Getting More Interest By Switching My Checking Account

Posted by Christine Talley at 7/11/2009 11:05 PM
Categories: cash
**Updated.   Originally posted on 7/11/2009

I ditched my Chase checking account.  Though I received $200 this year for opening new accounts, it didn't make up for the $6 monthly fee they assess if you don't have direct deposit, or don't use your debit card more than 5 times per month.  With just a few exceptions, I avoided the fee, but I HATED thinking about it.

I've switched to an interest bearing "reward" checking account through Countybank called Kasasa Cash.  I'll earn 4.65% 3.94% on my money, up to the $25,000 $15,000 limit, as long as I meet these requirements:
  • use my debit card 10x per month
  • sign up for electronic statements
  • sign in online to my account monthly
  • one direct deposit per month
My iGoBanking savings account is earning a measly 1.91% now, so I'll close that as well, using the reward checking as both my savings and checking account.  Yes, for a couple of months, I'll have to think about using the debit card ten times, then switching to my American Express Blue Cash for the rest of the month.  However, in Aug/Sept, after receiving my Blue Cash reward, I plan to switch to the Charles Schwab 2% Cash Back credit card.  I did this and love it!!!  The Schwab card will get me a lot more cash back per dollar than my Blue Cash card.  I figure I can just pick dates, say the 1st and the 14th of every month, to switch between the cards, writing the dates on the calendar.  It's not for everyone, but it's no problem for me.

Overall, these changes will simplify my life, and net me a greater amount of passive income.

 

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  • 9/6/2010 2:15 PM CHICAGOCHEAPSITE.COM wrote:
    Hey! Chicago: cheap! passed its second anniversary, and I didn't even notice! Like we did last year, let's review this year's tips for saving money. Seek out cheap rent. My rent is high for a studio because I have a certain expectations: good condition apartment, building amenities, location... but it's still cheaper than a one-bedroom in similar condition. After being offered a rent freeze, and unwilling to compromise, I decided to stay another year. See other tips on getting the most bang for your rental buck. ...
  • 3/24/2010 3:03 PM CHICAGOCHEAPSITE.COM wrote:
    **Updated! Originally posted on 9/15/2009. I am loving my high yield Kasasa checking account through County Bank! The requirements to get the 4.65 3.94 per cent interest rate were easy to meet: each month, use the debit card 10 times, sign-in online to the account, and have one automatic bill pay or direct deposit. What made me nervous was the third requirement: sign up for electronic statements. Only, County Bank isn't offering e-statements, yet! They're still "coming soon". I was sure this would be the catch-22 that would keep ...
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