Blazing! Charteronebank.com money market rates 3.50% or 3.65%! (min deposit $2500)

[sas26]

Was just looking at my ING Direct Orange Savings Accont and noticed that money market interest rates were lowered yet AGAIN! Now down to 3.00%. Still pretty good, but disappointing since this is the second cut since I opened the account only a couple of months ago.

So...

Charter One bank has two options available depending on how much money you have to invest:

$2,500-$10,000 - Energized Checking, 3.50%
10,000+ - Priviledge Money Market Gold, 3.65% (rate guaranteed till 7/29/02!)

There are no fees provided that you maintain the minimal balance for either account, ie $2,500 or $10,000.

 

[tpoj]

 

[sas26]

As I stated, there are no fees provided you maintain the minimum balances.

Read more carefully:

Privilege Money Market Gold
Monthly Maintenance Fee $10.00
Avg. to Waive Fees $10,000 daily balance

Energized Checking
Monthly Maintenance Fee $12.00 (daily balance of $2500 required to waive fee)

 

[ken2001]

I noticed Max Opening Balance $1000.00 , what is that mean? If the maximum opening balance is only $1000.00 and later transfered $10000.00, what is the avg. balance? How to calculate? Don't want to be charged $10.00 fee.

 

[thholr]

www.ingdirect.com had a 3.25% free savings account with an extra 50$ bonus .

 

[samitk]

Thats no longer true.. ingdirect lowered their rate to 3 % - it sux that they reduce rate every month now..

 

[MontyBurns]

NetBank has a money market account that pays 2.75% and only requires a $250 min. balance. You can make withdrawals from the account four times a month without paying any fees (using an ATM if you want).

 

[sas26]

Ken,

I believe that for the Privlege MM Gold, you can electronically send up to $1000 as an opening deposit or pay via credit card. Then you can send the rest of your deposit via a check.

You won't be charged a monthly fee for that first month (unless you never send the rest of your deposit).

 

[webley]

Too bad we can't "return match" this at ING Bank like we price match at stores.

 

[sas26]

I'll take 110% of the difference!

 

[Boiler]

Hmm, if you have the minimum deposit, might as well use it on a Citibank checking account which pays you an account bonus of $100 for $1500 min. deposit or $150 for $2500 min. deposit. after you make 2 eBillPay.

$150 bonus
$100 bonus

 

[djlevyii]

With the Citibank checking special, how long do you have to keep the account open after you get your $150?? I couldn't find anything about this in the terms posted on the offer cite. Thanks.

 

[tpoj]

Sorry sas26. I didn't see the line that said it can be waived. Stupid me.
Thanks for this info. I will consider it.

 

[RossMAN]

Nice deal although I wish Charter One's min was $1,000 instead of $2,500

MontyBurns - Nice post as usual, thanks for the Netbank tip.

 

[Kwad Guy]

Beware...a lot of banks offer above-market rates to pump up their
numbers, then drop the rates as soon as they get the number of
new accounts they are looking for. They know that some people will
move their money again at that point, but that a lot of accounts
will stick with them even when their rates are no longer better than
anyone else's.

For that reason, I would only move my money if the rate is guaranteed
for some duration. Otherwise, it's just too much of a hassle.

Kwad

 

[ken2001]

<< Beware...a lot of banks offer above-market rates to pump up their
numbers, then drop the rates as soon as they get the number of
new accounts they are looking for. They know that some people will
move their money again at that point, but that a lot of accounts
will stick with them even when their rates are no longer better than
anyone else's.

For that reason, I would only move my money if the rate is guaranteed
for some duration. Otherwise, it's just too much of a hassle.

Kwad >>



What that number mean to them if only couple of dollars there? I don't hesitate to transfer these money as long as I found a higer rate one. Unless I am lazy to do that then they benifit from it.

 

[sas26]

<< For that reason, I would only move my money if the rate is guaranteed
for some duration. Otherwise, it's just too much of a hassle.

Kwad >>



Well, for the Privilege Money Market Gold account, the rates are guaranteed until 7/29, so we won't have to deal with a bank like INGDirect who continually lowers rates. I am in the process of moving my money from ING to Charter One.