Comments on: AmericaNet 5.25% APY Checking Account

By: Always Looking For A Deal

Always Looking For A Deal — Wed, 25 Mar 2009 17:03:51 +0000

I have some credit cards that give me 2 to 5% on some purchases, so I wouldn’t want to use this for some of my large grocery shopping or restaurant purchases. Can the 10 transactions be small purchases or do they want you to make large purchases with your debit card? Thanks.

By: RateRunner

RateRunner — Mon, 23 Mar 2009 15:36:46 +0000

fobulous,
The offer from AmericaNet is nationwide. And the $5 fee is for the bank’s Money Market Account, not its Rewards Checking Account. The checking account requires you to make at least 10 check card purchases a month to qualify for the 5.25% rate.

By: fobulous

fobulous — Fri, 20 Mar 2009 20:49:47 +0000

1. Do you have to reside in the states these banks are located?

2. Where did you read the rule about using Visa Checkcard more than 6 times and incurring a $5 fee?

By: Tracy

Tracy — Tue, 17 Mar 2009 20:53:28 +0000

Looks like the terms of this deal have changed, it is now paying 5.25% on the first $10,000 rather than $25,000.

By: Dollar Bill

Dollar Bill — Wed, 04 Mar 2009 18:23:19 +0000

AmericaNet is going benefit A LOT from all the displeased customers that try at First Robinson. Larry Hopkins is right that many of these banks are sure suffering from the negative publicity that Bankaholic is giving them. More and more First Robinson is looking like a “rip-off artist” as Larry put it. Beware folks.

By: Dollar Bill

Dollar Bill — Wed, 04 Mar 2009 18:18:18 +0000

Larry if you want to be on the safe side, go inside gas stations, fast food places, and sign your receipts just to be on the safe side. Otherwise, call the banks that have these requirements and ask for specifics. Write down the name, time, date, and location of the person to whom you spoke.

I keep lists of transactions for banks that wanna try to get me to jump through hoops. Same with rebates—delivery confirmation with return receipt every time baby. It’s the only want to guarantee you’re going to get what they offer.

By: Larry Hopkins

Larry Hopkins — Wed, 25 Feb 2009 18:34:19 +0000

How does one go about making 10 debits per month (ATM transactions don’t count). Can you just go to grocery stores and gas stations and run the total up to 10, I’m guessing? Some of these banks suggest or require that your signature be on the debit receipt. so just paying all your credit cards, utility bills, etc. wouldn’t count.

By: Jim

Jim — Mon, 23 Feb 2009 01:06:16 +0000

Also First Robinson bank sys you have to reside there in Illinois. What about the other ones? Can you live say in Ca and apply?

By: Jim

Jim — Mon, 23 Feb 2009 00:48:09 +0000

reread it and it looks like Money is right..$5 charge for every time used over 6 times. That means minimum of $20./month…

By: Daniel

Daniel — Fri, 20 Feb 2009 22:00:07 +0000

5.26 % at Bank of Ripley in Ripley, TN (for the first $ 25K) is what I have been earning every month for past 11 months consistently. NO Gotcha’s, Excellent Customer Service. 6.01 % interest rates can be found by going to http://www.checkingfinder.com

By: Rassi

Rassi — Fri, 20 Feb 2009 18:01:53 +0000

Just looked at the link to the First Robinson Bank – it’s only for people in their general area in Illinois. Not available nationwide (at least according to their website). Union State Bank, on the other hand, is available nationwide.

By: Rassi

Rassi — Fri, 20 Feb 2009 17:58:04 +0000

Reward checking accounts do work and can be great. I have had one from AZ Bank & Trust for nearly a year now. They opened up available nationwide, but have since made it “local only” for account holders. Still, since I already had my account, I was able to keep it. I started last May at 6.01% interest, guaranteed to stay there until April 2009. In Jan 2009, they changed the rate for NEW accounts to 5%. My account will go to 5% after my guaranteed rate expires. Still, it has worked well. They have increased the number of required card uses though – 15 now. I don’t have a problem with that, but some might. All in all, it’s great for many people.

By: Larry Hopkins

Larry Hopkins — Fri, 20 Feb 2009 02:55:20 +0000

Eric, if you’re not a bank shill I’m going to take advantage of this. Blogging Banks-why don’t MOST people qualify for them? I’d think only a small percent of people wouldn’t qualify. They’d want people who write bouncing checks.

By: BloggingBanks

BloggingBanks — Thu, 19 Feb 2009 16:46:16 +0000

I am a big fan of rewards checking accounts. Most people don’t qualify for them. Some people are even going to spend more than what is in their account, thus giving more $$ to the bank in terms of fees.

By: 1st Place Runner

1st Place Runner — Thu, 19 Feb 2009 16:35:01 +0000

There is a Union State Bank that is near my house, they must have just lowered it within the last week. First Robinson Bank is still offering 6.01% APY on checking though...

By: Eric

Eric — Thu, 19 Feb 2009 15:32:30 +0000

Union State Bank is 5%, so AmericaNet bank is better. I’ve been using these accounts for a year now and have had no problems. I now have three accounts earning ~$4000 per year off of credit card arbitrage money. Not bad. These are not teaser rates and the terms are easy–just make 10 transactions by paying a bill in small installments every month instead of in one shot.

By: Larry Hopkins

Larry Hopkins — Thu, 19 Feb 2009 02:19:28 +0000

I’ve never seen anyone keep praising these fantastic checking accounts paying 5-6%. That’s because it’s a teaser rate and most people will fail to comply with the terms (and probably get charged some exorbitant fees by these bank rip-off artists. You’ll notice all of these offers are from small capital deficient banks.

By: 1st Place Runner

1st Place Runner — Wed, 18 Feb 2009 19:21:09 +0000

6.01% offered through Union State Bank with same terms....

By: RateRunner

RateRunner — Wed, 18 Feb 2009 18:21:31 +0000

That’s for the money market account, not the checking account. Take another look.

By: Money

Money — Wed, 18 Feb 2009 18:07:52 +0000

From their website: “There is a $5 fee for each withdrawal after 6″