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rated:
Easy. Due to the fact, that it is an easy $200+/year And it's even more CashBack if you are using strictly for groceries (i.e. no gift cards.). Then it's $285/year. If you have a better suggestion, please post it here.

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cdancer20 said:   Easy. Due to the fact, that it is an easy $200+/year And it's even more CashBack if you are using strictly for groceries (i.e. no gift cards.). Then it's $285/year. If you have a better suggestion, please post it here.
  There's a better suggestion right here: CCU CC + RCA = about $1150 / year before fees.

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so do have suggestions?

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lokimoki said:   
cdancer20 said:   Easy. Due to the fact, that it is an easy $200+/year And it's even more CashBack if you are using strictly for groceries (i.e. no gift cards.). Then it's $285/year. If you have a better suggestion, please post it here.
  There's a better suggestion right here: CCU CC + RCA = about $1150 / year before fees.

  what fees? On the gift cards? The 5% interest up to 20k is awesome, but the CCard is now capped at 180.00/yr. Still probably the best thing out there, but not if your not doing the savings part.

rated:
lokimoki said:   
cdancer20 said:   Easy. Due to the fact, that it is an easy $200+/year And it's even more CashBack if you are using strictly for groceries (i.e. no gift cards.). Then it's $285/year. If you have a better suggestion, please post it here.
  There's a better suggestion right here: CCU CC + RCA = about $1150 / year before fees.

  I took the initial question to mean instead of the Consumers and/or after you dry up the $6k/year spend on groceries. 

rated:
Is 2.5% APY upto 25k good interest rate. One of the local CU is offering this. I need to make 15 transaction per month with one DD or automatic payment. Only think is, I need to make minimum of $5 purchases.

Thanks

rated:
Since ConnexUS is on your rate page, I thought I would share the miserable experience I had with them in the process of holding a 1 year CD with them.

1) Their rate verbiage was extremely deceptive. It was a step up CD with the option for one withdrawl. They twisted the wording such that after the one withdrawl, the CD stopped stepping up. This was so deceptive that even the bankdeals guy did not notice it. They admitted it to me once I asked them straight out. Luckily I did not need any of the money so it did not affect me. However, they are willing to use legalese against you in a cunning fashion, so beware.

2) They required Notary for PODs and for Wire transfers. If that weren't a pain enough, they did not accept a standard California notary form! I spend money on a notary that they rejected and ended up having to go into my bank branch to get it notarized in a way that they would accept.

3) When it comes time to close the account, they either make you go through the Notary hoop for a wire, or mail you a check. They won't do an ACH. I ended up having to pay them to fedex a check, then walk it into a branch and make a deposit to another bank because of this crap.

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booksleuth said:   Bank, date of e-mail title of e-mail, name of the new account ?

I'd miss Kasasa if it was gone.

Thanks for your report ...

  
It was sent by mail.  It seems to be just a name change..  It is a small bank in Louisiana, so probably doesn't affect many.  Jeff Davis Bank.
 

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Now that CCU has nerfed their credit card and tiers are there any better options out there?

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Can you explain this more? What is RCA? CCU CC is maxed at 3% Cash Back for first 6K.

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lokimoki said:   
cdancer20 said:   Easy. Due to the fact, that it is an easy $200+/year And it's even more CashBack if you are using strictly for groceries (i.e. no gift cards.). Then it's $285/year. If you have a better suggestion, please post it here.
  There's a better suggestion right here: CCU CC + RCA = about $1150 / year before fees.

  
Can you explain this more? What is RCA? CCU CC is maxed at 3% Cash Back for first 6K.

 

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sfchris said:   Since ConnexUS is on your rate page, I thought I would share the miserable experience I had with them in the process of holding a 1 year CD with them.
  
CDs are not checking accounts.  This is a Reward Checking thread, so your experience doesn't match the account type being discussed.  ACH works just fine with ConnexUS checking. Understanding the account type and restrictions of a CD is important, but not on topic here. 

