If you’re an existing credit card member of Bank of America, you can still get a $75 bonus for signing up for a Free MyAccess Checking account through March 31, 2010.

There is a minimum initial deposit of $125 to gain access to the free account and get the $75 bonus.

Even though there is that minimum requirement, there is no minimum balance required to be maintained, although you do have to keep the account opened for at least 90 days to receive the bonus offered.

There is also no  monthly maintenance fee associated with the offer or the requirement of a direct deposit.

Other benefits include: 

• Manage your accounts easily with free Online Banking service with free Bill Pay

• Access to Customer Service 24/7 online or by phone

• Free Bank of America Visa Check Card with Total Security Protection Package

• No Bank of America charge for using non-Bank of America ATMs located in the U.S.

If you’re looking for a checking account that bears interest, this won’t be the one for you, as it’s not an interest earning checking account.
 
Remember that you must be an existing Bank of America credit card customer to take advantage of this offer, and is only applicable to the new MyAccess Checking accounts. If you have another checking account with the company but don’t have a credit card, you don’t qualify for this particular offer.

We need all the help we can get during these difficult economic times, and the latest offering from Citibank for those who currently own an AT&T Universal Credit Card delivers just that, as they’re giving away a $100 checking account bonus for those who open up a new checking account with them.

Now if you already have a checking account with Citibank and also use an AT&T Universal Credit Card, unfortunately you won’t qualify for the $100 bonus.

Among what are called the ‘qualifying activities’ to receive the $100 bonus, is to make a minimum deposit in the checking account, after you open it, of $1,000 by January 31, 2010. That’s not the only qualification, but it will be the major one for most of those looking to participate in the program and receive the bonus from Citibank.

Other activities you must participate in to receive the bonus would be to make a minimum of five signature debit card purchases for three straight months, or one direct deposit for three consecutive months, or make two electronic bill payments for three months in a row.

Understand that you don’t need to do each of the above, but you do have to perform one to qualify, along with the $1,000 deposit required by the end of January.

This offer is made to AT&T Universal Credit Card, and so you’ll receive the offer via your AT&T Universal Card statement. That’s the best place to look for it, although you can call the company or visit a nearby Citibank branch to sign up for it.

Remember that this deal ends by January 31, and if you’re interested in making an extra $100 over a relatively short period of time, this is a good chance to do it.

Earlier in December 2009, Electronic Arts gaming company announced it was getting into the prepaid debit card business via its sporting game division.

Branded under the Visa debit card umbrella, the card allows you to build up points which you can then use toward acquiring an Electronic Arts sports game.

With young males being the primary, targeted demographic of sporting game divisions of gaming companies, it could be a real boon to them in that they offer something they don’t have access to with a bank.

Of course adult males also enjoy sporting games, so it then generates the question of whether this is a good deal and if it’s helpful in your finances beyond making it easier to acquire a sporting game to play.

First with kids who have no other means to pay than cash, this could be helpful in that it and an enforced and built-in limit in that you can’t spend beyond what’s on the card. So if it’s parents doing this for their children, or a child taking some of their own cash and investing it in the card, it does have the value of limiting the purchase to what is on the card.

From the standpoint of making it easier to buy games this is a good deal, as many of the things to generate those actions are included with the card. Things like building up points to use toward purchasing more games, and young kids without access to a bank account can use the cards to pay for game subscription fees on the Internet or to buy a variety of virtual products offered by Electronic Arts.

So if you want an easy way to conduct business with more options, a Visa debit card from Electronic Arts could be the right thing for you.

Now the problem. Since we’re a savings Web site, the problem with a prepaid card like this is it’s just too good, and it offers you absolutely so many ways to spend money more easily, that it could get you to spend far more than you normally would, defeating the purpose of the usual use of a debit card, which is built-in restrictions which keep you on budget and limited in your spending.

In other words, you’re going to be spending more money with a debit card created for the purpose of acquiring products from a company, and which offers you the carrot of rewards to get you to spend more than you had planned to.

It’s a great business move which will generate more sales, and will also add more loyalty to Electronic Arts.

