2.40% Rewards Checking at a Massachusetts Bank (Florence Savings)


Update 8/08/09: The top yield has increased to 2.40% APY, but the rate cap has fallen to $25K. Refer to the bottom of the post for the rate history.

Florence Savings Bank is offering a rewards checking account that pays 2.40% APY on balances up to $25,000 (1.51% for above) and refunds ATM fees if the following monthly requirements are met:
  • 12 debit card purchases
  • one direct deposit or ACH debit
  • Receive eStatements
If these are not met, the rate falls to 0.05%. The minimum initial deposit is $10. There are no monthly fees and no minimum balance requirements.

Branches are located in Hampshire County which is in the western part of the Massachusetts. It appears that you must visit a branch to open an account.

The bank has been FDIC insured since 1981 (FDIC Certificate # 23293).

Other Reward Checking Accounts

To find reward checking accounts in other areas of the nation or to learn more about these accounts, please refer to my High Yield Checking website.

Rate History:
7/29/09: 2.40% APY up to $25K; 1.51% over; 0.05% base
4/08/09: 2.17% APY
1/02/09: 2.47% APY
7/30/08: 4.07% APY up to $100K; 1.01% over; 0.05% base
4/10/07: The top yield was 6.01% APY at the time of the initial post.
Anonymous   |     |   Comment #1
As of 12/24/08, top yield has dropped to 3.07% APY. Other rates and cap remain the same.
Anonymous   |     |   Comment #2
Per the rate table dated 12/31/08, the top rate is 2.47% APY up to $100K. Other rates remain same.
Anonymous   |     |   Comment #3
As of 4/8/09 the top rate has fallen to 2.17% APY. Other rates same.