Be careful where you put your money.
A local bank where I live is advertising 2% APY interest on checking accounts! Much more than I am getting. So I stopped at the bank and got an explanation about the 2% APY. Here is how it works:1. Must keep $1000 in your checking account at all time.
2. Must have direct deposit to the bank.
3. Must receive statements thru email.
Well, I qualified
Catch:
The bank only pays this for 6 months.
APY means Annual Percentage Yield.
So if I keep $1000 in the bank for 6 months and withdraw it, my interest is only $10. So my interest in reality is 1%
If I keep money in there beyond 6 months, I get a big .25% or 1/4 of 1% WHAT A RIPOFF!
Does anyone know where you can get more than 1%?
Comments (7)
ok I know
You are too funny!