Sutton Bank Rewards Checking PLUS Savings
Sutton Bank of Ohio has an interesting savings/checking account offer. However, you must sign up for both accounts to reap the benefits. This is how their combo accounts work…
First, you must set up a rewards checking account with them (which currently yields 4.05% APY!). The APY associated with this account will only apply on the first $25k, BUT, you can then take advantage of their “Rewards Savings Account” which has an unlimited maximum balance/deposit and yields a very respectable APY of 2.75%.
So, for example, let’s say you have $75,000 sitting around in which you would like to invest in an FDIC insured investment with a decent interest rate. With Sutton Bank’s offer you would apply the first $25,000 of your $75,000 to the Rewards Checking Account and have that balance earn 4.05%. Visit our Interest Checking Accounts tab to see how they work. Then, you would apply the remaining $50,000 to Sutton Bank’s “Reward Savings Account” and have that balance earn 2.75%.
…So for this $75,000 analogy you would be earning a grand total APY of 3.18%.
Math:
.0405(25,000) + .0275(50,000) = $2,387.50 interest earned after 1 year with a $75,000 balance.
Not too shabby!
May 29th, 2009 at 1:30 pm
Very nice breakdown! But I think you have the rewards checking account at both 4.05% and 4.01%. I think it says 4.01% on Sutton Bank’s website. This would probably only translate into a few pennies on your 75k analogy, but just wanted to give you the heads up!
May 19th, 2011 at 5:44 am
Our relationship with Sutton Bank has continuously deteriorated since they lost the origonal loan agent I worked with. I have experienced one unproffessional behavior after another with them. I don’t believe they are looking out for the best interest of my company, and don’t treat small accounts with any respect. Tread lightly when working with this bank.