High interest "Rewards Checking" account: 4.01% APY

July 27, 2009 No Comments »

rewards checking danvers bankUpdate: Danvers Bank was sold to Peoples Bank of Connecticut in 2011 for almost $495 million. The combination of these two banks formed one of the largest banks in New England (7th largest in Massachusetts). Both Danvers and Peoples Bank were old east coast banks that had been around for over a century. Danvers was founded in 1850 while Peoples Bank was founded in 1842. Together they now control roughly $50 billion in assets. Unfortunately the very popular “rewards checking account” offered through Danvers is now featuring an entirely different interest rate and set of features.

Check out our coverage of the top rewards checking accounts for updated offers around the country!

- Offer from Archive -

Today’s top offer comes from Massachusetts-based Danvers Bank and is available to people throughout the country. Currently it yields a whopping 4.01% APY on all balances up to $25k with a much lower rate of 0.25% APY paid on all balances above that mark.

Like most interest checking accounts you must meet the monthly requirements to receive the advertised rate.

Here are the terms, conditions and benefits of this account:

- 4.01% Annual Percentage Yield (APY) paid on daily balances up to $25,000, and 0.25% APY paid on all amounts above $25,000 each statement cycle the minimum requirements are met.

- To snag the advertised rate you’ll need to make at least twelve debit card transactions each month, receive e-statements, access online banking at least one time and set up an automatic direct deposit or ACH transfer. (Looking for a bank without ACH transfer limits?)

This account is available to individuals only. If you miss one of the monthly requirements you’re APY for that month will drop down to a rather insignificant 0.25% APY. Another big negative with this offer is that you’ll also be dinged for ATM usage if you’re dont meet the monthly requirements either. If you do meet the requirements, however, you’ll get 6 free ATM withdrawals per month (ATM fees will be reimbursed for withdrawals using outside ATMs).

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