Update 10/14/24: Rates dropped to 4.40% APY on up to $100,000 for Mega Money Market and 4.65% APY on up to $15,000 for Rewards Checking (debit card usage and other requirements apply). Details below.

Update 7/9/24: Rates dropped to 4.75% APY on up to $100,000 for Mega Money Market and 5.00% APY on up to $15,000 for Rewards Checking (debit card usage and other requirements apply). Details below.

All America Bank and Redneck Bank are sister internet banks that offer the same types of accounts (with different marketing shtick). Looking back in my archives, I actually opened an account with them way back in 2009 (later closed), as they offer a simple product lineup and have intermittent periods where they are very competitive with interest rates. (There are also some periods where they choose to lag.) Looks like they are looking to attract deposits again, recently raising both their interest rates and their balance caps.

Mega Money Market

• 4.75% APY on up to $100,000. Amounts over $100,000 earn 0.50% APY.
• No debit card transactions required.
• $500 minimum to open an account. No ongoing minimum balance requirement.
• Must agree to receive online statements only.
• Limit of one Mega Money market account allowed per individual. (I believe you can have one account at each bank, though.)
• Technically a money market checking account which means it includes a debit card (you can pay for checks too) but is still limited to six withdrawals per month. This limits its functionality to more like a savings account.

Rewards Checking

• 5.00% APY on up to $15,000. Amounts over $15,000 earn 0.50% APY.
• 10 debit card transactions required per monthly statement cycle. Monthly statement cycle ends on the 20th of each month. If the 20th falls on a Saturday, the cycle will end on Friday the 19th. If the 20th falls on a Sunday, the cycle will end on Monday the 21st. ATM and ACH transfers don’t count.
• $500 minimum to open an account online. No ongoing minimum balance requirement.
• Must agree to receive online statements only.
• Limit of two (2) Rewards Checking Accounts allowed per individual. (I believe you can have two accounts at each bank.)
• A full-featured checking account with online billpay, ATM rebates (up to $25 per month), and mobile check deposit abilities.

Note that both are under the FDIC insurance certificate of All America Bank (#20093), so you should be careful not to exceed the $250,000 limit across both banks (a reminder that the $250k limit is per depositor, per insured bank, for each account ownership category).

CIT Bank is another bank where I maintain an ongoing relationship because they tend to offer competitive rates. They are one of those banks that likes to run unique promotions and/or start new types of accounts, and their newest savings account is the Platinum Savings that pays 4.10% APY on balances of $5,000+ as of 3/20/25.

Here are the details:

• 4.10% APY on daily balances of $5,000 or more (as of 3/20/25).
• 0.25% APY on daily balances of less than $5,000 (as of 3/20/25).
• $100 minimum to open.
• No monthly fees. No minimum balance requirement.
• Member FDIC.

If you are also a CIT Bank customer, you should consider moving your funds from other CIT bank accounts into this one. It’s not hard, but you do have to take the initiative and it’s certainly worth spending the few minutes to do it. Here is a comparison of the best CIT Bank account options. They have also recently bumped the rate on their No Penalty CD slightly if you are worried rates might drop and want to ratchet up instead.

Swagbucks is a loyalty rewards site where users can earn “Swagbucks” points (SB) for activities like shopping online, taking surveys, scanning grocery receipts, playing games, watching videos, or even searching the web. Many of these activities tend to be low on the “hourly-wage equivalent” scale, but you can also earn bigger (and more time-efficient) bounties for opening financial accounts like banks and brokerages. Existing members can go to the “Discover” section, then click on “Finance”, and you’ll see offers like these:

There are a few things to be aware of (that also make them difficult to write about):

• The bonus values can vary widely and quickly for any specific institution. They may go up and down without warning from one day to the next.
• The bonus values can also vary per user. The offer amounts that you see and what I see in my account could be completely different.

Is Swagbucks legit? Will I get paid? I do view Swagbucks as a legitimate company, BUT you have to understand the inherent limitations of their business model. Swagbucks operates by skimming off a fraction of the bounty that they receive from partner companies. The margins are thin and there are multiple moving parts.

