topic Re: Rewards Checking Accounts (RCA) in Personal Finance

Rewards Checking Accounts (RCA)

billpayer21 — Sun, 13 Mar 2022 08:40:35 GMT

Does anyone have any recommended financial institutions for high interest rates for RCA?

Re: Rewards Checking Accounts (RCA)

SouthJamaica — Mon, 14 Mar 2022 02:14:30 GMT

@billpayer21 wrote:
Does anyone have any recommended financial institutions for high interest rates for RCA?

Evansville Teachers FCU

https://etfcu.org/accounts/checking/

Re: Rewards Checking Accounts (RCA)

Anonymous — Wed, 16 Mar 2022 00:44:24 GMT

i currently use

https://www.axosbank.com/

Re: Rewards Checking Accounts (RCA)

billpayer21 — Sat, 19 Mar 2022 22:48:58 GMT

Anybody has any high interest RCA rates to add to the ones listed below?

Genisys – 4.07% – up to 7,500.00

Union Valley – 3.51% – up to 25k

ETFCU – 3.30% – up to 20k

Bank of Missouri – 3.05% – up to 15k

LMCU – 3.00% – up to 15k

Note: Minimum of 3% or higher and no hard credit pull.

Re: Rewards Checking Accounts (RCA)

billpayer21 — Sat, 19 Mar 2022 22:50:24 GMT

Union Square not Union Valley at 3.51%

Re: Rewards Checking Accounts (RCA)

billpayer21 — Sat, 19 Mar 2022 22:55:18 GMT

Any recommended low price debit card charges other than Amazon $.50 reloads?

Re: Rewards Checking Accounts (RCA)

PullingMeSoftly — Sun, 20 Mar 2022 04:08:14 GMT

https://www.depositaccounts.com/checking/reward-checking-accounts.html

Re: Rewards Checking Accounts (RCA)

Anonymous — Sun, 20 Mar 2022 13:56:19 GMT

@billpayer21 wrote:
Any recommended low price debit card charges other than Amazon $.50 reloads?

I use Bluebird and Cash App. These are "free" in that I can use the balance in Bluebird to pay a credit card bill and Cash App can just return the money to your bank account. Using Amazon reloads costs a tiny bit in that you could have been earning more (5% with Prime credit cards for example) on those reloads.

Re: Rewards Checking Accounts (RCA)

Anonymous — Sun, 20 Mar 2022 14:08:43 GMT

@billpayer21 wrote:
Union Square not Union Valley at 3.51%

Is this fairly new? I joined ETFCU maybe 3 years ago and wasn't aware of this at the time. Slightly higher rate and 3 less debit transactions per month. Sounds good!

ETA: See it is restricted to TX (mainly)

Re: Rewards Checking Accounts (RCA)

SouthJamaica — Sun, 20 Mar 2022 15:04:02 GMT

@billpayer21 wrote:
Does anyone have any recommended financial institutions for high interest rates for RCA?

The Kasasa rewards checking accounts are available at many credit unions.

https://www.kasasa.com/#kasasa-checking

Re: Rewards Checking Accounts (RCA)

billpayer21 — Sun, 20 Mar 2022 15:20:53 GMT

LTT

I appreciate the tips. I will add to my arsenal.

Re: Rewards Checking Accounts (RCA)

billpayer21 — Sun, 20 Mar 2022 15:40:20 GMT

LTT

I came across it a couple of months ago when someone posted it on Doctor of Credit website.

They stated about the Texas only but indicated they were able to join although they lived in Louisana. I decided by joining the Texas Consumer Council and got in. BTW they didn't even as for proof.

it is a winner.

Re: Rewards Checking Accounts (RCA)

billpayer21 — Sun, 20 Mar 2022 21:46:23 GMT

South Jamaica,

Thanks for sharing!

I am seeking the top tier.

Like 3% (or 2% with a high max such as 20k or 25k)

Nationwide

No hard pull

Re: Rewards Checking Accounts (RCA)

Anonymous — Sun, 20 Mar 2022 22:32:58 GMT

@billpayer21 wrote:
LTT

I came across it a couple of months ago when someone posted it on Doctor of Credit website.

They stated about the Texas only but indicated they were able to join although they lived in Louisana. I decided by joining the Texas Consumer Council and got in. BTW they didn't even as for proof.

it is a winner.

While I usually don't mind living on the edge, the relevant part of the application process has you affirm (under penalty of perjury blah blah blah) that you are a voting member of the Texas Consumer Council who resides in TX. Since the latter would easily be shown to be false in any audit (or even checking the address I supply!), the slight improvement over ETFCU isn't worth the risk, for me!

