Dedicated to Deposits: Deals, Data, and Discussion
Featured Savings Rates
Featured Accounts
Back to Rate Changes, Deals and Promotions

Offer For ASA Members

Friday, May 4, 2012 - 1:26 PMBank of Internet USA - Details
American Seniors Association has an offer for members on a checking account rate of 1.50% on balances under $25,000 if you meet 4 requirments.

The bank is BOFI Fereral Bank.  Bank of the Internet is a division of BOFI.

Info is at https://www.asabankingcenter.com/...ds-checkin

I joined ASA when I left AARP.
2
MaeclMaecl83 posts since
Jul 6, 2010
Rep Points: 654
1. Friday, May 4, 2012 - 4:12 PM
American Seniors Association has an offer for members on a checking account rate of 1.50% on balances under $25,000 if you meet 4 requirments.

Sounds interesting. What are the 4 requirements?
1
dunkerdunker135 posts since
Jun 11, 2010
Rep Points: 403
2. Friday, May 4, 2012 - 4:18 PM
Follow the link for details.
1
MaeclMaecl83 posts since
Jul 6, 2010
Rep Points: 654
3. Saturday, May 5, 2012 - 11:39 AM
Follow the link for details.
I tried and couldn't figure out the requirements.
1
dunkerdunker135 posts since
Jun 11, 2010
Rep Points: 403
4. Saturday, May 5, 2012 - 12:55 PM
Dunker, I had to read them a couple of times myself.  If I understand the requirements correctly, the final rate is the total of the rates earned based on the level of activity:

a) .3%:   for qualifying direct deposit(s) totaling $1200    

b) .3%    for initiating two bill pays

c)  .3%   for completing 5-9 debit VISA purchases

    .3%    additional for completing 10 or more debit VISA purchases

     .3%   minimum interest rate earned

Total:  1.5% possible maximum 

I would not give the organization high marks in the "clear communications" department. 

"Your minimum interest rate is 0.30% and can be as high as 1.50% based on the following combined rate rewards: direct deposits totaling $1,000 or more will earn 0.30%; two (2) bill payment transactions will earn 0.30%; five (5) to nine (9) Debit Visa® Card purchases will earn 0.30% and ten (10) or more Debit Visa® Card purchases will earn an additional 0.30%. At the time of your statement cycle date we will determine the combined products and services used since the previous cycle date to determine the aggregate interest rate to apply to your current statement cycle. We will use the daily balance method to calculate the interest on your account. For example, during the statement cycle period you receive qualifying direct deposit(s) totaling $1,200 (0.30%); initiate 2 bill payment transactions (0.30%); make 8 Debit Visa® Card purchases (0.30%); plus automatically receive your minimum (0.30%); the interest rate paid on your first $25,000 collected balance in your account will be 1.20% annual percentage yield (APY). All daily collected balances greater than $25,000 will earn 0.30%. If you miss a month of activity you will still enjoy the minimum 0.30% APY, free checking and there's no penalty for not qualifying in a given month"
5
pearlbrownpearlbrown1,356 posts since
Nov 2, 2010
Rep Points: 5,955
5. Sunday, May 6, 2012 - 12:52 AM
Thanks pb.

Doesn't seem worth the effort for 1.5%.
1
dunkerdunker135 posts since
Jun 11, 2010
Rep Points: 403
Reply