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