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Southbridge RCA Rate Drop From 3% APY To 2.5% APY

Thursday, October 25, 2012 - 12:21 PMSouthbridge Savings Bank - Details
As of October 24, the interest rate for the Kasasa Cash RCA at Southbridge Savings Bank has dropped from 3.00% APY to 2.50% APY. I have not received any direct notice from the bank regarding this change, but I discovered it when reviewing my account following the close of the most recent billing cycle. I have to admit I was expecting this. It seemed unlikely that the 3% rate was sustainable in the current environment.
4
nothlitnothlit7 posts since
Sep 30, 2011
Rep Points: 55
1. Thursday, October 25, 2012 - 4:34 PM
Thanks for the info. You are right, the change is exactly what you posted. As for 3% being unsustainable, I question that, considering Unibank, a competitor in SSB's market area, offers an E-checking account that pays 2.75%. it has a few drawbacks to that account, so I'll probably stay with Southbridge Savings Bank.

I think a drop to 2.75% MIGHT be justified, but in any event, ALL drops should be communicated to their depositors BEFORE they take effect!
2
jep1960jep196018 posts since
Jun 14, 2011
Rep Points: 65
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