Reward Checking Accounts (High Yield and Available to All)

deleted; double post

If you can stomach it, there's definitely some guys around here who have 8-10 RCA's. If each RCA account can hold 25k for the max rate, and you can find an easy way to get all the debits done, that's not a bad way to go. Unfortunately the previous accounts that capped at 100k aren't really offered anymore.

dp1 said:   Where do you put around 200-300k to get some relative high interest rate. I do not want them in mutual funds or equities or any other investments where I can lose principal?

Since this is a rewards checking thread, I'll stick to checking accounts and mention Ing Checking:

Electric Orange Checking Rates
Account
Balance Interest
Rate APY Effective
Date
$0 - $49,999.99 0.19% 0.20% 01/06/2012
$50,000.00 - $99,999.99 0.84% 0.85% 01/06/2012
$100,000.00 or more 0.89% 0.90% 01/06/2012

It's the reverse of most reward checking that limit the amount that receives high interest. You're lucky to get near 1%.

http://www.money-rates.com/checking.htm

The only one that beats ING is incrediblebank.com which I've never heard of, but here's a snippet:

https://www.incrediblebank.com/faq/index.cfm#checking

*Incredible Checking
$0-$249,999 earns 1.01% APY. Only the portion equal to and above $250,000 earns 0.60% APY.
Rate offered as of 12/14/11.
$1,000 minimum deposit to open the account.

IMO, 200-300k doesn't belong in a savings or checking account. AFAIK, the best place where you can't loose principal is a CD. Check the sticky threads, but I don't think you can do much more than 2% these days and that's for 5 year CDs.

http://www.fatwallet.com/forums/finance/682884/

Are there any minimum charge requirement

Not happy about the dwindling interest rates here. Might have to start paying down my 2.875% Student Loan that I thought I would keep forever.

grex23 said:   Wound up moving back to HSBC for .80% since I have linked free billpayment + Online Savings @ .80%

HSBC's online transfer system is slow with 3 day delay. HSBC has local branch by me so I can use the ATM for unlimited withdrawl/deposit.

TIAA Cref looks good but it has an inactivity fee which HSBC doesn't have so this appears to be why they are offering a higher rate.

ING is merging with Capital One so those rates will get merged into regular Capital One rates.

So back I go to HSBC.

Not really all that surprising...after all...even under your original fatwallet name of ajulius several years ago you were always a big fan of HSBC...surprised you even made a brief move over to Capital One....

TIAA Cref's inactivity fee doesn't kick in until 12 months of inactivity on checking and 24 months on high yield savings...so that is a rather moot point...who doesn't do ANY transaction (not even an external ach in or out) to an account for THAT long a period....and it certainly doesn't have anything at all to do with the rate being offered....

slyde56 said:   I just got off the phone with Jessica B from Consumers Credit Union, and unfortunately got some bad news about the rate that is guaranteed through June but will change in July. They got word today that the rates and tiers will change to the following:

3.09% APY on balances up to $5000

0.2% APY on balances above $5000

I'll probably still join to get the Member to Member bonus, but I thought that everyone would probably like to know.

Thanks for the info. Not that I like it, mind you. lol

It means you have to cancel the account if you don't use it. Plus they will drop rates like everyone else.

Banks start at a high rate to attract business then will drop rates as soon as they have significant deposits on hand.

I will never use one with an inactivity fee and never have.

I guess I should've checked here before I contacted CCU. I was about to sign up through a friend's referral but figured since June was a few months away, I'd contact them and confirm they were going to extend the 4% rate. Once I emailed them I got the email saying:

We have received feedback from upper management:

Effective July 1, 2012, and forward . . .
▪ Balances up to $5,000.00: new rate = 3.09% APY
▪ $5,000.01 to $25,000.00: new rate = 0.20% APY
▪ Balances greater than $25,000.00: new rate = 0.10% APY
▪ Accounts not meeting Rewards Checking qualifications: 0.01% APY

Please email me with questions or concerns. Thank you, have a great day.

Sincerely,
Alexandra Jana M
CCU
877.275.2228

Major bummer, but at least I figured it out now rather than later.