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NEDeals said:   
sfchris said:   Since ConnexUS is on your rate page, I thought I would share the miserable experience I had with them in the process of holding a 1 year CD with them.
  
CDs are not checking accounts.  This is a Reward Checking thread, so your experience doesn't match the account type being discussed.  ACH works just fine with ConnexUS checking.
 

   I mainly wanted to bring attention to the fact that ConnexUS is a difficult credit union to deal with since they are one of the banks listed on the first page. If you ever need to wire money or set up a POD you will want to know this. They may also use legal verbiage against you in cunning fashion, as I mentioned.

 

rated:
sfchris said:   
NEDeals said:   
sfchris said:   Since ConnexUS is on your rate page, I thought I would share the miserable experience I had with them in the process of holding a 1 year CD with them.
  
CDs are not checking accounts.  This is a Reward Checking thread, so your experience doesn't match the account type being discussed.  ACH works just fine with ConnexUS checking.

   I mainly wanted to bring attention to the fact that ConnexUS is a difficult credit union to deal with since they are one of the banks listed on the first page. If you ever need to wire money or set up a POD you will want to know this. They may also use legal verbiage against you in cunning fashion, as I mentioned.

 

  Do you have any experience with using legal verbiage in the context of the Checking Account?  This  thread is about Checking Accounts. 

You don't need to put off topic bank rants in every unrelated thread just because you don't like the restrictions of a CD. 

rated:
NEDeals said:   
sfchris said:   
NEDeals said:   
sfchris said:   Since ConnexUS is on your rate page, I thought I would share the miserable experience I had with them in the process of holding a 1 year CD with them.
  
CDs are not checking accounts.  This is a Reward Checking thread, so your experience doesn't match the account type being discussed.  ACH works just fine with ConnexUS checking.

   I mainly wanted to bring attention to the fact that ConnexUS is a difficult credit union to deal with since they are one of the banks listed on the first page. If you ever need to wire money or set up a POD you will want to know this. They may also use legal verbiage against you in cunning fashion, as I mentioned.

 

  Do you have any experience with using legal verbiage in the context of the Checking Account?  This  thread is about Checking Accounts. 

You don't need to put off topic bank rants in every unrelated thread just because you don't like the restrictions of a CD. 

  No, my difficulty had to do with their demands for a very specific type of notary public for simple bank actions such as a wire and their sneaky wording in legal agreements . Either could apply to liquid account holders. I'm just warning people to be aware of malevolent actions by this credit union. I don't want my fatwallet brethren to suffer as I did. You can stiil bank with them, but now you have a bit more information about their attitudes towards customers.

rated:
bphaedrus said:   
lokimoki said:   
cdancer20 said:   Easy. Due to the fact, that it is an easy $200+/year And it's even more CashBack if you are using strictly for groceries (i.e. no gift cards.). Then it's $285/year. If you have a better suggestion, please post it here.
  There's a better suggestion right here: CCU CC + RCA = about $1150 / year before fees.

  

Can you explain this more? What is RCA? CCU CC is maxed at 3% Cash Back for first 6K.


RCA = Reward Checking Account
 

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rustum said:   Is 2.5% APY upto 25k good interest rate. One of the local CU is offering this. I need to make 15 transaction per month with one DD or automatic payment. Only think is, I need to make minimum of $5 purchases.

Thanks

 2.5%  is a pretty good deal. Usually it's both direct deposit AND a bill pay. I'm looking to switch ours now too. Used to be around 5% when we signed up, now it's down to 2% and changed from 12 transactions to $250 each month. Also, direct deposit and one bill pay. The best I see in our area is 3% with 15 transactions. I don't believe there is a minimum purchase. Make sure you check if there are fees or what happens if you don't meet requirements in the month. 

rated:
If anyone is stupid like me and still have Inova for the slight chance of a good 61-day certificate (new one is only 1.25%), they have new checking accounts now. I called in today to downgrade my Ovation account to completely free. No DD, minimum balance, or swipe requirements. Good since I hate having to let $2500 sit in there OR make the swipes.

rated:
cdancer20 said:   If anyone is stupid like me and still have Inova for the slight chance of a good 61-day certificate (new one is only 1.25%), they have new checking accounts now. I called in today to downgrade my Ovation account to completely free. No DD, minimum balance, or swipe requirements. Good since I hate having to let $2500 sit in there OR make the swipes.
 

