topic Re: Rewards checking suggestions? in Personal Finance

Rewards checking suggestions?

wasCB14 — Tue, 16 Oct 2018 18:04:45 GMT

Can anyone suggest an account that meets my criteria?

1. Rewards checking of at least 2% APR on ~$20k balance...not simply a linked savings account.

2. Open to a Los Angeles area resident.

3. No particular religious or employer affiliation required.

4. Preferably no military affiliation required (relative's records not easily accessible atm).

5. An easy-to-use website for scheduling future "pushed" payments.

6. No minimum debit card use requirement (I suspect this may be the catch in many cases).

7. Any sort of minimum asset requirement should not exceed $20k.

Re: Rewards checking suggestions?

Anonymous — Tue, 16 Oct 2018 19:10:45 GMT

#6 is going to shoot down about 99% of options, especially ones with higher yields (3%+).

Re: Rewards checking suggestions?

wasCB14 — Tue, 16 Oct 2018 19:33:29 GMT

@Anonymous wrote:
#6 is going to shoot down about 99% of options, especially ones with higher yields (3%+).

That's unfortunate but not very surprising. What little I knew of the world of rewards checking seemed to involve that.

Seeing as the goal is a balance between simplicity and yield (having a little incentive to not pay bills until the due date, not having to micromanage transfers between checking and savings) a debit activity minimum would be counterproductive.

Re: Rewards checking suggestions?

Anonymous — Tue, 16 Oct 2018 19:49:48 GMT

Slightly counterproductive but still a decent net gain overall, most debit requirements have no minimum so you can do a bunch of transactions at supermarket self check out, gas pumps, Amazon GC $1 reloads...etc., even $1 CCT 7 day trail count for my WYHY 4% 15k account's 12 debit requirement. I use this account for all my CCs setup to autopay on due date for full statement balance, like you said never have to worry about NSF, I then move money from Northern Bank 2.25% MMA to WYHY when balance dips below 15k.

Re: Rewards checking suggestions?

minski — Wed, 17 Oct 2018 13:00:36 GMT

Memory Bank checking has no activity requirements but is only 1.6%. They have a MMA for 2.25%, though.

I am using Signature FCU's Rewards Checking. 3% up to $15,000 with 10 debit swipes which I just run up $.50 Amazon GC refills. I forgot last month, though, so didn't get the 2.5%+ interest I usually get so definitely understand the desire for simplicity which is why I have been eyeing Memory Bank. I only just considered using their bill pay and I was delighted to find out that if I give them permission to pull the statements from my respective credit card companies, they auto-push payments. Just crossing my fingers that nothing goes wrong or that my info doesn't get compromised from allowing this.

Re: Rewards checking suggestions?

wasCB14 — Wed, 17 Oct 2018 16:43:34 GMT

Thanks for the additional suggestions. I've yet to find an appealing option, though.

I'm getting 1.9% at Discover (albeit with checking and savings split) so may just stay there for convenience and chase bonuses on throwaway accounts until/unless I find something really great. I wouldn't want to make multiple rounds of updates to link CC and brokerage accounts.

Re: Rewards checking suggestions?

Anonymous — Wed, 24 Oct 2018 02:39:58 GMT

Another good one just popped up :

Orion Federal Credit Union Premium Checking 4% APY On Balances Up To $30,000, $500 ACH deposit (not net deposit) and 8 debit per month requirement, Amazon GC reloads should work on this one. I have $45k enroute to Ally for their 1% deposit bonus ($450), $30k will go into this Orion account when it's released from Ally on 1/15/19.

ps I know DoC says it's only regional but it's nationwide, indicated in the comments section.

Re: Rewards checking suggestions?

wasCB14 — Wed, 24 Oct 2018 02:55:05 GMT

Thanks...that sounds like it merits my further investigation.