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Old 07-24-2011, 09:35 AM
 
31 posts, read 67,297 times
Reputation: 12

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this is great info guys....i rarely see anything over 1.5% at traditional banks.
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Old 07-25-2011, 05:08 PM
 
Location: Smyrna, TN
53 posts, read 116,651 times
Reputation: 18
Quote:
Originally Posted by evilnewbie View Post
I am expecting the market to tank and tank hard.. I will not be parking my money in risky investments this year and probably next year... so I am wondering what is the best interest rate that your bank is offering right now for saving accounts?
The best place to park savings money, in my opinon, is a high-yield checking acct (or rewards checking acct) because they earn much higher interest than any savings account I've found. Right now, you can find ones that earn anything from 2-4.5% on balances up to $10,000-$25,000 depending on the acct. Requirements to earn the high interest are easy to meet, typically 10 debit card transactions, 1 ACH withdrawl or deposit, & accept electronic statements. You can use this nationwide search engine to find them.

High Yield Reward Checking Accounts - Compare reward checking account rates

Just click "Filter Accounts" to change the parameters.
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Old 07-26-2011, 03:40 AM
 
106,244 posts, read 108,257,613 times
Reputation: 79786
they are really hoping you screw up counting those 10 transactions so you get nothing.

its two much work making and tracking 10 transactions each and every month and i wouldnt want to do it with a debit card anyway. there are much more disadvantages than a credit card. at 10 transactions a month on a debit card the law of averages say your going to have grief with it at some point and a debit card isnt the same as a credit card many times especially with some of these bank deals.

the extra 1% or so isnt worth it to me at all considering the hassles.

many folks found out a deal like this can end up costing you a ton of dough.

rent a car with a debit card and they can reserve hundreds of dollars or more of your cash in the account until you return the car.same thing applys with lots of different things like renting a carpet cleaner .
you can have quite a few transactions go on over draft without knowing it at 35.00 bucks a pop .

run a few transactions on vacation and that 35.00 dollar lunch you used the card for to try to get your 10 transactions can cost you 70 bucks . you may go to an atm on vacation and no money is available from your account.

you have to read your agreement like a hawk with some of these accounts , under federal law you are liable up to 500 bucks if you dont report a fraud in 2 days. after 60 days you are responsible for it all unlike a credit card.

you have to read every word in that agreement to see what that cards policy is...

with all the hacking going on i would not want to use anything with a pin unless i had to.

the main reason this deal is risky is with credit card i can legally withhold payment for issues with the vendor. they dont already have my money. i would rather owe them the money than fight to get my money back

is all that worth 1% or less to you over your local bank??

Last edited by mathjak107; 07-26-2011 at 04:06 AM..
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Old 07-26-2011, 09:58 AM
 
Location: WA
5,641 posts, read 24,906,512 times
Reputation: 6574
Quote:
Originally Posted by mathjak107 View Post
...
the extra 1% or so isnt worth it to me at all considering the hassles.
...
I agree, in fact I am sitting on the largest cash position I have ever had in a MM that pays almost nothing (so I lose considering inflation) but moving large amounts in and out of institutions can create issues and for me has tax implications to track in some accounts.

The markets are unsettled enough that my holdings are off to the side like much others.
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Old 07-26-2011, 04:16 PM
 
106,244 posts, read 108,257,613 times
Reputation: 79786
Quote:
Originally Posted by mathjak107 View Post
they are really hoping you screw up counting those 10 transactions so you get nothing.

its two much work making and tracking 10 transactions each and every month and i wouldnt want to do it with a debit card anyway. there are much more disadvantages than a credit card. at 10 transactions a month on a debit card the law of averages say your going to have grief with it at some point and a debit card isnt the same as a credit card many times especially with some of these bank deals.

the extra 1% or so isnt worth it to me at all considering the hassles.

many folks found out a deal like this can end up costing you a ton of dough.

