Although we only originally featured the best 5 checking bonuses available, this list has since evolved into the best 8 (with a runner-up award). So without further ado, here are the top 8 checking account promotions available in 2013 (updated monthly).

If you know of a checking bonus that you think we’ve missed please share by leaving a comment. Any associated coupon code for the account would be helpful too!

#1 Capital One “360 Checking” with $50 Sign-up Bonus + Interest Rate

Here’s our favorite checking bonus available in 2013. It’s the only checking account that comes with a cash bonus for signing up AND an interest rate. I know interest rates are low right now, but this is a variable rate that will rise as interest rates rise! We also like Capital One’s checking account for three additional reasons – A) the widespread availability of this account. Capital One’s 360 checking account is available throughout the country and can be opened online. B) It’s a straight forward checking account with no fees, no minimum balance requirements and no ATM surcharges. C) Despite the horrible savings environment this account still offers an interest rate and is FDIC insured. With many of the country’s most well known banks (BofA, Wells Fargo and, most recently, CitiBank) imposing fees on checking accounts and debit card usage, it’s nice to see one account still offering no fee checking accounts with interest AND a sweet $50 bonus for signing up!

[Visit Capital One's $50 Checking Promotional Page Here.]

#2 PNC Bank Checking Account – $150 Bonus

Taking the number 2 spot is a solid promotion being held by PNC Bank from now until the end of July 2013. For new customers depositing at least $2000 into a PNC checking account within 60 days of opening the account are entitled to $150 from PNC bank as a thank you for signing up. Use this link to open an account online or have them mail you a coupon which you can bring into a physical location. PNC’s checking account bonus is eligible for residents in the following states - AL, DC, DE, FL, GA, IL, IN, KY, MD, MI, MO, NC, NJ, OH, PA, SC, VA and WI.

#3 Chase Bank Checking Account Bonus – Between $100-$200

[Available with direct mail coupon code only] Here is another checking account promotion that almost always seems to be available in some shape or form. The bonus associated with Chase Bank’s checking account usually varies between $100 and $200. Basically you just need to set up a direct deposit with their “Chase Total Checking Account” either by stopping into a local branch or by having the coupon emailed to you. Their latest promo is dated to expire at the end of 2013. Visit Chase.com to view most updated terms. You can also purchase a coupon code for the $200 bonus on E-Bay for $15…so your bounty amounts to just $185. Be sure to see the fee structure associated with the total checking account. It can get pretty pricey for someone without much cash in it!

#4 Perkstreet Checking Account – 2% Cash Back

Some Perkstreet account holders are seeing up to $1,000 cash back from their debit card each year. Perkstreet Financial came on the scene a while back with a unique approach to checking. They created an online checking account with a cash back rewards structure that rivaled some of the top cash back credit card offers. Today, upon opening the account, you’ll get 2% cash back on your shopping and bills along with 5% cash back on purchases from select merchants. You’ll also get free checking at 37,000 ATMs nationwide and the account is FDIC insured.

[Go to Perkstreet to learn more about the account.] 

#5 US Bank Checking/Savings Account – $100

Here’s another bonus that requires opening two accounts. Open a US Bank checking account and make a monthly recurring payment to your US Bank money market or savings account and earn a total of $100 over the course of a year. They’ll give you a rewards card worth $50 just for signing up for the accounts and depositing $1,000. If you then keep your average balance above $1,000 for 365 days, they’ll give you another $50 rewards card. Visit USBank.com for more information.

Local Checking Deals Only

#6 First Trade Union Bank Bonus – $100 – Northeast

 First Trade Union Bank has a “Virtual Checking Account” featuring a bonus of up to $100. The bonus is good on any new accounts opened before June 30, 2013, although there’s a good chance this date may be extended. Like a couple of the other checking bonuses mentioned here, the $100 is broken down into two payments that are dependent on you making a few qualifying actions.  To earn the first $50 you must set up at least one direct deposit of $50 or more. To earn the second $50 you’ll have to set up an automatic bill pay. While these actions may seem simple they are essentially demanding that this be used as your primary checking account. To see other accounts offering rewards based on similar criteria, check out our coverage of “rewards checking accounts.” You may find a better deal based on above average interest rates rather than one-time cash bonuses.

