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4.01% Reward Checking Account at Bank of Gloucester in Massachusetts

Monday, December 22, 2008 - 7:17 AM CT by Ken - Bank Deals Guy

View current rates for Bank Gloucester

Update 10/24/09: The top rate is scheduled to fall to 4.01% APY after 10/24/09. Refer to the bottom of the post for the rate history.

Bank Gloucester is offering a reward checking account that pays 4.01% APY on balances up to $25,000 (1.01% for above) and refunds all ATM fees nationwide if the following monthly requirements are met:

10 debit card purchases
one direct deposit or automatic payment
use online banking to receive electronic statements

If these are not met, the rate falls to 0.10%. Minimum initial deposit is $50. There are no minimum balance requirements and no monthly maintenance fees.

It appears a branch visit is required to open an account. The bank has one office located in Gloucester, Massachusetts.

The bank has been FDIC insured since 1987 (FDIC Certificate # 26536).

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:
10/24/09: 4.01% APY up to $25K
12/22/08: 4.51% APY up to $25K; 1.01% over; 0.10% base

Tags: Massachusetts, rc25k, banks, Gloucester Bank, checking accounts, rewards checking accounts

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In order by popularity, then date posted.

Anonymous - #1, Saturday, October 17, 2009 - 1:06 PM CT

I stopped by this bank today and opened a reward checking account. The process was pretty painless. They ran a ChexSystems report. The customer service representative did tell me that the APY will most likely be dropping to 4.01% in November. They give you a grace period for the first reward cycle so you have time to get the debit card in the mail and set up your ACH.

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Anonymous - #2, Sunday, October 18, 2009 - 2:01 PM CT

Darn, just opened several accounts last month. For the above post: Please note that their closing date is the 24th every month, thus you have only seven days of grace period.

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Anonymous - #3, Tuesday, October 20, 2009 - 1:05 PM CT

Confirmed that the change is forthcoming, late October/early November: 4.51% --> 4.01%. My guess is on 23 October, the closing of the October billing cycle.

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Anonymous - #4, Thursday, October 22, 2009 - 12:08 PM CT

Bad for Mass residents, with BG going down to 4.51% and Dedham Savings going down to 3.04%, Mass officially is in a drought, 4.01% and lower.

I suspect the RCA is a sinking ship, rates will be a bit higher than typical online savings account, but by only 1-2% (leaning toward 1%).

What to do, do rate-chasing for nationally available accounts; just me with a lrge sum of cash on hand (0% BT, HELOC, my own cash).

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Anonymous - #5, Monday, October 26, 2009 - 11:22 AM CT

Rate change showed up today on their website: 4.01%.

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4.01% Reward Checking Account at Bank of Gloucester in Massachusetts

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