The card itself, like most debit cards, will be re-loadable, and can be filled from a direct deposit of your payroll check, your regular checking account or even another debit card, among other ways.

Again, you can only decide if this will do you any good. When a company makes it easier for you to spend on their products, they’re making it easier for you to spend. If you have self-control and can manage the debit card responsibly, it’s a good idea. If you can’t you’ll find that this really isn’t a financial tool but a marketing ploy which will take money away from you rather than help you save it.

It may be better just to get a regular prepaid debit card than a specialized one like the Electronic Arts one, which is almost guaranteed to cost you more than you would save.

We recently started talking about prepaid debit cards and the value they can add to you in a variety of ways. One of the better known prepaid debit card companies is MetaBank, which offers several options for those interested in using a debit card. MetaBank offers both MasterCard and Visa debit cards to consumers.

Prepaid debit cards are desirable for a number of reasons. For those who have bad credit it’s a great way to control your spending without fear of overdraft fees which can hit you hard. Some consumers also don’t qualify for a regular bank card, so a prepaid debit card would fit right in with the options available to you.

You also have no need to fear a credit check to obtain a prepaid debit card, as approval isn’t based upon that criteria, and you can find out immediately if you qualify in a quick online application process.

As with any financial product, there are some fees associated with using a debit card from MetaBank, and below I’ve included several debit cards the financial institution offers that would best meet your needs. Review each one carefully as they have different fee points which could affect the monthly cost of the card.

Don’t be put off by some fees, as the fact that there are fees prove it’s a legitimate business you can trust in. If someone were to offer you anything for free, you would know there is something wrong, as no one can offer something for free and remain in business. If they could, it would have to be a scam of some sort.

What a prepaid debit card in the end offers someone is flexibility, and that’s what you’re really paying for.

Like anything else, know why you want a prepaid debit card and read all the information associated with using it, as there can be terms and conditions which may cost you unexpected fees if you use it in a particular way.

With that in mind, here are three debit cards offered by MetaBank.
AccountNow Vantage Prepaid MasterCard
With the AccountNow Vantage Prepaid MasterCard from MetaBank, you can have any type of credit rating and still qualify for the card. There are also no security deposits required and there is instant, guaranteed approval. There are also no activation fees or costs upfront. For zero activation fees that applies if you load the card via direct deposit.

What is a very desirable and beneficial feature of the card is it can be used to help rebuild your credit if you have that as a goal, as all transactions you use to pay bills with are reported to PRBC.

The card is also reloadable up to a limit of $10,000.

Where you could be hit with fees is if you use the card to withdraw funds from an ATM. If you do it domestically it would cost you $2.00 for each transaction, while internationally it will cost you $4.95 per transaction. You are also provided with a monthly paper statement which you’re charged $2.95 for. If you cancel the card it will cost you $15.95, and if you lose it and need to replace it you will pay $10.00. Overall it’s almost free if you stay away from the ATMs.

You do have a limit of $500 a day for withdrawing from the card, while deposits have limits of $950 daily.

The company claims the monthly mainenance fee is low, but I wasn’t able to find out what it was with this particular debit card.

SilverCard Prepaid MasterCard

with direct deposit loading of the card doesn’t include any fees, and you also have the added advantage of not needing to pay any more check cashing fees. You are guaranteed to be approved with the SilverCard just like you are with the AccountNow mentioned above.

The difference between the SilverCard and AccountNow seems to be additional options to transact your business with. For example, you can get email and SMS text message alerts with the SilverCard, while also being empowered to pay bills by using your phone or with a automated billing payment service.

Fee differences with the SilverCard versus the AccountNow debit card are the monthly fee of the SilverCard is revealed as $3.95, and there is also an activation fee of $9.95, something the AccountNow card doesn’t have.

Domestic ATM withdrawals are slightly less with the SilverCard, costing $1.95 per transaction. International ATM costs remain the same at $4.95 a transaction. To cancel the SilverCard costs you $14.95 and card replacement is much less at $4.95.

