1.01% APY High yield savings account with 1st Summit Bank
1st Summit Bank offers a money in the bank opportunity with their savings account called Statement Savings account. This best savings account has the following current interest rates:
- $50 to $24,999.99 0.86% APY
- $25,000 and above 1.01% APY
The earnings of this money in the bank deal are compounded daily and paid quarterly. You are required to deposit a minimum of $50 to open an account. Even though you still get to earn a competitive interest rate for the deposit of $50 you still need to have an average daily balance of $200 on your savings account to avoid the monthly service fee of $2.25.
This high yield savings account gives you the ability to make up to 6 debits in a monthly statement cycle. A charge of $0.95 may be imposed for every transaction you make when you exceed the limit. You need to maintain your account open for at least 6 months or more to avoid the early closing fee of $20.
You can take advantage of the bank’s services like their 24 hour phone banking, this allows you to check the activities in your account and even make transfers to other accounts. The bank also lets you enjoy their free online banking, this will allow you to monitor your account, pay your bills, and view your statements.
In addition, you can also apply for an ATM card which will allow you to withdraw cash to any of the banks ATM location with no charge. You can also withdraw through other network ATM’s which has a very minimal fee of only $1. Lastly, you can make deposits or withdrawals by visiting one of the bank’s branch.
It appears that you need to visit the bank to open an account, make sure to bring a valid picture ID since the bank will be requesting for a copy. 1st Summit Bank has several branches in Pennsylvania state in the cities of Somerset Borough, Altoona, Sidman, Cresson, Salix, Greensburg, Portage, Indiana, and Johnstown. For additional information about their savings account, current interest rates, or requirements please contact their customer service line at 888-262-4010.
1st Summit Bank was established in 1924. The bank is registered under the Federal Deposit Insurance Corporation and has a certificate number 8426.
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