If you happen to be in Terrebone, you’re in luck. You can push for a high yield savings account without even trying. Teche Federal Bank in Franklin, LA, is offering an impressive 1.30% APY for their Diamond Savings Account. This rate is exclusively for Terrebone holders only. While the same account is still considered a high interest account in other areas, the rates aren’t as impressive as this rate.

What makes the savings account even more impressive is that it only asks for a minimum of $500 deposit to open. You can also make six third party withdrawals per month, unlimited personal withdrawals, and no monthly service fees if your balance is $1,000 or more. If your balance falls below this mark, you also only have to pay $5 per quarter, so the deal isn’t so bad.

According to the website, this is a tiered account, so we were expecting lower APYs for smaller balances. However, when we checked their rate table, it seems that the rate is consistently 1.30% APY for balances below $10,000 and above $150,000.

Since there’s no page for online account application in their website, it’s safe to say that a branch visit is required. Branches of this bank include ones in Franklin, Morgan, Thibodaux, Houma, New Iberia, Lafayette, and Baton Rouge. There are ATM machines across the state as well.

Rates for savings accounts like this one tend to change frequently. To save yourself the trip, check the website first before going to the bank to open an account. Teche Federal Bank’s ratings are definitely above average. Bauerfinancial.com and Bankrate.com both gave the financial institution four stars out of five in terms of soundness and safety.

The bank was established in 1934, and is a member of the FDIC, insured under FDIC Certificate # 29028.