Cash withdrawal limits on a daily basis are $500, while daily deposit limits stand at $1,000.

 Facecard Prepaid MasterCard 

The primary differences between the Facecard Prepaid MasterCard and the SilverCard and AccountNow are you can receive what they call prewards on the card, which are automatically put on the card and operate similar to coupons. You can also transfer money for free using the card, if you’re sending it to other Facecard members.

There are no activation fees associated with the Facecard Prepaid MasterCard, and domestic ATM withdrawals cost you $1.50 per transaction.

Paper statements cost you $2.95 a month and if you cancel the card you’ll pay $9.95, and you’ll pay the same if you must have the debit card replaced.

Limits on the card are $100 on a daily basis, while you can deposit up to $2,500 a day on the card.
These are several of the many debit cards offered by MetaBank, and keep in mind things can change on a consistent basis, so use the figures included above as a guide to what is offered, and not necessarily the exact fee.

The point is a prepaid debit card isn’t just a prepaid debit card any longer, and they can target exact purposes and needs you have to take best advantage of them. Keep it in mind when checking out any type of prepaid debit card when you’re in the market for one.

Prepaid debit cards are becoming a booming business as consumers tired of the high banking fees associated with checking accounts flock to the increasingly popular alternative to having bank accounts.

One great feature of a prepaid debit card is you can recharge when it when it runs out of money, so you don’t have to go through any type of process over and over again, other than that one.

The strength checking accounts in banks for some is a weakness for others; the reason the use of prepaid debit cards is growing so quickly.

For example, many banking customers like overdraft protection, because they have a handle on their finances, and they don’t want to go through the bother of being sure they’re covered to the penny if they do some spontaneous spending. So they understand they’ll have to pay for that privilege, and so don’t mind doing it.

On the other hand, those that don’t want to be hit with these fees can opt out of overdraft checking programs if they want, but then they have the issue of stopped payments if they run out of money. So they have to deal with taking care of that on the other side of the issue.

Depending on the lifestyle of consumers and the terms related to using an ATM, that can be an additional expense and headache, driving more people to go the prepaid debit card as their financial tool of choice. There are other elements connected to this, but you get the idea.

In a recent report titled “Prepaid Debit Cards: A Credible Alternative to Checking Accounts,” author Gwenn Bézard revealed that approximately 14 percent of those that now use checking accounts could save from $350 to over $1,800 by switching to a prepaid debit card.

Another interesting practice is people are moving from store cards to prepaid debit cards as well, saving more money because of no interest.

In another report, the savings aren’t near as significant as stated by the first report, as a Britton Woods prepaid debit card study found that savings for replacing a checking account with a prepaid credit card is between $96 and $146 annually.

The reason the figures are so far apart is the Britton Woods study only included basic debit card and checking account use, and didn’t include the numerous services which could add a lot of cost do using a bank checking account. That’s also the case with a prepaid debit card, which could have costs increase depending on what you used it for.

If you’re a good manager of your money and use basic banking checking account services, it’s probably not worth the time and effort to change. If you use a lot of bank checking services which generate a lot of costs and fees, then it could definitely be a good choice for you.

Some people even use both, designating certain types of spending on their prepaid debit card, ensuring they’re saving money by managing their checking account better through using it for specific items and bills.

I’m going to get a lot more into prepaid debit cards, but one nice feature to consider, is an answer to probably the first question in your mind, and that is how troublesome is it to get the card and get your money on it. The answer is it’s very simple, and all you have to do is have your pay check direct deposited into your prepaid debit card account. That will avoid any type of activation fees, while also being able to use them to make online transactions and other business.

For those that don’t know, a money market account is a form of savings account offered by a bank or credit union. The major difference is for the most part and under most conditions they offer better interest rates than a regular savings account. With Ally Bank that’s the case, and their solid interest rate and other very competitive parameters for their money market account make it a great place to put your money you want to keep safe or build a nest egg and protective moat around.

A money market account isn’t to be confused with a money market fund, which is a mutual fund that invests in low interest rate securities.

