New checking products feature saving component, debit card rewards.
Two examples of recent new products offered at community banks:
* Ridgestone Bank (assets: $422 million), a privately-held bank with branches in Wisconsin and Illinois, has launched Momentum Savings, a program designed to help the bank's customers build their personal savings accounts.
The new account is tied to a Ridgestone checking account, which is used to fund the savings account. The savings account offers an above-market rate and yield for balances between $2,500 and $49,999. The account also offers free checks, online banking, and online bill pay. The savings account requires a $100 deposit to open the account and there is no minimum deposit to start the related checking account. Customers will receive a combined savings/checking statement to make it easy to monitor the accounts.
The program has two rules:
* Customers must complete eight transactions per statement cycle (the 10th of the month to the 10th of the following month) from their Momentum Checking Account
* Customers must set up an automatic monthly transfer of at least $100 from the Momentum Checking Account to the related savings account(s).
"This program is a simple way families can save for future expenses, obtain an above-market rate, and have access to their money if needed," says Bruce Lammers, CEO.
* Sandy Spring Bank (assets: $3.3 billion), Olney, Md., has introduced a personal checking product, called eRewards Banking, that includes a $0.05 reward for each debit card purchase ($0.99 minimum purchase). The package includes unlimited check writing. The $10 monthly maintenance lee is waived in any statement cycle in which the customer receives an ACH Direct Deposit and an eStatement.
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|Title Annotation:||Ridgestone Bank launched Momentum Savings program|
|Publication:||ABA Bank Marketing|
|Article Type:||Brief article|
|Date:||Nov 1, 2009|
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