As we have seen over the last few years, the vast majority of changes on reward checking accounts have been rate and/or balance cap reductions. There have been rare occasions when a bank increases the rate. That recently occurred at Southbridge Savings Bank with its rewards checking account. Thanks to reader 51hh who mentioned this rate hike in the comments. I first reviewed Southbridge Savings and its reward checking account in 2007. Since that time, the reward checking account is now under the Kasasa brand and is called Kasasa Cash. There's also a linked savings account called Kasasa Saver. Below are the rates, balance caps and monthly requirements for these accounts as of 9/12/2012.
- 3.00% APY for up to $25K (0.50% over) for Kasasa Cash
- 1.00% APY for up to $50K (0.25% over) for Kasasa Saver
- 0.05% APY for both accounts if requirements are not met
- Unlimited ATM fee refunds if requirements are met
The monthly requirements are:
- 10 debit card purchases
- 1 direct deposit or ACH auto debit
- receive e-statements
These accounts have no monthly service charge and no minimum balance requirement.
Not everyone is eligible to open an account. The bank only accepts applications from residents of Massachusetts and parts of Connecticut and Rhode Island. When you begin the online application process, it will request that you enter your zip code. If the zip code falls within the bank's deposit region, you will be able to continue the application process.
Southbridge Savings Bank branches are located in several Massachusetts cities in the Worcester area.
The bank has an overall health score at DepositAccounts.com of 4 stars (out of 5) with a Texas ratio of 16.44% (average) based on June 2012 data. Please refer to our financial overview of Southbridge Savings Bank for more details. The bank has been a FDIC member since 1981 (FDIC Certificate # 23524).
How This Reward Checking Account Compares
There are only two reward checking accounts that are nationally available with at least a 3.00% APY. However, both have small balance caps. Consumers Credit Union pays 3.09% APY for balances up to $5K, and Lake Michigan Credit Union pays 3.00% APY for balances up to $15K.
These rates are accurate as of 9/12/2012.
Searching for Reward Checking Accounts
To find Kasasa Cash accounts and other reward checking accounts 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.