Let’s say Bank A will pay Swagbucks $60 for a new customer, and then Swagbucks promises you $50 of that. That means both Swagbucks has to track that you opened the account, and Bank A has to track that someone from Swagbucks opened the account, and they both have to agree that Swagbucks user was you specifically.

As a result, Swagbucks is not going to want to pay you the $50 until they themselves get their own $60. Swagbucks doesn’t have full control over this because Bank A will have their own tracking system that isn’t 100% accurate. If Swagbucks gets caught making too many payments before they get paid on their own, they run the chance of going bankrupt. So if Bank A is late in either tracking or paying out, Swagbucks will most likely be late in paying you as well. Swagbucks will have to work with the Bank A to resolve any tracking issue discrepancies, so I don’t view them as reliable as a direct bonus.

This is why I prefer to only use Swagbucks when they offer a bonus that is stacked on top of another bonus, and not instead of another bonus. For example, with Plynk they may only offer 3500 SB right now (worth ~$35), but at least it is on top of the standard $50 bonus. That way, it’s just gravy on top, instead of a possible net loss by making you miss out on an alternative bonus if the tracking goes awry. I usually avoid Swagbucks if they tell me I’ll be disqualified from the standard bonus.

How much are Swagbucks worth? Thankfully, their redemption options are relatively easy to understand. 2500 SB is worth approximately $25 via various options. 2500 SB = $25 cash deposited directly into your bank account or brokerage account, no fees, uses Plaid service:

2500 SB = $25 PayPal transfer. 2500 SB = $25 Amazon gift card (although the first one per month is only 2200 SB). 2500 SB = $25 Walmart gift card. There are discounted redemptions from time to time. For example, right now I see a $25 virtual prepaid credit card for 2450 SB (2% discount from cash).

I don’t consider myself a heavy Swagbucks user, but usually go for the 10% discounted Amazon gift card at the beginning of each month. I have not had any problems cashing out my Swagbucks once they have been earned.

Swagbucks $10 referral bonus. If you sign up using my Swagbucks referral link, you can get a $10 bonus after spending $25 in their shopping portal. It’s similar to other shopping portals such as Rakuten/eBates or TopCashBack, where you get rebated back a percentage of your purchase. Make a $25+ purchase at Walmart, eBay, Amazon (select categories only), Home Depot, Lowe’s, or Best Buy to trigger the bonus. If you trigger the bonus, I will get $10 (1,000 SB) as well. Thanks if you use it. Here’s the fine print:

*Member must “Activate” the Bonus in the Swag Ups section of your account. Bonus value is earned in the form of points, called SB. Get a 1000 SB bonus, which is equivalent to $10 in value, when you spend at least $25 at a store featured in Swagbucks.com/Shop. You must receive a minimum of 25 SB for this purchase, which you must complete within 30 days of registration. MyGiftCardsPlus.com and travel purchases do not qualify.

Another site that is similar to SwagBucks is MyPoints ($10 bonus referral link as well). MyPoints has been around even longer than Swagbucks and also offers some finance-related bonuses which are worth a quick comparison check, although you should note that their redemption options are a little more complicated (you might get more points, but 1 MyPoint usually gets you less rewards than than 1 Swagbuck).

Andrews Federal Credit Union has a $200 PayBack Checking offer with qualifying direct deposits to a new checking account. Offer expires 5/31/23. Here is the breakdown of the bonus:

• $75 credit within one business day of the opening of the account.
• $125 credit after $500+ in qualifying direct deposits within 60 days of the Payback checking account opening date.
• Receive $0.10 for every debit card transaction ($5 or more) during the first 90 days your account is open.
• No minimum balance required to obtain the bonus or to open the Payback Checking account.

More bonus fine print:

Members with an existing personal checking account with Andrews Federal (either as a primary or joint account holder) are not eligible. Qualifying direct deposits include recurring electronic deposits of payroll, pension or Social Security. Person-to-person, bank transfers or other electronic money transfers, such as those made through internet payment services, do not qualify. The $125 credit will be made to the new Payback checking account within 90 days of all requirements being met. Your new Payback checking account must still be open and in good standing when we seek to credit the bonus, otherwise the bonus is forfeited. Only one bonus will be awarded per member regardless of the number of accounts opened. Bonus offers are not transferable and are reportable for tax purposes. A $25 early account closing fee applies if the account is closed within 60 days of opening.

