Bank2 Cuts Reward Checking Account Rate

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.

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. 

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.

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? 

The new rate is shown at Bank2's website

According to the small print, the APY is effective as of 4/9/2012.

 

Thanks!