Belmont Savings Bank has broken ranks with the majority of banks and increased the rate of its PlatinumBlue Savings account from 1.10% APY to 1.15% APY. That's one of the best savings rates in the country. In the process of doing it, they also attached some additional requirements. To receive that savings rate, a depositor must also open a PlatinumBlue checking account that comes with a bevy of free features (free online banking and bill pay, free check images, free ATMs, free mobile deposits). The account has a $25 monthly fee that can be waived with one of the following:
- Direct deposit
- $2,500 average daily balance
- 5 debit card transactions (pinned or signature)
- 5 third party cleared checks per monthly statement cycle
PlatinumBlue Checking also has a $250 initial deposit requirement.
PlatinumBlue Savings is a tiered account and the rate depends on your balance level. The tiers and their respective rates are:
Tier 1: $10.00 - $100,000 - 1.15% APY
Tier 2: $100,001 + : .35% APY
If the requirements are not met on the PlatinumBlue checking account then the savings rate drops to .25% APY for any balance.
Both savings and checking accounts can only be opened in a branch. The offer is only valid to those customers who live near Belmont Savings in Massachusetts.
Belmont Savings Bank is a community bank with $820 million in assets. It's Texas Ratio of 3.04% is well below the national average of 18.73%. A low Texas ratio tends to indicate a financially sound institution.
For savers who don't mind changing their primary checking relationship, or who already have a relationship with Belmont Savings, PlatinumBlue might be a good way to get some extra yield. It's unclear how long the bank will maintain this high rate, so I don't recommend switching unless you are open to a longer-term relationship with the bank and the chance that the savings rate could drop significantly in the future.