rent a car with a debit card and they can reserve hundreds of dollars or more of your cash in the account until you return the car.same thing applys with lots of different things like renting a carpet cleaner .
you can have quite a few transactions go on over draft without knowing it at 35.00 bucks a pop .

run a few transactions on vacation and that 35.00 dollar lunch you used the card for to try to get your 10 transactions can cost you 70 bucks . you may go to an atm on vacation and no money is available from your account.

you have to read your agreement like a hawk with some of these accounts , under federal law you are liable up to 500 bucks if you dont report a fraud in 2 days. after 60 days you are responsible for it all unlike a credit card.

you have to read every word in that agreement to see what that cards policy is...

with all the hacking going on i would not want to use anything with a pin unless i had to.

the main reason this deal is risky is with credit card i can legally withhold payment for issues with the vendor. they dont already have my money. i would rather owe them the money than fight to get my money back

is all that worth 1% or less to you over your local bank??
one additional point i left out. by not using that debit card my money is earning interest the entire month not just until spent like the debit card deal and im earning 1% back on everything that is spent so that makes the above deal even less of a bargain with those banks that require 10 debit card transactions.
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Old 10-03-2011, 05:22 PM
 
Location: Smyrna, TN
53 posts, read 116,651 times
Reputation: 18
Quote:
Originally Posted by mathjak107 View Post
they are really hoping you screw up counting those 10 transactions so you get nothing.

its two much work making and tracking 10 transactions each and every month and i wouldnt want to do it with a debit card anyway. there are much more disadvantages than a credit card.
For most people, they make so many individual purchases each month, that they can easily reach the 10 without even paying attention. But if for any reason you don't reach the 10, you've lost nothing and you're no worse off than a regular checking account that never pays you any interest. You just start over again the next month. Also, if it's a Visa or Mastercard debit card, it's every bit as secure as a Visa or Mastercard credit card. You just have to be sure to run the card as a credit card, not a debit card. It's the PIN based "debit" or "ATM" transactions that can be dangerous.



Quote:
Originally Posted by mathjak107 View Post
rent a car with a debit card and they can reserve hundreds of dollars or more of your cash in the account until you return the car.same thing applys with lots of different things like renting a carpet cleaner.
Then don't reserve or rent anything with your debit card. Use a credit card for that.

Quote:
Originally Posted by mathjak107 View Post
you can have quite a few transactions go on over draft without knowing it at 35.00 bucks a pop .

run a few transactions on vacation and that 35.00 dollar lunch you used the card for to try to get your 10 transactions can cost you 70 bucks . you may go to an atm on vacation and no money is available from your account.
Well then I guess you have to do what all responsible adults have to do, which is make sure you don't spend more than what is in your checking account. Just like you have to make sure not to exceed your credit card limits. Both things carry similar fees. Having a reward checking account does not make you more likely to be overdrawn on your account.



Quote:
Originally Posted by mathjak107 View Post
you have to read every word in that agreement to see what that cards policy is...
so how is that different from any credit card?

Quote:
Originally Posted by mathjak107 View Post
with all the hacking going on i would not want to use anything with a pin unless i had to.
You don't have to.



Quote:
Originally Posted by mathjak107 View Post
is all that worth 1% or less to you over your local bank??
Reward checking accounts are making anywhere from 2-4% so I don't know where you're coming up with 1% or less and they can be found at many local banks and credit unions.
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Old 10-03-2011, 05:39 PM
 
Location: Smyrna, TN
53 posts, read 116,651 times
Reputation: 18
Quote:
Originally Posted by mathjak107 View Post
one additional point i left out. by not using that debit card my money is earning interest the entire month not just until spent like the debit card deal and im earning 1% back on everything that is spent so that makes the above deal even less of a bargain with those banks that require 10 debit card transactions.

Ok....so I can either make 1% on just what I spend on my credit card each month OR 2-4% on the entire balance of my checking account. Hmmm, that's a hard one.

You earn the interest on the average daily balance for the entire month, including the time before the 10-transaction requirement was met. The interest is calculated the same way as a savings account.
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