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Archive for High Interest Checking Accounts

Generous 4.25% APY from Florida Central Credit Union

Saturday, January 14th, 2012

When opening a new checking account, a high interest rate is the first thing people usually look for. And what’s not to love? Getting the highest growth and return for your money is what we’re all after.

This is exactly what the Florida Central Credit Union had in mind when it introduced its Ultimate Checking Account. Ranking on top of the rewards checking trend these days with its whopping 4.25% APY, it provides the best in checking account offers.

The Ultimate Checking Account

The 4.25% APY is applicable to balances of up to $15,000. This is a far cry from Southern Bank’s 4.01% and First Federal Bank’s 3.50% APY on the same balance amount. These runners-up are trailing far behind the Ultimate checking account, which also offers considerable APY rates for the following conditions:

2.75% APY – If only three qualifications meet the $15,000 balance
1.00% APY – If balance is over $15,000
0.10% – If no qualifications are met

Qualifying for it

What do you need to do in order to get the optimum interest rate of 4.25%? First off, you must meet several requirements, which you should comply to qualify monthly:

 12 debit card purchases post and clear at the least
 1 Direct Depositor or Automatic Payment post and clear
 Loan balances should be no less than $5,000
 Have paperless eStatements

If you fail to meet all qualifications, you can still wait out for the next cycle, while enjoying the 2.75% APY. And while waiting, you can still have unlimited debit card and check transactions, whilst maintaining the 0.10% base rate. As for the total $5,000 loan balances, keep in mind that these should not include market mortgages and credit cards. Plus, you are not required to have a minimum balance just to earn rewards.

Along with these, you also get to have free check cards, receive paperless bank statement, online banking, plus a round-the-clock telephone banking. Great returns and convenience all at once?That’s the Ultimate checking account.

About Florida Central Credit Union

Since its birth in 1958, the Florida Central Credit Union rapidly expanded to carry out its mission of creating a better community charter that caters to the banking and financial needs of people. Over the years, it has grown exponentially. With its recent revamp in the year 2006, stronger credibility became its new cornerstone. This led to the merging of several credit unions in the area under the flagship of the Florida Central Credit Union.

The Good Ones: Banks Who Still Offer Free Checking

Monday, October 17th, 2011

With the sudden barrage of debit card fees and the plummeting interest rates, consumers are wondering if all banks are going downhill. Luckily for us, there are still some banks who are sticking to their free checking promotions, and who continue to offer great rates. For those of you who want to transfer banks, but are unsure about joining a credit union, here are some banks that may be worth your while:

1. Ally Bank - This bank has been around for a long time, with over 90 years of experience. It has been dubbed as one of the best banks in 2011 by Money Magazine and it serves over 15 million customers nationwide. Ally still offers a free checking account with no monthly maintenance fees for the everyday management of your checking account. Ally also offers competitive CD rates and is often one of the top providers of the best CD rates. They also give out interesting promotions such as the Raise your Rate CD and the No Penalty CD.

2. Classic Bank -For the regular checking account, Classic Bank advertises a monthly fee of $7.50 for its checking account. However, this only applies should your balance fall below $750. Aside from that, Classic Bank also offers a totally free checking account with absolutely no minimum balance and no monthly fees. If that’s not enough, Classic Bank is also giving away a rewards checking with a whopping 3.01% APY. How’s that for high interest?

3. Incredible Bank – This bank was featured by CNN as the one of the top online banks because of its high yield checking and no ATM fees. Right now the checking account can offer a yield of as much as 1.06% APY on balances up to $249,000.

4. PNC Bank – Although PNC Bank is best known for its student loans and mortgages, it also offers a free checking account which can be rare nowadays. PNC Bank offers free ATM transactions, no monthly service charge, free online banking and bills payment, plus unlimited check writing. Also, there is no minimum monthly requirement to keep your account free.

These are only some of the banks who still offer totally free checking accounts and high interest rates. For sure there are more banks out there who may have better deals to offer. If your bank is offering a great rate or charges less in fees, feel free to share by commenting below.

Reward Checking Paying The Highest Interest

Wednesday, September 22nd, 2010

There are still banks out there paying 4% on high yield checking accounts and are open to anyone, anywhere.

