Dedicated to Deposits: Deals, Data, and Discussion
DETAILSINSTITUTIONAPYMINMAXPRODUCT
Chicopee Savings Bank1.51%-$25kRewards Checking
Chicopee Savings Bank0.65%-$50kRewards Savings
Chicopee Savings Bank0.05%--Rewards Checking
Chicopee Savings Bank0.05%--Rewards Savings
Accounts mentioned in this post. Rates as of July 22, 2014

Rewards Checking & Savings Accounts at Chicopee Savings Bank in MA - Local Only

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Chicopee Savings Bank

Chicopee Savings Bank is offering a rewards checking and savings accounts with some competitive rates. These accounts appear to be fairly new. We have only been tracking their rates since November 2011. Account details are shown at the bank's rewards checking page and the rewards savings page. The following are the rates and features as of 6/6/2012:

Rewards Checking

  • 2.51% APY for balances of $10 to $25,000
  • 0.50% APY on portion of balance over $25,000
  • 0.05% APY on balances $10 and above when qualifications are not met
  • ATM fee refunds nationwide up to $25 per month

Rewards Savings

  • 0.85% APY on balances $10 to $50,000
  • 0.50% APY on portion of balance over $50,000
  • 0.05% APY on balances $10 and above when qualifications are not met

Monthly Requirements

To receive the above rates and ATM refunds, the following monthly requirements must be met:

  • 12 debit card purchases
  • 1 ACH (electronic check) Automatic Payment or Direct Deposit
  • Receive monthly statements electronically

Both accounts have no monthly fees and no minimum balance requirements.

Availability

It appears a branch visit is required to complete the application process. There's an online application link at the bank's rewards checking page, but a customer has to select a branch to complete the application.

Chicopee Savings Bank branches are located in South central Massachusetts in the cities of Chicopee, South Hadley, Ware, West Springfield and Ludlow.

Bank Overview

The bank has an overall health score at DepositAccounts.com of 5 stars (out of 5) with a Texas ratio of 5.55% (excellent) based on March 2012 data. Please refer to our financial overview of Chicopee Savings Bank for more details. The bank has been a FDIC member since 1985 (FDIC Certificate # 90179). The bank is also a member of DIF which provides private deposit insurance for deposits over the FDIC limits.

Thanks to the reader who emailed me info on these rewards accounts.

How These Rewards Checking Rates Compare

There are not many reward checking accounts available in Massachusetts with higher rates for balances up to $25K. Colonial Cooperative Bank offers a reward checking account that pays 3.00% APY on balances up to $25K. The bank only offer accounts to people within 15 miles from their branches which are located in north central MA.

UniBank for Savings is offering 2.75% APY for balances up to $25K for parts of MA. The downside with this account is a potential $35 monthly fee if you don't meet the monthly requirements.

For nationally available reward checking accounts, the best rate for balances up to $25K is 2.52% APY at ABCO Federal Credit Union.

The above rates are accurate as of 6/6/2012.

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.

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

  Tags: Chicopee Savings Bank, checking account, Massachusetts, savings account

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