Anyway, as far as the Ally Bank money market account, you can even open an account with $0.00, and of course once you make your first deposit, start earning its high interest rate of 1.55 APY (as of this writing). This makes it a great money market account for new customers as well as old, along with those just starting out in their savings strategy as well. Many other banks require a much higher deposit to meet their best interest rates, which for the most part, are lower than Ally Banks at this time.

Here are the guidelines of Ally Bank’s money market fund as listed on their web site:

• Open with $0
• No minimum balance
• No monthly fees
• Check card and first 50 checks are free
• No ATM fees — if another bank’s ATM charges you a fee, we will refund the first four, up to $6 per month
• Daily compounded interest for maximum earnings
• FDIC insured Maximize your coverage
• Six transactions per statement cycle with no fees. Why only 6
• Your actual variable rate will go into effect when you make your opening deposit

Do keep in mind that by law you can only withdraw or transfer from your account six times in a statement cycle (monthly), so you could get charged a fee if you go beyond that with most banks, including Ally Bank.

But the point of savings in the form of money market fund is to save, so it shouldn’t be a problem for anyone to keep under that figure. After all, that’s the reason we should have a checking account.

Still, this is a really good way to save, and the Ally Bank money market account is one of the best in the country at this time.

Now that economic reality has hit many of us, and we’re scrambling for places to put our money which offer good interest rates and rewards, banks and financial institutions like U.S. Bancorp are responding to the new trend of cutting back on spending and putting more of our money into savings.

To that end U.S. Banccorp is offering an incentive of $50 in the form of a Visa gift card for customers to deposit a minimum of $1,000 into a special savings account created for that purpose. Another part of the deal is customers must agree to transfer funds to their savings from their checking account on a monthly basis.

Customers who participate in the savings account with U.S. Bancorp, which launches in December 2009, will also receive another $50 if they maintain a balance of at least $1,000 for a twelve-month period.

This is of course a great deal. No matter what the actual interest rates offered in the program are, you already receive a 10 percent return on your money guaranteed if you keep the $1,000 in the account for a year. Not bad at all. Add to that the interest you get and it’s a super deal in these difficult times, even if the 10 percent is offered in the form of two $50 gift cards.

Another good service being offered to help us save by U.S. Bancorp, along with other banks, it to give customers the option of having an automatic transer fo $1 from their checking to their savings each time they use their debit card; a very good service for those who have trouble putting money away for savings, or always forget about it.

This is a win/win for everyone involved, as consumers want to put away more money, and offering reward programs is a good incentive to get people to participate in that. Automating the process is also another proven method to help us save, and that should be a great service to offer while consumers continue to focus on the need to build up a nest egg to financially defend against the tough economic conditons that exist now, and in preparation for the long haul and the uncertainty concerning keeping a job will continue for some time.

Keep your eyes open for deals like the one offered by U.S. Bancorp, as not only does it help you build up a good nest egg to protect in times of trouble, but pays you a significant amount that is definitely worth the time and effort to take advantage of.

One great way to save that we tend to forget as we look for the best interest rates on savings accounts, money market accounts, money market funds and CDs, etc., are the ways we can save money through lowering our cost of living. With that in mind, Wells Fargo (NYSE:WFC) is offering an extremely low mortgage refinance rate of 4.66 percent. This is a 30-year fixed rate.

To understand what that really means, the all-time low, as far as it relates to a weekly average (not a one-day low), that number is 4.61 percent. So Wells Fargo is just over that rate at this time.

All of this is subject to fairly rapid change, but the ballpark figure should remain around these numbers, even when they fluctuate.

With these low mortgage refinance rates being at optimal levels, if you’re in the position to and are thinking in terms of refinancing, you many not get another chance at low interest rates like this for some time.

In order to manage your expectations properly, keep in mind that these rates are offered under the assumption of good credit and the amount of equity you have in your home.

If you’re ok in those areas, the lowest interest rates will be of great benefit to you. But even if you’re not qualified for the absolute best rates, it’s worth checking it out and applying, as the interest rates you would normally get when taking into consideration your credit score and equity in your home should be lower than it would be anyway.

