Incredible Bank's - High Yield Checking

Incredible Bank has a new high yield checking account that is currently paying one of the highest yields to be found on the web. Sure the interest rate is one that beats most available but just who is Incredible Bank?

Incredible Bank is the online division of River Valley Bank, a family owned financial services company that has several branches in the states of Wisconsin and Michigan. They are FDIC-insured have been around for more than 40 years.

Their splash rate of 2.02% APY is one that would be hard to replicate anywhere else. Since this is a new offer, we highly suspect that the rate won't last too long.

However, Incredible Bank offers this checking account with free e-statements, no ATM fees, mobile banking and free online bill pay.

Incredible Bank is taking a similar approach to Ally Bank with what seems to be straight - forward banking.

This checking account is built for online - only access. One example of this is a hefty $20 fee check fee. So be aware if you choose to write a check with this account. It's best to use their online bill pay. You can find their schedule of fees here.

Schwab Bank High Yield Checking

Current Yield: 1.50% APY as of 11/24/2008

Charles Schwab Bank has one of the best checking account offers out there, especially if you're looking for a high yield account. The checking account doesn't miss in many banking categories. The checking account rate has been affected by the Feds recent decisions but it's still a superb account by any comparison.

For starters, the account doesn't have any ATM fees. All ATM fees are refunded to your account at the end of the month. I've used my Schwab Checking card just about everywhere without the worry of having to pay ridiculous ATM fees. I look forward to the deposit at the end of every month for all the ATM fees, I've accrued. It serves as a reminder of how much I was wasting on ATM fees every month.

This Schwab Checking Account offers a great yield. Again, it has been adjusted several times but it's still highly competitive.

The account comes with a free brokerage account that need not be used. There are no fees associated with not using the brokerage account. Funds can be transferred easily to and from the checking and brokerage account with ease.

You can easily link the checking account to your existing bank account in order to fund it and for continuous deposits.

I've had this account for over six months and have been very pleased with the customer service. Every time I've spoken with a representative, I've reached someone in the US. I commend Schwab for still providing customer service from those in the US as I've always received better customer service with reps from the US.

The account has free fraud protection that doesn't hold you liable for any fraudulent charges. This should help you use your Visa check card worry free knowing that Schwab backs any fraudulent charges.

Schwab High Yield Investor Checking also comes with a free set of checks. That's more than most online checking accounts offer.

There's also no hidden fees and no minimum balance requirement or tiers to meet the rates like all other checking accounts online.

The account fires on all cylinders and is one of the greatest checking account offers online.

Things to know.

No ATM Fees
No Minimums
Free Brokerage Account

Updated - See Schwab's Savings Account

Open a SF Wachovia Checking Account and get $75

Share the wealth is what I like to say. If you're in the bay area and looking for a free checking account or just a free $75 dollars, stop by the new Wachovia branch in San Francisco.

Right now, they're offering a free $75 for those who open a checking account with a minimum deposit of $100. There's one small catch, the free $75 dollars is triggered when you make 10 transactions with your Visa card. If you're anything like me, you'll get this fairly soon.

As of today, the new Wachovia branch on Market Street isn't located on google maps. The branch is located on Mark

Thanks to ChrisK, one of our fellow readers for sending this out.

Things to look for when opening a checking account.

It seems like every national bank or brokerage has a great checking account offer. With national banks merging at every corner it doesn't seem likely that this will bode well for the average consumer. Obviously, it's never a good thing when consumers don't have a array of choices particularly with financial products like checking accounts.

The recent market turmoil has caused consolidation across banks and brokerages. We hope that this somehow will benefit consumers in terms of new checking accounts with extra perks you're not accustomed to and hopefully not a conundrum of fees and hassles.

So if you're in the market for a new checking account or simply another account to diversify your funds, what should you look for? How do you differentiate from checking accounts your local bank has to offer or the one from a nationwide bank?

First and foremost is easy accessibility to cash. This means being able to access your cash wherever you want without having to worry about nearly five dollars in ATM fees. 

For those that still write checks, and frankly most of us do, you'll want to make sure that there's no limits to check writing. Most banks also give away the first batch of checks to begin with.

