3.50% Reward Checking Account at a MA Bank (Marlborough Co-Operative)

Update 6/22/09: This account is now offered through the bank's parent, Butler Bank. Please refer to this post for a review of Butler Bank's reward checking account.

Marlborough Co-Operative Bank is offering a reward checking account called Free Advantage Checking. The yield is 3.50% APY on balances up to $40,000 (0.35% for above) and ATM fees are refunded (up to $20 per cycle) if the following monthly requirements are met: 1) 10 debit card transactions, 2) one direct deposit or automated ACH debit transaction, 3) receive electronic statements, and 4) access online banking. If these are not met, the rate falls to 0.15%. The minimum opening deposit is $25. There are no monthly service charges.

A branch visit to open the account appears to be required. Branches are located in Marlborough, Massachusetts. The bank has been FDIC insured since 1986 (Certificate # 26510).

Thanks to the reader who mentioned this reward checking account in the comments.

For other high yield reward checking accounts and to learn more about these accounts, please refer to my High Yield Checking website.

Rate History:
06/17/09: The bank's name is now Butler Bank
03/19/09: 3.50% APY for up to $40K
11/19/08: 4.00% APY for up to $40K, 0.35% for above
04/01/08: 5.51% APY for up to $25K, 1.01% for above

Tags: Massachusetts, checking account