Personal Finance Reviews » Bank reviews

Capital One InterestPlus Account 1.60% APY

pfreviews — Wed, 09 Dec 2009 21:08:50 +0000

When I was checking my Capital One account the other day, I noticed that they now have a new savings product called Capital One InterestPlus Savings Account. This new account is different from and better than the online savings account, which I own, because 1) the InterestPlus account offers a higher yield at 1.60% APY; 2) you can earn additional 10% bonus on interest earned from the former. There’s nothing new that a new banking product tries to win customers by offering a better rate (the difficult part is to always keep the rate competitive as we have seen what happened to those *new comers* lately), but it’s the first time that I heard an additional bonus will be offered if the customer can maintain a higher balance.

I like the idea of getting a little extra for my money even if it means I have to keep more money in the account, but I am more concerned with how much I can earn by banking with them in the first place because interest rate is what I am looking at when selecting a new bank account. In this case, the 1.60% yield is actually pretty good if you compare this rate with what other online bank offers (for example, Ally Bank 1.50%, Dollar Savings Direct 1.60%, FNBO 1.50%, etc.). Actually, it’s pretty hard now to find a savings account from a well-established bank with a better rate.

So, what is needed to get the better rate and bonus? To open an InterestPlus Savings Account, you will have to have at least $2,500 to make the initial deposit and maintain that level of money in the account as minimum balance. This requirement is relatively high compared to other online banks, but still reachable. If you don’t have $2,500, then this account isn’t for you because balance below $2,500 will earn you no interest at all. To earn the 10% bonus on interest, however, you will need to raise the account balance to $15,000. The bonus is credited every quarter and the balance must be maintained at the $15,000 level during each month of the quarter to be eligible for the bonus. Remember, it’s not the average balance of the quarter, but every month of the quarter. If you don’t that much money, you can still get the bonus if you have a Capital One credit card and use it at least once a month. Actually, it isn’t a bad option if you are already a Capital One credit card holder. If the requirement is met, then the bonus will be credited to your account 4 to 8 weeks at the end of the quarter.

What do you think of this Capital One InterestPlus Savings Account? BTW, the account is FDIC insured without any monthly account maintenance fee.

Capital One $25 Bonus For Online Savings Account

Centennial Bank Savings Account 2.28% APY

pfreviews — Tue, 24 Feb 2009 20:33:09 +0000

Not a great offer at all, but you will get more from Centennial Bank than from, say, HSBC Direct.

Right now, Centennial Bank is offering up to 3.30% APY for its savings account. The minimum balance required to open an account is only $500. However, to earn the top tier rate, you will have to have at least $100,000 in deposit. If you have anywhere from $500 to $10,000, then you will get 2.28% APY. Complete rate information is listed below:

Variable Rate Tiered Savings Account $500.00 Minimum
Balance	Interest Rate	Annual Percentage Yield
$500.00 – 9,999.99	2.25%	2.28%
$10,000 – 24,999.99	2.50%	2.53%
$25,000 – 49,999.99	2.75%	2.79%
$50,000 – 99,999.99	3.00%	3.05%
$100,000 – and over	3.25%	3.30%

If the account balance falls below $500, the account doesn’t earn any interest, even though there’s no account maintenance fee. With this account, you can make at most 6 withdrawals per month, 4 of them are free of charge. Any withdrawal over the 4 limit in a calendar month will cost you $5.

This tiny bank, established on October 25, 1979, is located in Fountain Valley, CA with only one branch office and has been a member of FDIC since November 3, 1989 (certificate number 32707). According to Bankrate.com’s Safe & Sounding Rating, Centennial Bank has 4-star rating.

Redneck Bank Money Market Account 3.10% APY

pfreviews — Wed, 18 Feb 2009 03:46:51 +0000

The bank’s name doesn’t interest me that much, but the bank’s money market account yield sure does. With a 3.10% APY (hope it lasts though), what’s not to like?

