great checking account... 4.25% no fees
 

from ( http://www.fatwallet.com/t/52/725817/ )


* No account minimums
* Free checks
* No monthly service charges
* Free bill pay
* No ATM fees
* FDIC insured

http://www.schwab.com/
yahoo article

err, looks like the account minimum is 1k unless you have a schwab brokerage account. But 1k isn't too much.

Re: great checking account... 4.25% no fees
 

bumping an old thread b/c i just heard about this. has anyone used it? is it as good as claimed?

what is the connection between having the brokerage account and the checking account? i really just want the checking account, and it looks like you have to have both, but then they also say you can have the brokerage account with $0 balance. wtf?

also, what's the story with the ATM fees? they claim they're reimbursed, but this sentence makes it sound limited to Plus:

[ QUOTE ]


Unlimited ATM fee rebates when using the Schwab Bank Visa® Platinum Check Card at any domestic and international locations on the Plus or Visa ATM networks.

[/ QUOTE ]

but then the very next sentence makes it sound like they reimburse for any ATM. i don't get it. this is all from the fine print of this page

[ QUOTE ]
Schwab Bank will refund fees charged by ATM operators for Investor Checking when you use your Schwab Bank Visa Platinum Check Card. The rebate will appear as a lump-sum credit on the same checking account periodic statement that includes ATM fees incurred for that particular account statement cycle. Schwab Bank reserves the right to modify or discontinue the ATM fee rebate at any time. Note: Unlimited ATM rebates do not include fees imposed by merchants for POS transactions or currency exchange fees for international ATM withdrawals.

[/ QUOTE ]

Re: great checking account... 4.25% no fees
 

I think I found a better one actually:

http://www.salemfivedirect.com/ 5% to 5.3% apy, $15 rebates on atm per month, no min balance.

I'm in the process of signing up for this one now. I never actually signed up for the last one.

Re: great checking account... 4.25% no fees
 

I just signed up for this too. I guess now I wait for them to send me some information and I send them a check. Do they send me a check book? This rate sounds too good to be true. What am I missing?

Re: great checking account... 4.25% no fees
 

Depends on your balances, but alot of banks/credit unions are offering a "Rewards Checking" account.

Basically have direct deposit, e-statements, and use your debit card 12 times per month for a 6.00%+ interest rate (some as high as 6.25% up to $100K).

Re: great checking account... 4.25% no fees
 

Schwza,

I have this checking account but have not used their ATM card nor written a check. I use it primarily because I have a brokerage acct with Schwab which makes transferring money between the two instantaneous instead of waiting 1-2 days for it to transfer out of my B&M bank. Cash in the brokerage acct collects like 1% interest so I just keep it in the checking acct until I want to buy more stocks.

AFAIK, the brokerage and the bank are 2 separate entities. The statements come separately and always says Schwab Bank on the checking account statement.

Re: great checking account... 4.25% no fees
 

[ QUOTE ]
Earn 5.30% APY on average daily balances of $100,000-$999,999. Earn 5.00% APY on average daily balances of $0-$9,999, 5.10% APY on $10,000-$24,999, 5.20% APY on $25,000-$99,999 and 0.50% APY on balances of $1,000,000 or more. Minimum to open this account online is $100.00. The rate may change after the account is opened. The stated APY applies to new eOne accounts opened after 7/30/2007.

[/ QUOTE ]

wtf?

also, anyone know if it's possible to wire stars money into this account? i could never get it working with my current account (USAA).

Re: great checking account... 4.25% no fees
 

[ QUOTE ]
[ QUOTE ]
Earn 5.30% APY on average daily balances of $100,000-$999,999. Earn 5.00% APY on average daily balances of $0-$9,999, 5.10% APY on $10,000-$24,999, 5.20% APY on $25,000-$99,999 and 0.50% APY on balances of $1,000,000 or more. Minimum to open this account online is $100.00. The rate may change after the account is opened. The stated APY applies to new eOne accounts opened after 7/30/2007.

[/ QUOTE ]

wtf?

also, anyone know if it's possible to wire stars money into this account? i could never get it working with my current account (USAA).

[/ QUOTE ]

lol, i guess you get penalized for having too much money. you guys are nuts to put your money into this site. these guys are paying high rates for a reason. hopefully you guys dont have to stand in a line like this to get your money:
http://media3.washingtonpost.com/wp-...7091501268.jpg

Re: great checking account... 4.25% no fees
 

[ QUOTE ]
[ QUOTE ]
Earn 5.30% APY on average daily balances of $100,000-$999,999. Earn 5.00% APY on average daily balances of $0-$9,999, 5.10% APY on $10,000-$24,999, 5.20% APY on $25,000-$99,999 and 0.50% APY on balances of $1,000,000 or more. Minimum to open this account online is $100.00. The rate may change after the account is opened. The stated APY applies to new eOne accounts opened after 7/30/2007.

[/ QUOTE ]

wtf?

also, anyone know if it's possible to wire stars money into this account? i could never get it working with my current account (USAA).

[/ QUOTE ]
Being a Massachusetts-chartered savings bank, Salem Five is covered by Deposits Insurance Fund (DIF) which insures all deposits above FDIC limits. DIF seems to have a pretty good record. According to the DIF website no depositor has ever lost a penny in a bank insured by both the FDIC and the DIF.

Perhaps the extra safety provided by DIF lured many multi-millionaires into this Salem Five Direct account, and this caused Salem Five to make this change. It's similar to what FNBO Direct did. In FNBO Direct's case, they capped new deposits to $1 million (see post). And FNBO Direct lacks DIF insurance. source


(but not sure about stars wire).

Re: great checking account... 4.25% no fees
 

[ QUOTE ]
[ QUOTE ]
[ QUOTE ]
Earn 5.30% APY on average daily balances of $100,000-$999,999. Earn 5.00% APY on average daily balances of $0-$9,999, 5.10% APY on $10,000-$24,999, 5.20% APY on $25,000-$99,999 and 0.50% APY on balances of $1,000,000 or more. Minimum to open this account online is $100.00. The rate may change after the account is opened. The stated APY applies to new eOne accounts opened after 7/30/2007.

[/ QUOTE ]

wtf?

also, anyone know if it's possible to wire stars money into this account? i could never get it working with my current account (USAA).

[/ QUOTE ]

lol, i guess you get penalized for having too much money. you guys are nuts to put your money into this site. these guys are paying high rates for a reason. hopefully you guys dont have to stand in a line like this to get your money:
http://media3.washingtonpost.com/wp-...7091501268.jpg

[/ QUOTE ]Why do you think this bank is so likely to fail?