Unique Reward Checking and Savings Account at Leader Bank - MA Only


2.05*%-$50kLeader BankZeugma Savings
Accounts mentioned in this post. Rates as of December 10, 2016.

Earlier this year, Leader Bank launched two reward accounts that it calls the Zeugma Checking and Savings accounts. Unlike most reward checking and savings accounts, this doesn’t appear associated with BancVue which has its own unique reward product name (Kasasa). These Zeugma accounts have a few differences than the BancVue version. Some features are better, and some are worse. Below is a summary of the rates and features as of 10/14/2013:

The Zeugma checking account doesn’t pay any interest. Instead, the rewards include the following if the monthly requirements are met:

  • 1% cash back on signature-based debit card purchases
  • ATM fee reimbursements of up to $15 per month

I’m sure most savers aren’t impressed by the above rewards. However, the Zeugma savings account currently has a rate and balance cap that savers should appreciate. Below are the savings account rates if monthly requirements are met as of 10/14/2013:

  • 2.05% APY for balances up to $50,000
  • 0.20% for portion of balance over $50,000
  • 0.10% for entire balance if monthly requirements are not met.

The monthly requirements are similar to the typical reward checking account, but they’re easier to meet. The customer can meet them without using a debit card. These requirements include:

  • 5 debit transactions every month. Debit transactions can include checks, electronic payments, debit card transactions (purchase completion), and ATM transactions. Internal transfers are excluded.
  • Receive monthly direct deposit. Direct deposits includes any ACH deposit.
  • Receive e-statements.

Both Zeugma accounts are free regardless of meeting the above monthly requirements. There are no monthly service fees. However, the checking account is subject to an inactivity fee of $10 for each 90 day period in which there is no customer initiated activity.

Top CD Rates

The bank also currently offers some very competitive CD rates. As of 10/14/2013, these include a 2.05% APY 5-year CD and a 1.25% APY 15-month CD. Minimum deposit is $1,000.

Availability - Massachusetts Only

Leader Bank has an online application provided by Andera. The application requires that new customers be Massachusetts residents.

Bank Overview

Leader Bank branches are located in the Boston suburbs of Arlington, Belmont, Burlington and Cambridge.

The bank has an overall health grade at DepositAccounts.com of an A+ with a Texas ratio of 0.20% (excellent) based on June 2013 data. Please refer to our financial overview of Leader Bank for more details. The bank has been a FDIC member since 2002 (FDIC Certificate # 57134).

How These Reward Checking and Savings Accounts Compare

For most reward checking/savings combos, the checking account has the best rate. In this case, the savings account is the only account that earns interest. But the savings account interest rate is very competitive for a $50K balance cap. The best reward checking account that’s nationally available with a $25K balance cap only has a 2.05% APY (at Security Bank as of 10/14/2013).

To find other reward checking accounts that are available nationwide or in your state, please refer to our high-interest reward checking account table.

To learn more about high-interest reward checking accounts, please refer to my post 10 Common Traits of High-Yield Reward Checking Accounts.

Anonymous   |     |   Comment #1
Looks pretty customer-friendly in terms of requirements, though I wish it was just an interest checking account. Managing separate balances, and being subject to legal limits on savings transfers is just a pointless hassle.