Where to Stash Your Cash

CheckingFinder.com is a very useful search tool to identify these high paying reward checking rates. These are NOT teaser rates! Here are a few examples of their top performers:

Rates with a * signifies this bank rate is available nationwide.

First Robinson Savings Bank – Robinson, IL 6.01
Southern Missouri Bank & Trust 6.01
Bank of Ripley – Ripley, TN 5.26
LA DOTD Federal Credit Union – Denham Spring, LA 5.25
Keystone Bank – Auburn, AL *5.15
Connexus Credit Union – Wausau, WI *5.15
Community State Bank – Poteau, OK 5.05
First State Bank – Kansas City, KS 5.03
State Employees Credit Union – Santa Fe, NM 5.02
Grand Bank of Texas – Grand Prairie, TX 5.02
Malvern Federal Savings Bank – Paoli, PA *5.01
Union State Bank – Everest, KS 5.01
United National Bank – Cairo, GA 5.01
First Banking Center – Lake Geneva, WI 5.01
Noble Bank & Trust – Anniston, AL 5.01
The Community Bank – Brockton, MA 5.01
Community Bank of Pleasant Hill – Pleasant Hill, MO *5.01
Olmsted National Bank – Rochester, MN *5.01

Hope this helps!

Erik (CheckingFinder.com)

Community banks are offering the best interest rates on free checking accounts. At CheckingFinder (www.checkingfinder.com), you can type in your zip code to research and compare rates of high yield checking accounts in your area. If you find an account that suits you, you can open it for free. They also have online banking – you can check out each bank's requirements and the best rates on short term deposits at select community banks nationwide.

Thanks,

Emily (CheckingFinder)

I’m writing to comment on the financial crisis and to let people know there ARE other options out there besides simply suffering and watching our savings erode. I moved to Costa Rica from the U.S. in 2005 and I can’t stress enough the difference in attitude between those in the U.S., and the American friends I’ve made in Costa Rica. Everyone is saying, “Thank God I am living here. I couldn’t imagine retiring in the States.” The fact is, thousands of Americans are retiring to Costa Rica to maintain their quality of life. The cost of living, climate and safety record are the main factors for most people. I pay $25 a month for electric, $5 for water, $25 for my cell phone, and my property tax is less than $100 a year! I also don’t have to pay for heating or air conditioning because where I live, in the Central Valley, it’s typically 70-85 degrees every day of the year. It doesn’t matter what your income bracket is, everyone can appreciate those numbers.

Admittedly, it doesn’t make sense to come here on your own to explore retirement options–having a network of people you can trust will make the transition a lot easier. A few years after moving here I started a company “Boomers in Costa Rica.” We give people a chance to get a real flavor for living here. We also introduce clients to experienced professionals and to the type of real estate options that are only from reputable sellers. Our website is http://www.boomersincostarica.com. It’s time for people to feel good again. Come on down and lead the good life!

my credit union (United Federal Credit Union) is offering 6.01% APY guaranteed until at least 2010.

http://www.unitedfcu.com

I have not been able to find 4 to 6% anywhere. A followup article listing some of these institutions would be helpful, and appreciated!

I still feel that the highest interest rate that you can find still doesn't beat putting money away in a savings account every pay period or at least once a month…Just think, what type of interest can compete with $50 or $100 a month unless you already have a large amount of money saved up and are eligible for those type of high risk investments. It’s like we are trying to save as much as we can now so we can be a millionaire when were almost dead. I’m not a professional in the numbers game or in investing as you probably can tell but how about take the extra money and pay some bills off if you can so that when you get paid you will have more money in your pocket instead of it being spread among so many bills or going to so many investments that are not FDIC insured investments. One of the gentlemen that was part of the scandal in Florida where that broker ran off with everyone’s money and hopes and dreams and future he talk about how angry he was and belief me my heart goes out to him that’s terrible what happen, but he mention that he could of taking the money and paid off his house instead of investing with this guy… Just think he had enough money to pay off his house and instead he invested in this guy? Maybe if he paid off the house he would have more money to invest each month in his own future…..Or since we know that the stock market is a gamble he would at least have somewhat of a secure future with a roof over his head instead of working longer than he intended. The reason these different types of investments came about because we don’t have the discipline to save our own money…

John in SF – Yes, if you aren't super-doomer and have a long horizon, you should use this opportunity to invest. But, some of us do have reasons to park cash for 6 months to two years (i.e., saving for a downpayment).

