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Danversbank To Cut Reward Checking Rate In October

Wednesday, September 15, 2010 - 7:49 AMDanversbank
A reader mentioned in the comments that he was told by a Danversbank CSR that they would be cutting their reward checking rate in October. The CSR did not know what the new rate would be. I just called Danversbank to see if I could find out the new rate. I was told the same thing: The rate is going down by some unknown amount.

As the reader commented, looks like another 4% reward checking account bites the dust.

I'm hoping the rate stays above 3.00% APY. Danversbank has disappointed me in the past when they slashed their online saving rate to 0.75%. Let's hope they keep the reward checking rate competitive.
Ken TuminKen Tumin5,471 posts since
Nov 29, 2009
Rep Points: 125,634
1. Wednesday, September 15, 2010 - 8:25 AM
My information source says 3.01%, pending verification.
51hh51hh1,476 posts since
Jan 16, 2010
Rep Points: 6,427
2. Friday, September 17, 2010 - 8:53 PM
It is official that Danvers Bank will be lowering the rate to 3.01% APY, effective October 4, 2010.  Note that 10/4/10 is not their normal RCA closing date, which is typically the 24th of the month; so plan accordingly.
51hh51hh1,476 posts since
Jan 16, 2010
Rep Points: 6,427
3. Sunday, September 19, 2010 - 8:36 AM
Fortunately, I didn't open an account with Danvers (although I thought about it...) But the interest rate change notification issue is an interesting one for me...

I've probably had 3 or 4 rewards accounts in the past year that have significantly cut their rates, and in not a single instance, did I as an existing account holder receive any kind of emailed notification of the change... Sometimes I saw it thru the changed account advertising on the bank's web site, and other times on my monthly statement.

That kind of ****es me off, since clearly they have everyone's email address, used for sending monthly e-statements and qualification notifications. And they had no trouble communicating when they wanted people to sign up for overdraft coverage (no thanks). But going from 4.25 or 4.0% down to 3.5% or 3% doesn't merit a notice???

In each of those cases, I rewarded the bank by pulling my funds and placing them in a new account with a different bank that at least matched the prior rates I had been receiving.
jfchandlerjfchandler1 posts since
Jan 16, 2010
Rep Points: 9
4. Friday, October 1, 2010 - 5:39 AM
the rate is going to be 3.0%
jm123jm1231 posts since
Oct 1, 2010
Rep Points: 2