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Bank of the Sierra Reward Checking is No Longer Available Nationwide

Sunday, April 25, 2010 - 8:10 PMBank of the Sierra - Details
The start of the Bank of the Sierra reward checking application now states the following:
Please note that our popular Reward Checking account is limited to two accounts per household, and is currently available to residents of California and West Virginia exclusively.
At least they're still offering 4.09% APY for balances up to $25K.
3
Ken TuminKen Tumin5,469 posts since
Nov 29, 2009
Rep Points: 125,074
1. Monday, April 26, 2010 - 7:40 AM
I know the various RCA banks typically will allow more than a single RCA per household... But I've never opened more than a single one at a single bank, and instead tried to spread my RCAs around. That makes more sense now than ever... 1) you still have to fulfill the qualification criteria for any second or third account at a bank, the same as if it was elsewhere. 2) In the last year, I've had quite a few of my RCA's dramatically cut their rates, and each time, I'd move my money to a new RCA with a different bank paying 4% or better. At least that way, when the rates are cut, I only have to replace one RCA bank. What if I had 3 RCA's at a single bank, and then they cut their rates, then I'd be in for a big headache. Lately, I've been keeping an extra, no-balance RCA with a 4% rate as a backup... So if one of my primary RCA accounts does a big rate hike, at least I have a quick and easy place to move the funds to, without having to start a new application process and await the card mailings, etc. I'd thought after all this time, banks had reduced their rates as much as they were going to do. But no, even the best ones (in terms of rates) still seems to be falling here and there...
3
AnonymousAnonymous2,282 posts since
May 9, 2010
Rep Points: 3,917
2. Monday, April 26, 2010 - 4:23 PM
Thanks, Ken.  I was wondering what happened to BotS being a nationally available RCAs. 

FYI, BotS existing customers seem to still be able to apply for more RCAs, as their application site indicates. 
0
51hh51hh1,476 posts since
Jan 16, 2010
Rep Points: 6,426
3. Monday, May 24, 2010 - 10:51 PM
Qualifications:

  • Minimum 12 Sierra Check Card purchases per qualification period³ (Purchases must be posted, not pending -- excludes ATM transactions)
===

does anyone know if Sierra bank treats ONLINE small amount donations as card transactions? On their web page, it only says "purchase".

I don't do a lot of shopping with using ATM/ Debit card. 

Thank you.
2
AnonymousAnonymous2,282 posts since
May 9, 2010
Rep Points: 3,917
4. Wednesday, May 26, 2010 - 6:17 PM
They are pretty lenient about those, Lucy.
2
51hh51hh1,476 posts since
Jan 16, 2010
Rep Points: 6,426
5. Thursday, June 10, 2010 - 12:33 PM
Anon. (4/24, 7: 40 AM) -

There are pros and cons to have multiple RCAs in one bank.  One obvious advantage is to take full/more benefit of the high rate.  An addtional benefit is the ease of management (in terms of closing date, security, record of debit transactions, and transfer of funds). 

The disadvantage, as you have pointed out, is the higher likelihood of rate decrease with a single bank (putting all eggs in one basket).  The other disadvantage is the additional pain to move multiple accounts out when the rate actually falls.
3
51hh51hh1,476 posts since
Jan 16, 2010
Rep Points: 6,426
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