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UniBank for Savings2.25%$250$25keChecking
UniBank for Savings0.10%--eChecking
Accounts mentioned in this post. Rates as of August 20, 2014

New Reward Checking Account at UniBank for Savings in MA, CT & RI


UniBank for Savings

Most reward checking accounts are free checking accounts. You don't have to worry about a monthly maintenance fee even if you don't meet the monthly debit card requirements. However, there are a few reward checking accounts that do have potential monthly fees, and that's the case with UniBank for Savings and its new reward checking account called eChecking. If you're careful, you can avoid the monthly fee and be rewarded with a reward checking rate that's quite competitive in today's environment.

The following eChecking rates and requirements are listed at UniBank's checking page as of 4/10/2012:

  • 2.75% APY for balances up to $25,000
  • 0.10% APY for balances in excess of $25,000
  • Refunds of up to $25 per month on ATM surcharges

Monthly requirements include:

  • 12 posted debit card transactions for purchases
  • Maintain a minimum daily balance of $250
  • Receive eStatements

If monthly requirements are not met:

  • $35 monthly fee
  • 0.10% APY on all balances

This is a reward checking account that you would have to be very careful to avoid missing the monthly requirements. The $35 fee would be painful. On the plus side, it might help the bank keep the high rate. Those who are not careful will help to subsidize those who are careful.

As the name implies, the eChecking requires an online application. According to the first page of the application, all residents of Massachusetts, Rhode Island and Connecticut are welcome to apply.

UniBank has an overall health score at of 5 stars (out of 5) with a Texas Ratio of 4.83% (excellent) based on December 2011 data. Please refer to our financial overview of UniBank for Savings for more details. The bank has been a FDIC member since 1985 (FDIC Certificate # 90290).

How This Reward Checking Rate Compares

For a $25K balance cap, the highest reward checking rate that nationally available is 2.52% APY at ABCO Federal Credit Union. For balances up to $20K, INOVA Federal Credit Union offers 3.00% APY. Both of these reward checking accounts are free checking accounts with no monthly maintenance.

Overview of Reward Checking

If you're new to reward checking, my blog post, 10 Common Traits of High-Yield Reward Checking, should be useful.

To find the highest reward checking rates in your area, please refer to our reward checking rate table. This can also be used to find accounts available nationwide. If you're new to these tables, my rate table guide should be useful.

  Tags: UniBank for Savings, Massachusetts, Connecticut, Rhode Island, checking account

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Comment #1 by Anonymous posted on
Wow, $35 a month? That's REALLY high. To put that in perspective, if you keep the full $25,000 in the account at all times, you would earn $57 a month in interest if you do meet the requirements.

Comment #2 by Anonymous posted on
@Anonymous. You don't have to maintain $25,000. The balance requirement is only $250. The interest is paid on any balance up to $25,000. You have to use your debit card 12/month, though to get the high interest rate & avoid the monthly fee.

Comment #3 by Edith (anonymous) posted on
I just tried to open the account.  They called me back to say that I live in a part of CT they don't service.  However, the whole account is an internet account.  They send you nothing to your must take your statements online.  She said they were a community bank and didn't serve my area.