Open a Chase Checking Account and Earn $50.

Now that Chase has acquired Washington Mutual we should see some better checking account offers come through the pipeline. At the very least it should give more coverage to the ATM network potentially saving current customers from incurring ATM Fees.

Chase is now paying you $50 if you open a checking account and setup direct deposit. You can apply for the checking account here. You will not receive the $50 until the first direct deposit is made. After the first deposit is made, the $50 will be deposited in your account. The $50 dollars is a nice gift for new customers but I'm not sure if it's worth opening a new checking account over. Chase's current network of ATM's is fairly small and if you're not careful, you'll be quick to accumulate a good amount of charges in ATM fees. 

The Basics.

-Limited Free Network of 9,000 ATMs

-"Free" Visa Checkcard

-"Free" Online Banking

-"Free" Chase Mobile

Things You Should Know.

If you don't setup direct deposit or pay five bills online, you will be charged a $6 checking account fee.

$2 each for any non-Chase ATM withdrawal, balance inquiry or transfer.

$25 Account Closing Fee (90 Days)

$25 Insufficient Funds and Returned Item Fees

$10 Overdraft Protection Transfer Fee

$32 Stop Payment Fee (One of the highest out there)

Find more Chase "Free" Checking Account Fees here.

No Thanks for CitiBank's "Thank You" Rewards Checking Account

Taking a close look into CitiBank's new "Thank You" Rewards checking account doesn't uncover much. The truth is that this checking account isn't special compared to what other banks and brokerages are offering these days.

What they are offering is a point system that enables you to gain points by using your checking account features. These include using CitiBank's online bill payer and using your checkcard. Earn enough "Thank You" reward points and you're able to cash them in for gifts.

CitiBank offers several types of checking accounts. The problem is that searching through these checking accounts is a joke. Who has the time to search through this list? I'm not going to begin to try and explain the benefits and disadvantages of opening a checking account with CitiBank. What you need to know that these accounts are loaded with fees around every corner. Trying to ensure that you're keeping minimum balance requirements or making sure you make "at least two online bill payments" to keep from paying their monthly checking account fee is ridiculous. Citibank clearly doesn't have the average joe in mind here, or maybe they are and are planning a serious mugging.

The Basics.

FDIC Insured and that's about it.

What makes this checking account different?

The "Thank You" Awards Points though by the time you earn a good deal you've probably payed dearly in nickel and dime fees.

Things to know and why to stay away.

Fees, fees, fees all over their checking accounts. Try looking at there comparison checking account sheet that's supposed to make it easy for customer to select a checking account. Take at look at your own risk, if you don't get lost you earn a star! 

USAA Free Checking Account

USAA's Free Checking Account is another in long list of online checking accounts. It's important to note that USAA doesn't have any branches so therefore all deposits and transfers need to be online. This account is only for USAA members which means that you must be enlisted military personel, though there are some exceptions. You can find them here.

It's also important to know that USAA has exceptional customer service. They are always ranked amongst the top in customer service in nearly every category they enter. I could only imagine it's the same level of service you'll receive whenever calling in for customer service on your free checking account.

USAA Free Checking offers the basics every online checking account has to offer. They do offer Nationwide Free ATM Withdrawls, No Monthly Fees and free online banking. However, there's a catch with the Nationwide Free ATM Withdrawals.

So what does USAA Free Checking have to offer?

-Free WorldWide ATM Use
-Free Deposit@Home for Qualifying Members
-Free Bill Pay
-Free Unlimited Funds Transfers
-No Monthly Fees
-Free Online Banking
-Pays Interest

Any Catches?

Yes, limits on ATM withdrawals, no in-branch deposits and checking account interest rate is nowhere to be found.

-Free Deposit@Limit 10 Free ATM Withdrawals and $15 refund limit on other banks charges.

-Members Only - Account Membership is reserved only for Active Duty Officers and enlisted Personnel.

Interesting note here. Normally, online checking accounts don't have an easy way of depositing to the account unless setting up a transfer. USAA combats this with Deposit @ Home which lets you scan your checks from a scanner and have them deposited online. It's a pretty neat feature for those that normally recieve paper checks and it's a great alternative.