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Malvern Federal Savings Bank Cuts Reward Checking Rate to 1.50%

Monday, March 15, 2010 - 7:12 PMMalvern Federal Savings Bank - Details
The reward checking rate fell from 2.00% to 1.50% APY. This applies to balances up to $35K. Malvern's reward checking was popular when it was launched in early 2008. Through most of 2008 the yield was 5.01%, and the account was available nationwide. In April of 2009 it was limited to only certain states, and later in 2009 the rates started to fall.

Please refer to my account review for the rate history and account details.

Thanks to the reader who mentioned this rate change in the comments.
1
Ken TuminKen Tumin5,442 posts since
Nov 29, 2009
Rep Points: 123,699
1. Friday, April 2, 2010 - 9:46 AM
Granted, I was probably going to close my account anyway (although I was thinking about waiting to see if the rate ever went up), but my Account Status online now shows my account as "Closed" after my statement clos
1
AnonymousAnonymous2,281 posts since
May 9, 2010
Rep Points: 3,786
2. Friday, April 2, 2010 - 9:48 AM
(end got cut off of previous comment...)

...after my statement closed with a $0 balance.

So much for "NO minimum balance" on their website!
1
AnonymousAnonymous2,281 posts since
May 9, 2010
Rep Points: 3,786
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