Thursday, May 14, 2009

Is This Worth It? 4.44% APY

I saw an ad on t.v. today for a local bank that is offering an on line savings account that pays 4.44% APY (on balances up to $25,000).

Here are the stipulations:
Sign up to receive monthly e-Statements
Receive at least one direct deposit per statement
Make at least 15 debit card purchase transactions per statement
Use Home Banking and Bill Pay at least once per statement

I was thinking of maybe keeping my FFEF in here. My FFEF goal is $30,000.

The hard part of those requirements are making 15 debit card purchase transactions per statement. It seems (though I'm not sure) that just withdrawing the money from an ATM wouldn't count. (Although they do offer free ATM withdraws from their banks and refund up to $10 per month of any ATM fees that other banks charge.)

Anyway - it's not like I want to make 15 purchases every month - but 4.44% interest on $25,000 is like $94 a month.

Do you think it's worth it? Any suggestions on fulfillling the purchase requirements easily?

Thanks for any input!