Reward Checking and Savings Accounts at Southbridge Savings Bank in MA and Parts of CT and RI

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APYMINMAXINSTITUTIONPRODUCTDETAILS
2.00*%-$25kSouthbridge Savings BankKasasa Cash Checking
0.75*%-$50kSouthbridge Savings BankKasasa Saver
Accounts mentioned in this post. Rates as of July 24, 2016.

As we have seen over the last few years, the vast majority of changes on reward checking accounts have been rate and/or balance cap reductions. There have been rare occasions when a bank increases the rate. That recently occurred at Southbridge Savings Bank with its rewards checking account. Thanks to reader 51hh who mentioned this rate hike in the comments. I first reviewed Southbridge Savings and its reward checking account in 2007. Since that time, the reward checking account is now under the Kasasa brand and is called Kasasa Cash. There's also a linked savings account called Kasasa Saver. Below are the rates, balance caps and monthly requirements for these accounts as of 9/12/2012.

  • 3.00% APY for up to $25K (0.50% over) for Kasasa Cash
  • 1.00% APY for up to $50K (0.25% over) for Kasasa Saver
  • 0.05% APY for both accounts if requirements are not met
  • Unlimited ATM fee refunds if requirements are met

The monthly requirements are:

  • 10 debit card purchases
  • 1 direct deposit or ACH auto debit
  • receive e-statements

These accounts have no monthly service charge and no minimum balance requirement.

Availability

Southbridge Savings Bank now has an online application for these accounts. The application links are located in the Kasasa Cash page and the Kasasa Saver page.

Not everyone is eligible to open an account. The bank only accepts applications from residents of Massachusetts and parts of Connecticut and Rhode Island. When you begin the online application process, it will request that you enter your zip code. If the zip code falls within the bank's deposit region, you will be able to continue the application process.

Bank Overview

Southbridge Savings Bank branches are located in several Massachusetts cities in the Worcester area.

The bank has an overall health score at DepositAccounts.com of 4 stars (out of 5) with a Texas ratio of 16.44% (average) based on June 2012 data. Please refer to our financial overview of Southbridge Savings Bank for more details. The bank has been a FDIC member since 1981 (FDIC Certificate # 23524).

How This Reward Checking Account Compares

There are only two reward checking accounts that are nationally available with at least a 3.00% APY. However, both have small balance caps. Consumers Credit Union pays 3.09% APY for balances up to $5K, and Lake Michigan Credit Union pays 3.00% APY for balances up to $15K.

These rates are accurate as of 9/12/2012.

Searching for Reward Checking Accounts

To find Kasasa Cash accounts and other reward checking accounts in your area, please refer to our reward checking rate table. This can also be used to find accounts available nationwide. If you're new to these tables, my rate table guide should be useful.

If you're new to reward checking, my blog post, 10 Common Traits of High-Yield Reward Checking, should be useful.

Comments
Southbridge Savings Bank
Southbridge Savings Bank (anonymous)   |     |   Comment #1
Ken, thanks so much for highlighting Southbridge Savings Bank and including links to our Kasasa accounts!
Scott
Scott (anonymous)   |     |   Comment #2
Good find 51hh and thanks for listing Ken. I just opened cash and saver account, liked that they post rates unlike Peoples Bank. Couple things I found is since I have a credit freeze I can tell there is no hard pull, also you can list a POD in application. Only negative was $10k max transfer in
nothlit
nothlit   |     |   Comment #3
Just noticed as of Oct. 24 the rate has dropped from 3% APY to 2.5% APY on the Kasasa Cash RCA at Southbridge.
2.00% 15-Month CD at Southbridge Savings Bank in MA - Local Only

Southbridge Savings Bank is offering a special 2.00% APY 15-month CD. Minimum deposit is $500. It's also available as a Traditional and Roth IRA. This special is listed in the bank's rate tables as of 2/26/2010.

The bank has been offering a reward checking account since July 2007. Back in 2007, the top rate was 6.01% APY for balances up to $50K. This has fallen 2.50% APY, but at least the tier remains at $50K. There's also a companion savings account called Key Rewards Saver which is currently paying 1.25% APY...

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2.50% Reward Checking Account at a Massachusetts Bank (Southbridge Savings)

Update 2/26/10: The top yield has fallen to 2.50% APY. Refer to the bottom of the post for the rate history.

Southbridge Savings Bank has started a reward checking account it calls Key Rewards Checking. It pays 2.50% APY on balances up to $50K (1.00% for over) and offers refunds of all ATM fees if the typical reward checking requirements are met: 1) 10 debit card POS transactions per statement period, 2) automatic withdrawal/deposit or electronic payment, and 3) receiving statements electronically. If these requirements are not met, the rate falls...

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