Here are details about the PayBack Checking account:

• $10 monthly fee will be waived if you receive at least $500 in total direct deposits within a calendar month to this account.
• No minimum balance.
• Must be enrolled in Digital Banking and/or Mobile App.

Credit union membership eligibility. From their page on membership eligibility:

Our field of membership includes Washington, DC, civilian and military personnel of Joint Base Andrews, Joint Base McGuire-Dix-Lakehurst, and military installations in central Germany, Belgium, and The Netherlands; as well as over 200 employer groups throughout Maryland, Virginia and New Jersey. We also have nationwide membership eligibility through the American Consumer Council.

As I do not live the in DC area and do not qualify otherwise, I joined the American Consumer Council (ACC), a non-profit organization dedicated to consumer education, advocacy and financial literacy. Sounds like something worth supporting! You can join through the website. I believe the cost is a one-time $8, although there is a promo code “consumer” that has worked in the past to get the membership fee waived. They will send you an e-mail shortly with your ACC membership number, which you can use to join Andrews FCU.

Note: Applying for an account may result in a hard credit inquiry. At least for me, they checked my TransUnion credit report.

Bottom line. This is a relatively straightforward checking bonus. Membership is open to anyone nationwide via American Consumer Council. I am already a member of Andrews FCU based on a previous certificate deal (never open a checking account unless you have to), and I have been satisfied with their service. I got the $75 credit immediately after opening, and expect it go smoothly after my direct deposit. Their current certificates rates are relatively competitive but nothing currently exceptional. You may want to check out their car loans or mortgage rates if in the market.

(Update: This offer is no longer available, but the credit union was very customer-friendly and did honor their rate for those that opened the account during the period when the offer was displayed on their website. You just had to call them up and ask. They are a small credit union with limited resources, and I commend them for acting honorably and in a friendly manner. The rate has now dropped, and they no longer open CDs over the phone; you must open in-branch. )

CBC Federal Credit Union is a small credit union that is offering some top certificate rates as of 4/12/23. NCUA-insured. Here are the rate highlights:

• 5-year certificate at 5.00% APY ($500 minimum).
• 5-year certificate with Epic Premium Checking account: 5.25% APY ($500 minimum).
• Early withdrawal penalty for 5-year certificate is 365 days of dividends (will eat into principal if needed).
• The rates on their 1-year, 2-year, 3-year, and 4-year certificates are also competitive, with and without the Epic Premium Checking Account.

Their Epic Premium Checking Account offers various perks including a discount on loan interest and also a boost of 0.25% to 0.50% on certain Term Share Certificate Rates. However, it does charge an $8/month fee that cannot be waived. If you close the Epic Premium checking account or it becomes inactive, then you lose the rate boost AND the interest rate on your CD might drop to the current rate. Whether the extra rate boost is worth the monthly fee and maintaining activity on the checking account depends on the amount deposited and your own preferences.

Unknown if there is a credit pull with a new membership application. This is common with credit unions, but I did not see anything come up on my credit monitoring alerts after my application. Must keep $5 minimum in Share Savings account as long as you are a credit union member. Hat tip to DepositAccounts.

Membership eligibility. Although in Southern California with only four physical branches, their eligibility criteria is actually open to anyone nationwide. You can:

• Live, work, worship, or go to school in Ventura County
• Participate in programs to alleviate poverty or distress in Ventura County
• Participate in associations, businesses, or other legal entities headquartered or located in Ventura County
• Maintain a facility located in the Ventura County
• Have a family member that is an existing CBC member
• Importantly… one of the eligible associations is the American Consumer Council, which you can join as part of the sign-up process and CBC FCU will cover the membership fee.

My thoughts. I wasn’t sure if I should post about this, as the last time I posted a CD deal from a smaller credit union, the rate dropped in only two days. These small credit unions usually offer up these high APYs when they have specific funding needs and then they will drop the rate once that dollar amount has been met. However, the purpose of this blog is to share what I am up to, and this is an example of a motivated individual being able to access a much better interest rate than even a billionaire hedge fund manager.

