Delaware Deposit Account Rates and Deals

PNC Bank has another $100 bonus for opening a checking account. It's not as good as the $125 July bonus, but this $100 bonus appears to be the best PNC bonus currently available. Here's the direct link to the promotion. It requires direct deposit of at least $400 per month along with 10 check card purchases. According to the small print, the checking account must be opened via the online application by 9/30/2010. Here's some of the small print as listed in the promo page with my highlights of the important things to note:

Offer available only to new PNC customers. New personal checking account must be opened via online application between 8/01/2010 and 9/30/2010. To qualify for the $100 reward a Qualifying Direct Deposit must be received and at least 10 check card purchases made with your PNC Visa Check Card must be posted to the eligible account within 60 days of account opening. Your checking account must remain open in order for you to receive the $100 reward, which will be credited to the eligible account within 60 days after all conditions have been met and will be identified as "Promo Reward Cash Trans" on your monthly statement. A "Qualifying Direct Deposit" is defined as a recurring direct deposit of a paycheck, pension, social security or other regular monthly payment electronically deposited into a Free, Performance, Performance Select Checking account, or the Spend account for Virtual Wallet (each an "Eligible Account") on a recurring month-to-month basis. The amount of each recurring Direct Deposit must be at least $400. The recurring Direct Deposits must be made by an employer or an outside agency. Credit card cash advance transfers, transfers from one account to another or deposits made at a branch or ATM do not qualify as Qualifying Direct Deposits. Offer only available to new PNC Bank checking account customers who open the Eligible Account using the on-line application. Offer only available to residents of DC, DE, FL, IL, IN, KY, MD, MI, MO, NJ, OH, PA, VA and WI. Offer may be extended, modified or discontinued at any time and may vary by market. This is an online offer that is not available through the branch.

PNC Bank's Virtual Wallet

One of the checking accounts that can qualify for the bonus is the Spend Account which is part of PNC's Virtual Wallet. Another part of Virtual Wallet is the Grow Account which is a savings account that pays 1.10% APY on balances up to $25K as of 8/8/2010. Please see my PNC Virtual Wallet review for more details.

PNC Q2 Results and Its Deposit Strategy

PNC released its second quarter results in late July. It reported a better-than-expected second-quarter profit. One thing I found interesting in PNC's press release was the description of its plans to grow checking account deposits while shrinking CD deposits. Here's an excerpt:

Average deposits of $182 billion declined $.8 billion compared with the first quarter of 2010 and $10.4 billion, or 5 percent, compared with the second quarter of 2009. In both comparisons, average deposits decreased due to the continued reduction of high-cost and primarily nonrelationship certificates of deposit and other time deposits, partially offset by growth in average transaction deposits. This was consistent with PNC’s overall deposit strategy focused on growing demand and other transaction deposits as a lower-cost funding source and the cornerstone product of customer relationships.

You can see PNC executing this strategy with these checking account bonuses and its very-low CD rates (one example: 1.50% 5-year CD in Florida).

The conversion of National City branches was also mentioned in the press release:

PNC successfully completed the National City conversion of 16 million accounts, 6 million customers and 1,300 branches in nine states.

I know many readers will miss those National City CD specials that were so popular a couple of years ago.

PNC Bank has been a FDIC member since 1934 (FDIC Certificate # 6384).

Other Bank Bonuses

To find other bonus deals at other banks, please refer to my bank bonus page which has all of my recent bank bonus blog posts. Some additional bonuses are also listed in the checking account deals section of the discussion forum.

The Fort Sill National Bank is offering several competitive CD rates. The most competitive one is the 6-month CD with a 1.41% APY. Other ones include a 1.75% APY 18-month CD, a 2.00% APY 30-month CD and a 3.00% APY 60-month CD. Minimum deposit is $500. These rates are listed in the bank's rates page as of 8/04/2010.

It appears that a branch visit is required to open an account. As you might expect by the name, the bank is targeted to military communities, and many of its branches are on military bases. However, the bank also serves civilian communities, and it has many branches outside of bases (many are in Walmart). The states which have several branches outside of military bases include Oklahoma, Tennessee and North Carolina. The other states in which the branches are mostly inside military bases include California, Texas, South Carolina and Delaware.

