Story Published:
Jul 7, 2009 at 5:36 PM CST
Story Updated:
Jul 7, 2009 at 5:36 PM CST
SPRINGFIELD -- A lot of people would rather spend money or invest it than sock it away, because savings accounts don't pay big dividends. One local bank hopes to change that trend. At a time when even certificates of deposit are offering nominal interest rates, Wood and Huston Bank has a product that's really worth something.
In an economic environment where any interest rate is a good interest rate, Nicole Rykbos is getting a great one.
“I just really like the good interest rates,” said Rykbos.
As part of a new product called Kasasa, Wood and Huston offers customers 4-percent interest on their checking accounts as long as they fulfill certain requirements like direct deposits and e-statements.
“We ask you to do things that help us save money and earn money so we can turn around and give you 4-percent APY per month,” said Shelley Worborg of Wood and Huston.
That's not the only incentive to save. There's also Kasasa giving, which gives 2 percent of your balance and 5 cents per signature swipe for purchases over $10 to the charity of your choice, and Kasasa tunes, where you can get $4.95 a month toward I-tunes purchases.
“It's difficult for a small bank to compete with what large banks offer; something like this is unbeatable.”
It offers customers, especially young ones, a reason to save and spend responsibly.
“It's a good incentive for young people to learn financial management skills as well as good habits of giving back to the community with charity one and I tunes; it's incentive for students to save.”
There are a couple other banks in town offering high interest checking accounts with some restrictions -- all the more reason, if you're getting little or no interest, that it might be time to shop around.
