Banking Deals of the Week: April 28


The talk of a rising economy that will lift all boats is a common theme in the national media these days — even though Wall Street itself doesn’t necessarily think so.

Wall Street has a self-proclaimed “anxiety barometer” called the CBOE Market Volatility Index (Stock Quote: VIX). The VIX leapt by 30% on Tuesday, its largest spike since Oct. 22, 2008.

The fear, for a lack of a better term, is based on ratings cuts on two European countries — Greece and Portugal. The Eurozone stands on shaky legs these days and Wall Street investors know it. For bank depositors, more bad news from Europe could spill over into the U.S. economy, driving interest rates back down again as more investors flock back into the bond market. Yesterday’s stock market woes might have already triggered such a stampede.

It’s a frustrating time for bank investors. Just when good economic news perches on the windowsill, some piece of bad economic news scares it off.

The good news? It’s all the more reason why investors should intensify their hunt for good bank deals. That’s what we do here at BankingMyWay every Wednesday, with our Deals of the Week. There are good deals out there — and it’s our job to find them.

Checking Account

Let’s start this week with an interesting checking account deal.

TD Bank (Stock Quote: TD) is out with a checking account deal where you can get a new Flip Ultra video camera for opening an account.

Enroll in a new TD Bank checking account and you’ll receive a new Visa (Stock Quote: V) debit card. Use the card to make eight purchases, then make two online bill payments through your checking account. Once you’ve done that, just wait six weeks and you’ll get your new Flip camcorder.

Some minimum requirements come into play. You’ll need an initial deposit of at least $100, and all qualifying purchases made with your debit card must be made within 45 days of opening the account.

The deals ends on June 5. Find out more at the TD Bank Web site.

Free Checking

Patriot Bank has rolled out a whopper of a deal for new checking account customers — a 3.01% APY on the bank’s Revolutionary Checking account.

That’s right — 3.01%. That’s more than many long-term bank certificates of deposit are paying out, and more than most money markets are paying out.

Plus, you won’t be charged maintenance fees and you can earn ATM refunds.

From the Web site, here is the breakdown:

  • 3.01% APY on balances up to $35,000.
  • 1.01% APY on balances more than $35,000.
  • If qualifications are not met during a statement cycle, you still earn 0.15% APY on all balances.
  • Interest is compounded daily and credited each statement cycle.
  • No service fees.
  • No minimum balance requirements.
  • ATM fee refunds up to $25 per statement cycle if qualifications are met.
  • FastEasy Debit Card.
  • Free EasyNet Online Banking.
  • Free Online Billpay.
  • Free Direct Deposit/Automatic Drafts.
  • $100 to open.

You’ll need to make 10 point-of-sale purchases using your new FastEasy debit card; sign up for statements, and make at least one direct deposit, and you’ll qualify for the 3% interest rate.

Get the whole scoop and nothing but the scoop at the Patriot Bank Web site.

Savings Account

If you’re into sweepstakes ING Direct has a sweet one — a $50,000 payout or a $5,000 monthly prize if you set up a recurring deposit of at least $100 a month. You’ll need to deposit the cash into either an ING Orange Savings Account or Electric Orange account.

You’ll need to set up the accounts in one of two ways:

  1. Automatic Savings Plan. Have a fixed amount transferred from your linked checking account to your ING Direct account automatically at regular intervals
  2. Direct Deposit. Have all or part of your paycheck deposited directly into your ING Direct account by your employer.

After that, you’ll be eligible for both the $50,000 payout and the $5,000 monthly cash prize.

Visit the ING promotional page for more details.

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