The bank's ratings for safety and soundness are very strong: 5 stars (superior) at BauerFinancial, 5 stars (superior) at Bankrate.com and an overall health score of 4 out of 5 at DepositAccounts.com (see our FSNB reviews page). These ratings are based on 3/31/10 financial data. The bank has been a FDIC member since 1946 (FDIC Certificate # 16416).

PNC Bank has another checking account bonus. They are offering a little more than last month. From the home page of their website, they're listing a bonus of up to $125. Here's the direct link to the promo page. To receive the first $100 requires direct deposit of at least $400 per month along with 10 check card purchases. To receive an extra $25 requires signing up for online banking and making 5 payments through Online Bill Pay. Offer is scheduled to end on July 24, 2010. The promotion applies to both the Virtual Wallet and the Free Checking Account.

There's also a $150 bonus being advertised in the St. Louis area. This was advertised in yesterday's (7/11/10) St. Louis Post-Dispatch. The ad is available online here. The requirements for this $150 appear to be the same as for qualifying for the $100 that's mentioned at PNC's website: 1) direct deposit of at least $400, and 2) at least 10 debit card purchases.

Here's some of the small print as listed at PNC's promo page with my highlights of the important things to note:

New personal checking account must be opened between 7/11/2010 and 7/24/2010. To qualify for a $100 reward, a PNC Bank Visa Check Card must be issued to you, a qualifying direct deposit must be received, and at least 10 purchases made with your Check Card must post to your checking account within 60 days of account opening. To qualify for an additional $25 reward, the first conditions must be met and a minimum of 5 payments must be completed via PNC Online Bill Pay, also within 60 days of account opening. Your checking account must remain open in order for you to receive the $100 or $125 reward, which will be credited to the eligible account within 60 days after all conditions have been met and will be identified as "Promo Reward Cash Trans" on your monthly statement. A qualifying Direct Deposit is defined as a recurring Direct Deposit of a paycheck, pension, Social Security or other regular monthly income electronically deposited into a Free, Performance or Performance Select Checking Account, or the Spend Account for Virtual Wallet. The minimum amount of any single Direct Deposit must be at least $400. The Direct Deposit 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. Limit of one premium payment per new account legal equity ownership. For this offer, legal equity ownership will be defined by the customer name(s) and social security number(s) on the account. PNC Bank customers with an existing checking account are not eligible for this offer. Offer only available to residents of DC, DE, FL, IL, IN, KY, MD, MI, MO, NJ, OH, PA, VA and WI. Offer may be extended, modified or discontinued at any time and may vary by market.

Some additional details about this Free checking account and the other checking accounts are in PNC Bank's Schedule of Service Charges and Fees. There was some concern in my last PNC post that the debit card would have a fee. This does not appear to be the case for the Free Checking account. The only potential recurring fee I see in the above document is $10 per year for having the Banking Card linked to a checking account. The CSR did not think this applied for the Free Checking. However, terms can vary based on your state so you may want to confirm this.

PNC's Virtual Wallet is composed of a checking account and two savings accounts. One of the savings account is the Growth Account which has a fairly competitive yield of 1.10% for up to $25K (as of 7/12/10). Please refer to my PNC Virtual Wallet review for more details.

In June, PNC Bank announced the completion of the National City conversion which added 1,300 branches to PNC. PNC Bank has been a FDIC member since 1934 (FDIC Certificate # 6384).

Other Bank Bonuses

To find other bonus deals at other banks, please refer to my bank bonus page which has all of my recent bank bonus posts. You can also find additional checking account bonuses, in the Checking Account Deals Forum.

Update 7/6/10: There's a new promotions page for the $100 bonus. This one is scheduled to end on 7/31/10.

