North Middlesex Bank has one of the best rates on savings accounts with a 2.25% APY. The savings rate is current as of June 10, 2010.

Open a Simply Save account and earn the APY on a minimum balance of $10. Other details of the savings offer include:

• No minimum required to open savings account
• Savings is available as passbook or statement account
• Statement accounts receive quarterly statements
• Must make at least one $50 deposit during each statement cycle to receive the best rate
• $50 deposit must be made in person at a branch
• Savings rate falls to 0.25% of requirements are not met during statement cycle
• Balances above $10,000 earn 0.25% APY

The Simply Save account does not allow ATM, Visa Check Card, Internet banking transactions, or ACH debits. You are limited to one Simply Save account per social security number and three accounts per household. The bank also offers other savings accounts.

You must live within the market that North Middlesex Savings Bank serves to open an account. The independent community bank is based in Ayer, Massachusetts, and has been in business since 1885.