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Hyperion Bank In Philly Cuts Reward Checking Rate To 2.965%

Friday, June 4, 2010 - 10:35 PMHyperion Bank
HyperInterest Checking rate has fallen to 2.965%. The APY had been 4.26%.

A reader just emailed me this news. He had to log into his account to learn of the new rate. No email notification was received. Hyperion no longer lists its reward checking rates on its public website.
Ken TuminKen Tumin5,472 posts since
Nov 29, 2009
Rep Points: 125,708
1. Saturday, June 5, 2010 - 8:05 AM
Routine steps for RCA Banks:

1. Real restrictive about debit card usage (e.g., at least $5 - $10 per transaction) and/or direct deposit (e.g., at least $1,000 per month). 

2. Cut rate/limit for high rate/national availability if Step 1 is not effective.

City National Bank and Royal Banks of Missouri are recent examples of this pattern.

There are success models for Step 1 only; e.g., FAB&T, Southern Bank.
51hh51hh1,476 posts since
Jan 16, 2010
Rep Points: 6,427
2. Monday, June 7, 2010 - 4:20 PM
They've just cut their rates again (just a few days later)!

It looks like it is now 2.5%.  One dollar debits, here I come...
dbl118dbl1181 posts since
Jun 7, 2010
Rep Points: 83