In other words, your situation can’t be changed, and because interest rates are low at this time, if you qualify for a refinance your rates should still be better than you would have received from past period of higher interest rates.

Of course if you have significant equity in your home and a strong credit score, you’ll get the very best refinance interest rates out there to have, and probably the best rates that will be available for years into the future.

Don’t wait for refinance to become popular in order to benefit from these great interest rates for refinancing your mortgage. This is a great personal finance tool to make your cost of living decline, while at the same time freeing up more money to invest if you choose. It doesn’t get much better than that for the average person.

First Century Bank of Gainsville, Georgia has by far the best APY of three month CD interest rates available, standing at 1.35 percent at this time.

I’m doing a review on them because they are the best rates at this time for a place to put your short-term money, but also as a quick lesson in understanding the give-and-take related to good interest rates on safe investment products.

Normally when you’re offered the highest or close to the highest interest rate for safe investment vehicles, there’s a caveat that comes with it, and in the case of the 3-month CD from First Century Bank, that is a minimum deposit of $10,000.

There are other banks offering fairly close interest rates on 3-month CDs which require far less deposits. For example, there is one that offers a 1.10 APY which requires $0 for a deposit and no monthly fees (as of this writing). Another offers a 1.21 APY with only a $1,000 deposit required.

Banks can also offer 3-month CD rates that compete internally with one another; with smaller deposits required for a smaller interest rate.

Obviously if you have the capital on hand, there’s no complications as to the decision to make: the highest APY is the only way to go. But even then, as in the case of the 3-month CD from First Century Bank, there are other competitors who require a $10,000 deposit who have an interest rate far below the APY First Century has. So just because there’s a large deposit required doesn’t mean the interest rate is competitive. I’ve seen just today as I was writing this an $10,000 deposit only giving you 0.50 interest on a 3-month CD.

This isn’t rocket science, just ask a couple of questions when you’re searching around for the best performing short-term CD to be sure you’re getting the best rates you can. Don’t assume anything.

As far as the strategy of investing in a 3-month CD, the reason you do that is because of the unsurety of the interest rate environment we live in, along with inflationary pressures, which have already put the squeeze on consumers in regard to certain products and services.

A short-term CD allows you to get a decent return while keeping your money safe, and at the same time not tie it up in a way that inflation or rising interest rates make it a bad investment. 3-month CDs are one way you can protect yourself while building up your wealth a little and having your money available in a short time when interest rates and inflation start to rise.

Not only is Discover Bank offering a great rate of 1.90 APY on their 12-month CD, but includes a great provision concerning if you lose your job. In that case you can withdraw your money if you need it without any early withdrawal penalty. You need to open it by December 31, 2009 to get the benefits and rate.

Keep in mind concerning the job loss provision that it has to be involuntary, as you can’t just quit your job and then withdraw your money. But if you are terminated or laid off, suffer a strike or are locked out from work in any way, you get the benefit. A leave of absence, quitting or retiring doesn’t trigger the removal of the early withdrawal penalty. Still, a great feature in difficult economic circumstances.

For those who are self-employed at the time of opening a CD with Discover Bank, an act of God like a fire, property damage in general, inventory damage or closing of the business for fire or flood must be experienced to be able to withdraw your funds without a penalty for early withdrawal. For business owners or contractors you must have an account open for 30 days or after renewal to receive the benefit.

While this may sound restrictive to some, in reality if you operate in good faith these are very reasonable, especially considering the high rate of return offered and the possibility of a no-penalty early withdrawal under circumstances out of your control.

For employees, to qualify for the CD you must work at minimum of 30 hours a week, while if you’re a full-time student you can qualify if you’re 15 hours a week or more.

A minimum balance of $2,500 must be maintained to get the $1.90 APY and benefit of penalty-free withdrawal if you qualify and need it.

Considering the national average for a 12-month CD at the top 50 banks as measured by deposits is 0.70, this is a really great return.

Discover Bank also offers an 18-month CD at a 1.95 APY.