For comparison, as of 4/11/23, the 5-year Treasury bond rate is 3.54%. For retirees and semi-retirees with large cash/bond balances, this is a meaningful rate difference. I don’t know where rates will go in the future, but I like to build a ladder and this is one of the best rates for my “5-year rung” in a while.

If you wish to get in on this rate, you should act quickly and temper your expectations. It’s a good enough deal that it is quite possible that there will be enough new applications to overwhelm their limited staff. You might go through the application process, possibly take a credit pull hit, and have the rate fall before you can fund the certificate. I’m not saying this will happen, but it is possible. Of course, it is also possible that this is only the start of multiple places offering long-term 5% APY CDs.

In terms of best practices, I would recommend taking extra care when applying online and uploading a very clear picture of your photo ID. You want to avoid any hiccups that would require human intervention. If you do have to call, be polite and patient. Once you get your Share Savings account number, use it to transfer funds over online within a few days. (Some people choose to wire funds as that is instant.) Then you must call up CBC FCU and open up the certificate over the phone as an existing member with funds ready to go.

Based on their website, they appear to be using the same backend software as many other credit unions.

Bonus still available in 2023. Discover Bank has an ongoing deposit bonus for new customers for their online savings account. If you open a new account through this link (currently shows promo code SAVE323W2 with expiration date 5/31/23) or this link (currently shows promo code GOBP223 with expiration date 6/15/23), you can receive one of the following bonuses:

• Deposit at least $15,000 within 30 days of opening to earn a $150 bonus, or
• Deposit at least $25,000 within 30 days of opening to earn a $200 bonus.

This offer has been available off and on for over 5 years and is always only for first-time Discover Savings account customers, but if you haven’t grabbed it yet it’s a solid bonus.

*To get your $150 or $200 Bonus: What to do: Apply for your first Discover Online Savings Account, online, in the Discover App or by phone. Enter Offer Code GOBP223 when applying. Deposit into your account a total of at least $15,000 to earn a $150 Bonus or deposit a total of at least $25,000 to earn a $200 Bonus. Deposit must be posted to account within 30 days of account open date. Maximum bonus eligibility is $200.

What to know: Offer not valid for existing or prior Discover savings customers or existing or prior customers with savings accounts that are co-branded, or affinity accounts provided by Discover. Eligibility is based on primary account owner. Account must be open when bonus is credited. Bonus will be credited to the account within 60 days of the account qualifying for the bonus. Bonus is interest and subject to reporting on Form 1099-INT. Offer ends 6/15/2023, 11:59 PM ET. Offer may be modified or withdrawn without notice.

The Discover Online Savings Account has a current interest rate of 3.60% APY as of 4/11/23, which is sort of a competitive rate although not the highest available. There are no minimum balance requirements and no monthly fees. Interest is compounded daily and paid monthly.

If you deposit the minimum amount of $15k, the $150 bonus is effectively another 1% of your initial deposit. The $200 bonus on $25,000 deposited is a lower percentage, but if you have the extra cash then it may still be a good rate. There is no fixed minimum time period where you have to keep the money there after getting the bonus, so your effective ROI can be quite high since the bonus should post shortly after you complete the required deposits. Keep in mind that you must still have an open account for the bonus to post.

I did not experience a hard credit pull when opening my Discover bank account on a previous bonus. Historically, their rates are competitive but not the rate leaders. Their overall feature set is not exceptional (average speed transfers), so it is not my primary savings account at this time. Maybe it is convenient if your primary card is the Discover It credit card?

Bottom line. The Discover Savings account is a simple, barebones piggy-back savings account with no minimum balance and no monthly fees. The rates are historically competitive but rarely the highest. With no monthly fees, this is a solid low-risk bonus if you have the funds available and have never had a Discover bank account before.

