bank rates

Beverly National 2.51% Savings Account

Here’s a savings account that will out earn most certificates of deposit.

Beverly National Bank is offering 2.51% on savings accounts with a minimum balance of $5,000.

That’s one of the best interest rates you’ll find for a savings account. It’s nearly twice the national average for money market accounts and 12-month CDs, and is available to depositors in all 50 states.

The drawbacks: Savings accounts have adjustable interest rates that can change at any time, and a $15 “minimum balance fee” will be deducted from your account if it ever falls below $5,000.

The bank has nine branches in the Beverly, Mass., area and earns three of five stars in Bankrate’s Safe & Sound rating system — a far-better performance than most banks with eye-catching rates.

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Comments (2)
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2 Existing Comments
  1. BloggingBanks said:
    on March 25th at 07:10 am

    The reason why the rate is so “high” is because it’s a teaser rate that will drop as soon as this small bank attracts enough deposits.
    Savers are better off with longer term CDs or rewards checking accounts than chasing the “highest” savings account teaser rates.

  2. walt said:
    on April 2nd at 04:58 pm

    I was denied an account because I have accounts at more than 2 other banks. Comment elsewhere on this site:
    “Craig said:
    on March 27th at 11:29 am
    Be aware of ChexSystems. They are the equivalent of Experian, Equifax and TransUnion but for banking.
    If a person tries to open over 3 banking accounts in a 90-day period, ChexSystems tells the bank and they will reject your application (adding what’s called an “inquiry” to your ChexSystems profile each time you apply anywhere). 95% of the banks use them. Their website is ConsumerDebit.com They can cause significant frustration if you don’t know how their game is played.
    Also, if you try to open more than 2 accounts in a 72 hour period, your Equifax account gets locked up and the banks will reject your application. Hope this helps.”