RateAPY

North Middlesex Savings Bank Pays Savers up to 2.25% APY

Posted by: RateAPY Bank Rates News
June 16th, 2010

Savings Accounts–for That Rainy Day

In the current economic climate, when so many people feel they lack job security, it makes sense to set up a regular savings plan to have something to fall back on in the event of an emergency or unforeseen crisis. Certificates of deposit may pay the highest interest rates, but they involve tying up your money for a fixed term, and you’re likely to pay a penalty if you have to smash your metaphorical piggy bank in a hurry.

Simply Save

That leaves savings accounts and money market accounts, both of which provide easy access. People often think that between the two, money market accounts pay higher rates. However, that’s not always the case, and few money market accounts can compete with a North Middlesex Savings Bank Simply Save account.

Their Simply Save account is currently paying an extraordinary 2.25% APY on balances between $10 and $10,000. This deal–which is free of monthly fees–is hard to beat. However, it’s only available to those who live in Massachusetts and New Hampshire–the geographical areas served by the bank (see its Web site for a list of towns)–and you are required to deposit at least $50 during each interest cycle.

Compare the Market

Before you commit to any form of savings account, be sure to compare savings account rates.