PNC Bank has another bonus for opening a checking account. It's listed on top of their checking account page. Here's the direct link to the promotion. The Free checking qualifies. It requires direct deposit of at least $400 per month along with 10 check card purchases. According to the small print, the checking account must be opened via the online application by 6/19/2010. However, the CSR said this should last until 7/10/2010. So if this page doesn't change after 6/19, you may want to check with PNC (800-762-5684). Here's some of the small print as listed in the promo page with my highlights of the important things to note:

Offer available only to new PNC customers. New personal checking account must be opened via online application between 6/07/2010 and 6/19/2010. To qualify for the $100 reward a Qualifying Direct Deposit must be received and at least 10 check card purchases made with your PNC Visa Check Card must be posted to the eligible account within 60 days of account opening. Your checking account must remain open in order for you to receive the $100 reward, which will be credited to the eligible account within 60 days after all conditions have been met and will be identified as "Promo Reward Cash Trans" on your monthly statement. A "Qualifying Direct Deposit" is defined as a recurring direct deposit of a paycheck, pension, social security or other regular monthly payment electronically deposited into a Free, Performance, Performance Select Checking account, or the Spend account for Virtual Wallet (each an "Eligible Account") on a recurring month-to-month basis. The amount of each recurring Direct Deposit must be at least $400. The recurring Direct Deposits must be made by an employer or an outside agency. Credit card cash advance transfers, transfers from one account to another or deposits made at a branch or ATM do not qualify as Qualifying Direct Deposits. Offer only available to new PNC Bank checking account customers who open the Eligible Account using the on-line application. Offer only available to residents of DC, DE, FL, IN, KY, MD, NJ, OH, PA and VA. Offer may be extended, modified or discontinued at any time and may vary by market. This is an online offer that is not available through the branch.

Some additional details about this Free checking account and the other checking accounts are in PNC Bank's Schedule of Service Charges and Fees. There was some concern in my last PNC post that the debit card would have a fee. This does not appear to be the case for the Free Checking account. The only potential recurring fee I see in the above document is $10 per year for having the Banking Card linked to a checking account. The CSR did not think this applied for the Free Checking. However, terms can vary based on your state so you may want to confirm this.

National City Conversions

According to PNC, today was suppose to be the completion day for the final phase of the conversion of National City branches into PNC branches. According to this Springfield news article, the conversion was done over the weekend:

All told over the weekend, account information for 1.6 million customers and signs at 390 branches in Illinois, as well as the states of Indiana, Missouri and Wisconsin switched to PNC

PNC Bank has been a FDIC member since 1934 (FDIC Certificate # 6384).

Other Bank Bonuses

To find other bonus deals at other banks, please refer to my bank bonus page which has all of my recent bank bonus posts.

PNC Bank has another checking account promotion. The bonus appear to vary from $75 to $150. The bonus that's listed online is only $75. However, if you contact PNC, you may find your area has a larger bonus. I used the online chat service, and the CSR said that a Florida zip code qualified for a $100 bonus. This SD member reported a $150 bonus for Michigan. This also appears to be available outside of PNC's market area. For a Texas zip code, the CSR mentioned a $75 reward and a $100 coupon good towards select Verizon wireless products. According to the CSR, the promo began on May 10, 2010 and runs for a full 2 weeks in all markets.

To receive the bonus that's larger than what's listed online, you will need to visit a branch or apply by phone or by the secure online chat. Below are the promo details that the CSR listed. It appears to be the same as what is listed online:

New-to-PNC checking customers must open a new Virtual Wallet, Free, Performance, or Performance Select Checking account during the offer period. A qualifying Direct Deposit of $400 or more must be received within 60 days of account opening. 10 check card POS purchases (PIN or signature) must be posted to the eligible account within 60 days of account opening Note: A qualifying Direct Deposit is a recurring Direct Deposit of a paycheck, pension, Social Security or other regular monthly income electronically deposited into a Free, Performance, or Performance Select Checking account or Spend account of Virtual Wallet each statement cycle. The minimum amount of any single Direct Deposit must be at least $400. 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.

Regarding a hard credit inquiry, the CSR said they do not do a hard pull when you apply for a checking account.

Update: A reader emailed me the following potential gotchas with this promo and PNC checking accounts:

--The direct deposit must be $400.
--If your account is closed in fewer than 6 months, a $25 fee is debited.
--There is a $3.50 monthly debit card fee unless $2,000 average monthly balance is maintained.
--There is, I think, a $10 (yearly) card fee because the card is "linked" the checking account (I'm not sure what this means).

