| Lower interest rates become plus for savers
The Federal Reserve has been cutting interest rates drastically this fall and that normally is bad news for savers, but this time around, many savers have gotten somewhat of a reprieve. Banks have cut interest rates for CDs, money market accounts and interest-bearing checking accounts less than expected after back-to-back Federal Reserve rate cuts earlier this fall. .
NuUnion Credit Union reinvents checking account
LANSING � Credit union members know the benefits their credit union can offer that most banks cannot. But one Michigan credit union is providing unprecedented returns with its newest checking account. The account, known as SoSMART� Checking, provides NuUnion members with free ATMs nationwide and an impressive 6 percent interest on balances up to $25,000. "Our members have been telling us they're tired of paying ATM fees and want to earn interest on their free checking account," said Steve Winninger, president and CEO of NuUnion. "And we've been listening. We introduced SoSMART� Checking on Sept. 24 - a free checking account with a premium interest rate and free ATMs nationwide. SoSMART� is a unique product that allows our members to earn high interest while eliminating expensive fees.
Reward checking pays high yields
Reward checking accounts, offered primarily by community banks, pay high yields on the account balance as long as you stick to a few rules. Essentially, these are free checking accounts with CD yields. The rules are meant to contain costs for the bank and usually entail receiving monthly statements electronically, having one direct deposit or an automatic payment each statement cycle, and using your check card 10 to 15 times per cycle. .
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