First, a little background of Redneck Bank. It’s the online division of Bank of The Wichitas. According to the FDIC, Bank of The Wichitas was established in 1913 and it has been a member of the FDIC since January 1, 1934 (FDIC certificate number 4198). The bank is headquartered in Snyder, Oklahoma with only four branch offices in the state. As of September 2009, the bank has $91 million in total assets and $80 million deposits. Bankrate.com’s Safe & Sound Ratings rank Bank of The Wichitas 4 stars out of five.

Right now Redneck Bank is offering 3.10% APY for its Mega Money Market account with no minimum balance requirement (you do need at least $1 to open an account though) and no monthly fee. With the money market account, you will get

Free Redneck Bank Visa CheckCard
Free online banking
6 free withdrawals per month ($5 per withdrawal after that)
Overdraft privilege
Paperless monthly statements

While the bank support bank-to-bank fund transfer (Redneck Bank routing number 103113182), it’s not as straightforward as it could have been. According to the bank’s website, to qualify for bank-to-bank transfer, you will have to wait for 30 days after the account is opened and have the Visa CheckCard available. And you can only make $1,500 per transfer. This limit is way to lower by any standard for a savings account. It could be a painful process if you want to transfer a large amount. Though the bank says you can call Customer Service to request an increase in the limit, there’s no mention on the maximum amount allowed. It’s still not convenient.

So will you use Redneck Bank?

Capital One Rewards Checking Account

pfreviews — Wed, 21 Jan 2009 19:21:15 +0000

When I first noticed the Capital One Rewards Checking Account, I thought it is like all other rewards checking products: Use the check card to make 10 purchases a month in order to get 3 or 4% APY for the money in the account. When interest rates of most online savings accounts are in the middle to high 2% range, what rewards checking accounts offer are indeed quite attractive, as long as you can swipe the card 10 times a month and maintain a nice balance at the same time.

This Capital One Rewards Checking Account, however, is a little different. First of all, it doesn’t pay any interest for the money you have in your account; Secondly, you don’t have to charge with the card; Finally, there is no minimum balance requirement and no monthly fee.

So what rewards are you exactly getting from this account?

Frequent flyer miles! That’s the rewards you will receive from this account when swiping the card to make a purchase, writing a check, or using online bill pay to make a payment:

10 miles for every debit card purchase
10 miles for every electronic bill payment transaction via Online Bill Pay and recurring pre-authorized payment (up to 10 transactions per month)
5 miles for all other customer initiated withdrawal transactions (up to 10 transactions per month)

Basically, the miles you earn are based on the transactions you conduct, instead of the amount of money involved. So that’s different than miles you earn from credit cards which usually give you a number of miles for each dollar spent. In addition to these rewards miles you earn with every day activities, you will also earn bonus miles such as:

Anniversary bonus: 1000 miles each year the checking account is open and has had at least one debit card purchase transaction in the previous year;
New account bonus: 1000 miles when a new account is opened and the first transaction posts to the checking account;
Direct Deposit Bonus: 4000 miles when the first direct deposit transaction posts to a new checking account.

And the miles you earn can be redeemed for airline tickets with the following mileage requirements:

Tickets up to $150: 15,000 miles
Tickets from $150.01 to $350: 35,000 miles
Tickets from $350.01 up to $600: 60,000 miles
Tickets over $600.00: 100 times of the ticket price in miles (ex. $768 ticket requires 76,800 miles)

Does this sound like a good deal? Well, I think it’s better than a checking account that doesn’t earn me anything, might that be interests or rewards.

The account requires only $50 to open a new account and you will also get free online banking, free bill pay, and a Platinum debit card (no ATM fee reimbursement unfortunately).

Though the account can be opened online, you will have to make a trip to the local branch office in order to complete the process. That means if you don’t have Captial One Bank in your neighbourhood, you are out of luck with this product. Check their wiebsite to find a branch near you before you apply for it.

PNC Bank Checking Account $75 Bonus

pfreviews — Sun, 18 Jan 2009 17:00:13 +0000

Here’s another bonus from one of my local banks, though the bank, PNC Bank, isn’t really a local, as Amboy Bank. The reason I bring up this offer is that I am thinking of getting a business checking account. One requirement I have for this checking account is that it has to have local offices so I can walk in to deposit a check if I have to. Online banks are fine for savings, but for checking I still prefer brick & mortar. This offer, good for both business and personal checking, then comes at the right time because PNC Bank actually is one of my candidates along with Bank of America. I might just get one for myself and pocket the bonus.

