2% Rewards on your Credit Card? How about 4% on your Checking Account?

[crcballer55]

Since people are always talking about receiving rewards for spending, how about something rewards you for saving? With interest rates paying nearly nothing, here's something we can all sink our teeth into and get that 52 week challenge really going.

The article is fairly long, but the cliffs are:
- 4% interest
- No fees
- Must complete 10 transactions wtih your debit card & receive e-statements to qualify
- Available through multiple banks nationwide.

http://www.nbcnews.com/business/better-checking-no-fee-no-minimum-4-interest-1B8310118

 

[-41-]

people around here ain't interested in saving. will read. repped.

 

[friscostylez]

it isn't available in my city

 

[TheGodFresco]

i dont see anything in SF????

 

[kangaroobombs]

it isn't available in my city

 

[nikehead]

Good info for everyone

 

[darealsauceking]

**** this saving nonsense. Pass that Pyrex Vision Tee, its the money team. 

 

[the sauna]

This is something definitely worth looking into

i used to get 7% or 8% on my checking acct... this was like 3 years back at a credit union in indiana.. Probably don't do it anymore.. same/similar thing though, i had to have 10 debit card transactions per month, had to have one either auto deposit or withdrawal, and had to log on to online acct at least once a month, etc. It was great while i had it before i moved to texas.

 

[crcballer55]

it isn't available in my city

It shouldn't really matter since you probably won't be walking into a branch any time soon. I saw that some of the banks offer ATM fee refunds. If you keep a local bank, the online transfers should be fairly easy if you need direct access to a branch.

 

[mez 0ne]

only from 5,000 to 50,000 which sucks, but would still be interested in doing this.

 

[frank 7he t4nk]

No California.

 

[tripda6]

I got some folks who use one of those credit unions...

Ima tell them about this and get an account myself. Repped.

 

[airblaster503]

Nearest one is 50 miles away. Might check it out, don't really have to go to my bank that often anyways and the credit union that offers it is in a place that I about every other week.

 

[25thhour]

Sounds like a good idea but the tradeoff seems like atm/pos fees for debit card use and I use my debit card to often to be getting charged every time I use it.

 

[crcballer55]

Sounds like a good idea but the tradeoff seems like atm/pos fees for debit card use and I use my debit card to often to be getting charged every time I use it.

I found a couple banks on the list that reimburse ATM fees.

 

[sundoobie]

Dont' forget to read the *




http://www.pelicanstatecu.com/accounts/personal-checking/kasasa-cash.html

* APY=Annual Percentage Yield. APYs are accurate as of 4/16/12. Balances up to $10,000 receive an APY of 4.01% if qualifications are met each monthly qualification cycle. Balances above $10,000 receive an APY of 0.50% on the portion of the balance above $10,000 if qualifications are met each monthly qualification cycle. As a result, the APY for balances above $10,000 will range from 4.01% - .50% if qualifications are met each monthly qualification cycle, depending on the balance in the account. If qualifications are not met, the APY will be 0.05% on all balances. Rates may change after the account is opened. Fees may reduce earnings. Monthly direct deposit is required to have this account. This account is a tiered rate account. If your average daily balance is from $1.00 to $10,000.00 and you meet all of the following service requirements during the monthly qualification cycle the first Dividend Rate and Annual Percentage Yield listed for this account in the Rate Schedule will apply: 1.) Fifteen (15) qualifying transactions must post to and clear to the account during the monthly qualification cycle, ATM transactions do not qualify. 2.) One direct deposit or ACH auto debit or Bill Pay. 3.) Electronic statements. 4.) Access Pelican@Net by 2 p.m. on the second to the last day of the month. Any balances $10,000.01 and above and you meet all of the service requirements the second Dividend Rate and Annual Percentage Yield listed for this account on the Rate Schedule will apply. If any of the service requirements are not met for this account the third Dividend Rate and Annual Percentage Yield listed for this account will apply regardless of the average daily balance. Transactions may take one or more banking days from the date the transaction was made to post to an account. Transfers between your accounts with us do not count as qualifying transactions. The monthly qualification cycle is not the same as your monthly statement cycle. Monthly qualification cycle=last day of the month to the second to the last day of the next month. Monthly statement cycle=first day of the month to the last day of the month. We reserve the right to limit the number accounts allowed per account owner, joint or individually.

 

[Betonblck]

What the hell is a qualifying transaction?

 

[crcballer55]

What the hell is a qualifying transaction?

Typically a purchase using the "Debit" feature of the card instead of "Credit" since that's where the bank makes their money.

 

[jking0821]

So the bank on the list some what close to me...says only 2% APY up to 12,000 on the checking. Is the 4% only at certain banks?

 

[Mark Antony]

Damn, 5% sounds tempting.

 

[welcometothetonezone]

No California.