New York Banking Rates

Great Checking Rewards Programs for NYC

Checking Account Promotions in New York

It’s easy to get a New York free checking account with no minimum balance these days, but does the convenience outweigh the rewards you could be missing out on? With hundreds of banks in New York, there are countless checking options, and some of them offer fantastic rewards. Here are three checking rewards programs and the banks that offer them locally.

Checking Account Promotions in New York

Capital One Rewards Checking

By signing up for a Rewards Checking Account with Capital One, you can get rewards in the form of miles. You must deposit at least $50 on opening the account, and have to maintain a $300 monthly balance or receive at least $250 direct deposit each statement cycle to avoid the $9 monthly fee.

However, the rewards are worthwhile if you plan to travel. You get 10 miles each time you use your debit card as a credit card (non-pin purchase), 10 miles for each electronic bill pay transaction you complete and 5 miles for each withdrawal you initiate (non-automatic withdrawal). You also get 1,000 miles for signing up for a checking account and 4,000 miles for signing up for a direct deposit arrangement.

Here’s how the miles can be redeemed: For tickets that cost up to $150, you need 15,000 miles. For tickets over $150 and up to $350, 35,000 miles are required. For tickets costing more than $350, up to $600, 60,000 miles are needed. If your ticket costs more than $600, simply multiply the ticket cost by 100 to find out how many points you need. For example, if it’s an $800 ticket, it’s 80,000 miles.

Valley National, Flushing Bank, Northfield Bank Checking Accounts

By signing up for a checking account at one of these locations, you get $150 cash with the opening of your account. To qualify, you’ll have to open a new account, and you may need to deposit at least $100, depending on the bank you choose. You will probably have to conduct at least 5 debit card transactions per month, totaling as much as $25-75 each, and may have to sign up for direct deposit of between $250 and $400 per month.

Chase Bank of Manhattan

Chase offers a Real Cash Debit Card in conjunction with a new checking account that pays out pretty decent interest, provided that you make a certain number of purchases per month. If you purchase less than $500 on the card each month, you will get 1% interest, and up to $1000, you’ll get 2%.

The real rewards come if you purchase more than $1,000 per month with the card — a whopping 3% interest. The key is to make small purchases. Airline tickets and other large purchases don’t count towards the increased interest amounts. Everyday purchases like groceries do count towards your total, but you must use the checking card as a credit card, with non-pin purchases only.

In addition to his other activities, Chad Fisher blogs for the team at www.personalhomeloanmortgages.com, who believe that from mortgages to checking accounts, comparing interest rates is a wise financial move.