Hey guys. I'm looking into Coppermark Bank in particular, where I could get 3.93% on a checking account.
The problem is those required 16 POS pin/signature transactions! I don't think I swipe any card 16 times a month. If I had 10k in the bank, I'd be getting ~$32 a month.
Even if I take their requirements to mean that ANY debit card swipe counts towards the 16 (like gum purchases), I probably only have like.. 8 legitimate card swipes per month. I'd have to make an additional 8 swipes to get the high interest.
So each additional swipe would have to be four dollars or less. Honestly, I could buy eight extremely cheap items and still make a profit of ~$20 a month, but that's assuming that they allow ANY debit card transactions in the first place, and it's also assuming all that trouble is worth $20 bucks.
If I had 25k in the bank, it would look better, but I'm learning towards just getting $10k as a downpayment on a house then investing after then.
So, does this make sense? I'm just making sure I understand it right - given this data, it seems silly to get a high-interest checking account for my particular situation, no?
Which I suppose leaves me with CDs and such. But since I'm only saving up $~10k before I'm ready to invest like a big kid, perhaps I'll just leave it in my account anyway.