National City Conversions

I reviewed the status of National City conversions in March. It appears the last conversions should be completed by June 14, 2010.

PNC Bank has been a FDIC member since 1934 (FDIC Certificate # 6384).

Other Bank Bonuses

To find other bonus deals at other banks, please refer to my bank bonus page which has all of my recent bank bonus posts.

TD Bank is offering an Flip Ultra Camcorder when you open a checking account, make 8 debit card purchases and use online bill pay 2 times within 45 days of account opening. The expiration date is June 5, 2010. The offer is listed at TD Bank's home page, and the details are described in TD Bank's promotions page.

There's an online application, but it only allows applications from states where it has branches. This includes the following states: Connecticut, Delaware, Florida, Maine, Maryland, Massachusetts, New Hampshire, New Jersey, New York, Pennsylvania, Vermont, Virginia and Washington DC.

Credit for the find goes to FW member BrianGA who mentioned it in this FW thread. As mentioned in this thread, the retail value of the camcorder will be reported to the IRS. Also, the real value of the camcorder is around $100. So these issues hurt the deal unless you were planning on buying this camcorder.

TD Bank is part of the bank holding company Toronto-Dominion Bank which is Canada's second largest lender. On April 16th, TD Bank acquired three Florida banks that were shut down by regulators (see post). TD Bank has been a FDIC member since 1961 (FDIC Certificate # 18409).

Other Bank Bonuses

To find other promotions at other banks, please refer to my bank bonus page which has all of my recent bank bonus posts.

Sovereign Bank is offering two deposit promotions. One is a $150 bonus for opening a checking account. Unlike the past one, it does not require direct deposit. The second promotion includes a 2.00% 6-month CD. This may sound like a great deal, but you also must open a 36-month CD with the same amount, and that rate isn't listed. These promotions are scheduled to expire on May 28, 2010. The promotions are listed at Sovereign's home page. Here's the link to the promotions page.

First, here are the requirements for the $150 checking account bonus:

• Open a new Sovereign Premier Checking, Business Owner Premier Checking, Interest Checking, or Partnership Checking account by May 28, 2010, with a minimum opening deposit of $100
• Open any new Sovereign savings or money market savings account with a minimum opening deposit of $100 or already have any Sovereign savings or money market savings account
• Enroll in Online Banking at account opening
• Request a Sovereign Debit Card at account opening and make 5 Debit Card purchases within 60 days after you open your account
• Request a Sovereign Debit Card and make 5 Debit Card purchases within 60 days after you open your account

When you qualify, you will receive a credit of $150 to your new checking account within 75 days after you open your checking account.

Some important small print:

• Offer available only to residents in the following states: ME, VT, NH, CT, RI, MA, NY, NJ, PA, WV, MD, DE, and District of Columbia.
• The amount of the bonus credited to your account will be reported to the IRS as interest
• Current personal checking customers or anyone who has had a personal checking account with Sovereign Bank in the last 6 months are not eligible for this offer.

An important note regarding the Interest Checking is that direct deposit is required to avoid a $10 monthly fee. I'm not sure if ACH transfers may count. On the plus side is that they provide free checks. The Premier Checking is even worse in terms of potential fees. A $15,000 combined balance is required to avoid a $30/month fee. For the savings accounts, the Money Market Savings appears to be a good choice since it has no monthly maintenance fee and no minimum balance requirement. Note, the monthly fees and minimum balance vary considerably based on your state.

The CD Promotion

At first glance the CD promotion looks like a good deal with a 2.00% APY 6-month CD. However, as I mentioned at the top, it requires half the money go into a 36-month CD, and the rate isn't disclosed. A very high rate on a 6-month CD doesn't offset a low rate on a 36-month CD. Here's the important small print:

Minimum deposit of $5,000 and a maximum deposit of $499,999 to open a Save & Invest CD Package, which must be opened on or before June 4, 2010. Half of your opening deposit, or at least $2,500, is placed in a Save CD, which is a 6-Month certificate of deposit account. Your Save CD will earn interest at a rate of 1.98%, which corresponds to an annual percentage yield (APY) of 2.00%. The remaining half of your opening deposit is placed in an Invest CD that matures on June 14, 2013.

