Banks Starting to Help Customers with Debt Relief

Banks aid consumers

Debt reliefIn an effort to attract new customers, banks are starting to help consumers with debt relief.  If you do an online search for “banks and deals,” you’ll surely find a wide variety of choices.

Banks are now realizing that to bring customers in, they need to  view the economy from the consumer’s point of view. Potential customers are wary about investing due to the recession, but saving is still a primary concern.  To capitalize on this, many banks are advertising specials that truly have a customer focus.  Here are some of the advantages you can find as reported by Bankrate.com and Money-rates.com.

Reward cards

A reward card can bring you as much as a 6 percent return by opening the account.  With these types of cards there are some rules to follow. First of all, you’ll need to make a certain number of debit purchases per month.  You’ll probably have to sign up for direct deposit and your transactions will be paperless.  If you fail to meet the requirements, though, you’re limit could drop to 0.5 percent, but if you can heed them, there are considerable savings involved.

The top three reward cards currently available are:

  • Southern Missouri Bank. This bank offers an APY of 6.01 percent if you set up direct deposit and make at least 12 debit card transactions a month.   You can also hold a balance of up to $25,000 and still get this rate.
  • Kansas State Bank. This bank offers the same APY, but you only have to make 10 debit card transactions monthly.  You have to sign up for direct deposit and must be an active online-user at least once a month.  This type of account also has a $25,000 cap.
  • Rocky Mountain Bank. Again, this bank offers the same APY, but there is no requirement for debit charges.  You have to sign up for direct deposit and the deposit cap is $25,000.

Rewards cards can be very useful if you are an online user and frequent debit-card user.  It isn’t difficult to find these types of cards with a large returns that help to maximize your savings.  The extra money can help you find debt relief quicker.

Bonuses

Many banks are offering lucrative sign-up bonuses to new customers.  One tip for finding them is to look to your community banks rather than huge nationwide names.  Many smaller local banks are extending great savings to the public to lure new customers.  Here are some banks offering bonus programs to new customers:

  • Wainright Bank and Trust in Boston offers a $200 savings bond for any new customer who opens an account with an initial deposit of $10 or more.  You will have to maintain a $500 balance, however, to avoid monthly fees.
  • Citibank is offering a $25 bonus on their Ultimate Savings Account with $1,000.  It comes with an APY of 2.1percent, but you have to keep your balance for a minimum of 3 months to get the bonus.
  • HSBC is offering bonuses of $25 to $75, depending on the plan you choose.  For a minimum $1,500 deposit, you will get you the higher bonus and you have to maintain a $15,000 combined HSBC account balance.  With a $500 deposit and maintaining a $1,500 combined balance you can earn the $25 bonus.

Online-only savings

Going online is still one of the easiest ways to find deals when it comes to banking.

GMAC is offering an APY of 2.65 percent for accounts opened online. The minimum deposit is $1, and there are no minimum balances or service fees.

Beverly National Bank Online is offering an APY of 2.6 percent for $5,000 minimum deposits.  You must maintain the $5,000 minimum to avoid monthly fees.

Heartland Bank Direct is offering an APY of 2.55 percent  on minimum deposits of $500. Again, there are  no minimum balances or monthly fees if you maintain the $500 balance.

Consumer savings

Consumers are looking for additional savings to help with debt relief. The recession depleted savings, stretched budgets and left people in an overall state of fear.  Fortunately there are banks that are providing beneficial services that will help you to increase savings quicker.

Other recent posts by bryanh