Reward Checking (de facto Savings) Accounts

Miles Hustler

Miles Hustler

New Member
Don't settle for 1% or less on your checking. With most banks offering savings rates well below 1%, did you know that some banks offer interest rates in excess of 5% on a checking, which is better than what you can get on most savings/CD accounts these days? The "catch" with these accounts is you often have to jump through quite a few hoops (10 or more transactions, online statements, ACH/or DD, monthly billpay, etc.). If you're willing to put in the work, you can get significantly better/safer returns on your $.

You can check out some options here: https://www.depositaccounts.com/checking/reward-checking-accounts.html
Love this site b/c you can filter by state, read reviews, determine if its a hard v soft hit, etc.

If you already have a RC (or just signed up after reading this) what's your favorite account & y?
 
SOC 787

SOC 787

Flight Club
great site/database. thanks for posting about it! def goals for the future on how to best spread your money in actual (defacto savings) accts.
 
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cdancer20

Level 2 Member
Also notes that Rewards Checking Accounts have some type of requirement that you will have to meet. Normally this is X debit card swipes per month. With the prepaid savings accounts, at the most, you will have a small monthly fee (Mango) or just have to use your account once every 90 days to avoid fees.
 
Miles Hustler

Miles Hustler

New Member
Yeah, I have the Netspend (Mango-like) action going too. Nevertheless, for those have have more $ that needs to stay liquid (as opposed to invested) for however long, reward checking accounts are an option. If you're doing transactions on one of your everyday Amex accounts anyway, its not that hard to work in (or automate) a few more to meet these requirements and have a bigger stock-market-crash-proof pay off
 
Miles Hustler

Miles Hustler

New Member
SOC 787 said:
great site/database. thanks for posting about it! def goals for the future on how to best spread your money in actual (defacto savings) accts.
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My pleasure. That site, which started off as Deposit Accounts Blog, actually rocks. Been using it for YEARS, and since banks regular decrease/increase rates or new ones get in the reward checking game, I recommend doing periodic (at least annual check ups) to see if you need to move some $ to accounts making more interest.
 
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boi90

New Member
cdancer20 said:
There are several NetSpend accounts that also pay 5% on up to $5k. You could spread about $30k through these accounts and Mango and have 5% interest on that money.
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Is it still possible to do an ACH push in place of DD? I want to open an account but I know changes were supposed to happen Jan 22...
 
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