Monadnock Community Bank is offering a rewards checking account that pays 3.30% APY on balances up to $25,000 (1.01% for above) and refunds (up to $25 per cycle) if the following monthly requirements are met: 1) 10 debit card transactions, 2) one direct deposit or ACH auto debit, and 3) receive statements electronically. If these are not met, the rate falls to 0.10%. Minimum opening deposit is $50. There are no minimum balance requirements or monthly fees.
When I contacted the bank in March 2008, I was told that they require new customers to come into a branch to open accounts. However, a reader has reported in July 2009 that accounts can be opened online. According to the reader, it's not a completely automated process, so you'll have to contact the bank to complete the application process.
Offices are located in Peterborough, New Hampshire and Winchendon, Massachusetts. The bank was established in 1996 and is a member FDIC (Certificate # 34167).
Other High Yield Reward Checking Accounts
For other reward checking accounts and for more information on these accounts, please refer to the following posts:
- reward checking overview
- reward checking accounts available nationwide
- reward checking accounts around the nation
8/05/09: 3.30% APY for up to $25K; 1.01% APY for above $25K; 0.10% if req's not met
6/05/09: 4.25% APY for up to $25K; 2.02% APY for above $25K; 0.10% if req's not met
1/01/09: 4.00% APY for up to $50K; 1.01% APY for above $50K; 0.10% if req's not met
9/06/08: 4.50% APY
3/31/08: 5.12% APY
3/14/08: 6.01% APY