I was looking to switch my 5/3 bank which pays absolutely no interest (and started to charge me for odering new checks) to a high interest account.
I was told to go the route of credit union versus bank due to services and fees. GLCU looks pretty good at 4% for 10K but I found a KASASA account locally which pays 2.5% on balances up to 25k! That would net me $625 yearly interest versus $400 at GLCU. I write checks now but I can convert to online billpay so that's not a big deal. I also was toying switching to CHASE from a mail offer I received: 300 bonus cash for Chase Premier account with free checks, money orders etc. no monthly maintenance fee (since I have Chase mortgage directly deducted) and no fee for first 4 non-Chase ATM transactions. Only Con, no high interest (.01% I believe).
So Opinions or suggestions to take the free Chase account and $300 one time or go for GLCU or First State Bank (St Charles IL - link below)?
PRO710 said: I was looking to switch my 5/3 bank which pays absolutely no interest (and started to charge me for odering new checks) to a high interest account.
I was told to go the route of credit union versus bank due to services and fees. GLCU looks pretty good at 4% for 10K but I found a KASASA account locally which pays 2.5% on balances up to 25k! That would net me $625 yearly interest versus $400 at GLCU. I write checks now but I can convert to online billpay so that's not a big deal. I also was toying switching to CHASE from a mail offer I received: 300 bonus cash for Chase Premier account with free checks, money orders etc. no monthly maintenance fee (since I have Chase mortgage directly deducted) and no fee for first 4 non-Chase ATM transactions. Only Con, no high interest (.01% I believe).
So Opinions or suggestions to take the free Chase account and $300 one time or go for GLCU or First State Bank (St Charles IL - link below)?
Go local. You will have local ATM options, you can actually make a run on the bank if you need to, and the rate is more likely to be sustained if the local option is not publicly posted, or has geographical restrictions on opening the account.
Go local. You will have local ATM options, you can actually make a run on the bank if you need to, and the rate is more likely to be sustained if the local option is not publicly posted, or has geographical restrictions on opening the account.
Well all 3 are actually local. GLCU, First State Bank and Chase are all within about 20 miles.
Distance being equal which would you suggest I go with?
Go local. You will have local ATM options, you can actually make a run on the bank if you need to, and the rate is more likely to be sustained if the local option is not publicly posted, or has geographical restrictions on opening the account.
Well all 3 are actually local. GLCU, First State Bank and Chase are all within about 20 miles.
Distance being equal which would you suggest I go with?
How much liquid cash do you want to keep around? I'm guessing this is your emergency fund. If its more than 10k, I would open the Kasasa up. If its more than 25k, do both. I won't comment on the Chase option bc I personally don't like doing bank bonuses.
I have more than 50K in my emergency fund. I didn't want to do more than 1 account since it's a pain to have my Mortgage deduction transferred to the Chase Checking along with 1 direct deposit. I also need my other direct deposit to satisfy the KASASA or GLCU checking. I guess I could do CHASE and KASASA and then eventually close the CHASE account, just a pain to go through the work of switching and paperwork etc. which is why I was trying to target just 1 checking account: KASASA?
PRO710 said: I have more than 50K in my emergency fund. I didn't want to do more than 1 account since it's a pain to have my Mortgage deduction transferred to the Chase Checking along with 1 direct deposit. I also need my other direct deposit to satisfy the KASASA or GLCU checking. I guess I could do CHASE and KASASA and then eventually close the CHASE account, just a pain to go through the work of switching and paperwork etc. which is why I was trying to target just 1 checking account: KASASA?
You may be able to do AP to satisfy the direct deposit requirement. Which means you could divvy up your AP allotment and satisfy both each month (if it qualifies). The debit transactions would be a pain to on both, but its doable. Up to you whether you think its worth the effort.