PNC Bank At A Glance

According to the FDIC, PNC Bank was established on January 1, 1804, with its headquarters in Pittsburge, PA.

PNC Bank, National Association has been FDIC insured since January 1, 1934.
Its main office (headquarters) is located at:
249 Fifth Avenue, 1 Pnc Plaza
Pittsburgh, Pennsylvania 15222
County of Allegheny

PNC Bank, National Association has 1151 Domestic Branches (Offices) located in 9 state(s) and 11 Foreign Offices.

PNC Bank’s FDIC certificate number is 6384. Bankrate.com’s Safe & Sound Ratings puts ranks PNC Bank at 3 stars out of 5. PNC Bank routing number is 03100005.

PNC Bank Business Checking Account Reviews

There are two business checking accounts from PNC Bank that I am interested in. What I want is an account with low cost, it would be the best if the account is free, that is, no monthly fee. The first account, Free Business Checking, is precisely the type I’d like to have: No fee. The account requires only $100 minimum to open and there’s no balance requirement to avoid a fee because, well, it’s free. With this account, you get up to 200 monthly transactions for free ($0.50 per transaction when over the limit). The account is good for small business with a small cash deposit each month. If you deposit $5,000 or less monthly, there will be no extra charge from Free Business Checking Account. However, there will be $0.50 fee for every $100 deposit over than limit.

The other account I am interested in is Business Basic Checking, which requires $100 minimum to open an account, but $2,500 minimum balance to avoid the $16 monthly fee. With this account, you will get more benefits, especially if you make more transactions and receive more payments: 300 free monthly transactions and $10,000 free monthly deposit limit. You can also enjoy free global ATM transactions at any ATM, whether it’s owned by PNC Bank or not.

With either account, you will also get:

PNC Bank Business Visa Check Card;
Free online banking and bill pay;
Extra rewards points when enrolling in PNC free Visa Extra program;

PNC Bank Checking Accounts Reviews

As for personal checking, PNC offers three checking accounts with Free Checking being the basic. With PNC Free Checking, you can open an account with as little as $25 and the account doesn’t charge a monthly fee. In addition, you will also get free online banking and unlimited bill pay and a free Visa check card which you can use to withdraw cash from PNC ATMs with no cost. If your account balance is $2,500 or more, you will get reimbursement for ATM fees charged by other banks. The Free Checking Account is also eligible for the Visa Extra Rewards Program.

In addition to the Free Checking, PNC Bank also have Performance Checking ($2,000 minimum balance to avoid fee, earn 0.15% APY for balance from $2,000 to 10,000) and Performance Select Checking ($10,000 minimum balance to avoid fee, same tiered interest rates as Performance Checking), both including free ATM transactions in the world.

PNC Bank Checking Accounts $75 Bonus Offers

From now till January 31, 2009, PNC Bank is having a promotion that will give any new checking account, business or personal, a $75 bonus. For personal checking, direct deposit is required in order to receive the bonus:

The payout of $75 will be credited to the eligible account within 7 days of the first Direct Deposit, which must occur before 3/31/09. The payout will be identified as “Direct Deposit Reward” on your monthly statement. A qualifying Direct Deposit is defined as a Direct Deposit of a paycheck, pension, Social Security or other regular monthly income electronically deposited into a Free, Performance or Performance Select Checking account. The minimum amount of any single Direct Deposit must be at least $500. The Direct Deposits must be made by an employer or an outside agency. Transfers from one account to another or deposits made at a branch or ATM do not qualify as Direct Deposits. Offer available to new PNC Bank checking account customers only. Offer may be extended, modified or discontinued at any time and may vary by market.

