{"id":1236,"date":"2010-09-07T08:15:32","date_gmt":"2010-09-07T13:15:32","guid":{"rendered":"http:\/\/www.mdmproofing.com\/iym\/weblog\/?p=1236"},"modified":"2010-09-06T23:06:06","modified_gmt":"2010-09-07T04:06:06","slug":"rewards-checking-lowers-cap","status":"publish","type":"post","link":"https:\/\/www.mdmproofing.com\/iym\/weblog\/2010\/09\/rewards-checking-lowers-cap\/","title":{"rendered":"Rewards Checking Loses Some Lustre"},"content":{"rendered":"

Well, there I was, practically giddy<\/a> about the 4.38% APY our new-ish rewards checking account was paying us on our savings … and whaddaya know? Two months in, and the credit union is about to lower its cap.<\/p>\n

From the very top of my August statement:<\/p>\n

\n

Effective October 1, 2010, there will be two changes to the Rewards Checking program. The cap will change from $25,000 to $15,000. For qualifying accounts, 4.38% APY will be paid on balances of $15,000 or less and .50% APY will be paid on amounts greater than $15,000. The dividend rate for non-qualifying accounts will change from 0.35% APY to 0.10% APY.<\/p>\n<\/div>\n

“Boooo … hiss!” says the gallery. The change in the dividend rate for non-qualifying accounts doesn’t bother me, because unless I pull a complete brainfart, we should easily manage to hit all the rewards qualifications<\/a> each month.<\/p>\n

The lowered cap for high-interest earnings, however, is another story. It means I’ll be moving a chunk of our savings right back to ING Direct’s Orange Savings<\/a> (my review)<\/a> account, from whence it came. ING’s current 1.10% APY is nothing special, but it’s better than the 0.50% APY that my greater-than-$15k funds would be getting at the credit union.<\/p>\n

At this point, it’s kinda silly to complain too much about the lowered cap, I suppose. Being able to get four-plus percent interest on ANY kind (or amount) of insured liquid savings is, in this environment, pretty much like stealing.<\/p>\n","protected":false},"excerpt":{"rendered":"

Well, there I was, practically giddy about the 4.38% APY our new-ish rewards checking account was paying us on our savings … and whaddaya know? Two months in, and the credit union is about to lower its cap. 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