#7 Citizens Bank Checking Bonus – $150 – EastCoast

To much is given, much is expected. That’s the case for this $150 bonus associated with Citizens Bank. They break this bonus into three segments – each worth $50. The first $50 comes after you make your initial direct deposit of at least $500. The second comes after enrolling in online bill pay and making 3 online bill payments. The third $50 comes as a final bonus for meeting the first two step requirements by 4/30/2013. Note – although it is past the date, their promotional page (link below) is still active so we are assuming they will still honor the deal.

Go to Citizens Bank’s $150 checking promotional page here for further information.

#8 HomeStreet Bank – $300 – Pacific Northwest/Hawaii

Here’s a pretty significant bonus that requires several actions on your part to earn the full $300 bounty. In a nut shell they have basically 3 different account types all with different features and a different set of potential fees (pay attention to minimum balance requirements). You can earn the bonus with any of the 3 checking account offers. The breakdown is as follows – earn $100 or the initial direct deposit, earn $80 in $2 increments for each purchase with your debit card. $15 per online bill payment (up to $75), $25 for your old check book, and $20 when you sign up for e-statements. Whew…think you can handle all that?

#9 CiT Bank Online Savings Account – 0.90% to 1.00% APY

Ok ok, so it’s not technically a checking account, however, we really like CiT bank’s new online savings account because of it’s low minimum balance requirement and it’s generous interest rate. If you want to compare it to a checking account with a bonus then look at it this way – if you keep on average, say $10,000 in the account throughout the year – then that’s equivalent to a $90 bonus each and every year. Compare that to a one-off $100 bonus for signing-up and you see why we chose it for the number 2 spot. That being said, if you have just a smaller amount to stick in the account, then the rewards are obviously much less. There are zero fees with the account and the minimum opening balance requirement is just $100. One negative aspect of the account (and the primary factor separating it from a traditional checking account) is that you are allowed just 6 withdrawals per month. You’ll earn 0.90% APY on balances under $25k and 1.00% on balances above that amount. Additional perks – Free online transfers, Free incoming wire transfers, Free outgoing wire transfers, and zero account closure fees. Visit BankonCit.com for more information.

Runner-up Award: Sovereign Bank -Three checking account promotions available. Promotions consist of $125, $75 and $50 cash bonuses for account holders. Their “premier checking package” provides the $125 bounty but you’ll have to pay close attention to the fee structure to avoid getting dinged. All of Sovereign Bank’s checking packages come with minimum balance requirements to avoid fees – which is why it didn’t quite make the cut this year.

With all that being said, would you ever consider applying for a mortgage through Costco? It is one thing to buy your meat at this warehouse, but another thing entirely to trust them with your home loan.

Here is what you need to know: Costco has partnered with First Choice Loan Services, a division of First Choice Bank, to provide home loans to their members who happen to be in the market. In other words, you are not dealing directly with Costco when you apply for a loan. Instead, you are going through its lending partner.

Costco currently offers three types of loans:

• Traditional mortgage
• Refinance
• Veteran loan

While most people opt for a traditional mortgage, there are many who are staying put in their current home but looking forward to taking advantage of a lower rate through refinancing. And of course, those who have served the United States have the ability to apply for a VA loan.

Find the Best Deal

Although we hate to use the word “broker,” this is pretty much what Costco is during the process.

You will start out by completing a basic application on the Costco website. From there, however, you will be connected to many of the “finest lenders” in the United States, all of which have signed on with Costco to provide members with fast response times, top of the line service, and of course, superior pricing.

So remember, Costco is not actually funding your loan they are simply matching you with their “preferred lenders.” Although First Choice Bank does the majority of the loans, you may be connected with another partner bank. Costco has many larger online deposit based banks as their partners (see the list below for more).

Because Costco is essentially helping you shop for your loan, you’ll get a number of rate quotes from their partners after submitting all of the required information. You wont, however, be able to see which institution is offering which rate until you’ve locked in.

