Online Bank Deals and Reward Programs
February 25, 2008
The days of banks paying below 1.00% on a checking account and are back in force as The Savings Investor found out when polling 100 banks nationwide and finding an average of just 0.88% as the annual percentage yield paid out on a basic low-minimum checking account. However, online banking customers who are willing to shop online for the best bank deals can find:
...Yields as high as 6.26% on Reward Checking accounts
...Yields as high as 5.00% on Long-term Bank CDs
...Yields as high as 4.60% on Bank Savings Accounts
...Yields as high as 4.51% on Bank Money Market Accounts
...Yields as high a 4.51% on Bank Checking Accounts
...Yields as high as 4.30% on Short-term Bank CDs
In addition to the rates offered above by FDIC-insured banks there are a number of local bank deals, special bank offerings, and credit union deals (insured separetely by the NCUA) that can be found online including:
10.00% APY from Shore Bank on their Grand Slam checking account for balances from $.01 to $1,000.
10.00% APY from Affinity Bank on their savings account for kids only (applies to balances up to $500 and only California residents are eligible).
7.00% APY from Patelco Credit Union on their 1-year certificate for new members in the San Francisco area. Federally insured by NCUA not FDIC.
7.00% APY from Premier America Credit Union on their 5-6-7 Certificate for balances between $1,000 and $5,000. A minimum of $20/per week or $80/per month direct deposit is required. Credit union membership requires purchasing $5 Credit Union share and $5 membership fee. Federally insured by NCUA not FDIC.
5.50% intro APY from Amboy Direct on their money market for new customers. Rate valid for 3 months. Offer only applies to New Jersey residents.
5.23% APY from Deseret Credit Union on their 5-year certificate with a minimum deposit of $75,000 and a 5.02% APY for deposits of $500 and over. Credit union membership only open to members of the Church of Jesus Christ Latter-Day Saints. Federally insured by NCUA not FDIC.
5.10% APY from New Frontier Bank on their 9-month CD for Colorado residents. ($95,000 maximum, $1,000 minimum)
5.00% APY from Pentagon Federal Credit Union on their 7-year certificate. Membership includes members (and family members) of the United States Army, Air Force, Coast Guard, Navy, Marines, National Guard, Reserves, Cadets, ROTC as well as employees of the Department of Homeland Security (DHS), Department of Defense, Department of the Army, and the Department of the Air Force. Federally insured by NCUA not FDIC.
5.00% APY from Integrity Bank on their 6-month CD for Georgia residents. ($1,000 minimum)
Interesting reward programs offered by online banks include:
Wachovia Bank's Way2Save Program is a savings progam in which Wachovia Bank will pay up to $300 to customers for Wachovia Bank check card purchases, paying bills online, or seting up automatic debits. Each transaction earns $1 which is transferred into the savings account. Wachovia Bank is listing a 5.00% APY on their site as a first-year bonus for the savings account.
FirstBank is offering new customers at one of their branches in California, Missouri, Florida, Illinois, and Texas a free ipod Shuffle to all customers who open a new checking account with recurring direct deposit before March 1, 2008. The checking account requires a $100 minimum deposit.
LaSalle Bank is offering a $100 bonus to customer who open both a checking account and a savings account and use a new LaSalle Money Card debit card.
OneUnited Bank will award a $50 cash bonus to customers who set up a recurring direct deposit or make recurring purchases with their VISA debit card. Offer expires June 30, 2008.
Flagstar Bank will give new customers a $100 gas card for opening a new checking account. Requries activation of direct deposit of at least $250 a month. Requires bracnh visit in Michigan, Georgia, or Indiana.
Bank of America is offering a $75 bonus to new customers who open a checking with a minimum deposit of $100. Use offer code AOU260108 at a Bank of America branch or online before March 31, 2008 to be eligible for the $75 bonus.
PNC Bank is running a sweepstakes contest with a grand prize of $5,000 and ten first prizes of $1,000. Customers receive one entry per $100 balance increase in their savings account between February 1, 2008 and April 30, 2008. The current rate on the savings account is 0.20%.
Washington Mutual's Savings for Success program is a limited offering in which new customers can sweep a pre-set amount ($25 to $500) from a Wamu Free Checking Account to a Savings for Success account which pays investors a 6.50% APY. Call 866-808-1396 or visit wamu.com to determine eligibility.
Salem Five Bank is offering a $50 bonus for opening a Star Checking or Gold Star Checking account with direct deposit.
More online bank rate deals here
More online bank rewards here
