Buddy was telling me about this today. It's a checking account that pays 3% if you make a minimum number of transactions per month.

Anyone have experience with this?

No.

Is it a bank?

Be wary of some things. there was a bank that was touting a service that they would deposit into savings on each purchase. For instance, if you spent 25.28 on your debit card they would depoist 72 cents into your savings account. They would do that for each purchase.

Seemed too good to be true.


That bank is now closed.

thavoice;865129 wrote:Is it a bank?

Be wary of some things. there was a bank that was touting a service that they would deposit into savings on each purchase. For instance, if you spent 25.28 on your debit card they would depoist 72 cents into your savings account. They would do that for each purchase.

Seemed too good to be true.


That bank is now closed.

It's a 3rd party network

A community bank I am aware of has an offer of 4% for an account predicated upon making X number of electronic debits (not ATM withdrawals) per month. It appears that the cost of offering the interest is less than the cost of processing paper check transactions and thus they can make the offer. I don't know much more of the specifics, and as always, the devil is in the details.

QuakerOats;865161 wrote:A community bank I am aware of has an offer of 4% for an account predicated upon making X number of electronic debits (not ATM withdrawals) per month. It appears that the cost of offering the interest is less than the cost of processing paper check transactions and thus they can make the offer. I don't know much more of the specifics, and as always, the devil is in the details.

I have seen a ton of deals like this, but the interest rate isn't fixed, and within a few months it is down to basically nothing again. They are all just trying to get you in. Until Bernanke pulls his head out of his ass, plan on not getting any decent interest rate on anything (from banks).

Well guess no one has used it. There are only a couple banks/credit unions in the Columbus area that are partners in this. Sounds legit and they actually only pay interest on a max of $25,000.

I have used it for a couple years now and it has worked out great for me.
There are 3 qualifications per month that you have to do
1. 12 debit card transactions
2. Pay 1 bill online using your account
3. Receive online statements

Currently the interest rate that i get is 2.72%. Another reason i like this is because i get ALL atm fees back throughout the month (up to $25).

Union Bank and Farmers & Merchants Bank offer it in NW Ohio. I have been thinking of going to it.

did somebody mention kielbasa??