Dedicated to Deposits: Deals, Data, and Discussion
Featured Savings Rates
Featured Accounts
Back to Rate Changes, Deals and Promotions

Florida Central CU Drops RCA Cap (3.25%APY, $10K) To (3.25%APY, $5K)

Monday, June 10, 2013 - 5:28 PMFlorida Central Credit Union - Details
The following changes were effective 6/1/13: 
  • Ultimate checking (if all qualifications including loan qualifiers are met) on balances up to $5K:  3.25%APY
  • Ultimate checking (if all qualifications except loan qualifiers are met) on balances up to $5K:  1.75%APY
  • Ultimate checking (if all qualifications are met) on balances $5k to $10k:  1.00%APY
It's too much work for $13.50 / month in interest if the account is fully funded to $5k.
4
pearlbrownpearlbrown1,356 posts since
Nov 2, 2010
Rep Points: 5,955
1. Monday, June 10, 2013 - 5:37 PM
Thanks, PB.

The RCAs are quickly reducing rate as well as limit (when you think it cannot get worse - from $15K to $5K). 

I foresee the disappearance of RCA in the near future when all offerors squeeze from both rate and limit: it will eventually converge to a low-rate savings account; with the trade of debit card transactions chore for checking account features.  For example, (1%, $5K) RCA.
1
51hh51hh1,461 posts since
Jan 16, 2010
Rep Points: 6,351
2. Monday, June 10, 2013 - 6:16 PM
I don't think that RCA's are dying - it's just that the gap between what financial institutions consider "rewarding" and what accountholders consider "rewarding" is wide and getting wider ;-)  

I predict that financial institutions will continue to spin them as "Reward checking accounts" (or some other empty but positive term) even if accountholders see right through the marketing. 
3
pearlbrownpearlbrown1,356 posts since
Nov 2, 2010
Rep Points: 5,955
Reply