Thursday, January 12, 2012 - 1:00 PM

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

First State Bank of Middlebury (0 stars) - 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

pearlbrown1,001 posts since
Nov 2, 2010
Rep Points: 3,839

Edit | History

This post applies to the following states: IN.

Quick
Summary

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".

dunker129 posts since
Jun 11, 2010
Rep Points: 380

2. Thursday, January 12, 2012 - 1:25 PM

What is the change again? Thanks.

51hh1,028 posts since
Jan 16, 2010
Rep Points: 4,709

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%.

pearlbrown1,001 posts since
Nov 2, 2010
Rep Points: 3,839

4. Thursday, January 12, 2012 - 3:06 PM

$0.10 per debit transactions... that is a "potentially" profitable proposition.

51hh1,028 posts since
Jan 16, 2010
Rep Points: 4,709

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.

pearlbrown1,001 posts since
Nov 2, 2010
Rep Points: 3,839

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

51hh1,028 posts since
Jan 16, 2010
Rep Points: 4,709