Dedicated to Deposits: Deals, Data, and Discussion

3.04% Reward Checking Account at a Massachusetts Bank (Dedham Savings)


Dedham Savings
Update 10/24/09: The top rate fell to 3.04% APY. Please refer to bottom of post for the rate history.

Dedham Savings has recently started a reward checking account that pays 3.04% APY on balances up to $25K (0.50% for over) and refunds ATM fees (up to $25 per statement or $4.99 per transaction) if the following monthly requirements are met: 1) 12 debit card purchases, 2) one direct deposit or ACH auto debit, and 3) receive online statements. If these requirements are not met, the rate falls to 0.15%. The minimum opening deposit is $50.

The application for this checking account can be done online. The application made it look as if people from any state could apply. However, the customer service rep told me that it's only intended for those in Massachusetts. For those in MA, it should be easy to open. The application and funding can all be done online. I was told there's no hard credit pull in the application (only ChexSystem is used). And as is typical for reward checking accounts, you'll receive the top yield and ATM refunds for the first month without having to meet the requirements.

Branches are located in the MA cities of Dedham, Westwood, Needham, Walpole, Sharon and Norwood. The bank is FDIC insured (Certificate # 23620).

Other Reward Checking Accounts

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

Rate History:
10/22/09: 3.04% APY up to $25K
06/18/09: 3.51% APY up to $25K; limit of one account per customer
02/19/09: 4.02% APY
08/23/08: 4.54% APY
05/26/08: 5.01% APY
11/26/07: 6.01% APY up to $50K

  Tags: Massachusetts, Dedham Savings, checking account, reward checking account

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Comment #1 by Anonymous posted on
Effective June 18 the top cap will drop to $25K. Also, limited to one Reward Checking account per customer.

Comment #2 by Anonymous posted on
Rate drops again to 3.04%. Lucky that I got out long time ago.

Comment #3 by Anonymous posted on
Time to totally close this hopeless account.