Get Paid for Banking: Bank Deals on Checking Accounts
April 17, 2009
Banks like to make money. That's why most banks try to get the better end of the deal with their customers in relation to the checking accounts at the bank. How do banks make money from your checking account. First off, rates on basic checking accounts are averaging below 1%. The banks are paying next to nothing on deposits, but can still lend the money out to retail and corporate borrowers at rates well above the prime rate. On top of the low rates paid out on checking accounts, the fees that banks charge to their customers on basic banking activity has been steadily increasing. The combination of the two can drain your checking account. The obvious solution is to shop around for the banks with the best rates on checking accounts and with best fee structure. But, before you focus solely on rates and fees, remember that many banks are offering attractive reward-type programs which can provide extra benefits to a checking account customer. Two of the best bank deals available on checking accounts today are:
Bank of America Add-It-Up
Bank of America checking account customers can earn up to 20% cash back on their online purchases, in addition to discounts from retailers and credit or check card rewards. To qualify for the rewards you must have or apply for a Bank of America credit or check card and enroll in online banking. Then when you use your credit or check card to shop online at major retailers like homedepot.com or petco.com you can earn instant rewards or cash-back. The savings can add up quickly for the retail items where a retailer discount is offered. For instance, a $250 camera might be purchased for a discounted price of $200 through the Add-It-Up Program. But in addition to the $50 savings a 5% Add-It-Up percentage gives another $10 back. The Add-It-Up percentages vary by retailer, but you can see how the savings could accumulate quickly. Earn enough cash back through a program like the Bank of America Add It Up and you might even forget about the low interest rate paid out on the checking account.
Wachovia Way-2-Save Program
Wachovia Bank will transfer $1 from your Wachovia Bank checking account and will pay you a bonus when you either:
- Make check card purchases
- Pay bills online
- Set up automatic deposits from your checking account
The extra bonus payments from Wachovia Bank are nice, but what makes this deal very different is that the account pays a first-year APY of 5.00% and includes a year-end 5% bonus on the amount that you have contributed to the savings acccount. This is definately a deal where you can get paid to save.
Find the latest bank deals from FDIC-insured banks on the MoneyRates.com Bank Deal Page
