3 replies to this topic

[markber]

LINK

Terms:

Money Market: if Money Market account is closed within 6 months, $150 fee will apply. Checking: Interest paid monthly, interest only paid on balances over $1,000; must maintain balance above $0 or a $10 monthly fee is assessed; fees could reduce earnings; direct deposit required on Cornerstone Interest Checking Account, if checking account is closed within 6 months, $150 fee will apply; ATM fee reimbursement of $20 on Cornerstone Accounts. Annual Percentage Yield (APY) effective November 27, 2007. Checking Account with Direct Deposit Required to receive iPod Shuffle or $100 Credit. IPod Shuffle or $100 credit will be available within 10 business days after direct deposit verification; offer good for limited time only and can be withdrawn at any time; iPod Shuffle and $100 credit are considered taxable per IRS ruling and is reportable on IRS form 1099-Int.

[taxman]

LINK

Terms:

Minimum balance to receive 5.75% APY on Money Market $25,000, rate guaranteed for 90 days before adjusting to the standard program for money market accounts (currently 5.25% APY), if promotional Money Market account is closed within 6 months, $50 fee will apply; minimum balance to receive 5.00% APY on Premium Interest Checking $15,000; interest paid monthly, interest only paid on balances over $1,000; must maintain balance above $0 or a $10 monthly fee is assessed; fees could reduce earnings; direct deposit required on Premium Interest Checking Account, if promotional checking account is closed within 6 months, $150 fee will apply; ATM fee reimbursement of $20 on Cornerstone Accounts; CD: minimum opening deposit $10,000, interest paid quarterly; CD has a 5 Month term, fees could reduce earnings. Annual Percentage Yield (APY) effective July 16, 2007. iPod will be available within 10 business days of account opening; $200 account credit available at account opening; offer good for limited time only and can be withdrawn at any time; iPod and $200 credit are considered taxable per IRS ruling and is reportable on IRS form 1099-Int.

Mark, they state that the standard rate on the money market account is currently 5.25%. However, their website states the current rate is 2.50%!

Watchout!!!

[markber]

Mark, they state that the standard rate on the money market account is currently 5.25%. However, their website states the current rate is 2.50%!

Watchout!!!

Thanks, taxman! I think this stresses importance of reading fine print when dealing with this bank (or any bank?).

Mark

[ichaelm]

Taxman, you've got it wrong. If you open a Cornerstone Money Market account AND a Cornerstone Checking account, then you get the higher interest rates on the MM account.It is a bit confusing, though; I had to call the bank to find this out.

bonus states=IL,
in branch=yes