Belmont Savings Bank Ups PlatinumBlue Savings Rate to 1.15% APY

Belmont Savings Bank Ups PlatinumBlue Savings Rate to 1.15% APY

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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.

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.

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