New Reward Checking Account at UniBank for Savings in MA, CT & RI

POSTED ON BY

APYMINMAXINSTITUTIONPRODUCTDETAILS
2.25*%-$15kUniBank for SavingseChecking
Accounts mentioned in this post. Rates as of August 28, 2016.

Most reward checking accounts are free checking accounts. You don't have to worry about a monthly maintenance fee even if you don't meet the monthly debit card requirements. However, there are a few reward checking accounts that do have potential monthly fees, and that's the case with UniBank for Savings and its new reward checking account called eChecking. If you're careful, you can avoid the monthly fee and be rewarded with a reward checking rate that's quite competitive in today's environment.

The following eChecking rates and requirements are listed at UniBank's checking page as of 4/10/2012:

  • 2.75% APY for balances up to $25,000
  • 0.10% APY for balances in excess of $25,000
  • Refunds of up to $25 per month on ATM surcharges

Monthly requirements include:

  • 12 posted debit card transactions for purchases
  • Maintain a minimum daily balance of $250
  • Receive eStatements

If monthly requirements are not met:

  • $35 monthly fee
  • 0.10% APY on all balances

This is a reward checking account that you would have to be very careful to avoid missing the monthly requirements. The $35 fee would be painful. On the plus side, it might help the bank keep the high rate. Those who are not careful will help to subsidize those who are careful.

As the name implies, the eChecking requires an online application. According to the first page of the application, all residents of Massachusetts, Rhode Island and Connecticut are welcome to apply.

UniBank has an overall health score at DepositAccounts.com of 5 stars (out of 5) with a Texas Ratio of 4.83% (excellent) based on December 2011 data. Please refer to our financial overview of UniBank for Savings for more details. The bank has been a FDIC member since 1985 (FDIC Certificate # 90290).

How This Reward Checking Rate Compares

For a $25K balance cap, the highest reward checking rate that nationally available is 2.52% APY at ABCO Federal Credit Union. For balances up to $20K, INOVA Federal Credit Union offers 3.00% APY. Both of these reward checking accounts are free checking accounts with no monthly maintenance.

Overview of Reward Checking

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

To find the highest reward checking rates 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.

Comments
Anonymous
Anonymous   |     |   Comment #1
Wow, $35 a month? That's REALLY high. To put that in perspective, if you keep the full $25,000 in the account at all times, you would earn $57 a month in interest if you do meet the requirements.
Anonymous
Anonymous   |     |   Comment #2
@Anonymous. You don't have to maintain $25,000. The balance requirement is only $250. The interest is paid on any balance up to $25,000. You have to use your debit card 12/month, though to get the high interest rate & avoid the monthly fee.
Edith
Edith (anonymous)   |     |   Comment #3
I just tried to open the account.  They called me back to say that I live in a part of CT they don't service.  However, the whole account is an internet account.  They send you nothing to your home..you must take your statements online.  She said they were a community bank and didn't serve my area. 
Top 4-Year CD Rate at UniBank in Massachusetts - Local Only

UniBank is again offering a very competitive 4-year CD. It has a 3.00% APY with a maximum deposit of $250,000. The rate is subject to change at anytime. It's listed at the bank's rates page as of 6/27/2011.

I first reported on this special in March, but I just learned this special hasn't been available for that entire time. It just came back about a month ago. I was told the early withdrawal penalty is 6 months of interest.

I also learned that it's a branch-only special that is not available from...



Continue Reading
Top 4-Year CD Special at UniBank in MA - Local Only

UniBank is offering a very competitive rate of 3.00% APY on a 4-year CD special. Minimum deposit is $500. The CD specials with shorter terms are not nearly as competitive. These include a 1.50% APY 2-year CD and a 1.00% APY 1-year CD. On the plus side, these two shorter term CDs give you the option to step up to a higher rate once during the life of the account. These rates are listed in the bank's deposit rates page as of the morning of 3/14/2011.

As a comparison to CDs...

Continue Reading