Re: Rewards Checking Accounts (RCA)

billpayer21 — Sun, 20 Mar 2022 22:57:27 GMT

LTT

Truly understand

Re: Rewards Checking Accounts (RCA)

billpayer21 — Wed, 23 Mar 2022 22:51:12 GMT

Team

Does anyone know of a similar account like the described Thrive account below at Hanscom FCU at other credit unions?

Hanscom Federal Credit Union (HFCU) has hiked back up the rate on their CU Thrive account to 5.00% APY, which is a capped certificate of deposit that rewards consistent saving. The rate is set for 12 months, and during those 12 months you can transfer up to $500 every month from a HFCU checking account. No monthly fees. However, you cannot make any withdrawals during those 12 months, or you will be subject to an early withdrawal penalty of 90 days interest.

This product is not meant for big balances. Instead, it is meant to encourage the creation AND maintenance of a modest savings habit. 5.00% APY is more than 10 times what the top “high-yield” savings accounts offer right now.

How much interest can I earn? At 5% APY, if you maxed out this account and set aside the full $500 a month for 12 months, at the end you’d have put in $6,000 and earned about $150 in interest by the end of the year (~$162 if you made every transfer on the 1st of the each month by my quick calculations). $6,000 also happens to be just about the same amount as a full Roth IRA contribution (hint hint) or the foundation of a solid emergency fund.

Re: Rewards Checking Accounts (RCA)

billpayer21 — Sat, 26 Mar 2022 01:39:06 GMT

Folks

This Booster Checking at Bellco is a winner. Anyone can join the CU by making a 10.00 donation to Bellco Foundation.

2.25% - Up to 25k

https://www.bellco.org/personal/checking-convenience/checking/boost-checking.aspx

Re: Rewards Checking Accounts (RCA)

kremonis — Tue, 29 Mar 2022 04:43:06 GMT

@billpayer21 wrote:
Team

Does anyone know of a similar account like the described Thrive account below at Hanscom FCU at other credit unions?

Hanscom Federal Credit Union (HFCU) has hiked back up the rate on their CU Thrive account to 5.00% APY, which is a capped certificate of deposit that rewards consistent saving. The rate is set for 12 months, and during those 12 months you can transfer up to $500 every month from a HFCU checking account. No monthly fees. However, you cannot make any withdrawals during those 12 months, or you will be subject to an early withdrawal penalty of 90 days interest.
This product is not meant for big balances. Instead, it is meant to encourage the creation AND maintenance of a modest savings habit. 5.00% APY is more than 10 times what the top “high-yield” savings accounts offer right now.
How much interest can I earn? At 5% APY, if you maxed out this account and set aside the full $500 a month for 12 months, at the end you’d have put in $6,000 and earned about $150 in interest by the end of the year (~$162 if you made every transfer on the 1st of the each month by my quick calculations). $6,000 also happens to be just about the same amount as a full Roth IRA contribution (hint hint) or the foundation of a solid emergency fund.

@billpayer21

This hi breed product looks like a cross between a high interest saving /checking account and a CD. Hard pass for me. It has many of the disadvantages of both and few of the advantages.

Try Chief Financial Credit Union Kasasa checking account.

5.00% APY* on balances up to $5000

Have at least 12 debit card purchases post and settle

Cash App works for this!

Be enrolled in and agree to receive eStatements

Be enrolled in and log into online banking

***NOTE this was the case when I opened to account***

No HP or Chex

Anyone can join with $25 donation.

Re: Rewards Checking Accounts (RCA)

JtAlmond — Wed, 30 Mar 2022 13:58:22 GMT

Theres an internet bank having a1.01% no fees demand account calls themself Quontic Bank. They take high deposits but you must make at least 10 POS transactions of at least $10 to get the high rate otherwise get only .01% interest. For quite a spell this was the highest of all bank accounts checking or savings as well as besting all the 1 year CD rates. Now that rates are slated to climb i imagine i will be exiting that program.

Re: Rewards Checking Accounts (RCA)

Anonymous — Wed, 30 Mar 2022 15:22:26 GMT

@JtAlmond wrote:
Theres an internet bank having a1.01% no fees demand account calls themself Quontic Bank. They take high deposits but you must make at least 10 POS transactions of at least $10 to get the high rate otherwise get only .01% interest. For quite a spell this was the highest of all bank accounts checking or savings as well as besting all the 1 year CD rates. Now that rates are slated to climb i imagine i will be exiting that program.

The rate is nothing special for reward checking, e.g ETFCU is 3.3%, but what makes Quontic stand out is that the highish rate covers balances of up to $150K (ETFCU is only $20K, others offering higher rates much less, like $3K).