Bay State Savings Has Nationally Available Money Market


Deal Summary: Smile Worcester County Consumer Money Market, 2.35% APY, $5k minimum deposit, new money.

Availability: Nationwide (online application).

Massachusetts-based Bay State Savings Bank (Bay State) unveiled its Smile Worcester County Consumer Money Market (SWCCMM) earlier this week. This nationally available money market earns 2.35% APY on balances of $5k and above.

$5k seems to be the “magic” number for the SWCCMM:

  • $5k minimum opening deposit of new money
  • $5k minimum balance to earn 2.35% APY
  • $5k minimum balance to avoid the $7 monthly service fee

Don’t let the “Smile Worcester County” portion of the name confuse you. As the first page of the online application states,

Thank you for choosing Bay State Savings Bank.
We welcome all residents of the United States to apply.

A Bay State branch manager explained that the name reflects how the deposits “help the Bank support economic growth in those areas of Worcester County that need it the most,” and is not descriptive of its availability. (Note: if you call the Bank to get more information, the correct pronunciation of Worcester is “woo-ster.”)

In my conversation with the branch manager, I also learned the SWCCMM offers checking writing, along with online bill payment services. There are no limits on incoming ACH transfers, but outgoing ACH transfers are limited to $10k per transaction. Mobile deposits are also available, with no dollar limits. The SWCCMM has the standard six third-party withdrawals per statement cycle, but in-person withdrawals are unlimited. While there is no fee for transactions beyond the allowed six, the branch manager stated “you will receive a phone call warning you not to do that.” Three phone warnings in a rolling year could lead to the account being closed or converted.

Kasasa Cash

Bay State Savings Bank has been offering its Kasasa Cash checking account since April 2015. The initial rate of 2.01% APY on qualifying balances up to $20k is still in effect. Qualifying balances of $20k+ earn 0.25% APY, with non-qualifying balances earning 0.05% APY.

Kasasa Cash Qualifying Requirements

  • Minimum of 12 PIN-based debit card purchases
  • Be enrolled in e-Statements
  • View an e-Statement via online banking

The Kasasa Cash account has no minimum balance requirement, no monthly fees, and no penalty for not meeting account qualifications. Nationwide ATM fees will be reimbursed on an unlimited basis, with individual ATM fees of $4.99 or higher requiring a receipt for reimbursement.

Kasasa Saver

Kasasa Saver account that earns 1.00% APY on balances up to $50k, with balances over $50k earning 0.25% APY. Interest earned in the Kasasa Cash account is automatically transferred to the Kasasa Saver account each statement cycle. The Kasasa Saver account has no minimum balance requirement or monthly service fees.


Headquartered in Worcester, Massachusetts, Bay State Savings Bank’s product line is available to all U.S. citizens and residents aliens through its online banking platform.

The Smile Worcester County Consumer Money Market Account can be opened online, over the phone (800.244.8161), or at any of seven full-service Massachusetts branches, located in Auburn (2), Holden, and Worcester (4).

Bank Overview

Bay State Savings Bank has an overall health grade of "B+" at, with a Texas Ratio of 6.67% (excellent) based on September 30, 2018 data. Bay State has an above average capitalization level (10.05%), the result of holding $422.08 million in assets with $42.42 million in equity. Please refer to our financial overview of Bay State Savings Bank (FDIC Certificate # 90311) for more details.

Bay State Savings Bank was founded in 1895 when 114 Worcester citizens pledged $7,660 to establish a new savings bank. Committed to serving its local community, the Bank established the Bay State Savings Charitable Foundation in 2003, which is,

funded entirely by Bay State Savings Bank for the sole purpose of supporting non-profit organizations and programs that enhance the quality of life in our communities. Since its inception, the Foundation has distributed more than $400,000 in grants and scholarships.

How the SWCCMM Compares

When compared to the Money Market accounts tracked by that are available nationwide and require a minimum balance of $5k or less, Bay State Savings Bank’s Smile Worcester County Consumer Money Market APY currently ranks first.

The above rates are accurate as of 12/14/2018.

Searching for the best MMA rates, either nationally available or in your state? Please refer to our Money Market Accounts rates table page.

Related Pages: Boston money market accounts, money market accounts, reward checking accounts, nationwide deals

  |     |   Comment #1
Good deal:
No stated maximum deposit
FDIC and DIF coverages (all deposit covered)
  |     |   Comment #2
Note that the bank is part of the SUM network (not the more common Allpoint network). So you will be charged an ATM access fee if you cannot get access to a SUM network affiliated machine.
Limited ACH
  |     |   Comment #3
The ACH limits makes it a deal breaker.
Bay State Savings Bank Has Competitive IRA CD and Reward Checking
Availability: Nationwide through online application.

With the end of tax season approaching, Bay State Savings Bank has added a 3-year IRA Certificate Special (1.75% APY) to its product line.

The 3-year IRA Certificate Special is offered as Traditional, Roth, CESA, SEP, and SIMPLE certificates. The minimum opening deposit is $500, with no balance cap.

The fine print in the promotional brochure states, "You may not roll over or transfer into the 3-year IRA Certificate Special." The Early Withdrawal Penalty (also found in the promotional...

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