A Temporary, Shiny Number
You may know that we simplified our personal checking offerings to only one account: NB Checking. Maybe that doesn’t seem like a big deal, but we did it because we wanted to be straightforward. We wanted to reinforce the fact that we don’t believe in superfluous restrictions, bait and switch offers, or arcane account mandates. And we certainly don’t think you should be charged fees for things like “account maintenance.”
A large part of the reason we were able to do this is because we’re a mutually owned community bank. Being mutual means we can invest our earnings into offering better products and services for our customers, without having to worry about ever squeezing more out of each customer simply to pad the bottom line.
You know what else that means? It means we’re able to consistently pay great rates on our savings products. At Needham Bank, our deposit rates are determined by a small group of people who know that a consistently solid rate is far better than a vanishing promotional one.
If you do some time-intensive rate shopping, you might find a multi-national or online-only bank that appears to be offering an absurd APY % for their Money Market accounts. But did you also notice the little asterisk or the footnote that follows the rate offer? Not only does the rate more often than not turn out to be nearly impossible to obtain, but it is usually designed to be short lived – with the goal of getting you to move your money because of the temporary big shiny number.
At Needham Bank, we offer deposit interest rates well above market averages – consistently. Our customers know that when they open their account with us, they can be confident that they won’t have to jump through any hoops or open additional accounts to receive a stated rate.
That being said, the lowest interest rate we offer on NB Money Market accounts is still three times the national average reported by the FDIC in 2017. (Seriously - Check it out for yourself at www.FDIC.gov.) The only account requirement to earn our advertised rate is the $250 deposit you’d need to open the account.
So when you’re with Needham Bank, know that words like fleeting, temporary, and fee-driven will never be a part of your banking relationship.
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