Dedicated to Deposits: Deals, Data, and Discussion

3.30% Reward Checking Account at a NH/MA Bank (Monadnock Community)

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Monadnock Community Bank
Update 8/08/09: The top rate has fallen to 3.30% APY. Please see bottom of post for the rate history.

Monadnock Community Bank is offering a rewards checking account that pays 3.30% APY on balances up to $25,000 (1.01% for above) and refunds (up to $25 per cycle) if the following monthly requirements are met: 1) 10 debit card transactions, 2) one direct deposit or ACH auto debit, and 3) receive statements electronically. If these are not met, the rate falls to 0.10%. Minimum opening deposit is $50. There are no minimum balance requirements or monthly fees.

When I contacted the bank in March 2008, I was told that they require new customers to come into a branch to open accounts. However, a reader has reported in July 2009 that accounts can be opened online. According to the reader, it's not a completely automated process, so you'll have to contact the bank to complete the application process.

Offices are located in Peterborough, New Hampshire and Winchendon, Massachusetts. The bank was established in 1996 and is a member FDIC (Certificate # 34167).

Other High Yield Reward Checking Accounts

For other reward checking accounts and for more information on these accounts, please refer to the following posts:


Rate History:
8/05/09: 3.30% APY for up to $25K; 1.01% APY for above $25K; 0.10% if req's not met
6/05/09: 4.25% APY for up to $25K; 2.02% APY for above $25K; 0.10% if req's not met
1/01/09: 4.00% APY for up to $50K; 1.01% APY for above $50K; 0.10% if req's not met
9/06/08: 4.50% APY
3/31/08: 5.12% APY
3/14/08: 6.01% APY

  Tags: Massachusetts, New Hampshire, Monadnock Community Bank, checking account, reward checking account

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Comments
6 Comments.
Comment #1 by Anonymous posted on
Anonymous
A local credit union in my area is offering a checking account with 7% interest for the first $2000. Check it out at www.communitywestcu.org. Another credit union in my area has been offering a checking account with 5% interest up to $15,000. Check it out at www.lmcu.org.

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Comment #2 by Anonymous posted on
Anonymous
6% rewards checking upto 50k is quite good. I just called them about the "branch visit" to open the a/c. I was told they bank only with residents of NH or MA. I dont live anywhere in that part of the US so didnt press further as to if those state residents may open the a/c by phone.

1
Comment #3 by Anonymous posted on
Anonymous
Table for 2009 starts with 4.00% APY up to $50K; 1.01% APY over $50K, and 0.10% if requirements not met.

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Comment #4 by Anonymous posted on
Anonymous
Monadnock Bank just increased the rate to 4.25% BUT decreased the limit to $25,000. Thereby effectively DECREASING the interest their depositors get. After having just totally redecorating and expanding their offices! Apparently at the depositors expense.

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Comment #5 by Anonymous posted on
Anonymous
The above post was untrue, rate still 4% for $50K.

1
Comment #6 by Chris (anonymous) posted on
Chris
I opened the account over the internet with no problem except that I had to email with someone from the bank (account creation not fully automatic). I also would point out that you have to fill out a paper form to link accounts.

More importantly, today I got an email that the interest rate was going down to 3.30% up to $25k balance (1.01% for balances above $25k) effective 8/5/09.

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