249,999 and 1.6% on any balance above $250,000.
That beats the best nationally available rate of 1.31% APY offered by SFGI Direct. The Tennessee Commerce Bank deal is available on a national basis. Although the bank’s website says the special offer goes into effect April 1, if you sign up before then, all you need to do is deposit $250 to earn 1.50% APY.
Bank representatives can’t say how long the rate may stay in effect, but you’ll receive a 30-day written notice before a rate change.
We should warn you: The bank offered some great savings rates in 2010, only to pull the rug out from under savers, slashing its return by more than a point.
Tennessee National also offers top local and competitive national deals on 36-month certificates of deposit.
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