Printer Friendly

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.

COPYRIGHT 2009 Bank Marketing Assn.
No portion of this article can be reproduced without the express written permission from the copyright holder.
Copyright 2009 Gale, Cengage Learning. All rights reserved.

Article Details
Printer friendly Cite/link Email Feedback
Title Annotation:Ridgestone Bank launched Momentum Savings program
Publication:ABA Bank Marketing
Article Type:Brief article
Geographic Code:1USA
Date:Nov 1, 2009
Previous Article:iPhone app allows wireless remote deposit from retail customers.
Next Article:A radio campaign about customer service.

Terms of use | Privacy policy | Copyright © 2018 Farlex, Inc. | Feedback | For webmasters