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
- 12 debit card purchases (non-ATM transactions)
- 1 direct deposit or ACH debit transaction
- Receive e-statements
- $50 minimum initial deposit
- No minimum balance requirement
- No monthly service charge
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.
09/01/09: 2.50% APY up to $50K
08/20/09: 3.05% APY up to $50K; 1.01% over; 0.10% base