Too Good To Be True?

Gaano84 · 01-30-2008, 09:11 AM

So I was browsing Slickdeals.net the other day and found a side post that caught my eye - Checking Account 6.01% APY - First Banking Center.

Now my initial reaction was, "What's the catch?"

First off, it's a CHECKING account. I currently have an ING SAVINGS Account, and it's only at 3.65% APY. So it makes me wonder if I'm missing out on a good deal right now.

I decided to check out the First Banking Center site, and see if it's legit, and as far as I can tell, it is. There are a few requirements for this 6.01% APY Rewards Checking Account.

In order to qualify, you need to POST at least 10 Check-mate card transactions. I say post because after reviewing the FAQs, I learned that due to the fact that some debit transactions are delayed, if the 10 transactions are not posted within the last business day of the month, then you do not get the 6.01% APY.

What I'm unsure about, is if the 6.01% APY is applied monthly and each month you don't qualify, you go down to the normal checking rate of 0.10% APY.

For those of you who are wondering, it also says there are no minimum balance requirements or monthly fees.

So I'm just wondering if anyone else out there has heard about this and has more knowledge on the subject. I would like a better rate on my savings and am thinking of transferring funds to a CD since I don't touch my savings at all. Any advice would be greatly appreciated.

Thanks

Julie Rains · 01-30-2008, 01:07 PM

It looks like you qualify on a monthly basis (from what I can figure on the FAQs). Another requirement is that you have to sign up for direct deposit of your paycheck or ACH auto debit (automated payments); you also need to sign up for electronic rather than paper statements (not a big deal but still a requirement).

01-30-2008, 09:11 AM	#1
Gaano84 Junior Member Join Date: Jan 2008 Location: New Jersey Posts: 1 Reputation: (10)	Too Good To Be True? So I was browsing Slickdeals.net the other day and found a side post that caught my eye - Checking Account 6.01% APY - First Banking Center. Now my initial reaction was, "What's the catch?" First off, it's a CHECKING account. I currently have an ING SAVINGS Account, and it's only at 3.65% APY. So it makes me wonder if I'm missing out on a good deal right now. I decided to check out the First Banking Center site, and see if it's legit, and as far as I can tell, it is. There are a few requirements for this 6.01% APY Rewards Checking Account. In order to qualify, you need to POST at least 10 Check-mate card transactions. I say post because after reviewing the FAQs, I learned that due to the fact that some debit transactions are delayed, if the 10 transactions are not posted within the last business day of the month, then you do not get the 6.01% APY. What I'm unsure about, is if the 6.01% APY is applied monthly and each month you don't qualify, you go down to the normal checking rate of 0.10% APY. For those of you who are wondering, it also says there are no minimum balance requirements or monthly fees. So I'm just wondering if anyone else out there has heard about this and has more knowledge on the subject. I would like a better rate on my savings and am thinking of transferring funds to a CD since I don't touch my savings at all. Any advice would be greatly appreciated. Thanks __________________ Steven Gaano "The Journey is the Reward." - Http://www.makelifeajourney.com

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01-30-2008, 01:07 PM	#2
Julie Rains Wise Bread Blogger Join Date: May 2007 Location: North Carolina Posts: 203 Reputation: (46)	It looks like you qualify on a monthly basis (from what I can figure on the FAQs). Another requirement is that you have to sign up for direct deposit of your paycheck or ACH auto debit (automated payments); you also need to sign up for electronic rather than paper statements (not a big deal but still a requirement).