Money in the Bank Deal for Massachusetts: Cambridge Savings Bank offers Reward Checking account that earns 4.00% APY
Cambridge Savings Bank offers a high interest checking account that offers as much as 4.00% APY for balances between $10 and $25,000. Anything over the $25K ceiling gains 0.05% APY.
The best reward checking account requires that the account holder complete 15 purchases using the debit card. It also asks for a direct deposit to be set up monthly. Like other reward checking offers, it favors electronic statements. If these requirements are not satisfied the interest rate drops to 0.05%.
The current interest rates can be enjoyed if you open their best reward checking account for $100 as initial deposit. You need to have a total of 20 purchases using the debit card every cycle or you will incur a $5 monthly fee.
The Supersmart Checking also comes with other perks like travel insurance, protection against identity theft, health benefits, and savings on some shopping and travel deals.
The website does not detail any ATM reimbursements that can be made on a per cycle basis. If you have questions you can call their customer service number through 888-418-5626.
Interested individuals can apply for an account online through a platform by Andera. Account holders can fund the account via ACH transfer or by using a credit card. Note that this reward checking account deal is only offered to employees or residents of Massachusetts.
Cambridge Savings Bank has branches in several Massachusetts cities like Arlington, Acton, Watertown, Newton, Lexington, Concord, Cambridge, Belmont, and Bedford.
Bankrate.com and BauerFinancial both issued 4 stars for safety and soundness when they reviewed the bank’s performance. The bank was founded in 1834 and has been indexed with the FDIC since 1958. The bank is covered through certificate number 17870. The bank has a declared asset amounting to $2.16 billion.
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