While TARP saved the American banking system from total collapse last year, most of those banks have paid back part if not all of those funds. They are doing well financially and have been rewarded by Wall Street for being independent of the United States Government. However, a commercial gave information that made this Charleston Personal Finance Examiner want to write about it.
Citibank 5 year CD is 2.5% APY which is a 2.47% Interest Rate
Seeing this, thoughts turn to writing about our local First Federal Bank in Charleston, SC which is offering a checking account which pays you 2.51% APY which is a 2.48% Interest Rate on a checking account called Moolah Checking. There is no cost for this checking account and as longas you pay 2 bills online and make 12 transactions with your debt card you get your 2.48% interest deposited into your checking account the first couple of days after the start of the next month. And you can see each day the amount of interest you are getting from First Federal as they make it very easy to keep up with. With a Certificate of Deposit (or CD) there is a minimum dollar amount ($500) and there is a penalty if you pull your money out early. With Moolah checking from First Federal there are no penalties, no fees and you can add or withdraw money from the account as they have local Charleston branches open 7 days a week with several ATM's around the city. Online banking and bill payment are free with this checking account and there are no monthly fees of any kind.