Does the offer require one to change/upgrade checking account? I'm grandfathered in some sort of free checking (w/o any requirements to be met) from the times my bank was acquired by Bank One which was then acquired by Chase. I had to pass on a couple of Chase offers as they were somewhat mediocre, but required me to make my checking account more profitable to Chase (DD, min. balance, annual fee on the debit card, etc.)
Cyberkost, according to the email, the offer is for deposits of 25K+ to a Chase Plus Savings account that’s linked to a Chase Premier Checking account.
I don’t have either account; I only have the former Wamu accounts which I believe are now called Free Extra Checking and Chase Premier Savings.
Once chase decides to end the special, I believe they do charge for ACH transfer, so you will probably need to initiate it from a different bank. alik99, in Georgia, Georgia Primary Bank is offering 2.15 on $50,000 and 2.50 on $100,000 on a straight money market account.
Some of my Cds just matured and I need a place to park my cash.
Ive had Penfed CDs before and their longer term rates (greater than 3 y rs) have always been very competitive. I do not need a Cd term that is that too long. Instead of opening a 1 yr/2yr cd, I think its better to do the 5 yr cd.
Here are their current rates 1yr 1.25 2yr 1.75 5 yr 3.75
Their early withdrawal penalty is the last 180 days of interest (any Cd less than 5 yrs). So if I open the 5 yr cd and withdraw the money at the end of yr 1, Id still get 1.875 (after 6month interest penalty), at 2 yrs, Id get 2.18. Anyone thought about taking that route since you always come out ahead taking the longer term cd.
th79 said: Some of my Cds just matured and I need a place to park my cash.
Ive had Penfed CDs before and their longer term rates (greater than 3 y rs) have always been very competitive. I do not need a Cd term that is that too long. Instead of opening a 1 yr/2yr cd, I think its better to do the 5 yr cd.
Here are their current rates 1yr 1.25 2yr 1.75 5 yr 3.75
Their early withdrawal penalty is the last 180 days of interest (any Cd less than 5 yrs). So if I open the 5 yr cd and withdraw the money at the end of yr 1, Id still get 1.875 (after 6month interest penalty), at 2 yrs, Id get 2.18. Anyone thought about taking that route since you always come out ahead taking the longer term cd.This thread is for liquid rates, so you might want to consider positing in a different thread. There is also a sticky specifically for discussion about CD's.
phpld said: alik99, in Georgia, Georgia Primary Bank is offering 2.15 on $50,000 and 2.50 on $100,000 on a straight money market account. a branch visit is required to open an account.
About the Chase 25K deal. I asked the Chase rep. He is asking for promo code. Can someone post it? The original thread has the snapshot cut the promo code.
zampak said: About the Chase 25K deal. I asked the Chase rep. He is asking for promo code. Can someone post it? The original thread has the snapshot cut the promo code.Each code is intended for a particular recipient and can only be used once. It's possible that you might be able to use someone else's code, but positing a code here would be futile since each code is single-use only. If you really want a code you can try PMing those who have indicated that they received the offer and won't be using it. However, more importantly, I'm not sure why you would care to go to such trouble when other banks and credit unions listed in this thread have higher (2%) non-teaser rates.
I have to agree with mttatkns. It is highly likely this is a teaser rate at chase, and there are lots of other banks and credit unions listed in this thread that will be more permanent. Alliant Credit Union would be one, and you don't need a code.
To anyone who can update it .. Coulee Bank on the rewards checking does NOT require a hard inquiry and does require 1 direct deposit per month. Very nice bank so far.. I like it. Will be dropping Citibank like a bad date.
Shorebank added tiering. Interest rates are unchanged. See the letter below (qs updated):
Dear [...],
Your deposits are critical in these economic times. The communities ShoreBank serves are impacted by high unemployment, low real estate prices and limited credit. Every dollar deposited at ShoreBank helps to ensure that a mission focused bank is available to those who need it.
In order to provide ongoing flexibility in the ShoreBank Direct Online Savings Account, we will begin offering a tiered interest rate. Separate rates will apply to accounts with a balance under $100,000.00 and accounts with a balance of $100,000.00 or more. At this time, the rate for both tiers will remain 1.70% APY* (1.68% Interest Rate). Please refer to our website at www.sbk.com/shorebankdirect for any updates.
Any change to your account is important, and we want to take this time to answer a few questions you might have.
What is a tiered rate? A tiered-rate product applies separate interest rates to accounts based on the account balance.
What if I have multiple accounts? The tiered rate applies to each separate account. Deposits in multiple accounts are not tallied in determining the applicable tiered rate for each account.
Will I still receive the same benefits? Yes, you still get the unmatched benefits of FDIC insurance, convenient 24-hour online access to your funds and the knowledge that your funds support the idea that a bank can make a positive difference in communities.
There is a long road ahead in working to rebuild and strengthen our hard-hit communities. A sustained partnership with our customers helps lay the path forward. As always, it is an honor to be your financial partner. We look forward to helping you meet your financial goals in 2010 and to bringing economic and environmental opportunities to life.
