Reward 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 .