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Cooking Sausage

July 10th, 2015 at 09:18 am

I'm cooking the Italian sweet sausage for the pizza tonight, and boy, is it smelling great!

I am considering one of those Chase offers again. This one offers $500 for opening a checking account with a direct deposit, and opening a savings account with $15K. It is a good time for me to do both. I can switch my direct deposit from the College and from TIAA-CREF to Chase with little problem, I think. Soon I will get the $12K lump payment from the College, and all I would have to do is add $3K to that to open the savings account. I have $6K in my checking account right now, and that's not counting the slush fund of $2.7K.

I don't have to pull the trigger till August 28, but I think at that time I will do it. I would have to keep the accounts open for 90 days, but I might just end up staying with Chase, anyway. I'm no great lover of BOA, and the Chase branch is much closer to home than the BOA. BOA was convenient to work, but that's not an issue any more.

Anyway, a $500 snowflake toward my grandchildrens' college funds would be awesome!

4 Responses to “Cooking Sausage”

  1. michdado Says:

    CB .. you are very kind to be so generous with your grandchildren. So sweet of you. Every little bit helps.

    Are you enjoying retirement. What are you doing this weekend?

  2. snafu Says:

    It's brilliant to collect $ 500. for moving accounts to a more conveniently located bank/branch if the requirements are merely Direct Deposit and $ 15K savings account to be mostly funded by an upcoming lump sum employer's payout. I've often found the devil is in the details. Do terms and conditions apply to a senior's account that typically rebate or are free of fees and service charges? What interest rate is paid on $ 15K savings? Is it higher/lower compared to TIAA - CREF, BOA or an electronic banks? Are these promotions considered taxable income? After 90 days or later, is there a charge for closing accounts or transferring to another institution?

    Kudos to you for establishing a fund for D grandsons. The magic of compounding over a long period of time gives it potential to grow so much more than you'd ever anticipate.

  3. FrugalTexan75 Says:

    Snafu - the cash rewards from banks count as interest income - so taxable.

    That sounds like a great offer CB! If I had 15k in savings ... Big Grin I'd go for it too! (Although I'd guess it's new customer only .. I think I had a Chase checking account that I opened for a bonus 6 or 7 years ago.)

  4. My English Castle Says:

    I did the Chase one a couple of years ago. Their interest rates were not so hot, but the $500 made up for it. I did switch out once the term was up to get better rates. They were super nice to me, and although I don't like Chase's corporate ethics, their customer service has always been exemplary.

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