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South Shore Savings Bank – 3.69% APY Rewards Checking, $200 Bonus

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South Shore Savings BankReward checking accounts have grown in popularity as everyone is looking for a way to earn a little extra cash as safely as possible. Here’s a refresher on how they work – You earn a higher rate of interest if you make a minimum number of debit cards per statement period (usually 10+) and opt for paperless statements and online banking. If you don’t meet their requirements, you don’t get the higher interest rate.

I haven’t been sharing many of these offers because they’re all the same, except this latest offering from South Shore Savings Bank. Not only can you get a 3.69% APY on deposits up to $25,000 but you can also get a $200 bonus just for opening an account. There is no special account requirements for the bonus.

The requirements for the rewards checking account are:

  • Massachusetts resident (sorry, I didn’t know this beforehand!)
  • Opt for electronic paperless statements
  • Receive at least one direct deposit per statement cycle
  • Make 15+ debit card purchases per statement cycle (ATM transactions are not included)
  • Sign up for Home Banking and use Bill Pay at least once per statement cycle.

As far as requirements go, these are pretty standard. There is a $10 minimum deposit to open the account and you even get an ATM refund of up to $10 per statement cycle when you use another bank’s ATMs. Finally, there is no minimum balance and no monthly fee. Balances above $25,000 or those accounts that don’t meet the requirements will earn 0.10% APY.

Here are the $200 bonus promotion details.

{ 10 comments, please add your thoughts now! }

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10 Responses to “South Shore Savings Bank – 3.69% APY Rewards Checking, $200 Bonus”

  1. I’m looking for a good rebate credit card.
    Have one to suggest?

  2. This would be great except as an entrepreneur I don’t have direct deposit! Can’t I just set up an automatic transfer from my local checking account (where I deposit my checks), and have that count? 🙂

    • Scott says:

      Yes, you can. I have the following 2 and they typically say direct deposit or 2 bill pay / month.
      It’s a little work, but for liquid cash, you can’t beat 3.5%…

      I have a Farmers Merchants paying out 3.5% on up to $50k with 10 transactions.

      Also there’s Viewpoint bank in Texas doing about the same…

  3. none says:

    This is only available to people with a valid Massachusetts address.

  4. cubiclegeoff says:

    Being within this banks home range (and having accounts with them), I have never been a fan. You get a much better deal from DanversBank anyway (which you can use ACH instead of direct deposit, only 12+ debit card uses, 4.01% APY, and unlimited ATM fees paid back).

  5. Leigh says:

    This offer looks questionable. There are so many opportunities for you to slip up and not meet the requirements, I’m guessing the bank is pretty confident you won’t ever earn that great return.

  6. zapeta says:

    I was going to say, the 15 transactions seems a bit on the high side and the bill pay requirement is a bit strange. Still, a decent rate when you figure in the $200 bonus.

  7. Michael says:


    Eligibility Qualification

    Thank you for your interest in South Shore Savings Bank.

    The information you have entered for eligibility does not qualify you to become a customer of South Shore Savings Bank. At this time, only those individuals with a valid Massachusetts address are eligible to open an account on line.

    If you believe we have reached this decision in error or you have any questions, please contact South Shore Savings Bank at 781-682-3715. We would like to have you as a customer and we will review your application closely to ensure nothing is overlooked.

  8. Mi says:

    You must have a Massachusetts address to apply. Otherwise it’ll be rejected. Says so right on the first page of the online application.

  9. Rob says:

    It says Massachussetts address required.

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