Rewards Checking Gimmick

  |     |   156 posts since 2011

I'm sure the banks & cu's will not like my thoughts on these rca gimmicks. Some are offering over 4% interest up to a certain $ amount IF you jump thru ALL the hoops /rules they have in place. Miss ONE hoop and that 4% interest is now a 1/10 of that. STOP playing this reward checking game and the banks will wake up and offer cd's that pay decent without all the strings attached. Business & personal loan rates start at 6% and go up fast from there so why are we as savers getting maybe 20% of that ? The only way a rca is worth looking at is if there is only one or two hoops , not 15 or 20.

  |     |   151 posts since 2020
Right... a quid pro quo that one can bank on!
  |     |   246 posts since 2010
I don't like to have my cash tied up in cd's, so RCA's work fine for me.
  |     |   2,898 posts since 2010
I like RCA for emergency money. Where else can you get interest like that for quick to get money? It is there by writing a check if I need it. Good interest and easy thing to fulfill with one trip to the store. Rarely are my debits over $1. The rest is in laddered CD's that I can add to each every 6 months as they become due and I always purchase 5 year or longer CD's unless a shorter term is much higher. I have two 10 year Cd's due next year from different credit unions. Both were very large and each let me take the money out when my husband passed with no penalty because I lost $500,000 in NCUA insurance with the 2 beneficiaries and I did not want to add 2 more beneficiaries. If the rate is good and you think they will not get much better ask for a longer term. I shop also groceries with sales and coupons and this week I will get premium ice cream for 88¢ each instead of $5.99 for 1/2 gallons, Town House crackers for 65¢ instead of $1.99 to $2.65, and Scrubbing Bubbles toilet bowl cleaner for 46¢ instead of $1.99 to $2.49. All things I use and need. Stock up when things you use are on sale. I need only eggs this week and depending on the price of gas if I will top my tank. I eat out the freezer when there is nothing I want or need on sale. Tonight is marinated salmon on the grill with grilled cauliflower and salad. I again averaged less than $10.00 a week on groceries last year. I do not shop every week it depends on the ads and if I need anything. Make all your money work for you ALL THE TIME.
  |     |   77 posts since 2010
Dang girl keep hittin it you are 1 of the exceptions wish there were more like you out there. Only thing was groceries the guys an I like our beef especially our ribeyes they get the bones :-) an sorry to say that alone puts me well over your average. I do do the sales an such an for most of the week we eat whats on sale luckily I've have always had a nice size freezer this 1 is in the laundry room an when sales had popped up on something like in past but pretty rare now we packed out in fact were still eating the porkloins from Kroger last year for .99/lb only have a few left though :-( among other stuff. Recently Tomthumb has had boneless chicken breast for .99/lb for the last few weeks here in Texas so guess what have a shelf an a half loaded with chicken now we grill fry bake saute roast an I make them jerky also from it, it's all good and there's pretty much endless ways to prepare something lol.
I use to do RC but the rate went down to far but in past I used the interest to pay for things like my big Tractor Dental dog stuff that needed to be done I would take out the no interest for whatever months they offered an when they use to allow 30-50k I had Prosperity Coppermark Alliance Vision Century7 in past among others an that interest would pay the monthly payments all said an done it worked out good.
Only turn offs I see about some of them now is the hoops be it the 20-30 purchases no less than a certain amount the 1 or 2 ach outs in an from what I've seen the significantly higher DD's that they require no more just moving $$$ from another family friend/member accounts to yours an back again few wks later I've always just say we paid each-other they've cracked down on that.

An I'll just end by reiterating Ally6670's comment
"'Make all your money work for you ALL THE TIME.""
  |     |   122 posts since 2019
There are no words....

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