Free rewards checking
Danversbank, a Massachussetts based bank offers free checking for its members.
- $25 minimum to open
- No minimum balance requirements
- Danversbank Debit MasterCard
- Unlimited check-writing
The more interesting feature is their Free Rewards Checking that is a free checking account, but also pays a rate like a Certificate of Deposit (4.01% APY) without tying up your funds for a fixed period of time like a CD would. Their Free Rewards Checking has no daily minimum balance requirements and no monthly maintenance charges. They will even refund ATM fees nationwide and you will have access to your funds 24 hours a day through a Danversbank Debit MasterCard. In order to take advantage of these benefits, accountholders must satisfy the following requirements each monthly statement cycle:
- Perform at least 12 debit card transactions (excluding ATMs)
- Receive their monthly statement electronically
- Access Online Banking
- Sign up for direct deposit or receive a recurring ACH
When these conditions are not met, the Free Rewards Checking account will still function as a free checking, however, the Rewards Rate will not be paid and ATM fees will not be refunded.
A 4.01% Annual Percentage Yield (APY) is 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. Rates are accurate as of April 1, 2008. This is a variable rate account and the interest rate and APY may change at any time after the account is opened. The minimum balance to open this account is $100. Available on personal accounts only. If you do not meet the requirements per statement cycle, you will earn an APY of 0.25%, your account will still function as a Free Checking account, and as a result, it will not receive ATM refunds for that time period. ATM refunds apply to non-DBK ATM Fees and other non-proprietary ATM surcharges. Fees may reduce earnings. There is a fee for the Occasional Overdraft Privilege Service (OOPS) associated with this account.
The above information is provided by OpenFreeCheckingAccount.com for informational purposes only. OpenFreeCheckingAccount.com is not responsible for any changes to any benefits by the bank. Contact your local branch for further information.