Monday, April 9, 2012 - 5:57 PM
Bank2 Cuts Reward Checking Account RateBank2
stars) - Details
The Great Rate Checking APY is now 2.01% for up to $15K (was 3.01% APY).
When this reward checking account was launched back in January 2009, it was available nationwide and it guaranteed 5.01% APY for up to $25K for the rest of 2009. It was restricted to just Oklahoma residents in May 2009, and the rates and balance caps have continued to fall after 2009.
5,151 posts since
Nov 29, 2009
Rep Points: 117,107
1. Monday, April 9, 2012 - 6:57 PM
It's looking like 2% with a 15K cap is going to become the new norm. Banks aren't going to want to pay more than $300 a year in interest, especially with too many of their non-local customers trying to game the RCA system with small purchases.
130 posts since
Jun 11, 2010
Rep Points: 384
2. Monday, April 9, 2012 - 7:46 PM
Reluctantly I may soon call it a day for RCAs. It was a good run while it lasted. My bottom line for RCAs is (3.5%, $25K), below which it is just not worth my effort (debit card transactions, etc.).
I still have a few above that threshold. Once those 3.5% - 4% members drop their rate, I am done. Further, I will not add any new RCAs, either.
Life is more than doing multiple (to put it mildly and modestly:D) debit transactions a month; plus the liability/risk of fraud with the debit cards.
1,044 posts since
Jan 16, 2010
Rep Points: 4,760
3. Monday, April 9, 2012 - 9:25 PM
I gave up on mine a while ago. One positive I have found is that I am spending less money than I was when I had RCAs. I guess I was swiping just to meet the qualifications but then that's probably what they expected.
57 posts since
Jun 18, 2010
Rep Points: 236
4. Tuesday, April 10, 2012 - 3:52 AM
I didn't get any email notice and it's not noted in this month's statement either. Ken - Is this rate change effective immediately?
56 posts since
Sep 22, 2010
Rep Points: 136