2.28% Reward Checking Account at a Massachusetts Bank (North Middlesex Savings)
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Update 6/27/09: The top yield has fallen to 2.28% APY. Refer to the bottom of the post for the rate history.
North Middlesex Savings Bank has recently started a reward checking account it calls Max Checking. It pays 2.28% APY on balances up to $50K (0.25% over) and refunds ATM fees (up to $5) if the following monthly requirements are met: 1) 12 debit card transactions, 2) direct deposit of a pension, payroll or government issued credit, 3) access online banking once, and 4) receive account statement electronically. If these requirements aren't met, the rate falls to 0.25%. There are no monthly fees regardless of meeting these requirements. Minimum balance of $10 is required to earn interest.
Update 8/08/09: The bank also offers the Simply Savings Account which pays 2.75% APY on balances from $10 to $10,000 if monthly in-office $50 deposits are made.
Update 3/6/08: Please note these new restrictions on opening a Max Checking Account:
Branches are located in Ayer, Groton, Littleton, Pepperell, Devens, Lunenburg and Shirley, MA. The bank has been FDIC insured since 1985 (FDIC Certificate # 90147).
Other Reward Checking Accounts
For other reward checking accounts in Massachusetts and other parts of the country, please see my reward checking account page and my best checking account post.
Rate History:
6/18/09: 2.28% APY for $10 to $50K
3/19/09: 3.01% APY for up to $50K; all else remains the same
1/27/09: 3.30% APY for up to $50K; all else remains the same
6/25/08: 4.08% APY for up to $50K; all else remains the same
3/21/08: 4.60% APY for up to $50K; 0.25% for above $50K; 0.25% if req's are not met
8/10/07: 6.25% APY for up to $100K; 0.25% for above $100K; 0.25% if req's are not met
Edit 11/08/09: Direct deposit is now the only option
Edit 1/06/09: reformated and updated history.
North Middlesex Savings Bank has recently started a reward checking account it calls Max Checking. It pays 2.28% APY on balances up to $50K (0.25% over) and refunds ATM fees (up to $5) if the following monthly requirements are met: 1) 12 debit card transactions, 2) direct deposit of a pension, payroll or government issued credit, 3) access online banking once, and 4) receive account statement electronically. If these requirements aren't met, the rate falls to 0.25%. There are no monthly fees regardless of meeting these requirements. Minimum balance of $10 is required to earn interest.
Update 8/08/09: The bank also offers the Simply Savings Account which pays 2.75% APY on balances from $10 to $10,000 if monthly in-office $50 deposits are made.
Update 3/6/08: Please note these new restrictions on opening a Max Checking Account:
North Middlesex Savings Bank has limited the availability of its Max Checking Account to these towns; Ayer, Groton, Harvard, Littleton, Lunenburg, Pepperell, and Shirley, as well as Acton, Ashby, Bolton, Boxborough, Dunstable, Fitchburg, Lancaster, Leominster, Stow, Townsend, Tyngsboro, Westford; in New Hampshire, Brookline, Hollis, and Nashua.
Branches are located in Ayer, Groton, Littleton, Pepperell, Devens, Lunenburg and Shirley, MA. The bank has been FDIC insured since 1985 (FDIC Certificate # 90147).
Other Reward Checking Accounts
For other reward checking accounts in Massachusetts and other parts of the country, please see my reward checking account page and my best checking account post.
Rate History:
6/18/09: 2.28% APY for $10 to $50K
3/19/09: 3.01% APY for up to $50K; all else remains the same
1/27/09: 3.30% APY for up to $50K; all else remains the same
6/25/08: 4.08% APY for up to $50K; all else remains the same
3/21/08: 4.60% APY for up to $50K; 0.25% for above $50K; 0.25% if req's are not met
8/10/07: 6.25% APY for up to $100K; 0.25% for above $100K; 0.25% if req's are not met
Edit 11/08/09: Direct deposit is now the only option
Edit 1/06/09: reformated and updated history.
