high-yield checking in broward county? (credit, how much, live)

[dralph]

Hi, I was wondering if anybody here who lives in broward county or the south florida area enrolls in high-yield checking and what is the rate you are earning? i read online that there are accounts that offer like 3% rate if you fulfill their requirements but I do not believe the local banks around here offer any (in fact I do not see a 2% either). Thanks and happy new year to all!

[Mr. Lee]

A credit union, so not a bank but otherwise it fulfills your request.
Priority One of Florida
https://www.priorityonefl.org/home/home

You need to...
Sign up for FREE eStatements - save paper and trees! Remember, when we save money, the savings are passed on to you through better rates and lower costs.
Use FREE direct deposit** at least once a month - save gas and time! No extra trips to the credit union to deposit your checks.
No minimum balance requirements on your Go Green or Savings Accounts.
1.00% APY*** on your monthly checking balance.

OR

i-Net Checking Account
You need to...
Sign up for FREE eStatements
Use FREE direct deposit at least once a month**
Use FREE online bill pay at least two times per month
Make at least 12 Visa Debit Card transactions per month
(ATM transactions excluded)
Then enjoy...
No monthly fees. No minimum balance requirements on your i-Net Checking or Savings Account.
2.00% APY*** on your monthly checking balance.

[Nolefan34]

3%? That sounds extremely high. Most people are happy if they earn 5% in the stock market.

[dralph]

thank you so much for your reply. I'll look into this credit union. Yeah, I read online that some out of state bank offers as high as 5% though it is not certain that out of state customers are qualified.

[City Guy997S]

Originally Posted by Nolefan34

3%? That sounds extremely high. Most people are happy if they earn 5% in the stock market.

back in the 80s you could get 12-14% in CD's....some folks are clinging to that fantasy returning!

[City Guy997S]

Originally Posted by dralph

thank you so much for your reply. I'll look into this credit union. Yeah, I read online that some out of state bank offers as high as 5% though it is not certain that out of state customers are qualified.

Keep in mind that is usually how a ponzi scheme works.......people get greedy, look at the high yield and throw caution to the wind!

Do the math...... if you have 50K and local bank says 2% you will get $1000 a year. Some out of state place offers 5% but you can't exactly drive by their brick and mortar location every week to see how things are looking but you are getting $2500 a year in supposed interest.....until you lose the whole 50K to a scam!

Why would a place offer 5% to you.......when they can borrow from the federal reserve for .75%.....hmmm that seems weird.

[Nolefan34]

Originally Posted by City Guy997S

back in the 80s you could get 12-14% in CD's....some folks are clinging to that fantasy returning!

Yeah that's because interest rates were 15-20% back then and inflation was out of control in the late 70's/early 80's. For the last 8 years, interest rates have been at all-time lows around 2% with very low inflation in the economy until very recently. Now rates are trending back up into the 3-4% range. Bank account interest rates of return will follow. The question is how much further will rates rise and how quickly?

[cfbs2691]

Originally Posted by TarheelChris126

I've enjoyed this comment thread. I'm working on a story about how people choose their banks, and also how much of their choice is determined by the rates that the banks pay on checking accounts and other deposit accounts. If you'd like to talk about this some more, please send me a DM and include an email address or phone number.

What bank do you work for?

[blueherons]

I like Northern Trust. There is a $25K minimum to open an account.