Weekly Rate Spotlight - Liberty Bank & Trust Offering 1.31% APY Savings Account Rate

Weekly Rate Spotlight - Liberty Bank & Trust Offering 1.31% APY Savings Account Rate

Rate information contained on this page may have changed. Please find latest savings rates.

This week, I'm going to spotlight Liberty Bank & Trust, a 22 branch bank headquartered in New Orleans. Liberty is offering a 1.31% APY savings account with a $50 minimum balance.

It's getting harder and harder to find a savings account rate above 1% APY, but we've found them. This week, I'm going to spotlight Liberty Bank & Trust, a 22 branch bank headquartered in New Orleans. Liberty is offering a 1.31% APY savings account with a $50 minimum balance. That's pretty good considering the highest online rate is 0.95% APY and the average savings rate across the country is 0.20% APY.

Liberty Bank & Trust has a strange branch network, with a cluster of branches in the New Orleans area, a branch in Kansas City, MO, and one in Detroit, MI. View Liberty Bank & Trust's branch locations. This geographic spread is the result of several bank acquisitions, including the purchase of Home Federal Savings in Detroit, Michigan. Liberty has put together a nice video that highlights the bank and its history. The section on surviving and gowing after Hurricane Katrina was especially interesting - 6 of their branches flooded and the rest were looted.

The bank's financials look pretty sound. After spiking to 24% in 2009, the bank's Texas Ratio has dropped to 12.2%. The national average Texas Ratio is 20.28% and the lower the ratio the better (read more about the Texas Ratio). Liberty has just about doubled its assets from $290 million in 2006 to $571 million in 2011.

If you don't live near a Liberty Bank & Trust branch, BestCashCow can help you find a great savings rate in your area.

  • Find other great savings rates in your local area by clicking on the "Savings" tab above.

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Users can now register to receive the best bank rates via email every Monday. You can choose to either receive the best rates for banks across the country, or you can receive the best rates for your state. You can cancel delivery at any time and also login to change which product rates you receive for which state. This email service is free. You can register for the service here.

I hope to eventually also have the weekly rate updates go out via this email service.

Previous Weekly Rate Deals

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Image: Image courtesy of Stuart Miles at FreeDigitalPhotos.net

Best Illinois Money Market Rates

Best Illinois Money Market Rates

Rate information contained on this page may have changed. Please find latest savings rates.

Illinois has some of the top money market account rates. The national average money market rate is 0.23%. Illinois has many rates far above this level. In fact, Illinois has several banks with money market rates above 1.50% APY.

There must be something in the water in Illinois that's making the state's bankers a bit more generous than the rest of the country. Illinois has some of the top money market account rates. That's especially true of the Davenport area, where Reynolds State Bank and Buffalo Prairie State Bank are offering the two highest money market rates in the country. The national average money market rate is 0.23%. Illinois has many rates far above this level. In fact, Illinois has several banks with money market rates above 1.50% APY.

  • Reynolds State Bank leads the charge with a 1.61% APY money market account with a $2,500 minimum balance. This is the best money market rate in the country. The bank was founded in 1888 and is headquartered in Reynolds, IL, which is located just outside Davenport, near the Iowa border. The bank has a very low Texas Ratio of 2.10% versus the national average of 20.28%. A low Texas ratio is one indicator that a bank is financially stable (the lower the Texas ratio the better). Assets have grown from $59 million in 2006 to $98 million in 2011.
  • Buffalo Prairie State Bank isn't far behind with a 1.51% APY money market account. This is the second best money market rate in the country. The minimum balance for this account is $2,501. Buffalo Prairie was founded in 1920 and has one branch located in Bufallo Prairie, IL, right outside Davenport, near the Iowa border (anyone seeing a pattern here?). This bank also looks strong financially with a Texas Ratio of 1.92%. Assets have grown from $40 million in 2006 to $57 million in 2011.
  • The City National Bank Of Metropolis is offering a money market account that pays 1.26% APY with a $2,500 minimum balance. Founded in 1908, the bank has two branches at the souternmost part of the state near the Kentucky border. The bank's health ratios look strong with a Texas Ratio of 7.24%. Assets have grown from $189 million in 2006 to $338 million in 2011.
  • First National Bank In Taylorville is tied with the Washington Federal Bank For Savings. Both banks offer a 1.01% APY money market account. First National has a minimum balance of $2,500 while Washington Federal has a $1,000 minimum balance. First National is located near Springfield while Washington Federal has two branches near Chicago.

Don't Live Near These Banks?

Another option is to consider opening a savings/money market account online. Online savings and money market accounts offer attractive rates, low minimum balances, and the convenience of banking from home. Some featured accounts are:

  • American Express is offering 0.90% APY with a $0 minimum balance.
  • CNB Bank Direct is offering a 0.85% APY with a $1 minimum balance.
  • Clear Sky Accounts offering a 0.95% APY rate with a $1 minimum balance.

Getting the best rate makes a difference. To understand how earning half a percentage point can put a lot more money in your wallet over time, please visit our financial knowledge section. It pays to get the best rate.

Get the Best Illinois Bank Rates Via Email

Users can now register to receive the best bank rates for Illinois or any state via email every Monday. You can choose to either receive the best rates for banks across the country, or you can receive the best rates for your state. You can cancel delivery at any time and also login to change which product rates you receive for which state. This email service is free. You can register for the service here.

Image: Image courtesy of Stuart Miles at FreeDigitalPhotos.net

Weekly Rate Update - Aflac Federal Credit Union Offering 2.41% APY Savings Account

Weekly Rate Update - Aflac Federal Credit Union Offering 2.41% APY Savings Account

Rate information contained on this page may have changed. Please find latest savings rates.

Aflac Federal Credit Union is offering a 2.41% APY savings account for its members, and that's no quack.

Work for Aflac? If so, don't overlook one of the perks of the job. Aflac Federal Credit Union is offering a 2.41% APY savings account for its members, and that's no quack. The average national savings account rate for local banks is 0.21% while for online banks it is 0.80%. That gives you a sense of how competitive this rate is. The rate holds for deposits up to $100,000.01. The rate on deposits over this limit drops to 1.10% APY which is still highly competitive.

Like most credit unions, Aflac has a restricted field of membership. That means not everyone can join the credit union and open an account. To quality for membership, you must be an employee of Aflac, or the spouse of an empolyee. If you qualify, you can call them and request a membership packet. The packet also contains instructions for how to open a savings account.

Aflac is a medium sized credit union with $168 million in assets. It has a Texas Ratio of 15.14%, which is higher than the national average of 10.34% but not high enough to be a big concern. It is NCUA insured, and is located in Columbus, GA.

Our weekly update came out a few day late this week because of the holiday. I'll be back to the normal Monday schedule after the New Year. Happy New Year and here's to higher deposit rates in 2012 (although I think we may have to wait until 2013).

Look for the best savings account rates in your area by clicking the "Savings" tab above.

Previous Weekly Rate Deals

Check back next Monday for a new bank deal. Email any deals you know about to ratedeal (at) bestcashcow.com. Feel free to also share them below. If you're a bank and have a great deal not listed on BestCashCow, register for access and add the deal to the site.