I used to be one of those guys that chased rates and bank bonuses, however, after having 12 1099s one year I figured out the math and came to the conclusion that chasing rates wasn’t worth it. Years after I came to that conclusion the banking industry changed strides and decided to focus on reward checking accounts rather than saving account bonuses. I never participated in rewards checking account because of the stipulations that normally accompany those types of accounts.
The more lucrative reward checking accounts often force you to enter into X amount of transactions. If I had to guess why, it is because the bank figured out that the average transaction was$Y and that by entering into X transactions they made more money and simply passed on some of those profits.
I am not convinced that these types of checking accounts are here to stay, however, until then there is now a service called MicroMaximus, that will help you reap those rewards easily, and as important, automatically!
MicroMaximus is the only personal finance tool that automates the debit card requirement. It automates the most tedious, headache-producing component of your reward checking account. You schedule your debit card transactions for the entire month—at only $1 each.
[To get these rewards] Account holders must agree to perform specific banking activities each month. Out of those activities, the general consensus is that the most irritating is the 10+ debit card transactions you need to make on a monthly basis.
Getting started is very simple:
- Open a rewards checking account
- Create an Account on MicroMaximus
- Enter your account details
- Schedule your transactions
The cost of of the service is the $1 transaction it is charging your checking account, so to make up the $10 in fees every month you are going to need a substantial checking account balance. This shouldn’t be a huge issue because if you set up your liquid assets in the most efficient manner it may be worth moving your money from a savings account to a checking account.
Do you use a reward checking account? How do you handle the requirements?