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4.00% Reward Checking Account at Cambridge Savings Bank - Massachusetts Only


Cambridge Savings Bank
Cambridge Savings Bank is offering a high yield reward checking account called Supersmart Checking. The account has the following rates and features if certain monthly requirements are met:
  • 4.00% APY on balances from $10 to $25,000
  • 0.05% APY on portion of balance over $25,000
  • 0.05% on all balances if requirements are not met
The monthly requirements include:
  • 15 debit card purchases
  • 1 direct deposit
  • Receive eStatements
The Smart Checking account offers 2.00% APY with the reduced requirement of only 10 debit card purchases.

Additional features of the account include:
  • $100 minimum initial deposit
  • $5 monthly maintenance fee if there are fewer than 20 debit card purchases during the cycle
  • According to the front page "free ATMs anywhere on the planet."
There are little details about the free ATM feature on the website. I emailed the bank and received the following information regarding the ATM refunds:
our SuperSmart Checking customers receive unlimited refunds each month for surcharges incurred when using other banks' ATMs, at both U.S. or non-U.S. ATMs. This refund will take place regardless of whether or not the three SuperSmart Checking requirements are met to earn the associated annual percentage yields.

There's an online application via the andera service that allows funding the account with an ACH transfer or with a credit card. However, the application states that they only open new accounts for people who live or work in Massachusetts.

Branches are located in the Massachusetts cities of Acton, Arlington, Bedford, Belmont, Cambridge, Concord, Lexington, Newton and Watertown.

The bank's ratings for safety and soundness are strong: 4 stars (excellent) at BauerFinancial (based on 6/30/09 data) and 4 stars (sound) at (based on 3/31/09 data). The bank was established in 1834 and has been a FDIC member since 1958 (FDIC Certificate # 17870). It's a sizable bank with $2.16 billion in assets based on FDIC data from 6/30/09.

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

Other Reward Checking Accounts

Most reward checking accounts are offered by small banks with less than $1 billion in assets. It's a good to see mid-size banks launching their own reward checking accounts. However, these banks tend not to offer the best deals. Cambridge Savings Bank is an example of this with its 20-debit-card requirement to avoid a $5/month fee. The vast majority of reward checking accounts lack any monthly service charge.

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.

  Tags: Massachusetts, checking account, Cambridge Savings Bank, reward checking account

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Comment #1 by Anonymous posted on
Please include this in the Local Mass Reward Checking List. Thanks.

Comment #2 by Anonymous posted on
In actuality, it is with a 20 debit transactions due to the $5 monthly fee (if less than 20). I will take 4.5% with 15 debit transactions, or 4.0% with 12 debit transactions; maybe 4% with 15 debit transactions if I am desperate enough; but never, ever, 4% with 20 debit transactions!:-)

Comment #3 by Anonymous posted on
Stupid bank, IMO.

Comment #5 by Anonymous posted on
Talked to representative today. As of a few days ago, the bank now only requires 10 transactions and there is no monthly fee for this checking account.

Comment #6 by Anonymous posted on
Has since dropped to 2.00%.  Good things only last so long