Costco’s Loan Partners:

- WestStar Mortgage Inc.

- Sterling Bank

- CapWest Mortgage

- Bank of Internet

- United Community Mortgage

- Wyndham Capital Mortgage

- Vanguard Mortgage

- Real Estate Mortgage Network

-First Century Bank

Here are what we’ve found to be some of the biggest advantages of using Costco to help you secure your loan.

1) As we mentioned before, Costco’s partnered institutions are heavily vetted for speedy service and a highly responsive customers service department. Anyone who’s ever gone through the home loan process can attest to how valuable those elements are when securing a loan, especially when closing dead lines are tight.

2) Price. As with everything else Costco, be it gas, insurance or peanut butter, you’re bound to find competitive pricing. Similarly lending fees are extremely reasonable when compared to other products on the market.

Lender Fees:

• Executive Members: lender fees of $600 or less
• GoldStar Members: lender fees of $750 or less
• Costco Members: savings up to $5,000 over the typical life of the loan

If you still have questions or concerns, you can visit the Costco website for testimonials and/or fill out the application.

There is no denying that Costco can help members save thousands of dollars per year. But can you trust them with your mortgage? In most situations, it appears that the answer is yes.

The markets appear to be cooling off after the recent run-up that sent the Dow and S&P 500 to record highs. But that doesn’t mean you need to sit on the sidelines or hold on to excess cash. Indeed, investors today have more choices than ever before as more and more investment vehicles pop up to compete for capital.

We’ll explore three relatively new investment strategies you might consider adding to your portfolio. These carry varying degrees of risk and liquidity, and can be a savvy way to diversify your holdings.

1. Next Generation Real Estate Investments

The real estate market is back in a big way, but I’m not talking about buying rental properties. The upfront costs are very high, your cash is tied up for years, and there is always the pesky issues of dealing with tenants and repairs.

Instead, I want to call your attention to a new company called Realty Mogul. Realty Mogul takes the crowdfunding model and applies it to real estate. The company partners with seasoned investors on the ground to source profitable deals.

You can buy shares of a property rehab loan for as little as $5000 and get paid interest quarterly. Then, everyone is cashed out once the property gets flipped or is refinanced at the end of the (usually) 12-month term.

The upside here is low investment threshold, low headache factor compared with traditional real estate investing, and short-term payback period.

The risks are relatively low as the loans are personally guaranteed by the borrower and use the property as collateral.

 The downside to Realty Mogul is that due to SEC regulations, they are currently only open to accredited investors; those with incomes over $200,000 a year or net worth in excess of $1,000,000.

Expected Returns: 8-10%

Liquidity: 6-12 Months

Risk Level: Low – Mediu 

2. Peer to Peer Lending

Peer-to-Peer lending is another excellent opportunity for asset growth and cash flow investing. The two major players, Lending Club and Prosper, both have seen record months in terms of funding in the early part of 2013.

With each month and year that goes by, the platforms mature and the data improves. This goes to reduce risk and allows investors to make better lending decisions. Naturally, the riskier the borrower profile, the higher the expected return.

Each platform allows investors to filter available loans based on their desired criteria and appetite for risk. The minimum investment is just $25, though most lenders will help fund several different loans to make sure they are diversified within the marketplace. 

With peer-to-peer lending, your cash is tied up for 3-5 years depending on the term of the loan, but your investments will spin off cash each month which you can either stock up or reinvest. (Both Lending Club and Prosper use FolioFN to facilitate a loan aftermarket if you need to cash out earlier.)

Expected Returns: 5-15%

Liquidity: 3-5 Years

Risk Level: Low – High

[Related: Peer to peer lending - an alternative to bank CD's.]

3. Digital Assets

On the cutting edge of investment strategies is the purchase of digital assets such as domain names, websites, and mobile apps. These can be acquired as purely speculative investments or as cash-flowing online properties.

The major marketplace for existing websites is Flippa.com. The site acts as a central brokerage for buyers and sellers. Prospective investors can pore into the available data, including traffic and earnings history to arrive at their best valuation estimate. 

