Received an email offer. Appears to be for anyone.
• 2,000 American Airlines AAdvantage® miles when you open an account*
• 1,000 AAdvantage miles when you activate monthly direct deposit
• One AAdvantage mile for every $10 of your average daily balance
every month
I opened an account at Guaranty a month ago. I chose Guaranty over BankDirect because Guaranty has a few local branches not horribly far from my home. I received the 2,000 mile account opening bonus within a few days. I was credited with the miles for my average monthly balance a few days after the one month anniversary of opening the account.
It says on the AA website that Guaranty will pay a 1,000 mile bonus if you refer a friend who then opens an account. If anyone needs a referral, I'm glad to refer you.
At this point, I think it makes sense to move money into a bank account that pays miles instead of interest. Interest rates are so low that I am earning peanuts on my standard interest-paying bank accounts. Then, on April 15, the government takes nearly half of my peanuts in taxes. The value of the airline miles that I can earn at Guaranty (and the future reward ticket that I hope to get) is greater to me right now than the interest I could earn elsewhere. Even better, the airline miles that Guaranty pays me and the award ticket that I will then buy are not taxed.
There are several banks still offering 5 and even 6% on balances. I'm all for miles, but in this case I think money wins.
Are you referring to the handful of checking accounts that require 10 to 15 debit card transactions per month and put caps on the amount that earns a high rate? Those types of restrictions are a deal breaker for many.
If not, I'm interested in learning the identity of the banks that pay these rates.
Programs: AA, Delta, NWA, UA & thanks to FT for my HHonors Gold!
Posts: 3,326
Quote:
Originally Posted by ExitRowAisle
Are you referring to the handful of checking accounts that require 10 to 15 debit card transactions per month and put caps on the amount that earns a high rate? Those types of restrictions are a deal breaker for many.
I've been looking sadly at the monthly interest on cash that I want to keep liquid, so I appreciate this post. I forgot to look at the aa site for offers when I moved money around in Oct to stay under the FDIC limits! Nice to get something from the cash, before it gets spent!
Guaranty Bank is rated 1 star out of 5 (the lowest ranking) by Bankrate. While I wouldn't be worried about losing any money that is below the FDIC limits, it makes you wonder whether a bank that is having financial difficulty might not stiff you on airline miles if its financial condition continued to deteriorate.
I opened an account and found it very easy to use. The Savings account has a high minimum balance to get the no fee, but the checking minimum balance is $200 with direct deposit. They accepted an allottment from my paycheck and then that amount is use to pay a bill I'm going to pay it anyway.
I opened an account and found it very easy to use. The Savings account has a high minimum balance to get the no fee, but the checking minimum balance is $200 with direct deposit. They accepted an allottment from my paycheck and then that amount is use to pay a bill I'm going to pay it anyway.
This bank is no longer listed on AA's website as a financial partner. The bank website still shows a relationship with AA. Has anyone recently used this bank and gotten AA miles?
This bank doesn't appear to give miles based on customer balances. It also seems to have a lifetime cap of 17k AA miles. It's an alternative to Guaranty and Bank Direct but not a completely apples-to-apples comparison.
Programs: AA, Delta, NWA, UA & thanks to FT for my HHonors Gold!
Posts: 3,326
Quote:
Originally Posted by Carolinian
Any info on whether any of these pop you with the 3% foreign use ATM junk fee or high out-of-network charges?
It depends on the bank. To the best of my knowledge, credit unions tend to charge less or even no charge on foreign transactions.
I would suggest you to check in the fee schedules of the banks you have your eyes on and see how much they charge for the FX fees. Or just call them up and ask before you open your accounts. All the fee schedules should be online from their websites.
