Weak Bank, Good Rates?
May 26th, 2008
One of the ironic and concerning things about the banking crisis that we’re enduring this year is the fact that it is typically the most troubled banks which offer the most competitive deposit rates. That is because banks which are struggling, such as Indymac Bank, are very keen on gaining new deposits to add to their balance sheets and offset the large lending losses they may have taken on their books.
This works, because deposits, even in troubled banks, are insured by the FDIC. Established in the late 1930s, the Federal Deposit Insurance Corporation was established to guarantee deposits in the event of a bank failure. Deposits are insured up to $100,000 per person or $200,000 per couple.
Citibank Ultimate Savings Accounts
March 1st, 2008
Citibank’s Ultimate Savings Account is now offering 2 round trip airline tickets (up to a $400 value each), with 40,000 ThankYou points redeemable through ThankYou Network, the Citi no-fee rewards program. The 40,000 points will be issued to qualified account holders 120 days after the terms of the program are satisified.
To enroll and qualify you need to
1.Open a Citibank checking account and link it to a Citibank Ultimate Savings Account.
2. Make a deposit of at least $25,000 into a Citibank® Ultimate Savings Account and open a new regular checking account with minimum $1,000 deposit in a Citibank Account, Citibank. Everything Counts or Citigold account relationship package.
3. Accounts must be opened by 3/31/08.
4. Within 60 days of opening accounts, customer must a) enroll their new checking account in ThankYou® Network and b) complete at least one direct deposit to, or at least two electronic bill payments from, the checking account each month for three consecutive months. You must make the electronic bill payments by using Citibank® Online, Citi MobileSM or CitiPhone Banking®. This does not include bill payments made to Citibank credit cards and transfer payments made to accounts with Citibank or its affiliates.
5. The Citibank Ultimate Savings Account featurs an Annual Percentage Yield (APY) of 3.25% as of 02/12/08.
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