Deals of the Week: July 22
By: Brian O'Connell
As chaos continues to swirl around the economy, the political landscape, and the stock market, you can still find shelter with some good bank savings and investment deals.
As usual, BankingMyWay leads your way.
Credit Cards
You wouldn’t know it by reading the headlines these days, but bailout-happy Citibank (Stock Quote: C) has got more going for it than you might think. Consider the banking giant’s new Platinum Select World MasterCard, or Citi Select American Express (Stock Quote: AXP) Card, which both come with 30,000 American Airlines (Stock Quote: AMR) bonus miles.
You don’t get the bonus miles until you spend $750 using the new Citi card, and there is no annual fee for the first year, but after that, an annual fee of up to $85 is triggered.
In addition, the deal shows no apparent blackout periods, and you get special access to the cards’ Premium Hotel Program, which includes special offers on hotel room upgrades, early check-ins and late check-outs, among other perks.
Not a bad deal. With 30,000 miles, it shouldn’t be difficult to earn two free airline tickets to anywhere in the continental U.S.
But don’t sit on the offer – it’s only on the table until August 31, 2009.
For more information, click here.
Rewards Checking
Getting anything over 3% on a bank rewards checking program is as good as it gets these days.
Peoples Bank fills the bill here with a 3.35% rewards checking account and a 2.02% (it’s called the Free Interest Checking account), and it’s pretty well stacked with some nice benefits that go beyond just the 3.35% interest rate.
The 3.35% rate is good on all deposits up to $50,000. After that, a 1.00% APY kicks on deposits above that amount. But make sure to meet all the monthly requirements – the rate drops to 0.10% if, as the web site states “monthly requirements are not met”.
Those requirements include a minimum of 10 debit card purchases, at least one direct deposit or bank draft, and your agreement to accept electronic statements.
To get the deal, you’ll need a $100 minimum deposit, but there is no minimum balance requirement, and no monthly service charge.
The e-savings account deal offers a 2.02% APY, but only on balances above $10,000 – and it requires a $500 minimum deposit.
It’s a national deal where anyone can apply. Check it out for yourself.
Money Market Accounts
The list of banks that are raising interest rates is about as long as the list of people sending Bernie Madoff a holiday card this year.
But rising to the occasion is Everbank, which has hiked its three-month money market deposit rate (okay, it is a three-month promotional rate) to 3.01% - up from 2.51%. After the three-month period, the rate slides back down to 2.15% which, as EverBank strives to point out, is still better than some hand-picked competitors.
The online banking firm is making the new rate available on two accounts, and only for new customers: the rate is good for the Yield Pledge Money Market account (for balances up to $50,000) and the FreeNet Checking Account (for balances up to $100,000).
Evergreen gets kind of tricky with the twin-deals. According to the bank’s web site, you can’t get both at the same time. You have to open one account, wait three months, then you can open the second Evergreen account and get the great rate.
There is also no monthly fee, but you do need a minimum of $1,500 to open the account and get the 3.10% rate. There’s also a monthly fee of $8.95 for balances under $5,000.
As we like to say, these are good deals, but they’re not the only good deals. For more bank bonanzas, check out BankingmyWay.com.
—For more ways to save, spend, invest and borrow, visit MainStreet.com.