North Carolina's MidCarolina Bank is offering a great bonus for signing up for a reward checking account.
The MidCarolina Reward Checking promotion, which began on March 3, offers a high-yielding account. Here are some of the features you can expect if you open a qualifying account:
• For balances up to $25,000, customers will receive 4.25% APY • On the portion of the balances above $25,000, customers will receive 1.01% APY • Customers will receive a 0.05% base rate if they do not meet certain requirements • Customers are also eligible for refunds of ATM fee charges
Here are some of the requirements you must fulfill in order to be eligible for the rewards and benefits:
• At least 10 check card purchases each month • Either one direct deposit or one automatic withdrawal each month • Sign up for e-statements
Some other information about the account includes: • A $500 minimum balance when opening the account • No monthly fees • No minimum balance requirements each month
To sign up for the reward checking account through MidCarolina Bank, you must be a local resident because you have to go into an area branch to complete the application process. If you do live hear a MidCarolina Bank, however, you can begin your application for the account online at www.midcarolinabankrewards.com. Local branches are located in the town of Burlington, Greensboro, Mebane and Graham, all in North Carolina.
You probably won’t find too many deals like this one around. It’s difficult to find a bank offering any checking account with a 4% yield. MidCarolina Bank is offering 4.25%. Checking account offers like this don’t come around every day. Take advantage of this one while you can!
Savings rates dipped slightly this week with the average dropping from 1.45% APY to 1.41% APY. Despite that, the top savings rate remained at 2% (ReadySaver.com from Southern Community Bank).
Savings rates dipped slightly this week with the average dropping from 1.45% APY to 1.41% APY. Despite this drop, the top savings rate remained at 2% (ReadySaver.com from Southern Community Bank). Everbank also continued to offer their promo rate of 2.25% APY for the first three months on new money. After three months, the rate drops to 1.26% APY for a 1-year blended APY of 1.51%.
Other notable rates include Franklin Synergy Bank at 1.75% APY and EBSB at 1.67% APY.
The table below shows the distribution of savings rates on the BestCashCow rate table. Remember, these are already the most competitive savings rates in the country. The distribution shows that the best nationally available savings rates are distributed between 1.5% APY and 1.25% APY.
The table below shows the trend with savings rates as well as select cd rates. For savings, the trend is generally down.
iGOBanking is now offering some pretty decent gifts along with their competetitive CD rates to open a CD. They have just launched a new website called giftsforbanking.com that showcases the gifts they provide. The type of gift you'll receive depends on the amount of money you deposit into the cd as well as its term.
iGOBanking is now offering some pretty decent gifts along with their competetitive CD rates to open a CD. They have just launched a new website called giftsforbanking.com that showcases the gifts they provide. The type of gift you'll receive depends on the amount of money you deposit into the cd as well as its term.
I took a look at some of the gifts and they weren't bad. There are still many consumer electronic products, harkening back to the days when banks gave away toasters and televisions to get your money. But there are also some nice trips. If you deposit $100,000 for 5-years some of the gifts include a luxury trip to Hawaii, a getaway to Aruba, or an entertainment system with a 47" plasma screen and a Bose sound system. Lesser amounts and terms get smaller gifts but they're not bad. A $25,000 investment in a 2-year cd provides choices of 26" HDTV or a Trek mountain bike among other comparable options.
Their CD rates aren't bad either. Until last week, their 5-year CD was at the top of the BestCashCow rate tables. The rate has since dropped but it is still competitive. Other terms are also competitive. This is not a bank trying to compensate for bad rates by providing some gift packages. The rates stand on their own.
If you close the CD before the maturity, you will need to refund the bank the cost of the gift along with any relevant shipping charges.You'll also have to pay an early withdrawal penalty. The gift will be reported as income and you'll receive a 1099.
The gifts themselves are provided by a third-party. This is common but it will require that your name and mailing address be sent to the third party so that they can fulfill the offer.
