tag:blogger.com,1999:blog-6220049951646758125.post2102808042352853816..comments2024-03-18T22:51:22.201-04:00Comments on MoneySavingMethods.com: Method Madness Marathon!! High Interest Checking!!Carrie @ Moneysavingmethods.comhttp://www.blogger.com/profile/03180111156666321863noreply@blogger.comBlogger20125tag:blogger.com,1999:blog-6220049951646758125.post-23655000309594425882009-03-30T01:56:00.000-04:002009-03-30T01:56:00.000-04:00Many small local banks are competing with higher i...Many small local banks are competing with higher interest rates. Like "redneckbank" (love the name!) my local bank is offering 5.01% if you use your debit card. Except at mine, you have to make one direct deposit OR bill pay each month AND 12 (not 10) debit card transactions.<BR/><BR/>Note about those transactions - they have to be purchases. NOT getting money out of ATM machine. <BR/><BR/>For those interested, see www.bankononb.comAnnahttps://www.blogger.com/profile/15097511521683815595noreply@blogger.comtag:blogger.com,1999:blog-6220049951646758125.post-68675421812598451162009-03-18T15:01:00.000-04:002009-03-18T15:01:00.000-04:00Coulee Bank out of WI offers 5.01% APY and it's a ...Coulee Bank out of WI offers 5.01% APY and it's a brick and mortar bank, you just have to get e-statements. It's also free nationwide, which most rewards checking accounts are not. You can apply on their website: http://www.CouleeBank.netAnonymousnoreply@blogger.comtag:blogger.com,1999:blog-6220049951646758125.post-4174593465908369302009-01-18T23:25:00.000-05:002009-01-18T23:25:00.000-05:00Christy,Good questions.Banks offer a %APY. So, it...Christy,<BR/><BR/>Good questions.<BR/><BR/>Banks offer a %APY. So, it is a 5.25% APY.<BR/><BR/>That stands for Annual Percentage Yield. <BR/><BR/>Hence, since it is annual, it is over the year.<BR/><BR/>Now, depending on when they compound ( daily, monthly, quarterly, etc ) will determine how much you make. <BR/><BR/>For example, if it was daily and your paycheck just hit, you may be up to $2,000 for a few days ( before bills come out ), so it would be calculated on that<BR/><BR/>But, if it is done monthly, then it just takes the average ( I believe for the whole month ), so it is based on probably a lower amount.<BR/><BR/>Here is a site that goes into great detail on how rates are calculated.<BR/><BR/>http://banking.about.com/od/savings/a/apy.htm<BR/><BR/>But, in answer to your question...you would make that approx over a year You would probably make more, because as the interest goes in each year, you are earning the APY on a higher balance, etc. It is a slight snowball effect, I guess you could call it.<BR/><BR/>That is a nice extra bit for simply having a checking.Carrie @ Moneysavingmethods.comhttps://www.blogger.com/profile/03180111156666321863noreply@blogger.comtag:blogger.com,1999:blog-6220049951646758125.post-21372725290823325242009-01-18T22:25:00.000-05:002009-01-18T22:25:00.000-05:00I'm just learning about all of this, so my questio...I'm just learning about all of this, so my question is... the Redneck bank (oh my goodness, laughing over that) offers 5.25% APY. If we open an account with $1000 and keep AT LEAST that much in there, is the 5.25% earned over a year or per month? (5.25% on $1000 is $52.50... would we earn that over the course of a year or per month? I'm guessing over the year, correct?)Christyhttps://www.blogger.com/profile/02273201875765310067noreply@blogger.comtag:blogger.com,1999:blog-6220049951646758125.post-85976147169441907512009-01-17T12:32:00.000-05:002009-01-17T12:32:00.000-05:00I do it all the time for free. I deposit my money ...I do it all the time for free. I deposit my money in Fifth Third, then transfer it in.<BR/><BR/>If I need money back in another bank, I just log on and electronically transfer it back out.<BR/><BR/>Everything is electronic and online.Carrie @ Moneysavingmethods.comhttps://www.blogger.com/profile/03180111156666321863noreply@blogger.comtag:blogger.com,1999:blog-6220049951646758125.post-26440091202819148362009-01-17T12:27:00.000-05:002009-01-17T12:27:00.000-05:00I am wondering if Salem Five lets you transfer mon...I am wondering if Salem Five lets you transfer money from and to a different bank account for free? Can you do this online?Christopher M. Smithhttps://www.blogger.com/profile/17129351466791137465noreply@blogger.comtag:blogger.com,1999:blog-6220049951646758125.post-284763308890323352009-01-14T22:38:00.000-05:002009-01-14T22:38:00.000-05:00Misty,That is a great rate. All the banks I had l...Misty,<BR/><BR/>That is a great rate. All the banks I had listed were higher than that last year, but rates have been dropping in just the last month.