A higher interest checking account.
Posted on August 3rd, 2008 in Bank Updates, Financial Information, Rate Alerts | No Comments »
Recently I’ve signed up for Turbochecking.com. This is a 6% APY checking account run by Charter Co. Bank. WOW what a find!? Sort of. There are some stipulations:
As of February of 2009 Charter Co (Turbochecking.com) has lowered their rate to 5.01% APY
- You must use online banking, and check in once a month online (Easy)
- You must receive e-statements as opposed to paper statements (Easy and earth friendly)
- You must have one Direct Deposit or ACH Debit once per month (Easy, you can automate this)
- You must use your TurboChecking Debit card - 10 (updated 9/30/08) 13 times a month! (This is the catch)
Now, it would be foolish to say this a no brainer as you do have to remember to use the debit card. Let’s be honest though, this is also pretty simple. How often do you buy Coffee at your local Starbucks?
Just make sure you use your Debit card, instead of cash or your credit card and you are all set. Failure to meet the four criteria above gives you a measily interest rate which is not even worth mentioning.Since signing up I have used the email help feature, and within 2 hours max, a representative got back to me. Impressive compared to other banks I’ve deal with.