The Team at ShoreBank Direct www.sbk.com/shorebankdirect
Member FDIC - Equal Housing Lender
ShoreBank's ABA/Routing Number is 071004226.
*The Annual Percentage Yield (APY) and Interest Rate are effective as of December 31, 2009, and are subject to change without notice. APY is valid only with a ShoreBank online savings account. Fees could reduce earnings on the account. A minimum balance of $1.00 is required to open the account.
This transmission may contain information that is privileged, confidential and/or exempt from disclosure under applicable law. If you are not the recipient, you are hereby notified that any disclosure, copying, distribution, or use of the information contained herein (including any reliance thereon) is STRICTLY PROHIBITED. If you received this transmission in error, please immediately contact the sender and destroy the material in its entirety, whether in electronic or hard copy format. Thank you.
So I am a little bit confused on this thread (new member... browsing all the stickied threads so I can understand finance a little bit better)...
For someone who has relatively little savings (I am working on building up my emergency savings... currently at 6k - I am a new college grad), it would be best to just use a Rewards Checking (just making sure to meet all of the requirements), is that right? THen, once the top level is reached, switch to a high yield Savings?
Right now my money is split into 4k in a BoA checking account, earning no interest and 2k in HSBC OSA, earning 1.35%. I am looking at getting rid of HSBC and opening a Danvers or Coulee account, and keeping 90% of my savings in those accounts (keep BoA open for ATM reasons). Is this a good idea?
vnuts21 said: So I am a little bit confused on this thread (new member... browsing all the stickied threads so I can understand finance a little bit better)...
For someone who has relatively little savings (I am working on building up my emergency savings... currently at 6k - I am a new college grad), it would be best to just use a Rewards Checking (just making sure to meet all of the requirements), is that right? THen, once the top level is reached, switch to a high yield Savings?
Right now my money is split into 4k in a BoA checking account, earning no interest and 2k in HSBC OSA, earning 1.35%. I am looking at getting rid of HSBC and opening a Danvers or Coulee account, and keeping 90% of my savings in those accounts (keep BoA open for ATM reasons). Is this a good idea?For $6k the difference in interest between an RCA and a 2% account at Alliant or Incredible is only $10 per month, effectively $1 per debit transaction that you must complete. It may not be worth your effort.
Since you are building up your savings now and don't need immediate liquidity you could consider an installment savings account which is like a CD but offers a higher interest rate and allows you to make monthly deposits, without the requirements of an RCA. You could look at Hanmi Bank, Wilshire State Bank, and Hanscom Credit Union. They each have installment savings accounts that are paying close to the rate of RCA's.
You can also keep a portion of your funds liquid in a higher-yielding account - I would recommend Alliant or Incredible.
You can get ATM fees refunded so there is no reason/advantage to keep BOA open. In fact, you'll earn about the same much closing your BOA account and opening a new one ($100 bonus) than you will in interest on your current savings.
or just keep the BOA Checking open (if it's a MY Access Checking...if not open that instead online)...just for local atm deposit and branch services when needed OR whatever local bank you like...and then open either Alliant Cu or Incredible Bank Checking (see the fw threads on them)...would be a great combination for you...
And with Alliant they have a vast surcharge free atm network...and with IB (Incredible) they give unlimited atm rebates...both have free external bank transfers in and out of them for you to link your local account to...
mttatkns said: vnuts21 said: So I am a little bit confused on this thread (new member... browsing all the stickied threads so I can understand finance a little bit better)...
For someone who has relatively little savings (I am working on building up my emergency savings... currently at 6k - I am a new college grad), it would be best to just use a Rewards Checking (just making sure to meet all of the requirements), is that right? THen, once the top level is reached, switch to a high yield Savings?
Right now my money is split into 4k in a BoA checking account, earning no interest and 2k in HSBC OSA, earning 1.35%. I am looking at getting rid of HSBC and opening a Danvers or Coulee account, and keeping 90% of my savings in those accounts (keep BoA open for ATM reasons). Is this a good idea?For $6k the difference in interest between an RCA and a 2% account at Alliant or Incredible is only $10 per month, effectively $1 per debit transaction that you must complete. It may not be worth your effort.
Since you are building up your savings now and don't need immediate liquidity you could consider an installment savings account which is like a CD but offers a higher interest rate and allows you to make monthly deposits, without the requirements of an RCA. You could look at Hanmi Bank, Wilshire State Bank, and Hanscom Credit Union. They each have installment savings accounts that are paying close to the rate of RCA's.
You can also keep a portion of your funds liquid in a higher-yielding account - I would recommend Alliant or Incredible.
You can get ATM fees refunded so there is no reason/advantage to keep BOA open. In fact, you'll earn about the same much closing your BOA account and opening a new one ($100 bonus) than you will in interest on your current savings.
But the $1 debit transaction isn't really throwing money away... it's just using debit instead of credit to buy something you normally would. I was thinking about just buying 10 different groceries at a self-checkout counter.