When I called Sovereign Bank in April 2008 regarding a similar checking promotion, I was told that there's no account closure fee if an account is closed after 90 days. Otherwise, it's $25. The CSR also said they don't perform a hard credit inquiry. They just use ChexSystem in the application.

There's an online application link in the promo page for the checking. However, the small print states that residential addresses must be located in the northeast states (see above). The CD promotion appears to require a branch visit.

Branches are located in the Northeast in the states of Connecticut, Maryland, Massachusetts, New Hampshire, New Jersey, New York, Pennsylvania and Rhode Island. The bank is a FDIC member (FDIC Certificate # 29950).

Other Bank Bonuses

Please refer to the Bank Bonus page for the other bonuses at banks and credit unions around the nation.

PNC Bank is offering another $100 bonus for opening a personal checking account, setting up direct deposit and making 10 check card purchases. The offer is available online at this PNC promotions page. It's scheduled to expire on 4/30/2010. Both the Free Checking and the Virtual Wallet qualifies. Below is the small print. I've highlighted the important details:

The payout of $100 will be credited to the Eligible Account within 60 days after the first Qualifying Direct Deposit and at least 10 purchases made with your PNC Visa Check Card have posted to the eligible checking account, all of which must occur by 06/30/10 The payout will be identified as "Promo Reward Cash Trans" on your monthly statement. A "Qualifying Direct Deposit" is defined as a recurring direct deposit of a paycheck, pension, social security or other regular monthly payment electronically deposited into a Free, Performance, Performance Select Checking account, or the Spend account for Virtual Wallet (each an "Eligible Account") on a recurring month-to-month basis. The amount of each recurring Direct Deposit must be at least $400. The recurring Direct Deposits must be made by an employer or an outside agency. Credit card cash advance transfers, transfers from one account to another or deposits made at a branch or ATM do not qualify as Qualifying Direct Deposits. Offer only available to new PNC Bank checking account customers who open the Eligible Account using the on-line application. Offer only available to residents of DC, DE, FL, IN, KY, MD, NJ, OH, PA and VA. Offer may be extended, modified or discontinued at any time and may vary by market. This is an online offer that is not available through a PNC Bank branch. While PNC Bank from time to time may promote similar offers that are available through the branch, they are not related to this web offer.

Limit of one premium payment per new account legal equity ownership. For this offer legal equity ownership will be defined by the customer name(s) and social security number(s) on the account. PNC Bank and National City Bank customers with an existing checking account are not eligible for this offer.

In the event that we determine in our sole discretion that your account does not meet the eligibility criteria or the activity on your account does not qualify as a Qualifying Direct Deposit, we will not be obligated to credit your account with the payout.

Note, it's only available in states where PNC Bank has branches.

Credit for this find goes to iBankDesign.

To learn more about Virtual Wallet, please refer to my review of PNC's Virtual Wallet. Virtual Wallet consists of 3 accounts: the Spend Account (checking), the Reserve Account (for short-term savings and overdraft protection) and the Growth Account (the high yield savings account). The Growth account pays 1.10% APY for balances up to $25K (0.35% for above) as of 3/21/2010.

$150 Checking Account Bonus at National City in St. Louis

National City Bank (now part of PNC) is advertising a $150 checking account bonus in St. Louis. The ad is available online here. It's scheduled to expire on 4/03/2010.

National City Conversions

I reviewed the status of National City conversions earlier this month. It appears the last conversions should be completed by June 14, 2010.

PNC Bank has been a FDIC member since 1934 (FDIC Certificate # 6384).

Other Bank Bonuses

To find other bonus deals at other banks, please refer to my bank bonus page which has all of my recent bank bonus posts.

Update 2/19/2010: Top rate is scheduled to fall to 0.85% effective March 1, 2010. Readers have just reported being told this by the bank. One other change is the elimination of the deposit card usage requirement.

Allegiance Bank is now allowing residents of PA, NJ and DE to open its STAR reward checking account online. The rate is low for reward checking (2.75% APY as of 2/16/2010). However, this rate is for balances up to $250K. That's 10x the typical reward checking balance cap. The rates and the link to the online application are in the deposit rates page. I have more details on this reward checking account in my account review. The 2.75% APY has held since last May.

