Details for RATESEEKER LLC - Ad from 2019-07-21
St. Louis Post-Dispatch Deposit & Loan Guide Int Chking Money Acct Mkt Acct Min Min Institution Synchrony Bank NA 1.20 NA 0 3 mo CD Min 6 mo CD Min 0.75 1.00 12 mo CD Min 18 mo CD Min 2.50 2,000 2,000 2,000 24 mo CD Min 36 mo CD Min 60 mo CD Min 2.50 2.50 2.60 2.80 2,000 2,000 2,000 2,000 Great Rates + Safety = Peace of Mind. Member FDIC. Phone / Website 800-869-3813 www.synchronybank.com TO PARTICIPATE IN THIS FEATURE, CALL SALES DEPARTMENT @ 773-320-8492 Savings Update How do high-interest checking accounts work? By Sabrina Karl Imagine a checking account with all the standard transactions you’d expect from a checking account, but paying 2, 3 or even 5 percent interest on your balance. Since most checking accounts pay no interest at all, and even the toppaying savings accounts in the country offer less than 1.5 percent, you’d be smart to ask, “What’s the catch?” based, transactions. These accounts are typically called “high-interest checking accounts”, and though they have a number of strings attached, they aren’t a scam. They’re legitimate accounts, usually offered by smaller banks and credit unions, that simply have very specific requirements for earning the off-thecharts interest rate they advertise. One caution is to check the account’s balance cap. Most high-interest checking accounts specify a maximum balance that can earn the high rate, with anything above that threshold earning zero or near-zero interest. Sometimes the balance cap is an accommodating $10,000 or $20,000. But accounts with caps of just $1,000 or $2,000 won’t be worth your trouble. The most common hoop you’re required to jump through is using your debit card a minimum number of times each month, and we’re not talking about three or four transactions. A typical requirement is 12 debit transactions per statement cycle, and I’ve even seen an account requiring 20. The purchases will also have to be signature, not PIN- Other typical stipulations include paying at least some number of bills online each statement cycle, setting up direct deposit, and at some banks, opening a credit card with that institution. Signing up for electronic statements is almost always required. If frequently using your debit card is easy for you, a high-interest checking account could significantly boost the interest you earn from your regular banking. Just be warned that the bank will only pay that chart-topping rate in months where you meet every requirement. Rate Criteria: Rates effective as of 07/16/19 and may change without notice. RateSeeker, LLC. does not guarantee the accuracy of the information appearing above or the availability of rates in this table. Banks, Thrifts and credit unions pay to advertise in this guide. NA means rates are not available or not offered at the time rates were surveyed. All institutions are FDIC or NCUA insured. Yields represent annual percentage yield (APY) paid by participating institutions. Rates may change after the account is opened. Fees may reduce the earnings on the account. A penalty may be imposed for early withdrawal. To appear in this table, call 773-320-8492.