Putting in $50 a month with a $10 monthly bonus for the first six months.. that's a 20% annualized return if you contribute for six months. With the bonus decreasing to $2 monthly after the first six months, that's still a 12% annualized return.
In the second year, if they keep the $2 monthly bonus, then your return is 4%.
[Edit: 4% if you withdraw the balance of the account in month 12 and start over with 2 $25 monthly contributions. If you roll the balance from month 12 to month 13, then the annualized return in year 2 is 2.1%.]
Not bad in this rate environment, but who knows where things will be July 2010-2011?
Does FNBO do a hard pull? If not, I'll roll the dice.
ThePessimist
Ancient Member
posted: Jul. 11, 2009 @ 3:05p
oopsz said: Putting in $50 a month with a $10 monthly bonus for the first six months.. that's a 20% annualized return if you contribute for six months. It could be much better than that. The savings account includes "One free withdrawal per month" and there's "No minimum daily balance." The checking account also has no minimum balance.
So, you could just keep shuttling the same $50 back and forth between checking and savings, leaving an extra $1 in each account to make sure it doesn't get closed. Assuming you pull out the extra $48 of the initial checking deposit immediately, you'll only have $52 invested, making the annualized return for the first six months (((60/52)+1)^2)-1 = 364%.
And that's not even accounting for the 0.30% interest!
BiomedGeek
Tired Member
posted: Jul. 14, 2009 @ 4:44p
Looks to be local only Dear biomedgeek:
Thank you for contacting First National Bank Omaha. We recently received your request to open an account with our bank; however, you are outside of our banking/lending area. If you do move into the Omaha, Nebraska area, please feel free to contact us to open an account. If you need further assistance, please contact us at 1-877-WEB-FNBO (1-877-932-3626) or send us an email.
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