Tuesday, March 13, 2012 - 3:00 PM
BANK OF SIERRA CUTS RATE - INCREASES CAPBank of the Sierra
stars) - Details
EFF. 4/6/12 rate is cut to 1.27% for up tp $25,000
91 posts since
Jul 11, 2010
Rep Points: 262
2. Tuesday, March 13, 2012 - 4:19 PM
CONSUMERS RATE GAURANTEE ENDS !!!
JUNE 30 2012
103 posts since
Jan 19, 2010
Rep Points: 290
4. Tuesday, March 13, 2012 - 9:23 PM
No cap change, just rate change for the "Sierra Reward Checking." Cap is and will remain up to 25k for their rca rate.
The 2.09% rate held for awhile, but indeed sadly drops to 1.27%, which makes it hard to justify 12 debits, plus 1 outgoing ach (bill pay) and 1 incoming ach (externally sourced). Balances over 25k still earn .50% (no change).
The "Sierra Rewards Savings" (tied to fulfilling the rca "Sierra Reward Checking") drops from 1.03% to .79% on balances up to 25k (above which .50%, no change), also effective 4/6/12.
The best thing about this bank has been their free next day ach transfers with any of your external accounts. Although you can't do it yourself, it's still minimal effort - you first register each external acct (unlimited) by faxing/mailing their simple 1-page form plus proof of ownership (statement or voided check copy), then request via bank mail from your account what you want to transfer (to or from, min. $50, and no max. other than your acct balance, I think was mentioned). If you submit the request before 3p PST, it's effective the next day. You can register automatic recurring transfers.
Also, they're the only bank I've seen with a link within your account to purchase savings bonds through them.
The rate cuts are disappointing news, but I appreciate they emailed their customers in advance.
72 posts since
Jan 22, 2010
Rep Points: 223