Savings Account Interest Rate Updates
Still not much action in interest rate land, but here’s another update.
Reward Checking Accounts
These are checking accounts, usually through local credit unions, that pay a very high interest rate if you jump through some hoops each month. However, 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 3-5% APY usually on balances up to $25,000. A current example is FAB&T Kasasa checking at 3.50% APY on up to $50k, which requires 10 check card purchases each month, a direct deposit/auto-withdrawal, must log into your account once a month, and online statements only.
For more, see my review of rewards checking accounts and also this list of accounts by state. I’d stick with small local credit unions with limited membership eligibility if possible, as the rates tend to be more stable.
Online Savings Accounts Rate Updates
- Everbank ...
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Categories: Money Tags: Amp, Apy, Card Purchases, Checking Accounts, Credit Unions, Direct Deposit, High Interest Rate, High Jump, Hoops, Membership Eligibility, Mistake, Reward Checking, Rewards, Savings Account Interest Rate, Savings Accounts