A typical website on Flippa may sell for 6-24 months earnings, which would pencil out to a 50-200% return on investment.

Similarly, Apptopia.com is a marketplace for smartphone and tablet applications which are essentially micro-businesses with income streams from customer purchases, advertising sales, or in-app upsells. Like Flippa, Apptopia is attracting outside investors looking to generate monthly cash flow and strong valuation returns.

 However, these marketplaces are not without their downsides. First, many of the digital assets for sale will require some sort of technical or marketing expertise to manage, maintain, and operate to their full potential. Or, there will be an additional cost to pay an expert to help you with those functions.

Second, the market is quite volatile. For instance, a website that ranks well in Google today could be gone tomorrow with a simple change in their algorithm. Some of that volatility is worked into the pricing but this is certainly a riskier asset class.

These digital assets are similar to real estate in that they can produce a series of monthly cash flows, but you’ll have to sell the property to cash out it’s full value. The sales process is not inherently complicated when facilitated by these marketplace sites, but is more difficult than simply putting a sell order on a mutual fund. 

Expected Returns: 30-200%

Liquidity: 1-5+ Years

Risk Level: Medium – High

4. Angel Investing in Start-Ups

Microventures.com lets you play Venture Capitalist without needing millions of dollars to start with. Optimistic investors with an appetite for risk can help fund early stage start-ups in exchange for equity in the company.

If they succeed, you can earn a healthy payout. But if they fail, your investment is worthless. 

The Microventures model is similar to peer-to-peer lending, except instead of debt you get equity, which has the potential to massively appreciate in value over time. The upside is owning private stock in the next big thing, but the fact is there many failures for every Google or Facebook that hits it out of the park.

With these investments, it’s purely a capital appreciation play, and your money could be tied up for years until the company is bought out, brings in bigger outside investors, or goes public. But if you have an eye for picking winners or have always wanted to be an angel investor, Microventures is a good a place as any to start.

 Expected Returns: 0-1000+%

Liquidity: 2-5+ Years

Risk Level: High

The stock market isn’t the only game in town. Have you had success with any non-traditional investments?

Do you have any other alternative investment strategies to share?

Bio

Nick Loper is an author, entrepreneur, and a lifelong student in the game of business. As Chief Side-Hustler at Side Hustle Nation, he’s dedicated to helping an army of part-time entrepreneurs turn their business dreams into reality. His latest book project, Treadmill Desk Revolution, extols the benefits of using a treadmill desk at work for general health and weight loss.

In short, the Cupertino based company has issued $17 billion in corporate bonds.

While this may not mean much to some people, others realize that it is a great way to invest in a company that is known for being one of the most stable and valuable in the entire world. Although it’s no longer the largest corporation on earth like it was in 2012, it still sits amongst the top 10 fortune 500 companies and has a stockpile of cash north of $145 billion. Yes, that’s billion with a B.

With all this in mind, there is likely to be one question burning deep down inside: why would a company with $145 billion (enough to rent out every square footage of office space in New York City according to the New York Times) want to issue debt?

The answer – historically low interest rates.

The bond market in general has been in a frenzy with Apple’s latest announcement only stirring the pot further. The reason for this is the same reason we have such ridiculously low savings rates at banks and that is that interest rates in general are sitting near zero percent.

Given this dynamic, Apple can issue bonds between 2 and 3 percent with 30 year terms and use these funds to buy back stock. A move that investors are responding to in a very positive way.

From the savers perspective this also poses an interesting opportunity. With bank CD rates hovering around all time lows, income-investors from all walks of life are looking for safe investments that offer a higher yields than today’s FDIC insured bank deposits and online savings accounts.

[Read: Corporate bonds vs CD rates.]

Sure, other companies offer corporate bonds but it is big news when a tech titan such as Apple gets in on the action. This is something that really gets people talking.

As tempting as it may be to get in on the action, you may not want to jump in just yet. Instead, take a step back and look at the pros and cons before doing so.