Simple $100 bonus. Chime is a popular fintech app with a simple $100 cash bonus (up from $50) after a single direct deposit of $200+ within the first 45 days of new account opening. To get this offer, you must be referred by an existing user. Here is a Chime $100 referral link. Here is a screenshot of my bonus (when it was only $50) appearing nine minutes after my initial deposit:

Here is the fine print:

In order for the referring Chime member (“Referrer”) to qualify and receive the $100.00 referral reward and $10.00 temporary SpotMe Bonus Limit increase, and for the referred person (“Referred”) to qualify and receive the $100.00 referral reward, all of the following conditions must be satisfied: (1) Referrer meets SpotMe eligibility requirements and is part of the SpotMe Referral Incentive referral reward campaign; (2) Referred has not previously opened a Chime Checking Account (“Account”); (3) Referred opened a new Account between January 1, 2022 and December 31, 2022; (4) Referred opened the new Account using the Referrer’s unique referral link; (5) Referred received in the new Account a Qualifying Direct Deposit within 45 calendar days of opening the Account; and 6) Referred activated their physical Chime Visa Debit Card within 14 days of receiving a Qualifying Direct Deposit. A Qualifying Direct Deposit is a deposit of $200.00 or more by Automated Clearing House (“ACH”) that comes from your employer, payroll provider, gig economy payer, or benefits payer OR a deposit by Original Credit Transaction (OCT) from your gig economy payer. Bank ACH transfers, Pay Anyone transfers, verification or trial deposits from financial institutions, peer to peer transfers from services such as PayPal, Cash App, or Venmo, mobile check deposits, cash loads or deposits, one-time direct deposits, such as tax refunds and other similar transactions, and any deposit to which Chime deems to not be legitimate are not Qualifying Direct Deposits.

Chime is a financial technology company, not a bank. Banking services provided by, and debit card issued by, The Bancorp Bank or Stride Bank, N.A.; Members FDIC.

Why is Chime so popular? Chime is the second-most popular online-only bank in the US (only behind Ally) with over 13 million customers and a recent valuation of $25 billion as of September 2021. I learned that Chime is very attractive to those who are “unbanked” or underbanked”, those people who don’t like traditional banks due to their monthly fees and $35-a-pop overdraft charges. Instead, Chime offers:

• No monthly fees. No minimum balance. No minimum opening deposit.
• No credit check. No Chexsystems check.
• Access to paycheck 2 days early. If you usually get paid on Friday, you can spend the money on Wednesday.
• No overdraft fees, and they may even “spot” you up to $100 until you pay them back.
• Free ATM withdrawals at 38,000+ MoneyPass and Visa Plus Alliance ATMs.
• No foreign transaction fees.

For many folks that have a lot of activity but maintain a low balance, this fee structure is better getting 4% APY or even 10% APY. The key is avoiding those crazy overdraft charges from the big banks and also the various $2 fees hidden inside many prepaid cards. Chime’s only major fee is a $2.50 fee if you make a cash withdrawal at an out-of-network ATM. Chime earns revenue via interchange fees when you buy things on your debit card.

As I opened an account, I noticed that Chime treats you like have never had a checking account before. The sign-up is easily done completely on your phone in a few minutes. You don’t need to deposit a single cent to open. They send basic “Chime 101” emails explaining the effect of bank holidays and how to set up direct deposit.

There is no credit check, so you can have bad credit and even a bad Chexsystems record (meaning you probably left another bank with a negative balance). Nearly every major bank uses Chexsystems to screen new customers. Otherwise, they are referred to as a “second chance” bank account. Chime might have the lowest fees of all such “second chance” banks.

Savings account at 2.00% APY. Once you open the main Chime checking account, you can also open a separate savings account. No minimum balance and no monthly fees on the savings account, either.

Chime has the most of other bank stuff as well. Debit card. Paper check deposit via mobile app. FDIC-insured via partner banks, either Stride Bank or The Bancorp Bank. The only major thing missing besides bank branches is that they don’t provide paper checks. Depositing cash is available, but the third-party physical stores may charge a fee.

In terms of working with my other accounts, I am able to deposit and withdraw fund via Ally Bank push/pull. Your routing number and account number is available openly in the app under “Move Money > Direct Deposit”. My routing number is 103100195, which ABA.com confirms as Stride Bank, NA. based in Enid, Oklahoma.

Bottom line. Chime is an interesting bank startup that targets the underbanked and unbanked by offering a much better fee structure to those with access to direct deposit. No overdraft fees, no credit checks, no Chexsystems. Currently, there is a $100 bonus available via referral link.