Note that as stated in the T&C above, automatic and regular ACH transfers from other external banks don’t qualify as direct deposit. For business checking,

Offer requires the opening of a new PNC Bank Free Business Checking, Business Basic Checking, Business Enterprise Checking, Analysis Business Checking, Non-Profit Checking, Retail Businesses Checking, Medical Professionals Checking or Real Estate Services Checking account by January 31, 2009 and enrollment in online banking by February 27, 2009. $75 cash bonus will be credited to your new PNC Bank Business Checking account by May 31, 2009. Offer not available for PNC Business Checking accounts opened using an individual’s Social Security number. Fees may apply to the account.

which seems to be less strict than those for personal checking.

Amboy Direct eSavings Account $50 Bonus

pfreviews — Sat, 17 Jan 2009 03:35:37 +0000

I don’t usually see my local bank, true local bank, run promotions with their banking products. So when I do see one, I want to pass it along.

Amboy Direct eSavings Account Reviews

You may not familiar with Amboy Bank, which headquarters in Old Bridget, NJ, because it is one of those true local banks to me. The bank, established on May 12, 1888, mainly serves residents and businesses in the central New Jersey. FDIC has the following quick summary of the bank:

It was established on May 12, 1888.
Its main office (headquarters) is located at:
3590 U.S. Highway 9
Old Bridge, New Jersey 08857
County of Middlesex

Amboy Bank has 25 Domestic Branches (Offices) located in 1 state(s) and 0 Foreign Offices.

Amboy Bank has been a member of the FDIC since January 1, 1934 and its FDIC certificate number is 6423.

Amboy Direct is online division of Amboy Bank. The main product of Amboy Direct is its eSavings Account. The account requires only a $100 minimum initial deposit to open with no monthly account maintenance fee. eSavings Account currently offers a 2.53% APY for the minimum balance of $3,000. The rate isn’t that great, but it’s better than what you can get from popular online bank like ING Direct, which only pays 2.50% APY for its Orange Savings Account. However, if your account balance is below $300, then you won’t earn any interest. Balance between $300 and $3,000 will earn 1% APY.

And if you use ACH to transfer funds electronically to eSavings Account, you will get an even better rate. According to the bank, if you link eSavings Account to any non-Amboy checking account, the fund transferred to eSavings Account will earn a 2.79% APY, beating both ING Direct and HSBC Direct. Of course, your money at Amboy Direct is FDIC insured up to the maximum amount allowed by law.

Other features of eSavings Account include:

Bankrate.com Safe & Sound Ratings: 4 stars out of 5;
Amboy Bank routing number: 021204416;
Trial deposits account ownership verification;
Maximum 6 monthly withdrawals;
2 – 3 business days for out bound preauthorized ACH transfer;
Account accrues interest 1 business day after the deposit is made;
5 business days before deposits can be withdrawn.

Amboy Direct eSavings Account $50 Bonus

Right now Amboy Direct is running a promotion for the eSavings Account which will give each new customer $50 bonus to get started. The offer is only available on internet, not at branch office. Before you open an account, you will need to provide your email address and get a bonus reference code. (I got one 50879). Other T&C of this offer include:

To receive the $50 bonus, you must open a new Amboy eSavings account and keep a minimum monthly average balance of $3,000 or more for 90 days. The bonus will be credited within the following statement cycle after account meets 90 day balance requirements. Only one new client bonus per household. This bonus offer cannot be combined with other promotional offers.

Are you interested?

Flagstar Bank Checking Account $100 Bonus

pfreviews — Wed, 07 Jan 2009 20:33:12 +0000

Flagstar Bank Checking Account is now offering a $100 bonus for a new account. However, to qualify for the new account bonus, you will have to make recurring deposit of $250 or more every month. This shouldn’t be a big problem if you decide to use the checking account because you can simply set up an external ACH transfer to fund the account so you can meet the requirement easily, without having to use direct deposit. After talking to a CSR, I think you will indeed have to establish a direct deposit, either from your payroll or social security payment, to qualify for the bonus.

As the T&C below indicates, if you close the account within six months, the bank could take back the bonus. Therefore, if you don’t plan to keep the account, but want to get the bonus, you’d better close the account after the six-month period to be safe.