Retail investors have a great opportunity here, but it is safe to say that it is better for some than others.

First things first, Standard & Poor’s has placed a AA-plus rating on the company. What does this mean exactly? It means it’s one of the safest bets around. To put it in further perspective, it is the same rating as US treasuries. Along with this, Moody’s Investors Service rated it Aa1. This is a step below Aaa, which has been given to US treasuries.

[Read: US treasuries vs Bank CDs.]

There are six types of bonds being offered by Apple, ranging in term from three to 30 years.

According to an article by ABC News, short term Apple corporate bonds have a yield that is “slightly higher” than US treasuries.

While the yield is higher, you need to look at the overall body of work to determine if getting your hands on Apple bonds is the right type of investment.

Note: as a retail investor you will have to pay a broker commission, meaning your yield will not be as high as you think. Keep this in mind as you compare Apple bonds to bank CDs.

Now that you know more, what do you think? Are you going to add Apple corporate bonds to your portfolio?

Back in March of ’09 the Dow was sitting in the low 6,000′s and the overall outlook of the US economy was fairly horrendous. As of this month though, the Dow has actually reached all-time high’s of comfortably over 14,000.  That’s above the mark it fell from before the 2008 bank collapse and well over 100% returns if you happened to invest in the Dow Jones index alone during those years.

If you’re a more conservative income-investor who mainly rely’s on bank deposits (like most readers here on BankVibe), then this may have you toying with the idea of investing in corporate bonds over today’s CD rates.

While many investors are taking advantage of corporate bonds, there are just as many (or more) who have no idea what this investment vehicle offers and why these should be considered.

Once you learn about the benefits of corporate bonds, you may find yourself leaving bank CD’s in the past, at least for now, and putting your money here.

Here are just a few of the many reasons why you should at least consider investing in corporate bonds:

1. Higher yields. Let’s face it: right now, the main reason to run away from bank CD’s is the low yield. Nobody wants to tie up their money in an investment that has no chance of earning a reasonable return.

With corporate bonds, higher yields are common, however, dont expect anything fantastic while interest rates in general are still low. You’ll almost always be able to beat CD rates with corporate bonds (even with the safest AAA bonds) but manage your expectations. While the rate is higher – as of today almost a half a percentage point higher – the risk is still greater than an FDIC insured bank deposit.

2. Diversity. As you learn more about corporate bonds, you will find that diversifying your investments is much easier. You have the opportunity to invest in a variety of sectors, meeting your every investment objective.

3. Safer than people give them credit for. Yes, there is risk involved with this type of investment but from a safety standpoint you are in pretty good hands. Corporate bonds are assigned a rating based on the ability to repay as well as credit history. A higher rating means a safer investment in terms of the likelihood that the money, including interest, will be repaid.

Note: don’t confuse safety with risk. Just because you have invested in a “so-called safe” corporate bond it doesn’t mean you are guaranteed a return.

[Related: Compare bank CDs with US treasury bonds.]

The main reason why many people shy away from corporate bonds is a lack of knowledge. Rather than learn more and potentially invest, they opt for something less complicated and more mainstream, such as a bank CD.

Don’t let your lack of corporate bond knowledge hold you back. This is a great alternative to bank CD’s for many reasons, including those above. If nothing else, take the time to compare the pros and cons of all your options before making a final decision.

The same holds true if you are on the other side of the fence, looking to “short sell” your property as a way of escaping a bad financial situation.

Generally speaking, there are documents required to close a short sale that are not required when buying a property in a more traditional manner. Although this will result in more paperwork and a longer process, there is nothing so complex that you should be scared away.

Some of these documents pertain to both the buyer and seller, while others are only for one party:

Purchase Contract

If you don’t have a complete contract you are going to face delays. For this reason, you should know what the bank is expecting and then move forward from there. For instance, some may accept electronically signed purchase contracts while others do not.

Seller’s Hardship Letter

As you can imagine, this is one of the most important parts of a short sale package. This tells the story of why the seller is in this position and why this is the only solution to their problem. Make sure the letter contains the loan number as well as the seller’s signature.

