Bank Provident offers a high yield savings account earning 1.90% APY through their Green Savings account. The advertisement on the website says it is a no fees, no minimums, and no catches account.

The account only requires $10 to enjoy the interest rate. The account cannot be opened in the branches of the bank but applications can be accomplished online.

This online savings account only accepts deposits sent through electronic transfers. The earnings for this high interest savings account is compounded and credited on a monthly basis.

The Green Savings account can be linked to an unlimited number of accounts with some exclusion for some investment and brokerage accounts.

The customer service rep of the bank disclosed that they do not do a hard credit pull.

The interest rate is variable and may change any time. It will be best to inquire first before filling up those forms.

Since the bank follows the Massachusetts charter with regard to savings bank, everything above the FDIC limit is insured with the Depositors Insurance Fund or DIF. This is a good feature and guarantees a good protection for the account holder’s money.

The DIF is a private institution which is sponsored by the banking industry to cover for amounts above the FDIC limits. DIF has declared assets of around $270 million and reinsurance estimated at $100 million.