By financen | August 24, 2008 - 11:18 am - Posted in Credit Card, Personal Finance, Savings

Many banks have updated their rates on the savings and the checking accounts. Savings Plus is a credit union account that offers the value and convenience of a traditional savings account. Besides, you get additional facilities like:

  1. You earn competitive rates on your deposits.
  2. You get the convenience of cash withdrawals in ATMs
  3. You can authorize transfers through dial up and ebranch
  4. Call the customer care to get the credit union check mailed to you
  5. Savings plus can provide automatic overdraft protection for your share management account.

 

 

Savings plus is ideal for systematic savings. Visit your branch to know the current savings rates. It earns more than a Share Management Account (SMA), but it doesn’t lock up your funds the way a term savings account would.

  • Do you want to sign up for apporama deals?

An App-o-Ramma (Apporama) is when you apply for tons of credit cards, leveraging your new credit line for the following benefits:

People swipe their credit card for multiple times to make more money on the credit card bonuses like cash back, gift certificates, free plane tickets etc.

They leverage their new credit line into a high interest savings account of CD and earn 5% plus interest on the money borrowed at 0% APR introductory rates.

They take new credit at 0% APR to pay off high interest bearing loans, mortgages, and automobile payments.

The disadvantage of doing App-o-Ramma (Apporama) frequently is that it will hurt your credit scores tremendously. The scores will down by 80-100 points. If you have good credit ratings and you don’t have any plans of applying for any new loans anytime soon, then Apporama is a great way to rack up free money from credit card offers and high interest savings accounts.

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This entry was posted on Sunday, August 24th, 2008 at 11:18 am and is filed under Credit Card, Personal Finance, Savings. You can follow any responses to this entry through the RSS 2.0 feed. Both comments and pings are currently closed.

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