Authorization Letter

In short, this is a letter that is signed by the seller authorizing the bank to speak with a listing agent. This may not appear to be a big deal, but without this letter the agent is unable to negotiate a sale.

Bank Statements

Most lenders require the last two bank statements, while others will request more. As a seller, if there are any large deposits or withdrawals you may have to explain the reason in greater detail.

Tax Returns

Just the same as bank statements, the last two years of your tax return are required. This should include signed and dated returns, as well as all pages and schedules. The bank wants to see everything.

Estimated HUD-1

This is an estimated closing statement that is typically handled by a closing company or escrow officer (attorney). This contains a lot of important information including the address of the property, seller’s name, buyer’s name, closing date, and costs associated with the closing.

Final Word

Does all this sound confusing? If you are a homeowner interested in a short sale, you need to work closely with your lender to move forward with the appropriate paperwork.

On the other side of things, buyers should consider finding a local real estate agent with experience buying short sale properties. When you have someone with experience with the process, there is a significantly less chance that you will forget to submit the required documents.

But guess what? Things don’t always work out this way. Instead, the credit score you think you have may not be the one your lender actually relies on. As you can imagine, finding yourself in this situation can be quite disappointing.

Generally speaking, every lender has the right to choose which credit score(s) it takes into account when offering a decision on a mortgage application.

As a consumer, it is your job to learn more about how the system works to ensure that you are doing everything you can to not only receive an approval but to obtain the lowest interest rate possible.

According to a report by CNN Money, “one out of five consumers is likely to receive a score that is “meaningfully” different from the score used by a lender to make a credit decision.”

This information is courtesy of a study by the Consumer Financial Protection Bureau upon analyzing “200,000 credit files from the three major credit bureaus, TransUnion, Equifax and Experian.”

Not only are you likely to receive a score that is different than the one used by your lender to make a decision, but the study shows that it could be “meaningfully” different. This means that it could have a negative impact on your ability to receive a loan with the lowest possible rate.

Note: there are situations in which the consumer finds the lender using a higher credit score than what they thought. Obviously, this works in the favor of the person applying for the mortgage.

The credit score you see will depend largely on the type of loan you are considering. For example, if the lender is using FICO scores, which is typically the case, there are nearly 50 scores that determine your risk. For instance, a FICO mortgage score is for homebuyers while a FICO auto score is for those purchasing a vehicle.

As a consumer, here is the problem: there is no way of knowing which score a lender will consider when making a decision. Even more so, this makes it difficult to predict the score they’ll use by purchasing your credit score online. While there is nothing wrong with purchasing your score from the major credit bureaus, there is no way of knowing if this is the number your lender will actually use.

How to hedge against this uncertainty?

If you find yourself in the position where your scores seem to be all over the place, the best thing to do is apply for a mortgage with several lenders in a quick period of time. Typically you can apply for a mortgage and have your credit pulled as many times as you’d like in a 30 day window and (at least FICO) will count it as one credit pull.

The Wells Fargo secured credit card is available in 2013 for those looking to either A) get their credit building on for the first time or B) need help rebuilding their credit score.

Before we get into the details we should make it clear that this card is not available to those whom filed bankruptcy in the last 12 months OR have any unsettled liens of credit. This is somewhat of a slap in the face in our opinion, since secured credit cards were originally designed specifically for those individuals.

[See our top 3 credit cards for rebuilding or establishing credit here.]

It’s been a rough couple years financially for many people, and secured credit cards are usually the first go-to option after a credit score has taken a major hit either by bankruptcy or several non-payments on major items.

If you’re considering the Wells Fargo secured card, then you’ll want to review the features, terms and conditions below. Scroll down further to see our recommended secured card offer in 2013 to compare the Wells Fargo’s option with.

Wells Fargo Secured Credit Card Details:

• To set up the card you must first deposit between $300-$10,000 into a “Collateral Account” with Wells Fargo. This will be a Wells Fargo savings OR checking account. Your credit line will directly reflect the amount of your deposit.
• You will make monthly payments towards your card with the funds from this account.
• Once approved you must fund of your collateral account. The process will take between 7-10 days.
• The Wells Fargo Secured Card comes with a variable rate of 18.99% and
• an Annual Fee of $25 will be imposed.

