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6.01% Reward Checking Account at Slades Bank in Massachusetts

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Update 2/11/08: Slades Bank is now Rockland Trust, and the Power Checking account is no longer being offered.

Slades Bank is offering a reward checking account it calls Power Checking. When the typical reward checking conditions are met, the yield is 6.01% APY for balances up to $100K and all ATM fees are refunded. The monthly requirements include at least 12 debit card purchases, receive direct deposit or make ACH payments and receive electronic monthly statements. If these conditions aren't met, the yield drops to 0.05% and no ATM fees are refunded. The minimum opening deposit is $50. There are no monthly fees or minimum balance requirements. Another perk is that checks are free.

The nice thing about this reward checking account is that the 6.01% APY applies on balances up to $100K. Most of these checking accounts have a limit of $25K. This helps to offset the extra debit card usage requirements. Most of the others only require 10 purchases per month.

Branches are located in the Massachusetts cities of Somerset, New Bedford, Assonet, Seekonk, Fairhaven, Fall River and Swansea. The bank is FDIC insured (FDIC Certificate # 18085).

For other reward checking accounts in other parts of the country, please see my best checking account post.

Thanks to the reader who emailed me info on this checking account.
  Tags: Massachusetts, checking account

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Comments
6 comments.
Comment #1 by Anonymous posted on
Anonymous
There is a checking account in Oregon that offers 6.01% and there is no MIN. or MAX. balance, and no fees ever. it's at Oregon Community Credit Union.

2
Comment #2 by Banking Guy (anonymous) posted on
Banking Guy
Yes, that Oregon CU reward checking is one of the best out there since it has no cap. I posted on it in April and it's still going strong with a 6.01% APY.

1
Comment #3 by Anonymous posted on
Anonymous
My bank in Massachusetts is now offering the 6.01% checking. Southbridge Savings Bank. They have 12 branches and the info can be found at southbridgesavingsbank.com

1
Comment #4 by Anonymous posted on
Anonymous
I have the key rewards checking account at Southbridge Savings bank also!! it's defiantly the best checking account out for sure!! 6.01% it's only $25 to open and then there's no min. balance. you recieve all your atm refunds back at the end of the month. you can get this rate by jus using your check card 10x have a direct deposit or have a bill payment coming directly out of your account and then recieve your statements online instead of gettin them in the mail!! i love it!! o yea and you earn points hence the name key rewards checking and with those points you can recieve prizes as awesome as a computer, digital camera, ipod and more! Def. check out southbridgesavingsbank.com! its worth it!!

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Comment #5 by Banking Guy (anonymous) posted on
Banking Guy
Thanks for the info. I posted on this Southbridge Savings Bank reward checking in this July post. Glad to see they're still offering 6.01%. MA seems to have a lot of these reward checking accounts and most all have caps above $25K.

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Comment #6 by Hans (anonymous) posted on
Hans
Slades Power Checking link (above) is dead. No mention of product on their website.

1