It’s amazing to see these banks still paying 4% because you won’t find these kinds of returns with any top CDs, savings or money market accounts. It’s hard to find a better deal than with these reward checking accounts.

Most CD rates are paying significantly less than they were a year ago, September 2009 and yet these reward checking accounts have stayed the same or close to 4%.

If you are looking for the best rates then reward checking might be the way to go. The only problems you will face are their requirements for receiving the high interest rate.

These are banks paying 4% APY on balances up to:

  • $25,000 from First Clover Leaf Bank. The My Great Rate Checking is easy to obtain by meeting a few of their requirements. First Clover Leaf Bank has three branches in Edwardsville, IL and one in Wood River.
  • $25,000 from Danversbank. The Free Rewards checking account will pay 4.01% on balances up to $25,000. Be sure to read their monthly requirements for obtaining this great rate.
  • $25,000 from Baltimore County Savings Bank.
  • $10,000 from Capital Bank. Their Smart Checking account will pay you 4.01% and has 32 branches in North Carolina.
  • $10,000 from AmericanNet Bank. Find their Reward Checking account to view the requirements for earning 4%.

All reward checking accounts require you to follow a few rules to earn their high interest. Usually they want you to actually use their services, instead of just opening an account and stashing your money there.

Most reward checking accounts will have you using your debit card at least 10 times a month, opt in for online banking and will require you to have a direct deposit set up on a monthly basis. For any month you do not meet the minimum requirements your earnings will drop to their average interest rate, some are as low as 0.10%.

Reward Checking accounts are different than Checking Account Promotions.

All of these banks offer great Reward Checking and are available to all US residents in any of the 50 states.

First Federal CD Rates Offered

Tuesday, April 27th, 2010

First Federal is now offering a 5 year CD rate of 3.5% APY with a minimum deposit of $1,000 and a 3 year CD rate of 2.65% APY with a minimum deposit of $20,000, this rate drops to 2.40% APY for a $1,000 minimum deposit. Both of these CDs come with an early withdrawal penalty of 180 days’ interest.

The First Federal CDs are limited to residents of North Carolina, South Carolina, Georgia and Florida. You can apply for one of these CDs online and transfer funds through ACH transfer.

You can lock the rate by submitting your application online. The maximum you can deposit into one of these CDs is $50,000 and upon maturity First Federal will mail you a check.

First Federal is also offering a high yield interest checking account called Moolah Checking and is currently paying 2.51% APY for any account up to $25,000. You can find branches in North and South Carolina.

First Federal is rated 3 of 5 stars from Bankrate and is FDIC insured.

You can visit their website here to find more up to date CD Rates.

Want to become a Millionaire? Its easy.

Thursday, November 19th, 2009

Becoming a millionaire may not be as difficult as you think.  If you can wrap your head around the fact that you are not going to “Get Rich Quick”, well about 99.9% of us won’t, you are on your way to retiring a millionaire. 

Becoming a millionaire takes time and financial awareness.  Investopedia has a great piece which lays out 6 Simple Steps to $1 Million.

  1. Stop Senseless spending – If you do not need it, don’t buy it.  That money can be saved and used to build wealth.  If you build wealth now you can buy whatever you want later.
  2. Fund Retirement Plans ASAP – Are you putting away in a retirement account? No, then start now.
  3. Improve Tax Awareness – Many very good tax deductions are available to those that seek them.  These savings add up to amazing amounts over all the years of your life.
  4. Own Your Home - There is no gain in renting a home.  And now with house prices bottoming out it is a great time to buy and build equity. 
  5. Avoid Luxury Wheels – Depreciation, that is all I really need to say.  If you avoid a huge car payment now, invest that money instead you’ll be able to pay cash for whatever car you want once your a millionaire.
  6. The Bottom Line - Saving is how you reach the 7 figure mark.  Start early and start now. 

I love how Investopedia concludes this article, they say, “Spend wisely and save diligently, your million-dollar dreams are well within reach.”

If you plan to start investing and saving now you can use our resources to help you along the way.  Check out our best CD rates and our Best Interest Checking Accounts.

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