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New Rewards Checking Fave Pays 4.01%

Posted in Investing by DealMaven
March 16, 2010 10:16 AM - 5 Comments

We’re adding the high-yield checking account at Danversbank to our list of favorites.

We're adding the high-yield checking account at Danversbank to our list of favorites

It’s paying 4.01% APY on balances up to $25,000 — a rate that’s almost impossible to find these days, even on 7-year CDs — with free ATM use and no monthly fees.

Although the rate on these accounts is always variable, Danversbank hasn’t changed its return since April 2008.

That’s admirable stability from the 150-year-old bank, which is based in Danvers, Mass., and has more than 30 branches in the Boston area.

Its rewards checking account is available to savers nationwide, can be opened online and imposes pretty much the same rules as similar accounts at other banks.

To earn the top rate you must: make a minimum deposit of $100, make 12 debit card transactions (excluding ATM use) and establish one monthly direct deposit or recurring electronic payment.

(If you’re not familiar with how these accounts work, “The ABCs of High-Yield Checking Accounts, “ will fill in the details.)

Our other, favorite nationally available reward checking accounts are from:

Royal Banks of Missouri, which is currently paying 4.30% APY.

Bank of the Sierra which is offering 4.09% APY.

Comments (5)
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5 Existing Comments

  1. Tracy said:
    on March 16th at 11:23 am

    I’ve never heard of this bank, but the rate sounds good. Does anyone have any experience with them?

  2. John Nelson said:
    on March 29th at 03:32 pm

    Be very wary of giving your money to the Bank of the Sierra. They will ding your credit, collect private information above and beyond what is usually required, and DENY your application. Customer service is nonexistent and scoffs at any request for help. It appears to me to be a scam. There are banks with better service to deal with and that will not ruin your credit to boot. I agree with the last poster, BEWARE!

  3. DealMaven said:
    on April 14th at 10:10 am

    Just today Royal Banks of Missouri dropped its rate to 3.51% APY. It also recently limited it applications to Missouri residents.

  4. Thomas said:
    on April 14th at 10:28 pm

    I agree with John Nelson’s post about Bank of the Sierra. Hidden agenda when it comes to account approvals. No negatives, flawless credit history from regular credit bureaus and any banking relationships in the past including internal check systems that are checked by banks. Bank of the Sierra still denied and refused to give any further explanation as to why. Email tones were short, and representatives conveyed a non-caring attitude about providing any further information. I still have the emails saved if anyone wants to review them to make a decision themselves.

    Royal Banks of Missouri has lowered their rate to 3.51% effective today. (04/14/10).

  5. suzanne parran said:
    on June 10th at 07:45 pm

    anybody have any experience with Danversbank? I notice their application is exactly the same as the Bank of Sierra account application. Curious.

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