bank rates

East Coast Savings Account: 1.51% APY

man in a suit putting money in his breast pocketIf you’re a Massachusetts or New Hampshire resident, you can take advantage of a savings account paying half of a percentage point more than the best nationally available deal.

But you’ll have to sign up for a rewards checking account to earn that rate.

Washington Savings Bank in Lowell, Mass., pays 1.51% APY on balances to $15,000 with its Saver Rewards account. The Interest Rewards Checking account it must link to also offers a healthy rate — 3.01% APY on balances to $10,000.

To get started, you’ll need to set up an Interest Rewards Checking account with a $10 minimum deposit. The account doesn’t charge monthly fees.

If you make at least a dozen debit card purchases and have at least one automatic payment, direct deposit or bill payment in a month, plus receive eStatements, you’ll earn the top rate on your rewards checking account.

And you’ll have up to $25 in ATM fees refunded. Any money in your account above $10,000 earns 0.65% APY. If you don’t meet the monthly requirements you’ll earn just 0.05% APY for the month.

By meeting the Interest Rewards Checking account monthly requirements, you’ll also earn 1.51% APY on your Saver Rewards account. That’s higher than any nationally available savings account has paid in more than two years.

Like the rewards checking account, you just need to make a $10 minimum deposit to open the Saver Rewards account. Balances greater than $15,000 earn 0.65% APY, and if you don’t meet the rewards checking requirements, your savings account will be paid 0.05% APY.

Washington Savings Bank has two Massachusetts locations. But you can open your account online if you live anywhere in either Massachusetts or New Hampshire.

For more information, visit or call 978-458-7999.

Compare this offer with the best savings and money market accounts in our database.

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Comments (2)
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2 Existing Comments
  1. john said:
    on April 16th at 06:01 pm

    thanks for sharing this. Do you know if it is limited to one account per household or can multiple people have their own separate accounts?

  2. Mike Cetera said:
    on April 17th at 09:38 am

    John: The fine print on the bank’s website says you can have a maximum of two accounts per household. Hope that helps.