2.50% Reward Checking Account at Mascoma Savings Bank in NH & VT - Local Only

POSTED ON MONDAY, SEPTEMBER 7, 2009 BY Ken Tumin

Update 9/07/09: The top rate has fallen to 2.50% APY.

Mascoma Savings Bank is offering a high yield reward checking account called Free Rewards Checking. It has the following rates and features if certain monthly requirements are met:

2.50% APY on balances up to $50,000
1.01% APY on portion of balance over $50,000
0.10% base rate if monthly requirements are not met
Refunds ATM fees nationwide

The monthly requirements include:

12 debit card purchases (non-ATM transactions)
1 direct deposit or ACH debit transaction
Receive e-statements

Additional features of the account regardless of the monthly requirements include:

$50 minimum initial deposit
No minimum balance requirement
No monthly service charge

A bank visit is required to open an account. Branches are located in the New Hampshire cities of Lebanon and West Lebanon, Canaan, Enfield, Hanover, Lyme, New London plus the Vermont cities of Bethel, Chelsea, Hartland, Norwich, S. Strafford, and White River Junction, Windsor and Woodstock.

The bank's ratings for safety and soundness are superior: 5 stars (superior) at BauerFinancial and 4 stars (sound) at Bankrate.com. Both ratings are based on 3/31/09 financial data. The bank was formed in 1899 and has been a FDIC member since 1959 (FDIC Certificate #18013).

Other Reward Checking Accounts

Although the New England states have many $50,000 reward checking accounts, this is my first within these two states. 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:
09/01/09: 2.50% APY up to $50K
08/20/09: 3.05% APY up to $50K; 1.01% over; 0.10% base