Bank Champ » Checking Account

PNC Free Checking $75 Promotion

Bank Champ — Thu, 02 Apr 2009 11:44:12 +0000

PNC Bank is running a new promotion where you can get $75 if you open an account at PNC Bank with a direct deposit of at least $500 a month. There is no minimum balance and no monthly service charge, plus all non-PNC ATM fees will be reimbursed if you have over a $2,000 average monthly balance. Once you get that all setup, the $75 bonus will appear as a “Direct Deposit Reward” in 7 days. It has all the creature comforts of a standard checking account too.

This promotion expires 5/29/2009.

Open an account through this link.

Bank Promotions Are Taxed

Bank Champ — Tue, 31 Mar 2009 18:37:33 +0000

Key Bank has been known to offer some pretty nice promotions for new customers. Most recently, they’ve offered a free Garmin nuvi GPS unit when you open a new checking account at KeyBank by April 24th, 2009 and fulfill some requirements. The requirements are that you make a debit card transaction plus two direct deposits or automated payments of at least $100 by June 26th, 2009. If you open one of their free checking accounts, you get the Garmin nuvi 205W GPS and if you open a Privilege checking you get the 265WT GPS. You can read the promotional page for exact terms and conditions.

Here’s the fine print you have to check out though (and it’s standard for these types of promotions): The value of the Garmin® GPS will be reported on Form 1099-INT. You will get a 1099-INT of $166 for the nuvi 205W and $240 for the 265WT. For promotions where you get cash, it’s not a big deal, it’s in these scenarios that you have to keep an eye out. It’s because you can buy a Garmin GPS 205W unit for less than $150 on eBay. The 265WT is available for $230. While the price difference isn’t huge in that case, it can be in others.

It may be a better deal for you to buy the unit on its own and opening an account somewhere else!

5.00% APY Guaranty Bank Advantage Checking

Bank Champ — Tue, 31 Mar 2009 11:25:54 +0000

If you happen to live in Missouri and near a Guaranty Bank, you might want to take advantage of a great reward checking account promotion going on in your backyard. Guaranty Bank has a Guaranty Advantage Checking that offers a 5.00% APY yield on balances up to $30,000 and a 0.50% APY yield on balances above $30,000. If you fail to meet the qualifications, the base rate is 0.50%. They also refund ATM fees up to $5/month.

The requirements? A little on the heavy side – 15 debit card purchases (usually it’s more like 10-12), one ACT direct deposit, and you must use online banking and e-statements. $50 minimum deposit, no minimum balance requirement.

One little benefit they do offer that I haven’t seen elsewhere is that you earn five cents for every signature-based debit card purchase.

You’ll have to visit a branch to open this account.

High Yield Reward Checking Accounts

Bank Champ — Thu, 26 Mar 2009 14:50:29 +0000

If you’ve been reading the news lately, you’ve probably read about the latest “fad” in bank accounts – the high yield reward checking account. A high yield reward checking account is a basic checking account that, if you fulfill its requirements, offer an interest rate that makes high yield savings accounts look pathetic. Malvern Federal Savings Bank, an FDIC bank located in Chester County, Pennsylvania, now offers a Reward Plus Checking account that pays out 5.01% APY.

You read that right, 5.01% APY. Online banks like ING Direct, once leaders in interest rates, current have rates under 2.00% APY! Malvern FEderal is offering double that on a checking account, which usually offers more flexibility than an online bank’s saving’s account. In addition to the phenomenal rate, the account has no minimum balance and no monthly fee.

So what’s the catch? There are several requirements you have to fulfill, many of which are standard for these types of accounts:

10 debit card transactions at POS per statement cycle;
One direct deposit or ACH debit per statement cycle;
Access free online banking one per statement cycle.

If you satisfy those three, you earn 5.01% APY on savings up to $35,000 and then 1.01% on balance above that. If you fail to satisfy them, you earn 0.20% APY; which probably still beats your current bank’s rate!