2.75% Savings Account ($10K Max) at North Middlesex Savings Bank in MA - Local Only


North Middlesex Savings Bank has a unique high-yield savings account. It pays 2.75% APY on balances from $10 to $10,000 when one requirement is met. That requirement is at least one $50 deposit made in person at one of the bank's branches during the interest cycle. The rate falls to 0.25% if the requirement is not met. Balances over $10,000 will earn 0.25%. There's no minimum to open, and it's limited to one account per social security number and three accounts per household.

Unlike reward checking accounts that reward customers who do more online banking, this rewards customers for traditional banking. This is the first time I remember seeing something like this. The $10K balance cap is low, but a family could have up to $30,000 in three accounts for three family members. If you live near one of the branches, it should be easy to meet the deposit requirement.

Branches are located in the Massachusetts cities of Ayer, Groton, Littleton, Pepperell, Devens, Lunenburg and Shirley.

The bank's ratings for safety and soundness are mixed: 5 stars (superior) at BauerFinancial and 2 stars (below peer group) at Bankrate.com. Both ratings are based on 6/30/09 financial data. This is the first time I've seen the ratings be so different. The bank has been a FDIC member since 1985 (FDIC Certificate # 90147).

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2.28% Reward Checking Account at a Massachusetts Bank (North Middlesex Savings)
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...

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5.50% APY 13-Month CD at a Massachusetts Bank
North Middlesex Savings Bank has a special 5.50% APY 13-month certificate of deposit with a $500 minimum deposit. It must be funded with money from another financial institution. The special CD is being offered to promote the opening of their branch in Groton. It appears that the CD can be opened at any of their branches. Credit for this find goes to eMoneyCentral.

The bank has branches in the following north central Massachusetts cities: Ayer, Littleton, Pepperell, Devens, Lunenburg and Shirley.

In addition to FDIC, the bank is also covered by...

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