When can you graduate to a normal credit card?

Expect this to take longer than 12 months with the Wells Fargo secured card. We’ve never head of anyone graduating to an unsecured card with Wells Fargo any sooner than 12 months and most have reported a 24 month time frame.

Wells Fargo doesn’t specify the frequency at which they report to the three major credit bureaus. And if you’re trying to build credit, this is something you’ll need to insist on. The best secured card offers of 2013 report every single month.

It costs the bank money to report to these agencies, so they may try and do it less frequency, however, this will only postpone the rate at which your credit score rises.

Final Word:

This card is relatively similar to the other major secured credit card offers as far as its APR, annual fee, deposit limits and restrictions are concerned. Almost all cards come with at least something in the form of an annual fee and an APR of near 20 percent is typical as well. The deposit limits with the Wells Fargo secured card are also on par with other offers.

As we’ve mentioned above it’s notable disadvantages are 1) if you’ve filed for bankruptcy in the last 12 months or have unsettled liens of credit you’re not eligible. 2) It takes significantly longer than 12 months to graduate to a normal credit card.

Our Favorite Secured Card of 2013:

Capital One® Secured MasterCard®

• Get the credit you need with no application or processing fees
• Automatic reporting to the 3 major credit bureaus
• Track credit with access to your credit score and other tools
• Your refundable security deposit can get you a line up to $3,000
• You may qualify for credit line increases with no further security deposit required
• Use it like any MasterCard credit card, accepted at millions of locations worldwide

Go to Offer!

If you have experience with Wells Fargo’s secured credit card, please share by leaving a comment!

“Keep the Change” Account Details 2013:

Here is how it works – First enroll in both a Bank of America checking account AND a Bank of America Savings Account.  The checking account has no minimum deposit requirement, but the savings requires a minimum of $25.

Now every time you purchase something with your debit card (linked to your checking account) Bank of America will automatically round the item up to the nearest dollar. They will take this difference (always between $0.01 and $0.99) from your checking account after each purchase and stash it in your savings. PLUS, for the first 3 months Bank of America itself will also match this amount and deposit it into your savings as well. However, they will only do this for the first 3 months AND only up to $250 per household.

So keep in mind if you’re a family of four all opening a savings and checking account with B of A and wish to enroll in this “Keep the Change” program, you will all be splitting the $250 maximum match amount from Bank of America.

How much can you save with this program?

Below is an example we took from the Bank of America widget calculating your savings using the “Keep the Change” program. In the example below we have selected the dress shirt as a purchase. For this purchase, a total of $1.00 would be added to your savings account. Can you guess how much would be added to your savings if you purchased the ice cream cone?

If you said $0.28, you’d be correct! $0.14 of your own funds and $0.14 of Bank of America’s. Remember, B of A will match up to $250 for the first 3 months, then the savings will be all on you!

How much interest will you earn on your savings?

Practically nothing. Unfortunately, this is biggest downer of the account. Bank of America’s savings account rates are just as pathetic as their deposit rates. Currently they are pumping out measly returns of just 0.10% APY as of March 2013, and likely wont get much better throughout the course of the year.

While this interest rate is slap-in-the-face low, it’s still a variable one which means it will rise in the future when rates as a whole begin to rise again – just don’t expect this to happen anytime soon.

How many purchases will it take to get the full $250 match by Bank of America?

This depends on your purchases. Theoretically you could make 250 purchases at $1.01 each and receive the $250 ($247.50 to be precise) match after spending just $250 of your own money. That’s nearly 100 percent returns! However, it’s obviously far more likely you’ll end up spending significantly more to earn the $250 match by B of A – if you can even get the full amount, remember it expires after 3 months.

To get a better idea of how much matching you’ll likely get from B of A add the remainder from all your debit card purchases you’ve made over the last 3 months. You might want to include the remainders from your credit card purchases as well if you’ll be doing all your purchases with the Bank of America debit card during the promotional 3 month intro period.

