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Online banking still a better deal, but not by much
Here's why --> Http://www.bankrate.com/nsc/news/chk/20020328d.asp
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Bankrate's surveys are fairly useless. They claim that you need $1000 to open an account at USAA, and that someone keeping a checking account there with $1500 would earn $7.50 in a year. That may be true for interest purposes, but their survey leaves out the debit card rebate. Even if you used your check card for only half the balance of your account each month, you'd get $3.75 back each month in check & cash card rebates, or $45 a year. In total you'd get $52.50 from the account, which is more than they report you would get from the "best" bank on the chart, Everbank. (Plus with Everbank you have to send in your ATM receipts for the rebates. How customer-unfriendly is that?)

In addition, anyone with any sense would put their money into the USAA savings account that would earn about 1.75% instead of 0.5%, and either transfer the money needed weekly or let overdraft protection do it for them (up to 6 times a month before the savings account excessive transaction fee kicks in). That would add an additional $20 to the yearly earnings, making USAA a far better choice than many banks on the list. Instead they're put in the middle of the pack.

-z
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Original Message


"In addition, anyone with any sense would put their money into the USAA savings account that would earn about 1.75% instead of 0.5%"

Ummmm, how about ING at 3%?

Ak, a USAA Insurance and CC customer for years, but I have a better banking deal with my credit union, MUCH better, in the hills north of Fairbanks.
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"In addition, anyone with any sense would put their money into the USAA savings account that would earn about 1.75% instead of 0.5%"

Ummmm, how about ING at 3%?

Ak, a USAA Insurance and CC customer for years, but I have a better banking deal with my credit union, MUCH better, in the hills north of Fairbanks.


OK - here's what I meant: anyone who is using USAA for their checking account would put whatever is not instantly needed in the USAA savings account and transfer it out as needed, thus earning a higher rate on said funds. Long term savings of course can earn more elsewhere.

-z

BTW, what is better than:
1) ATM rebates of $1.50 up to ten times per month
2) Free online banking (I'm anticipating free online bill pay pretty soon, but that's just a hunch)
3) Debit card that pays 0.5% cash back, along with interest bearing checking (minimal rate) and savings (decent rate, usually lags ING by a little over 1%)
4) No minimum balance
5) No monthly fees
6) Free transfers to/from any bank in the US
7) Free OD transfers from savings, or no-fee transfers from USAA credit card (interest does accrue from date of overdraft)
8) Very long hours for toll-free customer service
9) Customer service reps who actually know what they're doing and who seem happy to be doing it
10) The benefit of being able to have all my major accounts in one place (I do keep an ING account for emergencies)
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BTW, what is better than:
...
3) Debit card that pays 0.5% cash back, along with interest bearing checking (minimal rate) and savings (decent rate, usually lags ING by a little over 1%)


A credit card that pays more than 0.5% cash back that you pay off each month using money in your checking account.
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