2010 Savings Account & CD Rate Updates
Interest rates are still pretty low as we enter 2010, but I remind people that high nominal rates aren’t always better. Would you rather earn 3% with no inflation or 7% with 5% inflation? In any case, most of us have a chunk of cash and we should still try to earn the most no matter what the rate environment is like right now.
High-Yield Reward Checking Accounts
These are checking accounts that are still fully insured and pay a very high interest rate, as long as you jump through certain hoops each month. This also means that if you make a mistake you’ll forfeit virtually all your interest for that month, so it can be tricky. But for the very diligent, their rates are still averaging around 3-4% APY up to a certain balance limit. Here are a couple of the highest current account available nationwide:
- Royal Bank of Missouri has their Majestic Checking paying 4.30% APY on up to $25k, which requires 10 check card purchases each month, a direct deposit or ACH transaction per month, and online statements only.
- Sierra Reward Checking at 4.09% APY on up to $25k, which requires 12 check card purchases each month, a direct deposit/auto-withdrawal, one BillPay per month, and online statements only.
Online Savings Accounts
These accounts pay a ...
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Categories: Money Tags: 25k, Amp, Apy, Billpay, Card Purchases, Cd Rate, Checking Accounts, Chunk, Current Account, Direct Deposit, High Interest Rate, High Yield, Hoops, Inflation, Interest Rates, Mistake, Reward Checking