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Bank2 Cuts Reward Checking Account Rate

Monday, April 9, 2012 - 5:57 PMBank2 - 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.
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Ken TuminKen Tumin5,469 posts since
Nov 29, 2009
Rep Points: 125,077
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.
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dunkerdunker136 posts since
Jun 11, 2010
Rep Points: 409
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. 
3
51hh51hh1,476 posts since
Jan 16, 2010
Rep Points: 6,426
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.
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larkinlarkin65 posts since
Jun 18, 2010
Rep Points: 289
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? 
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ninissniniss59 posts since
Sep 22, 2010
Rep Points: 153
5. Tuesday, April 10, 2012 - 4:33 AM
The new rate is shown at Bank2's website

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

 
1
Ken TuminKen Tumin5,469 posts since
Nov 29, 2009
Rep Points: 125,077
6. Tuesday, April 10, 2012 - 4:56 AM
The new rate is shown at Bank2's website

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

 
Thanks!
1
ninissniniss59 posts since
Sep 22, 2010
Rep Points: 153
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