Dedicated to Deposits: Deals, Data, and Discussion
DETAILSINSTITUTIONAPYMINMAXPRODUCT
Lee Bank2.50%-$15kCACHEChecking
Lee Bank1.25%-$15kCACHESaver
Lee Bank0.05%--CACHESaver
Lee Bank0.05%--CACHEChecking
Accounts mentioned in this post. Rates as of April 18, 2014

Competitive Reward Checking and Savings Account at Lee Bank in MA

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Lee Bank

Lee Bank has a reward checking and savings account called CACHEChecking and CACHESaver. These accounts are powered by BancVue, and they’re similar to Kasasa Cash and Saver accounts. The rates and balance caps are not the best, but they’re competitive. The bank offers an online application that makes it easy for people to open these accounts. Below is a summary of the rates and features of these accounts as of 10/18/2013:

CACHEChecking account rates and ATM fee refunds if monthly requirements are met:

  • 2.50% APY on balances up to $15,000
  • 0.50% rate on balances above $15,000
  • 0.05% APY if qualifications are not met
  • Nationwide ATM fee refunds up to $25 per month

CACHESaver account rates if monthly requirements are met:

  • 1.25% APY on balances up to $15,000
  • 0.50% rate on balances over $50,000
  • 0.05% APY if qualifications aren't met

Monthly requirements to qualify for the above rates:

  • 12 debit card purchases
  • 1 direct deposit or automatic payment (ACH payment)
  • Receive monthly account statements electronically

Both accounts are free with no monthly service fees and no minimum balance requirements. The CACHESaver account must be linked to a CACHEChecking account.

Availability

Click the “open now” button on the bank’s CACHEChecking page, and you’ll be taken to an online application. The application currently lists no state-based restrictions on who is eligible to open accounts. I’ve sent a message to the bank asking about this, and I’ll update the post when I receive a reply.

Update: I received the following reply from the bank:

The CACHE Checking account is not limited to just MA residents. Anyone can apply and open the account online.

Once the account is opened I’ll follow up via e-mail as to what to expect in a welcome packet I’ll mail to the address provided during the application process – from there you’ll have to return the required documents signed with a copy of your current Driver’s License/Passport and you’re all set!

Please be aware that the availability policies often change at small banks.

Bank Overview

Lee Bank offices are located in the Massachusetts towns of Lee, Great Barrington and Stockbridge.

The bank has an overall health grade at DepositAccounts.com of B+ with a Texas ratio of 26.95% (average) based on June 2013 data. Please refer to our financial overview of Lee Bank for more details. The bank has been a FDIC member since 1992 (FDIC Certificate # 33645).

Other High-Interest Reward Checking Accounts

To find other reward checking accounts that are available nationwide or in your state, please refer to our high-interest reward checking account table.

To learn more about high-interest reward checking accounts, please refer to my post 10 Common Traits of High-Yield Reward Checking Accounts.

  Tags: Lee Bank, Massachusetts, checking account, savings account

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Comments
Comment #1 by gli (anonymous) posted on
gli
This bank seems to have flown far under the radar - so no fees, ACH can replace DD as a requirement, 12 debit swipes a month (pin-less or pin as per my own conversation with CS Rep today) and e-statments for 2.5% .... I am going to confirm out of state as acceptable and ask them about hard or soft credit pull (or chexsytems).

4
Comment #2 by gli (anonymous) posted on
gli
per email conversation with the web manager herself at Lee bank: "Not being an MA resident is not an issue at all! If you’re interested in the account you can go ahead and apply right online – I manage our website and once I see the application come through I’ll follow up with you via e-mail as to what to expect next. The credit pull in conjunction with the account opening process is a Chexsystems inquiry to ensure that you do not owe any other financial institutions money."

6
Comment #3 by gli (anonymous) posted on
gli
Lee bank just switched to from Cache to Kasasa:

http://www.leebank.com/personal/checking

And now has three different checking account options - 2.5% interest on 15K max, 4% debit cashback or itunes.

2