Though it is a small hassle to open an extra checking account purely for the incentive offered, the Meadows Credit Union deal posted by Bankdeals today was just too good to pass up. I called the bank to confirm that there is no minimum balance required, and there mostly isn’t. The eChecking account comes with a mandatory Member Savings Account, and each has a $5 minimum balance in order to stay open. So the total minimum balance required for the deal is $10 (This is for a 0% interest account. If you want to earn .65% interest, the minimum is $2500.). Even without the addition accrued interest, making $125 off of $10 is like earning 1250% interest! Now that’s a great deal!
I started the account opening process today during lunch. The online application was quick and straightforward, and after that I had to fax in a signature form. Now I’m waiting for a customer service rep to phone me, which they say will happen within one business day. Not bad! After I speak with her I should receive some account information in the mail, and then I just have to set up a direct deposit and I’m all set. Easy breezy.