The Danversbank checking account with rewards allows account holders to earn an interest rate that is well above the average checking account interest rate and is in fact higher than the average rate that is currently available on a five year CD. The Danvers Bank rewards checking account currently earns a rate of 3.01% Annual Percentage Yield (APY).
The checking account has a tiered rate structure in which the 3.01% rate is paid on daily checking account balances up to $25,000.00, and earns a rate of 0.25% APY on all checking account amounts above $25,000.00 per each statement cycle in which certain minimum requirements are met.
The requirements needed to earn the high yield on the checking account include making 12 debit card transactions per monthly statement cycle, receiving the monthly checking account statements electronically, have at least one recurring direct deposit or ACH in the checking account and access the online banking feature at least once during the monthly account cycle.
Checking account holders that do not meet the requirements for the higher interest rate will earn a current rate of 0.25% on their account balance. As with most checking and savings accounts, this is a variable interest rate checking account and the interest rate and APY may be changed by Danvers Bank at any time after the account is opened.
The minimum balance to open the bank checking account is just $100.00. This is a checking account for personal accounts only.
The Danversbank rewards checking account has no daily minimum balance requirements and no monthly maintenance charges or checking account fees. Along with the high interest rate that comes with the checking account, checking account holders that meet the minimum monthly requirements will also get refunded ATM fees nationwide. The checking account will still have a fee for any overdraft services and costs.
Danversbank is a Massachusetts chartered savings bank headquartered in Danvers, Massachusetts. Danversbank is FDIC insured and all checking accounts are protected for up to $250,000.00 per owner as covered by FDIC rules and regulations. Danversbank has over 25 bank branch locations located in Andover, Beverly, Boston, Cambridge, Chelsea, Danvers, Hamilton, Malden, Manchester, Middleton, Needham, Peabody, Reading, Revere, Salem, Saugus, Topsfield, Wilmington and Woburn, Massachusetts
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Tags: bank deals, checking account, checking account fees, checking account interest rate, Danversbank, online banking, rewards checking account, savings accounts
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