Archive for June 2011

By Elaine Griffin

Capital One offers two money market accounts to their online customers. There is a 0.75 percent annual percentage yield on all balances for both of these accounts, which also include free online transfers, free checks, and a free ATM card. There are no minimum balance requirements or fees associated with either of these accounts.

The rewards money market account offers one mile for every $20 of the average account balance. There is a bonus of 2,500 miles for customers who deposit at least $500 within the first month. All miles can be redeemed cash, gift cards, merchandise or travel.

Capital One Bank, (USA), National Association was established in and has been a member of the FDIC since November 1994. They are headquartered in Virginia, and offer banking solutions to customers around the globe.

Type of account: Money market

Bank requirements:

• These accounts are open to new and current Capital One customers
• There is a $1 minimum to open either account
• Both accounts have monthly withdrawal limits
• For full details, contact Capital One Bank (USA), National Association

Account features:

• Choice between two free online money market accounts
• There are no minimum balance requirements for either account
• Both accounts earn a 0.75 percent APY
• Free online transfers, free checks, and a free ATM card
• Redeem rewards for cash, gift cards, merchandise, or travel

By Jennifer Hale

If you're anything like me, you do some instant weeding when you get credit card bills in the mail. Your bill or statement goes into the "do this later" pile, and the envelope, ad inserts and privacy statement get dumped straight into recycling. Maybe, if you're a little more diligent, you save the privacy materials for your filing cabinet, where they collect dust and cobwebs next to documents from years past.

You may have the best cash back credit card or one of the best zero interest credit cards, but by ignoring the privacy policies, you may be creating significant hassle for yourself in the long run.

What does your credit card company know about you?

Think about it. Your card--that piece of plastic that has molded its shape into your wallet--may know more about you right now than most of your friends. Where you shop, what you spend, your habits when repaying (or not repaying). All that information goes back to the issuing company, which has on its hands a treasure trove of data.

After all, our spending habits are extremely valuable to companies that want to market to us. A picture of you as a shopper--who prefers Target to Wal-Mart or spends $500 versus $2,000 a month--helps marketers know what to try to sell you...

By Elaine Griffin

Atlantic Coast Bank offers the rewards checking Kasasa Cash account. As of May 16, 2011, account carries an annual percentage yield (APY) of 3.01 percent on balances up to $15,000, when requirements are not met. All other balances, and accounts that do not meet requirements earn 0.50 percent.

In order to qualify for the 3.01 percent rate, customers must meet three monthly requirements: make a minimum of ten debit card transactions, receive a direct deposit or use online bill pay, and receive monthly electronic statements.

Atlantic Coast Bank was established in 1939 and has been a member of the FDIC since November 2000. They are headquartered in Georgia. Atlantic Coast Bank provides accounts locally, and their Kasasa accounts are available to customers nationwide.

Type of account: Checking Account

Bank requirements:

• Open account online with at least $100
• Make at least ten monthly debit card purchases
• Receive at least one direct deposit or make an online bill pay per month
• Receive electronic statements
• For full details please contact Atlantic Coast Bank

Account features:

• 3.01 percent APY on balances up to $15,000 when requirements are met
• 0.50 percent APY on all other balances or when requirements are not met
• This account is free
• This account requires no minimum monthly balance
• There are many other attractive free features associated with this account

By Elaine Griffin

Clear Sky Accounts offers an online savings account which features an above-average 1.15 percent annual percentage yield (APY), which is in effect as of June 13, 2011. This APY is valid on balances up to $250,000. This account is free and includes free online banking and mobile banking, and electronic statements. There is a $1 minimum deposit required to open this account.

Chesapeake Bank provides banking services for Clear Sky Accounts Chesapeake Bank was established in 1900 and has been a member of the FDIC since January 1934. They are headquartered in Virginia. Chesapeake Bank offers online accounts that are available nationwide through Clear Sky Accounts.

Type of account: Savings account

Bank requirements:

• This account is open to both current and new Clear Sky Accounts customers
• This account must be opened account online
• Open the account with the required minimum $1 deposit
• For full details, contact Clear Sky Accounts

Account features:

• This account is free
• 1.15 percent APY on balances up to $250,000
• Free online banking and mobile banking, and free electronic statements

By Elaine Griffin

Doral Bank Direct is currently offering a very competitive 1.40 percent annual percentage yield (APY) on their 12-month personal internet CDs. This well above-average rate is effective as of March 23, 2011. In addition to the great rate, Doral allows accrued interest to be withdrawn without penalty. There is a minimum $1,000 deposit required to open this CD. Penalties are imposed for early withdrawal of initial deposit.

Doral Bank, FSB, was established in and has been a member of the FDIC since October 1999. They are headquartered in New York. Doral Bank Direct is the online division of Doral Bank.

Type of account: CD (Certificate of Deposit)

Bank requirements:

• Open account online
• Account must be opened with at least $1,000
• Penalties are imposed for early withdrawal
• For additional details, contact Doral Bank Direct

Account features:

• 12-month personal CDs with above-average 1.40 percent APY
• Accrued interest may be withdrawn without penalty

By Elaine Griffin

The Urban Partnership Bank offers an online savings account with a competitive, tiered annual percentage yield (APY). As of June 14, 2011, customers earn an APY of 1.00 percent on balances up to $99,999. Balances of $100,000 and over earn a1.05 percent APY. This account is free and has no minimum monthly balance requirements. There is a $1 deposit required to open the account, which also includes free online banking and direct deposit, free transfers, and electronic statements.

Urban Partnership Bank was established in and has been a member of the FDIC since August 2010. Urban Partnership offers personal and business accounts in addition to accounts catering to the non-profit sector.

Type of account: Savings Account

Bank requirements:

• Account must be opened online
• Minimum deposit required to open the account is $1
• For more details contact Urban Partnership Bank

Account benefits:

• This account is free
• No minimum balance requirements
• Balances up to $99,999 earn a 1.00 percent APYBalances over $100,000 earn a 1.05 percent APY
• Free online banking and direct deposit, free transfers, free electronic statements