Monday, December 3, 2012 - 3:43 PM
High Interest Checking ProductCoppermark Bank
I don't know of any checking account where you don't have to jump through some "hoops" to get an interest return. CopperMark Bank, however, gives you a yeld that is worth the effort.
After a few months of using their checking accounts, you will automatically have the monthly requirements memorized and should develope a routine of checking your balance well in advance of the end-of-month deadline for required purchases.
WARNING-- Just be sure to use the debit card only for preauthorized purchases (i.e.- purchases where you are required to punch in 4 id numbers before completing the purchase), because some merchants will use the debit card as a preauthorized credit card transaction and not a pre-authorized debit purchase and the credit type purchase, even though your account is debited, will not count toward your monthly quota for debit card use purchases (i.e. - you must use the 4 digit code to complete the purchase to receive credit for the 16 required purchases per month).
WARNING 2 -- Don't wait until the end of the month to try and complete the 16 purchases you need. Some merchants can delay reporting of thier transactions to your financial institutions by as much as 48 hrs. You always need to give 2 to 3 days for merchants to post your transactions to the bank. This is not necessarly the fault of the bank but may be associated with how efficiently the merchant posts daily transactions, so keep this in mind.
At present, 4% is about as good as you are going to get at any bank for a checking account. I try to keep my accounts above 25k so the pruchases I make come from the over 25K money drawing low interest $$ and not the bottom 25K in the account drawing the high interest.. This way you can do all your monthly expenses from this account and avoid the worry about the bank assuming the you are using the account as your primary checking account. The nice feature about this account is that you can get to the 4% 25K money immediately if needed just by writing a check and their are no penalties or interest lost as with a CD's or other savings account restrictions. Even if you can't exceed the 25K high interest ceiling, better to have your funds drawing interest at 4% on a daily basis until your bills are due rather than in an account where you get no return on your checking account regardless of when bills come due each month.
The only consideration that is at all logical is to put everything you have into this account and leave it in here as long as you can. It has all the features to pay your bills automatically(bill pay) and give you 4% interest on your deposits for as long as you can keep them in the account and still meet you monthly financial oblications. So, whats not to like?
1. Monday, December 3, 2012 - 6:27 PM
Warning 1: Are you sure about the PIN-only debit card transactions?
At their site: "Minimum of 16 posted POS debit card transactions (PIN or signature based) for the purchase of goods or services."
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