  Thanks! this + mango, I feel like I owe you a bottle of wine

rated:
mooingmooseman said:   
cdancer20 said:   If anyone is stupid like me and still have Inova for the slight chance of a good 61-day certificate (new one is only 1.25%), they have new checking accounts now. I called in today to downgrade my Ovation account to completely free. No DD, minimum balance, or swipe requirements. Good since I hate having to let $2500 sit in there OR make the swipes.
  Thanks! this + mango, I feel like I owe you a bottle of wine

  Sure.  Glad to help! 

rated:
lokimoki said:   
cdancer20 said:   Easy. Due to the fact, that it is an easy $200+/year And it's even more CashBack if you are using strictly for groceries (i.e. no gift cards.). Then it's $285/year. If you have a better suggestion, please post it here.
  There's a better suggestion right here: CCU CC + RCA = about $1150 / year before fees.

  That's a rather more complex calculation than that. Assume for simplicity that you have $1k in monthly groceries and $20k to invest in RCAs. And 25% marginal tax rate on savings.

1) Using the CCU CC + RCA, you're gonna make $920 (RCA 4.59% interest) + $180 (3% groceries for 6 months) + $60 (1% on groceries after the $6k cap) = $1160. But $920 is also taxable so at marginal rate of 25% that's only worth $690 after tax so total = $930 after tax.


2) Now consider an alternative (especially for couples): 2 $10k RCAs each earning 3.09%, 2 Sally Mae 5% credit cards ($250/month) and Amex Blue Cash Preferred ($75 annual fee):

$620 RCA interest ($20k at 3.09%) + $285 (6% on $6k -$75) + $300 (5% on $250x24) = $1205 (- 25% tax on $620 = -$155) = $1050 after tax. (as side benefit, that also gives you 5% CashBack on gas and bookstores including Amazon - marketplace)

Could also replace the Sally Mae cards by another AMEX BCP card if Sally Mae is not an option.

Still an easy decision? It depends much more on specific situations and what you have access to in terms of RCAs and credit cards. Also not everyone has need for $1k groceries per month so do the math for your own situation and decide accordingly.

 

rated:
Shandril said:   
lokimoki said:   
cdancer20 said:   Easy. Due to the fact, that it is an easy $200+/year And it's even more CashBack if you are using strictly for groceries (i.e. no gift cards.). Then it's $285/year. If you have a better suggestion, please post it here.
  There's a better suggestion right here: CCU CC + RCA = about $1150 / year before fees.

  That's a rather more complex calculation than that. Assume for simplicity that you have $1k in monthly groceries and $20k to invest in RCAs. And 25% marginal tax rate on savings.

1) Using the CCU CC + RCA, you're gonna make $920 (RCA 4.59% interest) + $180 (3% groceries for 6 months) + $60 (1% on groceries after the $6k cap) = $1160. But $920 is also taxable so at marginal rate of 25% that's only worth $690 after tax so total = $930 after tax.


2) Now consider an alternative (especially for couples): 2 $10k RCAs each earning 3.09%, 2 Sally Mae 5% credit cards ($250/month) and Amex Blue Cash Preferred ($75 annual fee):

$620 RCA interest ($20k at 3.09%) + $285 (6% on $6k -$75) + $300 (5% on $250x24) = $1205 (- 25% tax on $620 = -$155) = $1050 after tax. (as side benefit, that also gives you 5% CashBack on gas and bookstores including Amazon - marketplace)

Could also replace the Sally Mae cards by another AMEX BCP card if Sally Mae is not an option.