Check out the good news the FDIC released today about deposit insurance

you know, i read some people griping about requirements and what not, and come on, really? banks are here to help with your finances. it takes things like fees and requirements for them to be able to offer good rates, and to be able to stay in business. the best bank is not one that doesnt charge fees, its one that charges fees that you understand. if you want your money to work for you, do a little work yourself. as they always say, nothing is free and nothing is just given to you in life. quit complaining.

Coulee Bank offers 5.01% APY on their Rewards Checking account. It is also offered nationwide. You can apply at http://www.CouleeBank.net

In articles quoting the $250K FDIC insurance limit, I never see mentioned that this will expire on 12/31/09. Unless a law is passed extending it, it will revert back to the original $100K that was the limit until late 2008.

So beware of amounts you put in long term CD's. You don't want to put, say, $200K into a five year CD now, and then find out half of it becomes uninsured as of January 2010.

Community Rewards Checking

Community National Bank offers 4.51% APY on balances up $25,000 and 1.01% APY on balances over $25,000. You must complete 12 debit card purchases per month and have at least one auto debit or direct deposit per month. You can open online using the above link. No hassles.

The fact that the Dow is south of 7,000 means that stocks are cheap which is a reason why one should invest in stocks and not a reason why one should avoid them.

Take a look at Star Checking at Horizon Community Bank in Lake Havasu City, AZ.

My bank offers reward checking. The APY I'm getting is better than their 5-year CD rate. The requirements are simple. In fact, I was meeting them way before my bank introduced the new account, and I wasn't earning any interest. It's really worth checking into, so don't get turned off because you hear of "requirements". Most regular interest-bearing accounts are paying just over 0%. If you could earn 4% by using your check card and doing 2 other things, wouldn't you?

I never thought I would lower the amount I was putting into my 403.I think sometimes investers are like a deer with their eyes on the headlights and wait to long to make adjustments.

The title of this article is very misleading. It says 6% to get your attention but says nothing about who or what institution is offering such a deal. CNN=disappointing

Another poor article by CNN, with no information, there is more information in the comments then the article and the tagline to get you to read this "article" Safe Cash: 6% reward checking accounts, show one place offering 6%? and if you do it will be on a limited amount of money with direct deposit and a dozen atm withdrawls a month. Looks like the writers at CNN are as bad as the reporters.

So . . . I have a brokerage account, and the CD's the broker is selling are still paying about 1%. Looks like someone is making money on these things, and it sure isn't me!

There are a lot of great sites to find deals including Bank Deals.

Some others I like to look at as well are http://www.gotalkmoney.com/blog and http://www.fatwallet.com.

I just love how most CNN authors focuses on the positive aspects, without really delving into the cons and tripwires that are set up to help these financial institutions maintain a relatively high rate.

There may be a job for this author on Wall Street selling derivative securities….

Dave Ramsey is advertisting the webstite: http://www.Checkingfinder.com to find high interest local banks.

Gulf States Bank in louisiana pays 5.5% on checking up to 25k but you must have one utility bill set up with them and have 12 ATM transactions on your debit card each 3 month period.

Usually these accounts only offer the high rate of interest up to the first 50k

Agreed phx, az…….there is always requirements for these accts. NOBODY is going to give you 4-6% without bal. requirements, early closure fees, or some sort of relationship package.

Most all of them now are down to 4% or less and dropping

Make sure that you read the fine print that is contained within these 'reward' accounts.
There are specific 'trip wires' that must be maintained to earn the high rate.