$100 deposit available for new checking account customers only (no existing Flagstar checking account). For a limited time, open a new personal checking account with an automatic, recurring direct deposit of income of at least $250 per month, excluding interest deposits, and we’ll deposit $100 into your account within 30 days after the first recurring direct deposit takes place. Minimum opening deposit is $50. Direct deposit must be established within first 60 days of account opening. All accounts must remain open and active for a minimum of six months. If checking account is closed within the first six months, Flagstar reserves the right to reclaim the $100 deposit. See your Flagstar representative for more details. Flagstar will issue a 1099 for the $100. Offer not good in conjunction with any other coupons or checking account offers. Some restrictions apply. Limit one $100 deposit per customer per account.

To offer an account and get the $100 bonus, use promotion code HD when opening the account.

Flagstar Checking Account Reviews

But even with the bonus, are you getting a good deal with Flagstar Checking Account?

From what I can see, the answer is No, mainly because other than the bonus, I didn’t see anything else that appeals to me. What the bank offers for the checking account are standard:

FDIC insurance;
$50 to open an account, which is quite low;
No minimum balance requirement;
No monthly account maintenance fee;
Free online billpay;
Free Visa debit card which can be used at Flagstar, Allpoint, and Presto network ATMs;

You can pretty much get all of these so called features from any bank now. Even though Flagstar also has an Index Checking Account that’s paying 0.50% APY, that account doesn’t get the bonus, because it is offered online only. According to the CSR whom I talked to, only checking accounts that can be also opened at branch offices will get the $100 bonus.

Here are some more facts about Flagstar Bank:

Flagstar Bank’s routing number is 272471852;
Bankrate.com Safe & Sound Ratings rates the bank 2 stars out of 5;
Flagstar Bank has been a member of FDIC since June 3, 1987 (certificate number 32541).

Gulf Coast Bank Interest Checking 5.51% APY

pfreviews — Mon, 05 Jan 2009 15:14:05 +0000

5.51% APY from a checking account?

That sounds too good to be true, doesn’t it?

But that’s indeed what you can get from Gulf Coast Bank Interest Checking Account, a bank that I have never heard of before. So I first gathered a little information about the bank using FDIC’s Bank Find:

Gulf Coast Bank and Trust Company has been FDIC insured since June 8, 1990. It was established on June 8, 1990. Its main office (headquarters) is located at:

200 St. Charles Avenue
New Orleans, Louisiana 70130
County of Orleans

Gulf Coast Bank and Trust Company has 17 Domestic Branches (Offices) located in 1 state(s) and 0 Foreign Offices. (Check to locate Branches (Offices) by state.)

The bank’s FDIC certificate number is 32974. Bankrate.com’s Safe & Sound Ratings rates the bank at 3 stars out of 5.

Now, go back to the 5.51% APY interest checking offer. While the rate seems irresistible, you are not getting it without a string attached. Actually, requirements to get the 5.51% yield is kind of high. You will need to meet all the following three conditions each and every month:

Minimum of 12 check card purchases
One Automatic Payment (ACH), Direct Deposit transfer or Online Bill Payment
Receive your monthly account statement electronically (eStatements)

The second and third requirements are easy to meet, but there’s no way I can use the check card 12 times in a month. I use credit card exclusively, so a check or debit card just isn’t my thing. If you don’t meet the requirements, then you will only get 0.10%. And you can only earn 5.51% for up to $25,000. Any balance above the limit will earn 1.01% APY.

Is it worth it to use the check card to make 12 purchases a month to earn 5.51%?

No related posts.

Fidelity mySmart Cash Account

pfreviews — Wed, 31 Dec 2008 17:27:14 +0000

As the Federal Reserve cut interest rates to the bone, banks reduced benefits, mainly interest rates they offer account holders, too, sometimes at an even faster pace. One of the examples is the Fidelity mySmart Cash Account.

A little over a year ago when Fidelity launched its mySmart Cash Account, the offering was very attractive: Unlimited ATM fee reimbursements, unlimited check-writing, and a hard-to-beat 6.30% yield. When I first heard of the account, it was praised as the bast checking account.

Not so now.

