Sunday, February 17, 2008 - Checking Account That Pays 6.01 APR

Like I’ve been saying all along on this blog the most important thing you can do on the road to becoming wealthy is look for ways to generate passive income. My advice is always look for a better return on your investments, apathy won’t get you anywhere. When you see something better, take action immediately and find power in making a true decision. I was driving the other day and I saw a billboard for a checking account at that gives you 6.01 APR on balances up to $40,000 and 2.0 APR on balances over that. The account is from Verity Credit Union and is Federally issued up to 100,000. Like the eTrade account I mentioned in a earlier post you get ATM refunds up to $25 monthly. You can’t beat this offer, I plan to sign up as soon as possible. I love competition.

Terms and Conditions: Everything has a catch, this is no exception. In order to qualify for the 6.01 interest rate you need "12 debit/point of sale transactions, receive electronic statements, and access online banking."

Lets run the numbers

Just to give you an idea of how much money this means to you… Lets say you deposit $10,000 that’s $610.00 free money every year or $50.83 per month. That’s paying for your cell phone bill.

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