Still an easy decision? It depends much more on specific situations and what you have access to in terms of RCAs and credit cards. Also not everyone has need for $1k groceries per month so do the math for your own situation and decide accordingly.

 

  You missed one thing though.  My suggestion does NOT include continuing to use the CCU card at $1k on groceries past the first 6 months.  In that case, you would use it for other things to meet your $1k spending.  You would supplement your grocery spending with whatever other grocery card you have.  I suggest BCP as did you.  Just depends on how people move around their spending between credit cards and also if they prefer handling more than 1 card.  (Which some don't of course.) 

You should also do the math for the next step down category.  $15000 at 3.59% with $500 spending.

rated:
Actually if you are going to do the math for 2 people in situation 2, then you should do the same for 2 people in situation 1. Even if it's just that both people have a the credit card. That would be an extra $180 CashBack for 3% groceries for 6 months.

Anyways, doing 3.59% for one person.
3) $538.5 RCA ($15k at 3.59%) + $180 (3% groceries for 12 months at $500/month) + $285 (6% on $6k-$75) - $134.63 tax rate = $868.87. Not as good of a rate as others, I agree. However, the first option is still better in all cases if you look at it from 2 people.

rated:
what do you have that's better? That's why it's a good card, not great. Unless you use the sh-t out of a WF card or are doing a minimum spend for a bonus. And if you do bank bonuses, they are taxable.

rated:
mikerompirate said:   Southern Bank Kasasa is still good. 3% upto 15k with 12 transactions a month and a direct deport. If interested then use this link and both of us will get $50 Amazon gift card - https://share.bankwithsouthern.com/
  
Do you have to live in specific state(s) to be eligible for an account at that bank? Or is it nationwide?

rated:
mikerompirate said:   Southern Bank Kasasa is still good. 3% upto 15k with 12 transactions a month and a direct deport. If interested then use this link and both of us will get $50 Amazon gift card - https://share.bankwithsouthern.com/
  Looks good. I am planning to move from 1.5% to higher one.  Is there any amount limit for 12 transactions. One local bank is giving 2.5% on 25k but they want us to do 15 transactions   with $5 min. Managing 2 accounts with 30 transactions (minimum $5) felt like a difficult one. Any one here manages 30 transactions for month.

Thanks
 

rated:
exclusivelysid said:   
mikerompirate said:   Southern Bank Kasasa is still good. 3% upto 15k with 12 transactions a month and a direct deport. If interested then use this link and both of us will get $50 Amazon gift card - https://share.bankwithsouthern.com/
  
Do you have to live in specific state(s) to be eligible for an account at that bank? Or is it nationwide?

  "Accounts and offer limited to residents of Missouri and Arkansas."

rated:
JILL10 said:   
exclusivelysid said:   
mikerompirate said:   Southern Bank Kasasa is still good. 3% upto 15k with 12 transactions a month and a direct deport. If interested then use this link and both of us will get $50 Amazon gift card - https://share.bankwithsouthern.com/
  
Do you have to live in specific state(s) to be eligible for an account at that bank? Or is it nationwide?

  "Accounts and offer limited to residents of Missouri and Arkansas."

  
Yeah....OP should've disclosed that. I know it sucks to apply to a bank/credit union, put a hit on your CHEX report only to deny you an account because you don't live in their specific area.

rated:
Not Nationwide
 

rated:
rustum said:   
mikerompirate said:   Southern Bank Kasasa is still good. 3% upto 15k with 12 transactions a month and a direct deport. If interested then use this link and both of us will get $50 Amazon gift card - https://share.bankwithsouthern.com/
  Looks good. I am planning to move from 1.5% to higher one.  Is there any amount limit for 12 transactions. One local bank is giving 2.5% on 25k but they want us to do 15 transactions   with $5 min. Managing 2 accounts with 30 transactions (minimum $5) felt like a difficult one. Any one here manages 30 transactions for month.

Thanks

  No minimum...i usually buy either gas or gum

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