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When I had money for a checking account, I opened an account with AmericaNetBank. I think I started out with 4% interest. They lowered their rate a few times and now they're down to 2.5%. Now, I have some cash to put aside again, and I'm wondering whether I should go back to AmericaNetBank or whether there are more attractive checking rates than 2.5% TIA!

culcha
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Hey culcha,

I have not seen a rate that high in all my searches on the web for quite awhile. I even considered switching my MMA to your bank... that is until I read some user reviews which rated AmericaNetBank very poor. I realize that some of the reviews are dated but even a Jan 2012 review rated it as POOR. http://www.depositaccounts.com/banks/americanet-bank.html

I'd be interested to hear of your experiences with this online bank?

Rich
Arizona
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stockmover,

You wrote, I have not seen a rate that high in all my searches on the web for quite awhile.

I think culcha is talking about what are often called rewards checking accounts. They pay a higher rate in exchange for jumping through some hoops. The accounts often have relatively low maximum deposits (to earn at the stated rate) and/or have requirements that are difficult to meet such as a large number of debit card transactions per month.

I don't know that he still posts here, but one of the best survey sites for this type of information used to be markber's: http://ibankdesign.com/board/Checking_rates_f118.html However, I don't think there's been much activity on his site for like 6 months.

Other search options might include:

https://www.google.com/advisor/uschecking?bsp=1&s=1&...
http://www.bankrate.com/funnel/checking-account/checking-acc...
https://www.checkingfinder.com
http://www.fatwallet.com
https://www.kasasa.com/cash

One of the best all around banking options might be Alliant Credit Union, which gives pretty good yields (relatively speaking) and has few hoops to jump through. I keep meaning to open accounts there, but somehow never seem to get around to it. Perhaps it's because of these depressingly low yields?

- Joel
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I have not seen a rate that high in all my searches on the web for quite awhile. I even considered switching my MMA to your bank... that is until I read some user reviews which rated AmericaNetBank very poor. I realize that some of the reviews are dated but even a Jan 2012 review rated it as POOR. http://www.depositaccounts.com/banks/americanet-bank.html

I'd be interested to hear of your experiences with this online bank?


Maybe I should have made it clear that the 2.5% rate requires that the account holder use ANB's debit card 10 times per month, which was not a problem for me (although I did limit using the card to just a couple of trustworthy local places).

As far as customer service, I did have a couple of questions, but always called them up and got immediate help from people who seemed to me to be knowledgeable, courteous, and truly interested in helping me. In fact, I remember thinking how it was nice to hear some small-town Midwesterners dealing one-on-one with a customer instead of having to go through some large and impersonal company's elaborate recorded messages that never seem to address my concerns.

Hard for me to imagine anyone having a negative word to say about AmericaNetBank

culcha
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I think culcha is talking about what are often called rewards checking accounts. They pay a higher rate in exchange for jumping through some hoops. The accounts often have relatively low maximum deposits (to earn at the stated rate) and/or have requirements that are difficult to meet such as a large number of debit card transactions per month.

Basically right, a rewards checking account. U did have the hoop of having to use their debit card 10 times a month, which was not a problem for me; I did not think of this as a large number of transactions. (I know some places -- but not AmericaNetBank -- also require direct payroll deposit, but I couldn't do that because I am a teacher and so do not receive paychecks for 1/4 of the year.

Thanks for your links!

culcha
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Culcha,
could you please also tell us what are the limits for this rate (if any),
minimum and maximum?
I've seen a local bank (I am in Spokane, WA) giving 4% last year, but it was limited to first $25K and there was, I believe, 12 a transaction per month requirement
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could you please also tell us what are the limits for this rate (if any), minimum and maximum?


I don't believe there is any minimum, but the maximum is 10K (any amount over 10K receives interest, but at a much lower rate)

culcha
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culcha,

You wrote, I don't believe there is any minimum, but the maximum is 10K (any amount over 10K receives interest, but at a much lower rate)

Another way to look at this is that they're giving you at most $20.83/month in interest. How much of that is extra depends on where you would otherwise bank.

Let's assume an ING Orange Savings account as our benchmark. It's yielding 0.80% APY. That gives you a 1.70% APY premium on $10,000. That's a gain of $14.17/month over an ING Orange Savings account. Or another way to look at it is that they're paying you $1.42 for each debit card transaction.

Personally I don't like the risk/reward; but if you've done the math and understand it too, I'm good with it.

- Joel
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Maybe I should have made it clear that the 2.5% rate requires that the account holder use ANB's debit card 10 times per month, which was not a problem for me (although I did limit using the card to just a couple of trustworthy local places).

My credit union does something similar. It pays 2% on up to $25K and requires 12 transactions per month but those 12 transactions must be RUN AS A CREDIT. I eat out a lot, so every time I go through the McDonalds drive thru, the debit card is automatically run as a credit. So, it's very easy to hit those 12 transactions.
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but the maximum is 10K (any amount over 10K receives interest, but at a much lower rate)

Ah... now I understand. Thank you culcha and Joel for the info, clarification and the links. I have a significant $$$ amount in my MMA and I figured I was potentially missing a 1.25%+ spread.

Rich
Arizona
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thanks, culcha,

here is the bank I was talking about:

Inland Northwest Bank
http://www.inb.com/personal/checking/reward-checking.html

Summary
2.15% APY* on balances up to $15,000
0.51% APY* on amount of balance over $15,000
0.05% APY* on entire balance if qualifications aren't met
Nationwide ATM fee refunds up to $25 per month

Easy Qualifications In order to receive the monthly rewards, just do the following each statement cycle:
· Have at least 12 debit card purchases post and clear
· Have 1 direct deposit or ACH auto debit post and clear
· Receive and review free eStatements
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I have a significant $$$ amount in my MMA and I figured I was potentially missing a 1.25%+ spread.

http://www.depositaccounts.com/checking/reward-checking-acco...

I have 2 accounts with a 25K limit and one with a 10K limit. You can filter by state to see what might be available to you.
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Thanks for the link RAD. I will review my options.

Rich
Arizona
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It says on the website" sold out" for the rewards checking account. what does that mean/
Anyone use Ally bank? I have their 2 yr and 4 yr bump up CD
usha
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It says on the website" sold out" for the rewards checking account. what does that mean

I noticed that too. I guess it means that they aren't opening any more accounts on those terms. (I can't imagine that "sold out" has some literal meaning here, as if they ran out of some commodity.)

culcha
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