GOtalkmoney Blog

Metcalf Bank is offering a $100 cash bonus for opening up a checking account. The bank is offering the promotion through Aug. 31, 2011. Open a MyChoice checking account and get $50. Open a SaveUp savings account at the same time and get another $50. And when you set up a monthly automatic transfer between the two accounts the bank will double the interest.

The checking account offers free mobile banking and refunds of other banks’ ATM fees. It also offers six months of free identity protection and a free CheckPlus Debit MasterCard. You’ll also receive free estatements, email and text alerts. The $3 monthly fee on the account is waived for meeting certain requirements during each monthly statement cycle.

Other details of the bank’s offer include:

• Minimum balance of $250 to receive the incentive for the SaveUp Savings
• SaveUp Savings has a 0.5 percent annual percentage yield (APY)
• Savings rate falls to 0.25 percent if automatic transfer requirement is not met
• Savings rate is subject to change after opening account
• Fees may reduce earnings
• Fee may be imposed for closing account within first 120 days

Metcalf Bank is based in Lee’s Summit, Mo., and is a leading financial service provider in the state.

Open a Sovereign Bank checking account package by July 31, 2011, and you could earn a cash bonus. To earn a cash bonus you must make five debit card purchases by Sept. 5, 2011.

Banking packages that are eligible for the cash bonus are the Premier, Preferred and Classic accounts. All three banking packages require you to:

• Deposit a minimum of $25 to open a checking account
• Deposit a minimum of $10 to open a savings account
• Enroll in online banking
• Request a MasterCard debit card when opening an account

Once you complete the requirements for the cash bonus, the money will be credited to the checking account by Oct. 15, 2011. Premier checking packages receive a bonus of $100, Preferred packages receive $75 and Classic banking packages receive $50.

The Premier Checking Account is an interest-bearing account. It has no monthly fee if you have a combined balance of at least $15,000 on checking, savings, money market, CDs, IRA and loans. That minimum balance will rise to $20,000 Sept. 1, 2011. The Preferred Checking Account also earns interest. There is no monthly fee on this account with direct deposit or qualifying balances. The Classic Checking Account has a low balance requirement and no monthly fee with an average daily balance of $500.

Beverly Hills, Calif.-based Excel National Bank has a Premium Money Market that earns 1.05 percent annual percentage yield (APY) on balances of $100,000 and up. The money market account is good for customers who want higher interest rates on higher balances and can limit their transactions. Details of the money market offer include:

• Minimum opening deposit of $1,000
• $20 monthly service fee
• Monthly service fee waived for minimum daily balance of $10,000
• Up to six debits per month, including checks
• Free online banking and bill pay
• Interest compounds daily and is posted at the end of each month

Excel National Bank also has a 2-year certificate of deposit that earns 1.01 percent APY. The CD rate is currently good for balances. The bank offers other CD rates and terms that include:

• 3 months earns 0.3 percent APY
• 6 months earns 0.5 percent APY
• 1 year earns 0.8 percent APY

The minimum opening deposit for certificates of deposit is $10,000 and there are no monthly service fees. Interest on CDs compounds daily and is credited upon maturity unless you choose to to receive interest payments. Withdrawing funds early from a certificate of deposit may result in a penalty.

Chase is offering special banking options to military families. The Military Banking program is for active and reserve members of the U.S. Armed Forces. Military personnel who have a Chase checking account will automatically be upgraded to a Chase Premier Plus Checking Account. With direct deposit the checking account includes the following features:

• No monthly service fee
• Interest earned on account balance
• No ATM fees for all non-Chase ATM transactions
• Free checks
• Free safe deposit box
• Chase Plus Savings with no monthly service fee and higher interest rates
• Two additional Chase checking accounts with no monthly service fee
• No fees for money orders, official checks and travelers checks at branches
• No fee on wire transfers
• Insured by the Federal Deposit Insurance Corp. (FDIC)

Chase also has credit card offers for military personnel. The Military Star Rewards MasterCard has a 2 percent cash back bonus offer for purchases made the first 60 days the account is open. The Air Force Club Membership MasterCard offers 2 percent cash back at AAFES locations, the exchange and commissary. The Army MWR MasterCard offers 2 percent cash back on base at Force Services merchants, MCCS, MWR, exchange and commissary.

The U.S. Department of the Treasury said it will no longer sell paper savings bonds through financial institutions such as banks and credit unions as of Jan. 1, 2012. The move is part of the Treasury’s goal to increase electronic transactions with citizens and businesses and will save taxpayers about $70 million over the first five years.

Series EE and I savings bonds will still be available for purchase TreasuryDirect, which has offered savings bonds since 2002. “Savings bonds are very much a part of this country’s history and culture, and will remain a part of America’s future - but in electronic form,” said Public Debt Commissioner Van Zeck. “It’s time for us to take a 1935 model and make it a 21st century investment tool.”

It is free to open an account at TreasuryDirect. Services offered through the site include:

• Buy, manage and redeem savings bonds
• Convert paper Series EE and I savings bonds to electronic form
• Purchase savings bonds as gifts
• Enroll in a payroll savings plan for purchasing bonds
• Invest in other Treasury securities, such as notes, bills and TIPs

If you still have paper savings bonds you can continue to redeem them at financial institutions.