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:
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.
Comments
scott
scott (anonymous)   |     |   Comment #1
I just called and was told they will open by mail but requires 2 forms of ID to be mailed in along with a notarized signature. Also they do a hard pull.
Anonymous
Anonymous   |     |   Comment #2
"**NMSB assessed ATM fees are waived and NMSB will refund up to $5.00 in transaction fees when using another bank’s ATM, each statement cycle upon customer’s request."

atm fees could be expensive. They do not count towards the 12 debit card transactions requirement.
Anonymous
Anonymous   |     |   Comment #3
I called and they said you had to be a Massachusetts resident.
mk
mk (anonymous)   |     |   Comment #4
Has anyone had any experience with these 12 Debit card transaction requirement. I suppose I could buy a dozen pieces of gum or something cheap and finish off these 12 transactions in a day - much to a cashier's annoyance but who cares.

what is your preffered way to finish those 12 transactions without spending too much time on them?
David Scubadiver
David Scubadiver (anonymous)   |     |   Comment #5
Automate various $1.00 donations to charities that accept them. See: http://www.fatwallet.com/forums/
messageview.php?catid=52&
threadid=765803
Nmsb2008
Nmsb2008 (anonymous)   |     |   Comment #6
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. Thank you.
Anonymous
Anonymous   |     |   Comment #7
Lowered the rate to 4.50% and now it's only to $50K. From $50K to $100K went from $6.25% to 0.25%.. WEASLES
Anonymous
Anonymous   |     |   Comment #8
rate lowered to 4%on 6/22
Anonymous
Anonymous   |     |   Comment #9
Rate lowered to 4.00 % on 6/22
Anonymous
Anonymous   |     |   Comment #10
Effective 12/24/08 the rates are: 4.08% APY up to $50K; 0.25% APY over $50K, and 0.25% if requirements not met.
Anonymous
Anonymous   |     |   Comment #11
As of 1/27/09 the top rate has fallen to 3.30% APY. Other rates remain same.
Anonymous
Anonymous   |     |   Comment #12
As of 3/19/09 the top rate has fallen to 3.01% APY. Other rates remain same.
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