<BR/><BR/>So, if your CU is still paying that, not bad! I'd keep it, unless you see something alot better.Carrie @ Moneysavingmethods.comhttps://www.blogger.com/profile/03180111156666321863noreply@blogger.comtag:blogger.com,1999:blog-6220049951646758125.post-14995592843804452362009-01-14T21:55:00.000-05:002009-01-14T21:55:00.000-05:00Carrie,I use a credit union (brick and mortor) and...Carrie,<BR/>I use a credit union (brick and mortor) and I get 3.01% APR each month on my checking. Is that good? redneckbank.com is the only one I see that has as high a rate as that, with no minimum deposit. Have you checked into it? I only got $8 last month (on a very small balance:)), but it's $8 I didn't have the month before!Mistyhttps://www.blogger.com/profile/06206499296053775350noreply@blogger.comtag:blogger.com,1999:blog-6220049951646758125.post-22687965225121060842009-01-14T15:13:00.000-05:002009-01-14T15:13:00.000-05:00I called Salem Five just to make sure I had everyt...I called Salem Five just to make sure I had everything right and they said that there is no minimum balance or direct deposit (I had it mixed up with the other account where you had to have at least $200 direct deposited or you had a fee). They also give you your first order of 50 checks for free! I filled out my app online today and just have to mail it in with my opening deposit and I'll be on my way to getting paid for having a checking account!!!<BR/><BR/>Also, I signed up for my first 2 mystery shops today through a company called Market Force. Have you used them? You might have covered them before but with me being "new" I'm not sure. <BR/><BR/>ThanksJenniferhttps://www.blogger.com/profile/06801287945199294901noreply@blogger.comtag:blogger.com,1999:blog-6220049951646758125.post-9087189494268338852009-01-14T14:33:00.000-05:002009-01-14T14:33:00.000-05:00Just got my statement from Salem Five and I had $4...Just got my statement from Salem Five and I had $41 in interest. HMmm....I was thinking about the days when interest was real high ( in the 80's). Oh can one imagine how the interest earings soared then.Evelynhttps://www.blogger.com/profile/08408940767300894357noreply@blogger.comtag:blogger.com,1999:blog-6220049951646758125.post-62348827336776287762009-01-14T12:31:00.000-05:002009-01-14T12:31:00.000-05:00First off, I love your site. It has taught me to b...First off, I love your site. It has taught me to be more financially responsible at 22. I’ve done the E*trade and Sharebuilder bonuses. I use the E*Trade savings just for survey’s, bonuses, rebates, etc. <BR/><BR/>I’m thinking about opening a checking with SalemFive. I saw they have a $25 bonus with direct deposit. Would you know if it has to be a payroll only? I work for a small mailing business in Dayton (Contract Production…stuffing envelopes/VocalPoint) I’m not sure if they do direct deposits but I can always ask. Another thing is I don’t work all the time…only when they need extra help. I’m also a ChaCha expeditor; do you think that would count? If not I was thinking of using the ChaCha money towards opening the $100 TD Ameritrade Savings.Kimberly S.https://www.blogger.com/profile/12568703379655387967noreply@blogger.comtag:blogger.com,1999:blog-6220049951646758125.post-80191956142318772352009-01-14T10:04:00.000-05:002009-01-14T10:04:00.000-05:00Currently, I use Salem Five.But, I am getting read...Currently, I use Salem Five.<BR/><BR/>But, I am getting ready to switch to Bank of Internet ( or another...if I can find one with a High Interest rate ).<BR/><BR/>Salem Five was paying me over 3% all last year, and just lowered it to 2.25%.<BR/><BR/>This is still good...and higher than alot, BUT, I like to get as much money as I can on our money.<BR/><BR/>And, if Bank of Internet is paying 3%, I will probably go with that.<BR/><BR/>I just need to sit down with my husband tonight.