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First State Bank Of Middlebury RCA 5.06/5.18APY Up To $10K Effective 1/11/12

Thursday, January 12, 2012 - 1:00 PMFirst State Bank of Middlebury - Details
That's the Main Street Rewards Checking rate when you make 45 debit transactions.  15 debit transactions earns 1%, 25 earns 2.96%.

They can probably afford to pay this rate because few people would be interested in meeting the absurd transaction requirement to earn $42.16/mo in interest.  

On the plus side, the rate seems to have held since May of 2011: http://www.depositaccounts.com/forum/thread/4805-first-state-bank-of-middlebury-in-rca.html
2
pearlbrownpearlbrown1,356 posts since
Nov 2, 2010
Rep Points: 5,955
1. Thursday, January 12, 2012 - 1:22 PM
The problm with having to make 45 transactions is that you'll quickly spend a bunch of that $10,000 so you'll neve see that mythical $42 in interest, or you'll make a bunch of dollar transactions and they'll complain that you're not using it as your "primary checking account".
1
dunkerdunker135 posts since
Jun 11, 2010
Rep Points: 403
2. Thursday, January 12, 2012 - 1:25 PM
What is the change again?  Thanks.
2
51hh51hh1,461 posts since
Jan 16, 2010
Rep Points: 6,351
3. Thursday, January 12, 2012 - 1:54 PM
@dunker:  ... or that at least one of the 45 transactions won't post in time to be included in the qualification period.

@51hh:  The bank's rate page was careful to state that rates were effective as of 1/11/12.  The rate, as I indicated in the post, is the same as it was in May of 2011.  However, DA shows that there was some update on 1/8/12, perhaps to reflect that balances over $10K now earn a rate of .50%.
1
pearlbrownpearlbrown1,356 posts since
Nov 2, 2010
Rep Points: 5,955
4. Thursday, January 12, 2012 - 3:06 PM
$0.10 per debit transactions... that is a "potentially" profitable proposition.
1
51hh51hh1,461 posts since
Jan 16, 2010
Rep Points: 6,351
5. Saturday, February 2, 2013 - 8:34 AM
I hope it continues to be a "potentially" profitable proposition, separately from the interest rate paid, because that has dropped to 3.25% (3.3%APY) as of 2/1/13.    The requirement for 45 transactions hasn't changed. 
2
pearlbrownpearlbrown1,356 posts since
Nov 2, 2010
Rep Points: 5,955
6. Saturday, February 2, 2013 - 11:34 AM
I hope it continues to be a "potentially" profitable proposition, separately from the interest rate paid, because that has dropped to 3.25% (3.3%APY) as of 2/1/13.    The requirement for 45 transactions hasn't changed. 

Wow, that is some drop (in interest rate).  It certianly made people dizzy (from the drop).:D

2
51hh51hh1,461 posts since
Jan 16, 2010
Rep Points: 6,351
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