If you have GLCU, you don't even need a DD. You can ACH money from GLCU to Chase each month to satisfy Chase. And then you can do an ACH pull on GLCU's account from Chase and that will satisfy the GLCU requirement. I would do GLCU for the % and Chase for the bonus. Especially since GLCU is local for you. I joined from over 1,000 miles away. I also believe (but haven't tried) you can have 3 GLCU RCAs. And since you have $50k, I guess it would make sense to do 3 GLCU RCA's and 1 of the 2.5%/25k ones. $2,125 first year. I'd think the paperwork is worth the extra $1,500. And the 40 or so debit transactions/month. Oh, I also love GLCU.
ETA: When I say the ACH will satisfy Chase, I'm referring to waiving any monthly fee there might be. If there's a DD requirement for the bonus, I'm not sure if that will also work for that.
Well I opened the Chase account for convenience and the $300 bonus. My monthly fee was waived because my mortgage is through Chase as well (BONUS). I don't even think I needed a DD to avoid fees/checks etc. but I changed my Payroll deposit to that account anyways. I can always close the account and go to another bank after collecting the 300 and 6 months.
I then applied for the First State Bank KASASA account (3.25% up to 25K). I'll keep the 25K to satisfy balance and see how easy/hard it is to make the 10 debit purchases at the beginning of each month. Do you have to spend a minimum amount or be a certain type of purchase to qualify for the debits?
ETA: When I say the ACH will satisfy Chase, I'm referring to waiving any monthly fee there might be. If there's a DD requirement for the bonus, I'm not sure if that will also work for that.
Just to clarify a few questions. I'm thinking of opening a GLCU account as well to make 3 account (Chase, GLCU and 1st State Bank)
1) I don't need a Payroll direct deposit to satisfy the GLCU account as long as I initiate at least a 500 ACH transfer using Chase's site deposited into GLCU?
2)Website says that I have to be signed up for billpay but it looks like I don't have to use it as long as I signup and login to the Mobile banking services at least once a month?
3) Looks like I have to pay for paper checks per the fee document: %5 for 10 temporary checks? That could get expensive
0) Do you have to spend a minimum amount or be a certain type of purchase to qualify for the debits?
1) I don't need a Payroll direct deposit to satisfy the GLCU account as long as I initiate at least a 500 ACH transfer using Chase's site deposited into GLCU?
2)Website says that I have to be signed up for billpay but it looks like I don't have to use it as long as I signup and login to the Mobile banking services at least once a month?
3) Looks like I have to pay for paper checks per the fee document: %5 for 10 temporary checks? That could get expensive 0) You tell us; you opened the account (I don't have an account there and don't know) 1) Correct. I believe you can even do a pull from GLCU. They have a tracker on their site and pretty much anything that gets electronically deposited is included in there (payroll, ACH pull, ACH push from another bank, micro deposits from other banks, etc) 2) I believe it's a one or the other, but I do both anyway. For the bill pay, you can use their bill pay site to transfer money to another account of yours (Chase for example) 3) Who uses checks? lol. I know I got some free when I opened my account, and I think I've used 1 or 2, but if GLCU charges, but you have accounts at other institutions, problem solved.
0) Do you have to spend a minimum amount or be a certain type of purchase to qualify for the debits?
1) I don't need a Payroll direct deposit to satisfy the GLCU account as long as I initiate at least a 500 ACH transfer using Chase's site deposited into GLCU?
2)Website says that I have to be signed up for billpay but it looks like I don't have to use it as long as I signup and login to the Mobile banking services at least once a month?
3) Looks like I have to pay for paper checks per the fee document: %5 for 10 temporary checks? That could get expensive 0) You tell us; you opened the account (I don't have an account there and don't know) 1) Correct. I believe you can even do a pull from GLCU. They have a tracker on their site and pretty much anything that gets electronically deposited is included in there (payroll, ACH pull, ACH push from another bank, micro deposits from other banks, etc) 2) I believe it's a one or the other, but I do both anyway. For the bill pay, you can use their bill pay site to transfer money to another account of yours (Chase for example) 3) Who uses checks? lol. I know I got some free when I opened my account, and I think I've used 1 or 2, but if GLCU charges, but you have accounts at other institutions, problem solved.
Gotcha Thanks. So here's my strategy. 3 accounts (going to open GLCU as 3rd account) Chase, GLCU and 1st State Bank.
