After reading through the posts in the "on savings" thread, by Sirchopsalot I thought perhaps I would through something else at the good folks. I have just received another offer from a bank. They send me one occasionally but so far I have never taken their offers although I have came close. This one is tempting. They have different checking accounts. Open a new account and make at least one deposit of $1,000 or multiple deposits totaling $1,000 within 60 days ang get $300.00. or Open a different account and deposit of $500 (or the same as above) and get $500.00. or Open a different account and deposit of $1000 (or the same as above) and get $1,000.00. I must admit an extra $1,000.00 is difficult to turn down but I don't need a new checking account and am happy with my present bank. Do you think this is a good deal? Of course there are some questions I must ask them. What would you do?
You can always switch back to your current bank after any time commitment there might be with the new bank. Leave some $'s in your current accounts to more easily facilitate moving back to them.
I get offers for 'free' money for signing up for new accounts occasionally. I'm too suspicious to take them up on any offers. They don't make money by giving it away...what's the catch? Banks are - for sure - (like insurance companies) in it to make money.
If I do this I would not close any of my present accounts. Hum, I wonder if my present bank would make an offer to stay put?
So...? The free money has to stay in the new account along with your original deposit for...how long?
I've been too suspicious to look into these also. I'm sure there is a lot of red tape or extra catches. Keep your existing accounts (it looks like you are planning on that anyway), then talk to the other banks and find out what the deal is. I would just about bet that you have to open a credit card account or some sort of loan with them. You could also google about reviews of those types of offers (IDK if you will actually find anything though)
I will only bank at a local owned joint or credit union these days. Not sure if it really matters, but I have not forgotten 2008 yet and those who were the primary drivers.
I used to feel that same way. The trouble is, we no longer have a locally owned bank. The one I use was the last holdout but at least the buyer is located not very far from us (65 miles).
I switched everything over to a credit union decades ago and have been almost completely satisfied. I say "almost" because they have continued growing over the time that I joined which results in much more customers. Which results in good luck getting anyone to answer the phone if you call them. Unbelievable! I've heard that credit unions in the LP pay interest on their accounts if you have a charge or debit card with them. Some are pulling in 5% and have been!
Interestingly my CU pay's chit for interest. My big bank (which has a local branch) pays much more so I keep most of my money there. They also have much better CD rates. Oh, and the "big bank" tellers always tell me how to get the most for my money (not that I go in very often, but when I do). Last year a teller told me I was eligible to join a high interest savings account, and it got changed over within minutes. I was in there again about 10 days ago and they told me about a CD promotional special they had going, so I opened one on the spot. My credit union is not interested in helping me at all, nor do their rates compare. The only reason I keep them is because I have a home equity set up thru them (for emergencies only, and at $0 balance). I think once that has expired, I will look for another CU to patronize.
My credit union pays chit for interest also. But so does every institution around here. The ones I referred to are downstate and I was told by a couple of their members. I do not know the details about them.
