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United Bank Savings, Checking, Money Market Rates and Review - CD Rates - Search for CD Rates Today

United Bank Savings, Checking, Money Market Rates and Review

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United Bank which recently merged with New England Bank, is a federally chartered stock bank, headquartered in West Springfield, Massachusetts. The Bank has been doing business in the greater Springfield area since 1882. The banks has grown through the years through acquisitions and by building branches.

United Bank offers many different types of deposit accounts. Savings accounts include United Bank's statement savings account, Advantage for Life Savings, Individual Retirement Accounts (IRAs), Capital Growth Account and Club Accounts. United Bank's offerings of accounts is broad but the savings rates offering are lower than the best savings rates available these days. United Bank is also offering a money market account which like their savings account doesn't have the highest rates around.

United Bank's Statement Savings Account has a variable savings rate which is compounded and paid monthly. The current savings rate is at 0.15 percent which is higher than the current FDIC national average savings rate of 0.08 percent but lower than the highest savings rates which are just above 1.00 percent.

The bank's Statement Savings Account allows unlimited transactions and unlimited free ATM access at United Bank ATMs. Maintain the minimum daily balance or an average statement cycle balance in related accounts and the bank waives the $3 monthly fee. Other benefits including if you link your Statement Savings Account to a "Free for Life Checking Account", there are no monthly service charges or ATM fees.

United Bank's Now Checking Account has a minmum opening deposit of $10 and the current checking account rate is 0.10 percent.

The Bank's Capital Growth Account has tiered interest rates and the more you save the higher the interest rate on the account is. Other features of The Captial Growth account include no minimum balance requirement and no monthly fee. The account also comes with unlimited check-writing, ATM and Visa® Debit Card access, transfers and online money management are available, at no charge, when the account is linked to a Free for Life Checking Account.

Capital Growth Account Tiered Interest Rates:

  • $0 to $2,499  Rate of 0.10%

  • $2,500 to $9,999 Rate of 0.20%

  • $10,000 to $19,999 Rate of 0.25%

  • $20,000 and higher Rate of 0.40%

United Bank's Advantage for Life Savings Account has the highest savings account rates of all the accounts offered. The current savings account rate is at 0.50 percent. When the Advantage for Life Savings is linked with an Advantage for Life Checking Account you get the rate of 0.50 percent. The minimum balance to open account and obtain APY is $10. A combined minimum daily balance of $10,000 in your Advantage for Life accounts is required to waive the $20 monthly fee. If the combined balance falls below $10,000 for three consecutive statement cycles, the bank reserves the right to convert the accounts to a Free for Life Checking and statement savings account at the prevailing rate which is lower.

United Bank's money market account has two tiered money market rates which are based on the account balance.  Money market accounts of $2,500.00+  earn a current money market rate of  0.20%. Money market accounts of $.01-$2,499.99 earn a money market account rate of 0.10%. The current FDIC national average money market rate is at 0.12 percent with now.

United Bank's Individual Retirement Accounts have the same tiered savings account rates as the bank's Capital Growth Account rates. See how this bank's savings rates and money market account rates compare with other bank interest rates by using our rate tables.

Author: Monica Harris
December 7th, 2012