I already have my AP DD going to Chase but it wasn't required since I have the Chase load auto-debited each month. I'll have my wife's AP DD go to Chase account as well and use Chase Bill Pay for most of our monthly bills. Then each month I will ACH push money from Chase account to both GLCU (I think 500 is minimum) and 1st State Bank account to satisfy auto ACH, and then use debit cards (my wife will have GLCU and I'll use 1st State Bank) to pay for the first 10 small purchases (fast food, gas, ALDI etc.) to satisfy debit requirement.
(ACH requirement from 1st State Bank website): * Have one direct deposit transfer or ACH automatic payment post and clear your account
Does this plan make sense? Sorry but I'm a noob to this high-rate checking stuff
Sounds good to me. You'll get the hang of it all and what you need to do, when, to make it all work. If you miss a month on one of the accounts in the beginning trying to figure out what might count as a DD/ACH or debit, not the end of the world. If you miss something that makes you end up getting a fee, most banks/CUs will waive for the first few months.
Also, here's a post I posted a while ago for some insight on debit requirements.
BingBlangBlaow said: Sounds good to me. You'll get the hang of it all and what you need to do, when, to make it all work. If you miss a month on one of the accounts in the beginning trying to figure out what might count as a DD/ACH or debit, not the end of the world. If you miss something that makes you end up getting a fee, most banks/CUs will waive for the first few months.
Also, here's a post I posted a while ago for some insight on debit requirements.
sheriffabc said: Any suggestions for banks or credit unions offering bonuses or high interest in DC or MD? Money One Credit Union pays 3% on the first $10k.
One recent issue is some of the online payments "detect" that you are using a debit card online even if you try to save the card information for latter use. There was a thread on it....http://www.fatwallet.com/forums/finance/1264172/?newest=1#last My phone company payments allow for you to change payment type to credit card. Great Lakes Credit does not count the pinless debit card for transactions. My local credit union allows them currently.
The pinless debit is really not that big an issue...my phone bill allows for you to change the payments to "credit card" and counts. Also, GLCU does give you that table that updates daily on what requirements are met.
maddybeagle said: The pinless debit is really not that big an issue...my phone bill allows for you to change the payments to "credit card" and counts. Also, GLCU does give you that table that updates daily on what requirements are met. I agree. It caught me off guard the first time it happened, but now that I'm aware of it it's a non-issue. Also, I've never had transactions take 5 days to post, nor have I had any problem with Firefox (NUMEROUS problems with IE though!).
Disclaimer: By providing links to other sites, FatWallet.com does not guarantee, approve or endorse the information or products available at these sites, nor does a link indicate any association with or endorsement by the linked site to FatWallet.com.
Members of our community may attach files to a post in accordance with the User Agreement. FatWallet is not responsible for the content, accuracy, completeness or validity of any information contained in any attached file. Files have *not* been scanned for viruses. Be especially wary of Excel files which may contain malicious content.
One-time set up
Avoid the hassle of entering your information every time you buy.
•
Instant Cash Back tracking
Since we complete the purchase, we can credit your Cash Back immediately.
•
Buy with just two clicks
One click begins checkout and another confirms your purchase.
Once set up, making a purchase with FW checkout is a breeze. FatWallet Checkout confirms the after-tax
price plus shipping and, after you confirm, completes your purchase for you.
Shopping
Earn Cash Back while you shop - just 3 simple steps.
1. Sign Up so we know who to pay! (It's FREE.)
2. Shop through FatWallet for deals from your favorite stores. Your online purchases earn Cash Back that builds in your FatWallet account.
3. Get Paid by requesting a payment via check or PayPal.
FatWallet coupons help you save more when shopping online. Use our Coupons Search to browse coupons and offers from thousands of stores, gathered into one convenient location.
Forums
As part of our FatWallet Community, you can share deals with almost a million shoppers in our forums. Forum content is generated by consumers for consumers. Share deals, money-saving tips, and more. It's FREE, fun, and addicting.
Support
Our customer experience team is here around the clock - real people ready to assist.