<BR/><BR/>BUT, with that said, I have absolutely loved my relationship with Salem Five. I have had no issues whatsoever! And, I am quite gracious for that $760 they gave us last year! :-)Carrie @ Moneysavingmethods.comhttps://www.blogger.com/profile/03180111156666321863noreply@blogger.comtag:blogger.com,1999:blog-6220049951646758125.post-30807441219678999152009-01-14T09:56:00.000-05:002009-01-14T09:56:00.000-05:00Carrie- which one do you use?Carrie- which one do you use?Jackiehttps://www.blogger.com/profile/15622355422953566392noreply@blogger.comtag:blogger.com,1999:blog-6220049951646758125.post-31196419528715239702009-01-14T09:50:00.000-05:002009-01-14T09:50:00.000-05:00Jennifer,Yes, the interest rate is good up to $50,...Jennifer,<BR/><BR/>Yes, the interest rate is good up to $50,000, I believe. If your balance goes above that, your interest rate goes even higher.<BR/><BR/>You may want to call them. I just relooked at their sign up page, and it say 2% up to $50,000....but on another page, it says 2.25%.<BR/><BR/>Definitely email or call to check.Carrie @ Moneysavingmethods.comhttps://www.blogger.com/profile/03180111156666321863noreply@blogger.comtag:blogger.com,1999:blog-6220049951646758125.post-46370242538482407782009-01-14T09:45:00.000-05:002009-01-14T09:45:00.000-05:00Redneckback.com....that is hilarious.Sounds like a...Redneckback.com....that is hilarious.<BR/><BR/>Sounds like a good deal, though, if you use debit cards. That is a great interest rate.<BR/><BR/>There FDIC info is outdated, so you may just call them to ensure they are still FDIC insured up to $250K instead of $100K...meaning they are still covered, bascially. No bank should still be at $100K.Carrie @ Moneysavingmethods.comhttps://www.blogger.com/profile/03180111156666321863noreply@blogger.comtag:blogger.com,1999:blog-6220049951646758125.post-67453195602915255802009-01-14T09:41:00.000-05:002009-01-14T09:41:00.000-05:00Jennifer,I know Salem Five has a debit card for fr...Jennifer,<BR/><BR/>I know Salem Five has a debit card for free and I am almost positive E*Trade does, too.<BR/><BR/>I always write ATM cards, because I don't have a debit card and refuse to carry one. Too easy for anyone have access to your checking account if you drop it or they write your number down.<BR/><BR/>This happened to my parents and their checking account was drained of $1,000 of dollars over the internet.<BR/><BR/>And, I sometimes forget they exist. <BR/><BR/>So, I apologize for not even thinking to check on Debit cards for the other two.Carrie @ Moneysavingmethods.comhttps://www.blogger.com/profile/03180111156666321863noreply@blogger.comtag:blogger.com,1999:blog-6220049951646758125.post-2968517954664302042009-01-14T08:59:00.000-05:002009-01-14T08:59:00.000-05:00This sounds like a great idea! We have an account ...This sounds like a great idea! We have an account through the Navy Federal Credit Union, so we have to do everything through the mail anyway!Jennhttps://www.blogger.com/profile/10967581086251476056noreply@blogger.comtag:blogger.com,1999:blog-6220049951646758125.post-48552910280724368402009-01-14T08:38:00.000-05:002009-01-14T08:38:00.000-05:00Salem Five Bank has a one time bonus of $25 if you...Salem Five Bank has a one time bonus of $25 if you sign up also. :)Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-6220049951646758125.post-67232178559272456222009-01-14T08:23:00.000-05:002009-01-14T08:23:00.000-05:00I'm going to check this out later today (supposed ...I'm going to check this out later today (supposed to be working now lol) but I was wondering if you knew right off hand if either Salem Five or E*Trade Max had free debit/checkcard. I assume from the Atm reimbursements that they do offer an ATM but the others actually had it listed as a feature so I wasn't sure. Also, on the Salem Five account, is the 2.25% on all balances? Thanks!Jenniferhttps://www.blogger.com/profile/06801287945199294901noreply@blogger.comtag:blogger.com,1999:blog-6220049951646758125.post-13965082646518430872009-01-14T07:19:00.000-05:002009-01-14T07:19:00.000-05:00Redneckbank.com - I know it sounds weird and well ...Redneckbank.com - I know it sounds weird and well redneck but they have a rewards checking that pays 5.25% interest on balances up to $25,000. All you have to do is make 10 debit card transactions a month and receive electronic statements. Doesn't sounds too difficult, does it?Anonymousnoreply@blogger.com