Don't worry guys, I'll delete this spam thre...
a great option if you have a lot of cashing sitting in a regular commercial no interest checking account. the unlimited pay back on ATM fees is huge too.
Get paid back for ATM fees nationwide
$50 minimum balance required
Online banking with bill pay
No monthly service fee
Free debit card
Federally Insured up to $250,000 by FDIC
3.00% APY paid on the portion of the balance up to $15,000.
0.25% APY paid on the portion of the balance over $15,000.
Have at least 12 check card purchases post and settle (ATM usage does not count toward the 12 purchases)
Be enrolled and receive e-statement notice
Be enrolled and log into online banking
If there's a month you don't qualify, don't worry! You still have a free account that earns a base rate of:
0.05%APY paid on entire balance if qualifications are not met
Note: only fundable with bank account transfer
Note also that there doesn't seem to be a direct deposit requirement
Don't worry guys, I'll delete this spam thre...
these sort of rewards checking programs were getting pretty popular back in 2007-08 before the market went to shit and interest rates disappeared. they've been popping back up slowly and this is by far the best one i've seen. seems like a no brainer if you've got cash just sitting around in a checking accounting doing nothing. the $15k limit is a tad low but that's still $450 in free cash per year for almost no effort on your part. $15k is a good amount to have on hand with easy access to in case of emergencies, anything more than that you can go ahead and throw in the portfolio. the ATM refunds is huge also, won't feel bad when hitting the ATM at the strip clubs any more. i'll prob keep $1 in my TD bank account so i can still go in and use the change counter lol.
I remember ING Orange and Emigrant both offering in the 4-5% range back then. Both are sub-1% right now. Pretty crazy someone's offering 3%.
That 3% promotion to me seems like it'd be indicative that the bank's health is less than stellar and they're desperate for new customers. Not that that is a problem unless you're planning to deposit over the FDIC limit.
Saying there's no risk is a bit disingenuous. You have to use your debit card for transactions, which is significantly more risky than using a credit card because they don't share the same protections under the law.
Now, whether that's an acceptable risk or not is up to you, but I phased out using my debit card years ago just because its just a disaster waiting to happen compared to using a rewards credit card.
Safer to keep the cash in a money market savings at 1% and use a rewards credit card, for me at least.
Of course the money is out of your account for some time, which doesn't happen with credit cards. Plus, there aren't rewards for debit card purchases anymore. I used to get 1% cash back with Chase. So I'd still recommend credit over debit cards - but in terms of security, I don't think the latter is any worse.
Well, there's a 2% difference on the return to your savings for what is, for most purchases, 1% on your spending.Safer to keep the cash in a money market savings at 1% and use a rewards credit card, for me at least.
But I do think that it would be annoying to keep track of how many times you use a debit card... and to make sure you log on to the account every month. I very rarely go on my bank's website, just because bills are set to be paid automatically and I check my balance via Mint.
Note that if you fail to meet any of the qualifications, they also won't refund your ATM fees.
The rate does seem suspiciously high to me, though. I suppose there's no guarantee that the rate will stay around for long. I recall that, prior to the crisis, people kept chasing introductory offers from online banks for an extra percentage point or two. Looks like we may be back to that. (Which isn't to say that 3% on $15k isn't a decent amount of money that would make a switch worthwhile...)
What gets me is that their savings account pays only 1%...
edit: for their CDs, they explicitly mention that they are FDIC insured. They don't say that for the checking account... ?
Last edited by Soriak; 01-27-2013 at 08:36 PM.
There's also a Kasasa Cash Back offered by some banks. The most generous offer is this one here: http://www.theohiostatebank.com/pers...cash-back.html
3.5% cash back with no limit - at least not according to the page advertising it. Other banks offering Kasasa do have limits, e.g. 2% up to a max of $10 per month: http://www.fnbbankingcenters.com/per...cash-back.html
Need to be a US citizen to open the account online; others would have to live in (or travel to) Ohio.
3.5% cash back with no limit would be a pretty amazing deal. I'm sure there's some limit, however, that they just failed to mention on that page.
I'd be very concerned about the quality of the credit portfolio at those banks. They make money on net interest margin and if you are offering ~3% you have to be putting out some substandard loans. While you are FDIC insured that doesn't mean that you get your money immediately.
If you have direct deposit it may be worthwhile to check out some of the programs that Citibank offers. If you have direct deposit and use their online bill-pay they will give you something like 650 reward points a month. If you add a savings account, automatic savings, and other things such as that those monthly points can increase to something around 1000 points a month. The great part is there is no minimum so you can still use you 3% reward checking account but split the direct deposit so something like $50 is going to citibank and get all these rewards.
My Fidelity investment account AmEx has 2% on everything and you can direct-deposit the rewards into your investment or cash account. I got $600.00 cash back last year. It's an awesome card. I recommend it to everyone looking for a good rewards card.
Last edited by Soygen; 03-15-2013 at 01:52 PM.
Which banks have good no fee savings accounts? Something like ING. I'm also canadian.
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