Comments on: 3% Interest in a Checking Account!?

By: Kipp

Kipp — Sat, 19 Jul 2014 11:12:38 +0000

Well, being a credit union, they don’t need to give profits to shareholders, as a member you are the owner. Also they cap how much can earn that interest rate, so a married couple each with an account cannot exceed $30,000 in deposits earning that kind of interest.

And yea, I do wonder why they do things like offer auto loans at a lower rate than what they give for interest? But they are doing good and have started to expand again (everything around here took a pause after the recession).

By: Henry @ Living At Home

Henry @ Living At Home — Sat, 19 Jul 2014 04:00:08 +0000

I remember the days when I earned one penny on my $300 in my savings account each month. Those days are long gone. Do you wonder how the bank is still in business at those rates?

Cheers,
Henry

By: Kipp

Kipp — Thu, 17 Jul 2014 23:51:09 +0000

I know what you are saying and 2.25% is very good. Especially since it is a local option so if you have an issue you can resolve it in person which is nice.

Who knows when a correction will come, but yea it makes it less painful to carry a balance over what you would normally for emergencies.

By: Ryan @ Impersonal Finance

Ryan @ Impersonal Finance — Thu, 17 Jul 2014 22:37:57 +0000

My bank (a small, local bank) actually offers 2.25% interest on balances up to $10k, and we definitely take advantage of it. It’s better than what we get in our MM account, and I haven’t even seen anything that comes close to it. It doesn’t make me feel as bad parking my money in cash, waiting for a correction when I can plow it into the market, you know?

By: Kipp

Kipp — Thu, 17 Jul 2014 18:07:11 +0000

3% is very nice and I think most people in the personal finance realm can take advantage of this because we have emergency funds. I also like that I get upto $20/mo reimbursed from ATM fees (this amount depends on your “membership level”, right now I think I am at the highest level, but the mid level gives $10 so that isn’t bad either).

By: JRod @ CNA

JRod @ CNA — Thu, 17 Jul 2014 17:37:46 +0000

3% interest is awesome. That’s why I’ve always loved working with credit unions, they always have better deals!

By: Kipp

Kipp — Thu, 17 Jul 2014 13:29:24 +0000

Well you can earn 3%! The hassle is moving all of your automatic stuff to a new bank (or credit union)…

By: Holly@ClubThrifty

Holly@ClubThrifty — Thu, 17 Jul 2014 13:21:57 +0000

I would love to earn 3%. I currently earn pretty close to nothing in my checking account!

By: Kipp

Kipp — Wed, 16 Jul 2014 20:49:48 +0000

Yea, not loading at home either.

By: Kipp

Kipp — Wed, 16 Jul 2014 20:09:48 +0000

I *think* I tried both at work and at home, but if I remember I will try when I am home in a bit. The good thing about a slow cooker meal is I don’t need to cook when I get home so I have a bit more extra time :). That should give me some time to work on my over-due stock purchase post… at least get it far enough that I can complete it for Friday.