My only concern with putting emergency savings into an installment savings account or something similar to a CD is that there are fees that I would incur if I were to take the money out before maturity, right?
craig10x said: and then open either Alliant Cu or Incredible Bank Checking (see the fw threads on them)...would be a great combination for you...
Either? He mentioned Danvers or Coulee account, But you tell him to open at one of the ones you are shilling for. If he can open at Danvers would be much better, At $6k going to take some time to hit the $25k max so might as well get 4.01%. Also Danvers offers decent online savings and short term, 1.75% 4 month CDs.
vnuts21 said: mttatkns said: vnuts21 said: So I am a little bit confused on this thread (new member... browsing all the stickied threads so I can understand finance a little bit better)...
For someone who has relatively little savings (I am working on building up my emergency savings... currently at 6k - I am a new college grad), it would be best to just use a Rewards Checking (just making sure to meet all of the requirements), is that right? THen, once the top level is reached, switch to a high yield Savings?
Right now my money is split into 4k in a BoA checking account, earning no interest and 2k in HSBC OSA, earning 1.35%. I am looking at getting rid of HSBC and opening a Danvers or Coulee account, and keeping 90% of my savings in those accounts (keep BoA open for ATM reasons). Is this a good idea?For $6k the difference in interest between an RCA and a 2% account at Alliant or Incredible is only $10 per month, effectively $1 per debit transaction that you must complete. It may not be worth your effort.
Since you are building up your savings now and don't need immediate liquidity you could consider an installment savings account which is like a CD but offers a higher interest rate and allows you to make monthly deposits, without the requirements of an RCA. You could look at Hanmi Bank, Wilshire State Bank, and Hanscom Credit Union. They each have installment savings accounts that are paying close to the rate of RCA's.
You can also keep a portion of your funds liquid in a higher-yielding account - I would recommend Alliant or Incredible.
You can get ATM fees refunded so there is no reason/advantage to keep BOA open. In fact, you'll earn about the same much closing your BOA account and opening a new one ($100 bonus) than you will in interest on your current savings.
But the $1 debit transaction isn't really throwing money away... it's just using debit instead of credit to buy something you normally would. I was thinking about just buying 10 different groceries at a self-checkout counter.
My only concern with putting emergency savings into an installment savings account or something similar to a CD is that there are fees that I would incur if I were to take the money out before maturity, right?Correct, the debit transactions are not throwing money away. However, they are throwing potential credit card rewards away. My calculation of $1 was meant to show you that you were only receiving $1 benefit for each debit transaction; for some folks the hassle might be worth more than $1. For others it's worth it
Some banks do not like very small debit transactions to meet RCA requirements and will close your account if they feel you are not using it in the intended manner (i.e. as a primary checking account). If you do 10 very small transactions on the same day it's more likely to cause a problem than 10 similar-sized transactions at a variety of different merchants. You can probably get away with the scenario you described, but just be aware of the potential consequences.
The installment savings accounts have varying policies regarding early withdrawal, but for some there is no fee and the penalty is that you simply lose the interest that you have not already been credited (i.e. if you withdraw the day after interest posts, you don't lose a penny). Of course, such an account isn't practical if you plan on regular withdrawals, but if there's only the potential for a withdrawal in the case of an emergency it's definitely something to consider.
RS4Rings said: craig10x said: and then open either Alliant Cu or Incredible Bank Checking (see the fw threads on them)...would be a great combination for you...
Either? He mentioned Danvers or Coulee account, But you tell him to open at one of the ones you are shilling for. If he can open at Danvers would be much better, At $6k going to take some time to hit the $25k max so might as well get 4.01%. Also Danvers offers decent online savings and short term, 1.75% 4 month CDs.
He's much better off using his credit card instead of a debit card...who needs the headache of mandatory debit card purchases...mt was the first to mention Alliant and IB...i was just following up on his comment...and with the amount of money involved, he isn't losing that much over having Danvers..the one you are "shilling" for...
The difference in interest he would get using Danvers (with the debit card transactions requirement) after taxes would be less then $8 a month...compared to Alliant or IB...we are not talking major bucks here...
So now the Money Market with check-writing and ATM privileges is a basis point higher. Wasn't the Online Savings designed to give a higher rate? Makes no sense...
Anyone try the banks listed on https://www.checkingfinder.com/ I was considering opening up a checking acct with Cross Keys bank - you can earn 4.05% APY on a Checking Account. "NO Minimum Balance, NO Monthly Fee!!! THIS IS A FREE ACCOUNT THAT PAYS YOU!!!!!! Come on in to Cross Keys Bank and talk to us about Gold Key Rewards Checking. OR Visit our webiste at www.crosskeysbank.com to find out about Gold Key Rewards Checking."
I got some phonespam from Wachovia (I have a checking account with them) saying they have a savings account with 5% APY. This has to be total BS, I don't even want to call back, but how can they spin this?
The111 said: I got some phonespam from Wachovia (I have a checking account with them) saying they have a savings account with 5% APY. This has to be total BS, I don't even want to call back, but how can they spin this?
Their Way 2 Save is still around. It pays 5% for the first year at least until Wells Fargo moves in...
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