At the top of the online application it states:

We welcome all residents of Pennsylvania, New Jersey, and Delaware to apply.

In addition to the reward checking account, online applications are available for the Star Money Market Account and a for a few CDs. However, rates on these are not that competitive.

In addition to the online application, you can also open the account at one of its PA branches which are located in the suburbs of Philadelphia. Considering the recent snowfall around this area, I would think most would prefer the online application.

One issue to note, Allegiance Bank's ratings are weak: 0 star (lowest) at BauerFinancial and 1 star (lowest) at Bankrate.com. These ratings are based on 9/30/09 financial data. Also note, the bank has been operating under a FDIC Cease and Desist Order since 11/4/2009. The bank has been a FDIC member since 1999 (FDIC Certificate # 35078).

Thanks to the reader who emailed me news of this reward checking account.

Sovereign Bank is offering a checking and money market promotion in which you can earn a bonus of $150 and receive a 1.50% APY guarantee for 3 months in the money market account. The promo is scheduled to expire 3/13/2010. Here's the promo page link.

First, here are the requirements for the $150 checking account bonus:

• Open a new Sovereign Premier Checking, Business Owner Premier Checking, Interest Checking, or Partnership Checking account by March 13, 2010, with a minimum opening deposit of $100
• Open any Sovereign savings or money market savings account with a minimum opening deposit of $100 or already have a savings or money market savings account
• Enroll in Online Banking at account opening
• Set up and receive one direct deposit within 60 days of opening your account
• Request a Sovereign Debit Card and make 5 Debit Card purchases within 60 days after you open your account

When you qualify, you will receive a credit of $150 to your new checking account within 75 days after you open your checking account.

Some important small print:

• Offer available only to residents in the following states: ME, VT, NH, CT, RI, MA, NY, NJ, PA, MV, MD, DE, and District of Columbia.
• Direct deposits you initiate from an account at another bank do not qualify
• The amount of the bonus credited to your account will be reported to the IRS as interest
• Current personal checking customers or anyone who has had a personal checking account with Sovereign Bank in the last 6 months are not eligible for this offer.
• Current savings customers are eligible

An important note regarding the Interest Checking is that direct deposit is required to avoid a $10 monthly fee. On the plus side is that they provide free checks. The Premier Checking is even worse in terms of potential fees. A $15,000 combined balance is required to avoid a $30/month fee. For the savings accounts, the Money Market Savings appears to be a good choice since it has no monthly maintenance fee and no minimum balance requirement. Note, the monthly fees and minimum balance vary considerably based on your state.

Here are the requirements to qualify for 1.50% APY for 3 months:

• Open a new Premier Checking account and open a new Premier Money Market Savings account by March 13, 2010
• Bonus rate will apply for each day your balance is $10,000 to $499,999 and is guaranteed for 3 months from the date you open your account

Some important small print:

• Same geographic restriction as mentioned above
• Anyone who has had a Sovereign savings, money market savings, or personal checking account with Sovereign in the last 6 months are not eligible for the bonus rate

Unlike the checking account promotion, this requires a Premier Money Market Savings account. Details of this account are in the promo page (click more for this account in the promo page). The Premier Money Savings is free of minimum balance requirements and has no monthly fees as long as you have a Premier Checking account (which, as I mentioned, has its own fees)

When I called Sovereign Bank in April 2008 regarding a similar promotion, I was told that there's no account closure fee if an account is closed after 90 days. Otherwise, it's $25. The CSR also said they don't perform a hard credit inquiry. They just use ChexSystem in the application.

There's an online application link in the promo page. However, the small print states that residential addresses must be located in the northeast states (see above).

Branches are located in the Northeast in the states of Connecticut, Maryland, Massachusetts, New Hampshire, New Jersey, New York, Pennsylvania and Rhode Island. The bank is a FDIC member (FDIC Certificate # 29950).

Other Bank Bonuses

Refer to the Bank Bonus page for the other bonuses at banks and credit unions around the nation.