Dedicated to Deposits: Deals, Data, and Discussion

2.75% Savings Account ($10K Max) at North Middlesex Savings Bank in MA - Local Only

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North Middlesex Savings Bank
North Middlesex Savings Bank has a unique high-yield savings account. It pays 2.75% APY on balances from $10 to $10,000 when one requirement is met. That requirement is at least one $50 deposit made in person at one of the bank's branches during the interest cycle. The rate falls to 0.25% if the requirement is not met. Balances over $10,000 will earn 0.25%. There's no minimum to open, and it's limited to one account per social security number and three accounts per household.

Unlike reward checking accounts that reward customers who do more online banking, this rewards customers for traditional banking. This is the first time I remember seeing something like this. The $10K balance cap is low, but a family could have up to $30,000 in three accounts for three family members. If you live near one of the branches, it should be easy to meet the deposit requirement.

Branches are located in the Massachusetts cities of Ayer, Groton, Littleton, Pepperell, Devens, Lunenburg and Shirley.

The bank's ratings for safety and soundness are mixed: 5 stars (superior) at BauerFinancial and 2 stars (below peer group) at Bankrate.com. Both ratings are based on 6/30/09 financial data. This is the first time I've seen the ratings be so different. The bank has been a FDIC member since 1985 (FDIC Certificate # 90147).

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  Tags: North Middlesex Savings Bank, Massachusetts, savings account

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