Coulee Bank Rewards checking a/c top tier is down to 15k (from 25k); rate is still 2.55%

Rewards Checking Account Gets New Identity
Let us introduce you to Kasasa

Great news! Coulee Bank's Free Rewards checking account is getting a new name and a new identity: Kasasa Cash™. Kasasa Cash is still a free checking account, and of course, it still pays you 2.55% Annual Percentage Yield (APY) in cold hard cash. That's more cash in your pocket each month to do with what you want. After all, it's your money, so you should benefit the most from it.

The current Free Rewards Checking tier structure is that you earn 2.55% on balances between $0.01 and $25,000. You will continue to earn 2.55% with Kasasa Cash, but the tier will change to balances between $0.01 and $15,000. All balances over $15,000 will still earn 0.30%. The change from your Free Rewards account to your free Kasasa Cash account will be effective May 1, 2012. Your current Free Rewards account number will stay the same. At this time, there is no action required on your part.

does anyone believe the long term fate of RCA is anything more than 0.5-1% more on average than average online savings account, certainly seems like that's what's most likely, thoughts?

how can i set up a direct deposit to 3 reward checking accounts, i have BoA and Pay Pal, will those count as direct deposits, if i set up transfers, trying to use great lakes credit union reward checking and meet DD requirments, rate is at 4percent up to 15k and u can have 3 accts max

hulamatt said:    great lakes credit union reward checking and meet DD requirments, rate is at 4percent up to 15k I was just informed yesterday that effective May 1st, Great Lakes Credit Union will be switching from 4% / 15K max / $250 DD required, to 4% / 10K max / $500 DD required.

BingBlangBlaow said:   curtisekarr said:   hulamatt said:    great lakes credit union reward checking and meet DD requirments, rate is at 4percent up to 15k I was just informed yesterday that effective May 1st, Great Lakes Credit Union will be switching from 4% / 15K max / $250 DD required, to 4% / 10K max / $500 DD required.


Hulamatt also said up to 3 accounts - do you know if that is still allowed? Or is that something like two individual accounts and a joint account between spouses or something? Edit: Or something...I haven't absolutely confirmed it, but I read it to mean 3 accounts per person.

blueprint said:   So this $250 Direct Deposit OR 5 Debit Card Purchases* would be changed to $500 DD?
Is there an OR statement after that $500 above?

Thank you.Can you clarify your question, please? What exactly do you mean by "this $250 Direct Deposit OR 5 Debit Card Purchases*"? Where did that come from?

If this helps, here are their requirements to receive 4% on up to $15K per month:

$250 Direct Deposit AND 10 Debit Card Purchases* AND eStatements AND Pay One Bill per Month.

Recently I was informed that this would change effective May 1st to: $500 Direct Deposit AND 10 Debit Card Purchases* AND eStatements AND Pay One Bill per Month. And the max amount would be $10K instead of $15K.

What I think you may be referring to in your question, "$250 Direct Deposit OR 5 Debit Card Purchases*", is the section on their webpage referring to: NO Monthly Fee if you meet those requirements. Otherwise you'd pay $5/month.

Does anyone with GLCU know if they allow free ACH in/out? Also how is their bill pay service. Does it allow payments directly to a bank account like CCU does? I use this billpay function in CCU as a substitute for ACH transfers. Of course large payments have them calling me to confirm that it's really a bill payment and not something else so I had to cut back on it's use.

BradisBrad said:   You know I was just wondering.. Maybe it was asked somewhere between pages 5-30 or so (the ones I didn't read) but do you think banks account for the business they expect to lose when they lower their rates? Take CCU for example. I've got $20k parked there between mine and SO accounts.. but after July I'm just going to let it all sit in a HYSA because 3% on 10k is worth much less of my time than 4% on 20k.

I just wonder how many others are out there like me and are jumping ship? And can the bank still back it's already-granted-loans with our funds?Since these are transaction accounts, having $20k "parked" there isn't really contributing to the goal of offering these type of accounts. Which is as much to blame for the pullback of generous account terms as the general economic/interest rate environment.

Basically, they don't want you to leave $20k sitting there. Now, if you leave that $20k, atleast it'll be at a much more reasonable cost to the credit union.