I just received a mailing from UnionBank about a promotion for an account they are calling the Money Market Extra account, offering 1.00% APY through July 2014. There will be plenty of details that readers of this blog will need to check out to determine if they can have or want this account. I have only limited details, because I don't see the promotion, or even this specific account, listed at the bank's Website.
The Money Market Extra account would have to be opened sometime between now and July 31, 2013. Minimum opening deposit is $10,000, and that much would have to be maintained as a daily minimum in order to avoid a $15 a month service charge and in order to get that promotional rate -- so that much will basically be locked up. You can deposit up to $499,999 in the account.
In conjunction with opening the Money Market Extra account, you also must open a new personal checking account, of which they have four to choose from. A minimum $100 deposit is required to open the checking account. There are different ways to avoid a monthly service charge on the checking account, and rather than give all that confusing info, let me just refer readers to the checking comparison page here
. But it comes down to a direct deposit, or a substantially larger minimum daily balance, although with one of the accounts, that minimum might be able to be met by $20,000 in the Money Market Extra account (you will need to ask about that).
In one place on what they sent me, it merely says the opening deposit for the Money Market Extra account must be new money, but in another place it says it must be a new customer. So existing UnionBank customers will need to query about that point and whether this account is open to them.
The checking account must remain open, or you will lose this rate and get nearly zero interest. And that includes that the checking account cannot become inactive -- and you will have to look into the rules about that.
I find no information about whether this is open to only those getting this mailing. I see no information on whether this is open to anyone from any state (but they do have a place at their Website to open an account online, although that button was not working when I tried it), or if it is limited to only the states where UnionBank has a brick and mortar office (California, Illinois, Oregon, Texas, Washington), or if perhaps it is limited to California, where I am, or perhaps even limited to only the single branch they noted as my local branch to go to (actually, they referred me to one branch, but they have another a bit closer and much more convenient, so who knows).