Citi E-Savings Accounts
To all those cool kids who followed me into the Citi Checking $200 promo, I've got a little tasty treat for you. (BTW, it is 90 day-->next statement where you get your bonus, but that isn't the hotness)
If you already have a Citi Checking account just sitting around doing nothing, you can now put it to good use. Citi has an "E-Savings" account which has no minimum and is at 5% compared to the puny, 4.25% of ING Direct. The catch is you have a Citi checking account which you already have. If you are already logged into your checking account online then opening takes less than a minute because it uses all of your info from checking. No minimums and no fees, no real gotchas.
Well the only gotcha is funding it but since you already have a checking account it shouldn't be too hard. I use my GMAC to fund the checking account and then "instantly" transfer it to E-Savings. If you don't have GMAC then don't worry, Citi allows for you to pull money in from another checking account for free. You can't transfer it out for free, but that is why you write a check to yourself from the free checks that Citi gave you for your Citi checking account and the circle of life is complete.
BTW, even if E-Savings drops in interest I'm keeping my Citi checking account because by having:
1) citi checking
2) bill pay (sending myself two checks a month)
3) debit card
I earn 125 Thank You points per month. That's only $1.25 in real value but what's the point of closing if they'll pay me 125 points to keep it open. The sweet thing is they let me pool those points with the points earned from my Citi mtvU credit card which gives me 5% (in Thank You points) from restaurants and movies.
BTW, if you have a student in your household and you go out to eat, even to fast food restaurants and bars, you are a fool not to have this card.