Originally Posted by
Molly
I just moved out west and need to switch banks. I had a really good gig going at my bank out east. 2% cash back credit card and a variable rate savings account which generated around 1.25-1.80%.
I found a small bank in my new town that offers a 2% cash back credit card, but dismal interest on savings accounts. However they have generous rates on their CDs, which I can ladder to have one or more come due each month.
So no sooner did I open an account, then I received an offer from Chase Bank. I would receive $600 if I open a checking and savings account if I keep it open for 90 days.
So my question is, is it worth putting the $15,000 minimum in at Chase for 90 days and then taking it back out again? The interest on their savings account is only 0.01%, so it isn't worth keeping cash there long term. Or is there a trap that I'm not seeing?