RSI Bank, based in Rahway, New Jersey, has launched a high-yield digital savings account that offers a 2% annual yield. 

The bank, the oldest mutual savings bank in New Jersey, said the account requires a $100-minimum opening balance but has no minimum balance fee and provides surcharge-free access to 55,000 Allpoint ATMs. 

"Not only have we invested in advanced technology, to make banking more convenient and secure, we've maintained the friendly and helpful customer care we're known for locally," James King, chief operating officer at RSI Bank, said in a company release. "By expanding into digital savings and checking accounts, we're able to compete with fintechs and large online banks while offering the customer-first service typically found only in community banks."

The high-yield savings plan account requires customers to open an online bank account and offers free mobile check deposit, personal financial management tools and free online funds transfers,