bank rates

3% On Reward Checking And 1% On Reward Savings Available Nationwide

A suburban Boston bank is offering savers across the country one of the best rates around on a rewards checking account, which can be linked to a top-paying reward savings account.

At a time when many financial institutions have dropped their return on rewards checking, Mutual Bank based in Whitman, Massachusetts, is offering 3.00% APY on balances up to $10,000.

Of course you have to jump through some hoops to qualify for any rewards checking account’s best rate.

In this case you’ll need to:

  • Make at least 10 debit card purchases each month.
  • Receive at least one direct deposit or make at least one automatic payment each month.
  • Receive all of your statements electronically.

Do that and you’ll not only earn the top return but have up to $25 in ATM fees reimbursed each month.

If you don’t meet the requirements, you’ll earn just 0.05% APY for that month.

The account has no monthly service fees, no minimum balance requirements and only requires a $10 deposit get started.

Of course, balances over $10,000 earn only 0.20% APY, but that’s why you’ll also want to open a REALSaver account.

This reward savings account charges no fees and pays 1.00% APY on balances up to $50,000 and 0.35% APY on amounts over that.

That’s competitive with what you’d earn from the leading nationally available savings accounts.

To qualify, all you have to do is meet the checking account requirements. If you don’t, then your savings earns the same pitiful 0.05% APY as the checking account.

That’s a better return than you’ll get from all but the top-paying nationally available savings accounts.

And while it’s possible to earn 1.25% APY from UFB Direct, you must maintain a balance of at least $25,000 to qualify for that rate. Drop below that and your yield plunges to 0.20% APY.

You can open these accounts at one of Mutual Bank’s 10 branches in southeastern Massachusetts, from Brockton to Falmouth.

Savers from New England can submit an application online, while those from other parts of the country must do so through the mail.

“We would send you a form to be completed, signed, notarized and then forwarded to us with copies of 2 forms of ID and a deposit,” an assistant vice president explained to me in an email.

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