Here’s an example of my last 3 days worth of purchasing and how much this would have added up to had I enrolled in B of A’s “Keep the Change” program:

Monday

$4.27 coffee and breakfast  ($0.73 remainder x 2 = $1.46 added to savings)

$8.12 lunch ($0.88 remainder x 2 = $1.76 added to savings)

$21.71 grocery store after work ($0.29 remainder x 2 = $0.58 added to savings)

0.58 + 1.76 + 1.46 = $3.80 total added to savings.

Tuesday

$3.91 coffee and breakfast ($0.09 remainder x 2 = $0.18 added to savings)

$47.20 gas ($0.80 remainder x 2 = $1.60 added to savings)

$9.55 lunch ($0.45 remainder x 2 = $0.90 added to savings)

$28.33 miscellaneous expense ($0.67 remainder x 2 = $1.34 added to savings)

1.34 + 0.90 + 1.60 + 0.18 = $4.02 added to savings.

Wednesday

$4.01 coffee and breakfast ($0.99 remainder x 2 = $1.98 added to savings)

$3.20 snack ($0.80 remainder x 2 = $1.60 added to savings)

$9.25 lunch ($0.75 remainder x 2 = $1.50 added to savings)

$18.23 miscellaneous expense ($0.77 remainder x 2 = $1.54 added to savings)

1.34 + 0.90 + 1.60 + 0.18 = $5.85 added to savings.

You get the idea.

I only worked this out for my first three days spending on my debit card this week. I’m guessing I could average a little over $5.00 per day once you take into account my weekend spending.

If $5.00/day is my average then over the course of the 3 month promotional period, I would have saved a total of $450.

Not bad, but I still didn’t max out the Bank of America matching feature. Half of $450 = $225 deposited by Bank of America in my $5 per day scenario.

Alternative Options to Bank of America’s Keep the Change:

The “Keep the Change” program is really just a cash back checking account in disguise during the matching period by Bank of America.

You may want to see how this account stacks up against other popular cash back checking accounts. For example, with Perkstreet, you’ll earn between 1 and 2 percent cash back from Perkstreet credited straight to your checking account. Some Perkstreet customers have earned up to $600 per year in cash back. See reviews here.

Compare B of A’s savings account rates to the top FDIC-insured savings account rates available nationwide from our database.

[Interested in a new checking account? Capital One's "360" Checking comes with a $50 sign-up bonus!]

About Capital One:

Based out of Virginia, Capital One is the 28th largest bank in the United States and is relatively new when compared to the nation’s other well known banking institutions. After being founded in 1994, it has since grown to employee roughly 8,777 people while controlling roughly $70.51 billion in assets as well as originating over $53 billion in loans.

Capital One’s savings account and CD rates (operating under the new Capital One “360″ brand) while a step up from the likes of Bank of America, Wells Fargo, CitiBank and Chase are still much lower than national averages and drastically lower than the CD rates you can find from online banks and, on occasion, local credit unions. Capital One’s deposit products also feature a higher minimum deposit requirement than most other banks we survey. The current minimum deposit requirement is $5,000.

Capital One “360″ Bank CD Rates 2013:

(Rates accurate as of March 2013. Note – These rates are still accurate even though Capital One has not updated them since October 2012.)

Capital One Bank’s Growth and Overall Health:

Capital One has seen significant deposit growth over the last few years despite declining interest rates throughout the industry. During the last year Capital One increased its deposits by roughly 34% or $9.4 billion. They also recently released news of their $9 billion dollar deal to acquire ING Direct USA. This will be the largest acquisition Capital One has ever conducted. With the deal, Capital One’s online banking business will grow to the tune of 3x its current size to $109 billion (adding $80 billion in deposits from ING Direct). They will also gain 7 million customers from ING in the deal.

Health Statistics:

Interest Income: $4.3 billion

Return on Equity: 41%

Return on Assets: 3.85%

Net Interest Margin: 11.45%