I recently went back to Fidelity’s website to check out what the mySmart Cash Account is currently offering and I have to say that I am a little disappointed, especially with the yield: a miserable 0.20% APY, though other benefits of account seems to remain intact:

No initial deposit required to open an account
No minimum monthly balance required
No monthly account maintenance fee
Automatic ATM fee reimbursement
Free online Fidelity BillPay
Free unlimited checkwriting

Without any doubt, the offering is still quite appealing. If you frequent traveler who use a lot of out-of-network ATMs, then the myCash Account could be a big plus because it has no limit on ATM fee reimbursements. You can get cash from any ATM machine with Visa, PLUS, or STAR logo on it and Fidelity will reimburse the ATM fee charged by the ATM owner. Though many banks also credit ATM fees charged by other banks, there’s often a monthly limit on how much you can get back.

With all these benefits, you have to be aware that mySmart Cash Account isn’t a checking account, like those you get from banks. Instead, it is a really a brokerage account that’s designed to make managing your cash easier, though it works as a checking account. If you have a brokerage account with Fidelity, then you can easily transfer money between mySmart Cash Account and your Fidelity brokerage account for security trading.

Another thing you need to keep in your mind is that Fidelity doesn’t provide FDIC insurance coverage (nowadays, this is the first thing you should check when considering a bank account). However, your money in the myCash Account is protected. The way it works is that cash balance in the account will be swept to a interest-bearing account at a third party bank (currently only SunTrust Bank and Fifth Third Bank are eligible to receive cash from Fidelity) and from there you will get FDIC insurance for your money.

Are you interested in mySmart Cash Account?

Chase Checking Account $50 Bonus Offer

pfreviews — Tue, 30 Dec 2008 14:42:17 +0000

How do you like the idea of receiving $50 free money for opening a bank account?

If that appeals to you, then you should check this offer out: From now till January 15, 2009, you can get $50 when you open a Chase Checking Account with direct deposit. Terms & conditions of this offer include:

To qualify for the reward you must open a new Chase Checking account with a $100 minimum opening deposit of new money (money not currently held by Chase or its affiliates). Also, within 60 calendar days of account opening, you must initiate a monthly direct deposit such as payroll, pension or Social Security, or other government benefits. The reward will be deposited into your new account within 10 days after the initial direct deposit has posted to your account. Limit one personal checking account-related reward/premium per customer, per calendar year. Offer not available on account conversions or in combination with any other offer. Reward is not considered part of the minimum opening balance. Checking account must remain open for a minimum of six months or the reward will be debited from the account at closing. Account is subject to approval. Reward is considered interest and will be reported on IRS Form 1099-INT.

Chase Checking Account Reviews

Though I am not a Chase Checking Account customer, I imagine a little difference between the Chase Checking Account and the checking account I am using, the Bank of America Checking Account, because the two are both offered by mega national banks.

The Chase Checking Account requires only $25 minimum to open an new account, but it will charge a monthly fee of $6 unless direct deposit is set up after account opening. If you plan to use it as the primary checking account like I do with Bank of America checking account, then this shouldn’t be a problem. Otherwise, you can avoid the monthly charge if you use your Chase Check Card 5 times in a month. In addition, there are other fees you may be charged with this account, including

$2 each for any non-Chase ATM withdrawal, balance inquiry or transfer. $3 per ATM withdrawal outside the U.S.
A 3% exchange rate adjustment fee applies to Debit Card purchases and cash withdrawals made outside the U.S. in a foreign currency.

As for the benefits of the Chase Checking Account except the $50 new account bonus, there aren’t many that make the account standing out. In fact, what it offers are those you can probably get from any checking account:

Free Access to 14,000 Chase ATMs and 3,000 branches nationwide
Free VISA Check Card with Zero Liability protection
Free Online Banking and Bill Pay – including our Online, On-time Guarantee
Free personalized voice and e-mail alerts
Overdraft Protection options provided through your savings, line of credit, or Credit Card account

If you are interested in getting a checking account with Chase and receiving the $50 bonus, click this link to request a coupon code for the bonus with a valid email address. Once you receive the code, you can either print out the email and bring it to a local branch or open an account online.