Comments on: High Interest Reward Checking Accounts

By: Seth @ Boy Meets Food

Seth @ Boy Meets Food — Thu, 10 Feb 2011 14:48:07 +0000

Quick update:
Evantage has lowered their rates to 3.75%

It’s still pretty nice, but not as great as it used to be.

By: Michael

Michael — Wed, 08 Sep 2010 06:35:19 +0000

Diane,

Some homework you might want to do is to research dog breading & related health effects. pure-breading dogs is essentially in-breading (imagine marrying your cousin). as the gene pool becomes depleted the animals develop severe health defects.

food for thought

-Michael
Middletown Delaware

By: Pilm

Pilm — Thu, 06 May 2010 17:25:38 +0000

This is for anyone using or considering AmericaNet Bank, be very very careful! I put $5000 in an AmericaNet Bank savings account because they offered a 2% rate. Every quarter I’d go online and check my account. Well, come to find, after my one year anniversary with AmericaNet Bank they began to charge a $10/month fee. AmericaNet Bank did not provide any notice whatsoever when they started helping themselves to my money. It wasn’t until I logged on recently for my quarterly account review I found $20 missing. After invesitigation I found that after one year, if you don’t add more money, your account is considered dormant, and AmericaNet Bank starts penalizing your account $10/month every month until you add more money. Almost seems like extortion to me! I’ve used at least a dozen online Savings accounts and have never had money drained from my account like AmericaNet Bank is doing! No bank has ever penalized me for leaving my money in their account! But AmericaNet Bank does! Beware, beware, beware! AmericaNet Bank is a sham and ripoff.

By: SavingEverything

SavingEverything — Sun, 25 Apr 2010 02:23:14 +0000

Christine, your bank seems not worth it– 50 transactions to get $5 for each month!?! Plus, in order for you to make 3% on your $1000, you need to make at least 25 debit transactions per month!?! That’s a bit more hassle compared to other checking reward banks that also have ATM fee refunds. I’d consider another bank.
For these rewards checking, based on KEN’s survey a whileago, most of his readers spend $100 or less on their monthly 10-12 debit transactions. That means, with 0.25per transaction and ~2% surcharge that the banks charge the merchant, they profit only $4.5-5.50 on $100 in 10-12 transactions. Not much when they’re paying currently 3.5% (average rate) on 25k, and refunding other bank’s ATM fees upto $20.

By: Jim

Jim — Fri, 23 Apr 2010 23:23:24 +0000

I’m glad I could help and that it worked out!

By: Christine

Christine — Fri, 23 Apr 2010 18:24:36 +0000

My bank’s (S & T Bank)reward program is a little different. Instead of paying interest it pays 10 cents for every check card transaction (not debit)and refunds any ATM fees charged by other banks. The catch is that you must maintain a 1,000 minimum balance or pay a 10 dollar monthly fee. When I first opened the account I paid the fee the first few months but was reimbursed for half by the 10 cent rewards. Then I realized my savings account (HSBC direct) is paying far less than the monthly fee so I parked 1000 in my checking account and now make about 5 a month on the 10 cent rewards. The bonus is that if I need cash in an emergency I don’t have to pay a fee for using another bank’s ATM.

By: James

James — Fri, 23 Apr 2010 17:45:49 +0000

Just went to Evantage’s website. They are down to 4%

By: James

James — Fri, 23 Apr 2010 17:44:26 +0000

Hi Jim,

I have had an account with Lake Michigan Credit Union for almost two years now. They had 5% APY on all funds up to 15K. Now it is 4%. Four conditions exist: Direct Deposit, 4 logins a month, E-Newsletter, 10 debit card uses. My wife and I have it and it is GREAT. We usually have the 15K in there so we get approx. $55 a month, for doing practically NOTHING. The bank is out of county, so to qualify, we had to make a one time $5 donation and we were in.

I recommend it to people on a daily basis.

You may recall in fact that I emailed you about a year ago asking how this bank could offer such a thing. Your response about the Debit surcharges but my mind at ease. Thanks!!

James

By: Daniel

Daniel — Fri, 23 Apr 2010 16:12:30 +0000

I fear I may have posted this commentary and inquiry under the wrong thread so I will post it here as well

To meet the minimum debit card usage, I have turned to the gas pump. Use the debit card to pump a gallon, then turn off the pump and repeat. I will get my 5 transactions in one trip for something I definitely need anyway. The station attendant must thing I am crazy.

Do any of these accounts allow the initial opening deposit to be made via credit card w/o fee to aid with reward tier busting?

By: Chris

Chris — Fri, 05 Mar 2010 19:57:04 +0000

Probably someone who is testing your account to see if any one is monitoring it. If not they may come in and make a large withdrawal.

By: Chris

Chris — Fri, 05 Mar 2010 19:53:10 +0000

Is this truly their name?

By: Chris

Chris — Fri, 05 Mar 2010 19:51:55 +0000

Love mine. Still earning around 4%APY and no atm fees anywhere!

By: Robert

Robert — Thu, 28 Jan 2010 19:43:42 +0000

Founders Bank in Sugar Land Texas offers a checking account paying 5.01% on first 10,000 and 2.25 above 10,000. Requires 10 debit purchases and 1 automatic payment. Service has been great. Why put your money in a MM or CD when these rates are available.

By: DFW Rate Chaser

DFW Rate Chaser — Thu, 29 Oct 2009 00:05:24 +0000

For those who’ve asked where I moved to. It’s Grand Bank of Texas there are (3) locations in the DFW. Their rate is 4.52% (for 1st 25k and 1.01 for anything over) with 12 transaction and direct deposit OR (1) auto debit transaction. They also reimburse up $25 in ATM fees. I also considered Incommon Bank (in Mexia) who had a 5.01% rate, but it’s 288 miles away.

By: DFW Rate Chaser

DFW Rate Chaser — Wed, 28 Oct 2009 23:42:52 +0000

Texans Credit Union has already lowered the rate to 3.75%, which is still pretty good in comparison to savings and checking. There is also a $25 fee join the credit union to participate in there high rate checking. As a former employee, I know the product isn’t making them much money. So, the rate may decrease again. I have recently moved my saving (which is all I kept in the HR Checking Acct) to a higher yeilding financial. It sucks the bank is in another state. Yet, ut keeps me from making uneccessary withdrawals.