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Cambridge Savings Bank0.75%-$25kSupersmart Checking
Cambridge Savings Bank0.05%--Supersmart Checking
Accounts mentioned in this post. Rates as of August 23, 2014

Cambridge Savings Bank Enhances Its High-Yield Reward Checking Account - MA Only


Cambridge Savings Bank

Just over a year ago I first reported on Cambridge Savings Bank's reward checking account called SuperSmart Checking. It had offered a 4.00% APY on balances up to $25K. However, there was a deal killer for many in that it required 20 debit card purchases per month to avoid a $5 monthly fee. A reader alerted me in the comments that this is no longer required. Also, the bank has reduced the required debit card purchases to qualify for the high rate from 15 to 10. So with these changes, this reward checking account is now a great deal for anyone in Massachusetts.

Here's a summary of the rates and features of this SuperSmart Checking Account (as of 11/04/2010):

  • 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:

  • 10 debit card purchases
  • 1 direct deposit
  • Receive eStatements

There is now no monthly service fee. When I spoke with the CSR this morning, I was told that any ACH transfer into the account will qualify for direct deposit. This is typical for most reward checking accounts in my experience.

There's also been a change to the Smart Checking account which is now called the EarnSmart Checking. This is a checking that requires fewer debit card purchases per month (it's now 5 per month), but it also has a lower rate. The rate is now only 1.00% APY. However, this applies to all balances. It could be useful if you don't want to use another bank for your balances over $25K. I was told that a customer can have both the SuperSmart and the EarnSmart checking accounts. However, they don't allow a customer to have more than one of each account.

One feature that remains the same is the ATM fee reimbursement policy which can be very useful for those who travel overseas. Here's how the CSR described it last year:

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.

Some other perks of the SuperSmart Checking include free standard checks, payment card protection, travel accident insurance and travel services including concierge, roadside assistance, emergency travel assistance. You can see the list of these in the EarnSmart and SuperSmart Comparison page.

Account Opening

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.

Bank Overview

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

The bank's overall health score at is 3 out of 5 with a Texas Ratio of 6.50% (excellent) based on 6/30/2010 data. It's one of the few banks with a reward checking account with over $2 billion in assets. Most banks offering reward checking accounts have assets under $1 billion. Please refer to our financial overview of Cambridge Savings Bank for more details. The bank was established in 1834 and has been a FDIC member since 1958 (FDIC Certificate # 17870).

Other High-Yield Reward Checking Accounts

To find reward checking accounts in your state or to find those available nationwide, please refer to the reward checking section of

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

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Comment #1 by Donnie (anonymous) posted on
I am surprised that people are not investing their money in high yield savings.  Maybe it's because we are scared that some day we will loose that hard earned money. However unless you are willing to spend lots of time researching you will get to the end empty-handed. Here is a way I solved that problem and even got a few alternatives too.

Be persistent, but as you know the time is money so see how you can cut to the chase which usually provides the help you need.

Thanks for the informative article.


Comment #2 by 51hh posted on
Have no idea what you are talking about Donnie, except the promotion of your website.

Comment #3 by Elena (anonymous) posted on
You can only make 1 direct deposit a month?? Or can it be more than one?? 

Also are the debit card purchases a minimum of 10 or exactly 10?





Comment #4 by 51hh posted on

1. At least one direct deposit (can be more) to meet the 4% requirements.

2. At least ten debit transactions (can be more) to meet the 4% requirements.

Comment #5 by Anonymous posted on
Anybody know if you can use Credit Card as initial deposit? If so, how much?

Also term says limit 1 per household. Do they strictly enforce this? What if my roommate wants to open it too and he has the same address with me? Considered same household?

Comment #6 by Anonymous posted on
wish they would open it up nationwide. i'm not in mass...

Comment #7 by 51hh posted on
They just limit the account to one per household (not recalling it was like this before?).

Comment #8 by Anonymous posted on
Anyone can confirm if they enforce the 1 per household policy?