3.15% Reward Checking Account at Kennebec Federal Savings in Maine

Update 5/31/09: The top rate has fallen to 3.15% APY. Refer to the bottom of the post for the rate history.

Kennebec Federal Savings is offering a rewards checking account that pays 3.15% APY on balances up to $50,000 (1.01% for above) and refunds ATM fees nationwide without limit if the following monthly requirements are met:

• 10 debit card purchases
• one direct deposit or automatic payment
• receive electronic statements

If these are not met, the rate falls to 0.05%. There are no monthly service charges and no minimum balance requirements. Multiple accounts can be opened, but separate requirements for each must still be met.

The bank has an online application for this account at its reward checking website. However, at the top of the application, it states that after filling out the application you'll need to come into a branch location to complete the applicatioin process. Branches are located in Waterville, Maine.

The bank has been FDIC insured since 1936 (FDIC Certificate # 29661).

Other Reward Checking Accounts

To find reward checking accounts in other areas of the nation or to learn more about these accounts, please refer to my High Yield Checking website.

Rate History:
05/18/09: 3.15% APY for up to $50K
03/02/09: 3.51% APY for up to $50K
01/30/09: 4.01% APY for up to $50K; other rates remain the same
10/23/08: 4.51% APY for up to $50K; 1.01% for above; 0.05% if requirements not met

Tags: Maine, Kennebec Federal Savings, checking account, reward checking account