High Yield Rewards Checking

Discussion in 'Life After Brown' started by Ms.PacMan, Mar 10, 2009.

  1. Ms.PacMan

    Ms.PacMan Well-Known Member

    Like a deer in headlights, frozen in fear, I've been letting my money pile up and collect dust in not one, but two banks.

    Part of the reason was because the money was my child's college fund slash emergency fund. I didn't want to risk it in the stock market or tie it up in CD's.

    Yesterday I discovered high yield reward checking accounts. How they escaped my financial radar is beyond me, but they did, and I thought I'd post about them to help someone else.

    There is a list of financial institutions for every state that offer these accts and their rates. The deal is that these banks offer 3-6% interest for a few simple requirements.

    The requirements at my credit union were 1) e-statements 2) direct deposit 3) activation of online banking and 4) 12 debit uses as a credit and in exchange they give me 5% up to 25K and my assets are liquid! How cool is that!

    The banks make money because Visa has to split the credit fee with them (X12 for me) and they reduce their accounting costs with the other requirements.

    I gathered up my money today and put $24,000 into the high yield acct. and will earn $100 per month :D.
  2. UPSNewbie

    UPSNewbie New Member

    The only banks in my area on that list suck pretty hard...
  3. UpstateNYUPSer

    UpstateNYUPSer Very proud grandfather.

    My money is securely under my mattress (and, yes, I did remove the "Do Not Remove Under Penalty of Law" tag) until Obama gets this mess turned around.
  4. dilligaf

    dilligaf IN VINO VERITAS

    Where is it that you live?:surprised::wink2:
  5. UpstateNYUPSer

    UpstateNYUPSer Very proud grandfather.

    Typical woman--take me to bed just for my money!
  6. dilligaf

    dilligaf IN VINO VERITAS

    OUCH!!!!!!!! that stung LOL
  7. Ms.PacMan

    Ms.PacMan Well-Known Member

    UPSnewbie- how can the banks suck? You don't like the carpet and light fixtures or the tellers are rude?

    Upstate - I'm still shoveling 22% in my 401K. What's lost is lost. I figure I might as well buy some on the low end.

    What's nice about the rewards checking is the fact that the money is insured and liquid - if I need it I spend it.

    BTW - I'm going to go add another $10 prescription gift card coupon to that thread from Kmart.
  8. UPSNewbie

    UPSNewbie New Member

    The tellers at RCB are about as sharp as warm water. Was looking to move banks and got a bunch of "I don't know."

    However, F&M isn't too bad.
  9. trplnkl

    trplnkl 555

    The tellers didn't know about what? All I really want a teller to know is how to count and get the numbers right when I make a deposit or withdrawal.