bank rates

Sign-Up Bonus And A Good Rate?

South Shore Savings Bank pays good checking and savings account rates.Massachusetts residents can reap plenty of rewards if they switch to a checking account at South Shore Savings Bank in South Weymouth.

To start with, South Shore Savings Bank gives you up to $125 for opening a new checking account.

And if you pick its rewards checking account, combined with a rewards savings account, you can earn impressive rates.

Your first step is opening any one of the four checking accounts the bank offers.

You can get $25 for each action: opening a new account, signing up for direct deposit, signing up for online banking, signing up for eStatements and closing your checking account at another bank or credit union — for a total of up to $125.

The offer is only available to new checking customers, and you’ll get your bonus 90 days after opening an account.

While three of the four checking accounts at South Shore are fee-free (www.sssb.com), your best bet is the Live It Up Rewards Checking account, which pays 1.75% APY on balances to $24,999.

You only need to make a $10 deposit to open the checking account, and you must keep that amount in your account to earn interest.

The account requires that you sign up for eStatements, which you’ll already have done to get a $25 bonus.

You also need to have at least one direct deposit each month, make an online bill payment each month and make at least 15 debit card purchases.

If you do those things, you’ll earn the 1.75% APY. If you don’t, you’ll earn just 0.05% APY. And any portion of your balance at or more than $25,000 will earn 0.05% APY.

Once you open your rewards checking account, you can also open a Rewards Savings account that pays 1.25% APY — a rate comparable to that of the best nationally available deal, offered by TIAA Direct (www.tiaadirect.com).

The offer is good on balances to $50,000 and applies when you meet your rewards checking account requirements. If you don’t meet the requirements, you’ll earn 0.15% APY.

The rewards savings account also requires a $10 minimum deposit to open, and you need at least that much in your account to earn interest.

Accounts can be opened online or at one of South Shore Savings Bank’s 13 branches.

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  1. Leonard said:
    on July 21st at 09:16 am

    Those are nice bonuses, and will surely tempt some away from their present bank to open a new account at the South Shore Savings Bank. Banks have to work hard to get customer loyalty back to where it once was.