To kick off the 2011 new year, Massachusetts-based Cambridge Savings Bank has dropped the rate on their SuperSmart Checking account from 4.00% to 3.25 percent. Even with the rate drop, the account still offers great returns, if you meet the requirements.
As we reported back in early 2010, the perks that come with the SuperSmart Checking account go beyond the high rates. Members can really keep fees down and returns high, as long you’re the type of consumer who uses their debit card on a regular basis.
Account features include:
- Free ATM banking
- Travel accident insurance
- Identity Guard with 6 months of free credit monitoring
- Identity theft protection
- Health benefits including Pharmacy, Vision and Hearing
- Discounts on travel and shopping
As with most high-yield reward checking accounts, the very competitive interest rate is only available on deposits up to $25,000. Any deposit over that limit will only earn a 0.25% APY.
Qualifications: If qualifications are not met during the monthly statement qualification cycle the account will earn 0.25% APY on all balances.
- A minimum of 10 debit card transactions posted and deducted from the account during the monthly statement qualification cycle
- Monthly direct deposit posting during the monthly statement qualification cycle
- Enrollment in monthly eStatements
ATM transactions are excluded from qualifying debit card transactions and a minimum balance of $100 is required to open the account.
If you are interested in learning more about Cambridge Savings Banks SuperSmart Checking Account visit their product page here.
Reward Checking rates continue to drop
While this drop comes as a little upsetting, Cambridge Bank is hardly the first do so. Other banks that actively participate in reward checking have also dropped their rates of the past few months. One in particular is Danversbank, who dropped their APY from 4% to 3% back in October.
About Cambridge Savings Bank
One of the oldest and largest community banks in Massachusetts, Cambridge Savings Bank is a full-service financial institution with $2.1 billion in assets. The Bank has 16 Banking Centers located in Cambridge, Acton, Arlington, Bedford, Belmont, Burlington, Concord, Lexington, Newton Centre and Watertown.
To date no consumer reviews have been posted, but the bank does carry a very good Bank Health rating. Visit the MyBankTracker.com Cambridge Savings Bank profile page for more information on the bank.