Sallie Mae helps customers save for education with their online CD products

By Elaine Griffin

Sallie Mae Bank continues to offer competitive rates on their 12, 34, and 60-month online CDs. Annual percentage yields (APY) are as follows: 12-month CDs carry a 1.20 percent APY, 36-month CDs carry a 1.55 percent APY, and 60-month CDs carry a 2.15 percent APY. These rates are accurate as of March 4, 2011. There is no minimum deposit requirement, and no minimum required to earn interest. This account is free when customers choose not to receive paper statements, otherwise there is a five dollar monthly fee. There is a penalty for early withdrawal.

Sallie Mae Bank, was established in and been a member of the FDIC since November 2005. They are headquartered in Utah. Sallie Mae urges customers to use their products to save for education expenses. Accounts are offered online only and are available to customers nationwide.

Bank requirements:

• This CD must be opened online
• There is no minimum to open or earn interest
• There is a penalty for early withdrawal
• For more details contact Sallie Mae Bank

Account benefits:

• 12-month CDs carry a 1.20 percent APY
• 36-month CDs carry a 1.55 percent APY
• 60-month CDs carry a 2.15 percent APY

By Elaine Griffin

By Elaine Griffin

Capital One Bank offers a variety of checking accounts to meet customer needs. They are now offering the Capital One Rewards Checking account, which earns ten miles when the customer uses their debit card for a non-PIN purchase, five miles for PIN purchases and check writing a check, and ten miles when they use online bill pay. Bonuses associated with this account include 1,000 bonus miles earned after the first transaction is made, 4,000 miles earned when the first direct deposit is posted to the account, and 1,000 miles are earned as a first anniversary bonus.

This account is free for the first year, and may be subject to an $8.95 per month fee after the first year, if average daily balance falls below $1,500. Other qualifications to earn bonuses apply, which are detailed on their website.

Capital One Bank, (USA), National Association was established in and has been a member of the FDIC since November 1994. A lead financial institution, they are headquartered in Virginia, but offer services for businesses and individuals worldwide.

Type of account: Checking account

Bank requirements:

• Open to new and existing Capital One Bank customers
• Minimum $25 to open
• Maintain $1,500 average daily balance after first year to avoid account fee
• Qualifications to earn bonuses apply

Account benefits:

• Reward miles are earned for every debit transaction, check written, and online bill-pay made
• Bonus miles are earned for online bill pay, direct deposit, and on the first anniversary date
• This account is free for the first year

Contact Capital One Bank (USA), National Association for full offer details.

By Jim Sloan

It was Christmas time, and I was going through the checkout of a large chain department store with a shopping cart full of stuff. I was spending far more than I normally would, so when the cashier asked if I was interested in saving 10 percent right on the spot by simply applying for a store credit card, I shrugged and quickly agreed.

Six months later, when I finally crawled out from under the suffocating 25 percent interest rate charged against the balance on that card, I vowed to never again get a store credit card. Not only did I sign up without reading the fine print--always a mistake in the credit card business--but I also didn't count on only being able to use the card for just that one chain.

Little did I know that there were other reasons to avoid store credit cards in favor of something better like a rewards credit card or a 0 balance transfer card. So I did a little poking around and found three other big reasons to just say no to that kindly cashier's offer for a store credit card. Here goes:

1. Your credit score may suffer

According to Reuters, just opening a store brand card will lower your credit card 60 points, which is a pretty big dent and could damage your chances if you happen to also be applying for a car loan or mortgage. If you apply for a lot of store cards in a short period of time, you could find it difficult to...

By Elaine Griffin

Bank of America offers the eBanking checking account for customers who prefer to do their banking online or at an ATM. This account is free when customers make deposits and withdrawals through the ATM, and receive electronic statements.

In addition, the eBanking checking account includes online and mobile banking. It also includes enrollment in the Keep the Change program. Lastly, customers will benefit from a free Bank of America Visa Check Card, which includes the Add it Up rewards program.

Bank of America, National Association, was established in 1904, and has been a member of the FDIC since January 1934. They are headquartered in North Carolina, but provide personal and business banking services throughout the world.

Bank requirements:

• Account must be opened online with at least $25
• Use ATM and debit card for all deposit and withdrawal transactions
• Receive eStatements and do all other banking online
• When bank requirements are not met, an $8.95 fee will be assessed
• For more details contact Bank of America

Account Benefits:

• This account is free when all bank requirements are met
• Includes free online and mobile banking
• Includes enrollment in the Keep the Change program
• A Free Bank of America Visa Check Card
• Enrollment in the Add it Up rewards program

By Elaine Griffin

Earn a competitive rate with Salem Five Direct's online savings account

The Salem Five Direct online savings account offers an annual percentage yield (APY) of 1.00 percent. This APY is current as of June 1, 2011, and on balances up to $100,000.

The eOne savings account requires no minimum fee and no minimum monthly balance to earn the APY. This account is available new savings customers only. Funds may not be on deposit with Salem Five and must be transferred from another bank.

Salem Five Cents Savings Bank, was established in 1885 and has been a member of the FDIC since January 1981. They are headquartered in Massachusetts. Salem Five Cents Savings Bank's online division, Salem Five Direct, offers the eOne checking and eOne savings accounts to customers nationwide.

Bank requirements:

• Open account online with at least $100
• Open to new savings customers - funds may not be on deposit with any Salem Five bank
• For more details, contact Salem Five Direct

Account benefits:

• Free account with no minimum monthly balance

1.00 percent APY on balances up to $100,000