5.15% Savings Account at a Massachusetts Bank

Cambridge Savings Bank is offering a Relationship Savings Account with an 5.15% APY that's guaranteed to last through 2/28/07. It requires a minimum initial deposit of $25K. A minimum daily balance of $10 is required to earn the APY.

This relationship savings account requires both a savings and checking account which must be opened by 7/28/06 to qualify for the 5.15% on the savings account. There are four relationship packages to choose from. The one with the least requirements is the CSB Value which has a $2.5K balance requirement of the savings and checking account to avoid a $12 monthly fee. This package requires a personal checking account which has a $500 balance requirement to avoid a $6 monthly fee.

I called the bank for some more details. You have to live in the state of Massachusetts to open an account. Also, you have to visit a branch to open. I was told there are no closing fees. They do a credit check when you open an account but the CSR wasn't sure if it's a hard or soft pull. Their online banking system, WebBank, doesn't have ACH transfer capabilities, but you can initiate ACH transfers from other banks to your account if you have a checking account.

The bank has branches throughout Eastern Massachusetts.

Credit for this find goes to scott61 who mentioned it in the finding deals post.