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Still possible to make savings dollars work harder in a low-rate environment

October 26, 2020
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Given today's record-low interest rates, it has become more challenging than ever to identify safe savings options that yield any real value. The U.S. central bank continues to lower rates in an effort to encourage spending and keep the economy moving. That's good news if you plan on borrowing money or refinancing existing debt. But on the savings side, your money might be losing some of its spending power. 

Historically, when consumers wanted to earn higher returns they turned to mutual funds or CDs. These options, however, either come with added risk or require you to tie up dollars for designated periods of time. There are, however, safe, liquid options that yield higher returns in the form of high-interest savings and checking accounts or rewards accounts.

At Cortland Bank, these accounts are known as Choice Rewards accounts, and they offer a number of attractive benefits.

  • No monthly maintenance fees (e-statements are free, paper statements $2/month)
  • Unlimited refunds on ATM fees nationwide, when qualifications are met.
  • No minimum balance requirements and no category restrictions on purchases to earn rewards.

Customers choosing a Choice Rewards account have three options, depending on how much they want to earn and how many debit card transactions they average in any given qualification cycle.

The Choice Premier account pays the superior rate of 2.50% annual percentage yield (APY) on balances up to and including $25,000. To qualify, customers must have at least 15 debit card transactions and a minimum of one online banking log-in per monthly qualification cycle. 

The Choice Interest  account pays 2.00% APY on balances up to and including $25,000. It requires a minimum of 12 debit card transactions and at least one online banking log-in per monthly qualification cycle.

There is also the Choice Cash account which offers 2.00% cash back on debit card purchases up to $400 per month for a maximum cash back reward off $96 per year, $8/month. Its qualification requirements are identical to those for the Choice Interest account. 

All three accounts can be associated with high-interest savings accounts that pay APY between .75% and 1.25% on balances up to and including $25,000, depending on the type of account.

The Choice Rewards program replaces the Kasasa program that our bank offered for the last 5 years. Choice Rewards is offered exclusively by Cortland Bank!

Choice Rewards is an ideal option for customers looking to make their dollars work harder and who are frequent debit card users. We offer a variety of other checking and savings account options for customers who average a lower number of transactions per month.

Learn more about Choice Rewards Checking! Just because the market is full of lower rates these days doesn't mean you have to settle for less! 

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