Savers Bank Offers Rewards Checking Account In CT, MA, and RI

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Deal Summary: Ka-Ching Checking (rewards checking), 2.00% APY on qualifying balances up to $25k.

Availability: Online market area includes Connecticut, Massachusetts, and Rhode Island.

The third anniversary for the Ka-Ching Checking account offered by Massachusetts-based Savers Bank is quickly approaching. Added to the product line in August 2018, the ideophonic Ka-Ching Checking has maintained its initial 2.00% APY on qualifying balances up to $25k. (I doubt I’ll ever have another chance to use “ideophonic” in a blog post. Ideophic words are the “vivid representation of an idea in sound,” like “ta-daah” or “tick-tock.”) Qualifying balances over $25k earn 0.25% APY, with non-qualifying balances earning 0.05% APY.

APYMINMAXINSTITUTIONPRODUCTDETAILS
2.00*%-$25kSavers BankKa-Ching Checking
OTHER TIERS: 0.25% $25k+
Rates as of September 18, 2021.

The monthly qualifying requirements include,

  • At least 12 debit card purchases
  • At least one direct deposit, one bill payment, or one ACH payment
  • Be enrolled in, receive, and review eStatements

The Ka-Ching Checking account has no monthly maintenance fee or minimum balance requirement, but does require a minimum $10 opening deposit. Unlimited check writing is available and a free debit card will be issued following account opening. Unlimited nationwide ATM surcharges will be reimbursed up to $30 per month, if the qualifying requirements are met, as will Savers Bank foreign ATM processing fees up to $15 per month. A Ka-Ching Checking account is only available as a personal account and there is a limit of one account per tax identification number.

Netflix Bonus

Between now and September 4, 2021, Savers Bank is offering a $30 Netflix Gift Card when opening any Savers Bank checking account. The $30 gift card is available to new and existing Savers Bank customers while supplies last. This “free” gift comes with a Form 1099-MISC listing a value of $30. The gift card will be awarded with the checking account is opened and funded; unfortunately, the gift card must be picked up in-person at any Savers Bank branch location.

Depositors Insurance Fund

All deposit balances at Savers Bank are 100% insured through the Federal Deposit Insurance Corporation (FDIC) and the Depositors Insurance Fund (DIF).

We provide depositor’s complete peace of mind that their money is safe. At Savers Bank, each depositor is insured by Federal Deposit Insurance Corporation (FDIC) up to at least $250,000. All deposits above the FDIC limit are insured in full by the Depositors Insurance Fund of Massachusetts (DIF).

Availability

Headquartered in Southbridge, Massachusetts, Savers Bank’s brick-and-mortar presence is limited to Worcester County, but offers the Ka-Ching Checking account to U.S. citizens/resident aliens who live in Connecticut, Massachusetts, or Rhode Island.

Opening a Ka-Ching Checking account can be done online, or at any of six Massachusetts branches located in Auburn, Charlton, North Grafton, Southbridge, Sturbridge, and Uxbridge.

According to COVID-19 Update page, all branch lobbies are open to walk-in traffic, operating under the following Massachusetts guidelines:

  • Face masks are no longer required for individuals fully vaccinated against COVID-19.
  • Non-vaccinated individuals are advised to continue wearing face masks.
  • Social distancing measures are still in place and masks are available inside our lobbies.

Bank Overview

Savers Bank has an overall health grade of "A+" at DepositAccounts.com, with a Texas Ratio of 2.93% (excellent), based on March 31, 2021 data. In the past year, Savers Bank has increased its total non-brokered deposits by $70.04 million, an excellent annual growth rate of 15.69%. Please refer to our financial overview of Savers Bank (FDIC Certificate # 26455) for more details.

Founded in 1910 as the Savers Co-operative Bank, Savers Bank is currently the 66th largest bank headquartered in Massachusetts, with assets in excess of $663 million and more than 48,000 customer accounts. According to a April 2021 press release,

Savers Bank has been selected to participate in Federal Home Loan Bank of Boston’s (FHLBank Boston) Housing Our Workforce (HOW) program. HOW provides assistance to FHLBank Boston financial institution members to help local homebuyers earning more than 80% and up to 120% of the area median income with down payments on owner-occupied primary residences.

2021 will include no less than $1.3 million, providing a one-to-one match of homebuyer down payments made at the time of purchase by eligible homebuyers. Borrowers can receive up to $10,000 in assistance on a first-come, first-served basis.

“This program is designed to help homebuyers who may not qualify for other homeownership assistance programs because they have slightly higher incomes. Through this program, a greater number of working individuals and families are able to afford housing in communities where home prices have been rising steadily,” said john Fearing, Sr. Vice President and Chief Lending Officer, Savers Bank.”

How the Ka-Ching Checking Compares

The multi-state availability of the Ka-Ching Checking account makes the comparison to nationally available accounts appropriate. When compared to the High Yield Reward Checking Accounts tracked by DepositAccounts.com that are available nationwide and have maximum qualifying balances of at least $25k, Savers Bank’s Ka-Ching Checking APY currently ranks third.

The above information and rates are accurate as of 7/12/2021.

Looking for the best Reward Checking Account rates, either nationwide or state specific? Please refer to our High Yield Reward Checking Account Rates Table page.

Related Pages: Boston checking accounts, reward checking accounts

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