New checking products feature saving component, debit card rewards.

PositionRidgestone Bank launched Momentum Savings program - Brief article

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


To continue reading

Request your trial