At this point I'm sure that almost everyone has received some sort of promotion from a bank offering you money to open an account (savings, checking, credit card etc.) I've mostly been ignoring these offers but the offer I'm looking at right now will give me $200 for opening an account. By depositing $1500 in the account and leaving the account open (and ignoring it for 6 months) I fulfill all the requirements to get the $200. Those are fairly easy requirements for me at the moment. The only question left is how does this compare to the interest I would be earning if I left that $1500 in my high interest savings account?
First, let's look at a simple version illustrating how much interest I would get each month on $1000 using 1% APY.
|Here is an example of what a 1% APY interest rate would earn in the month of June (with 30 days) on $1000.|
I have not been asked or compensated for writing this article about Chase bank (other than perhaps through ads thanks to adsense). I'm simply stating my experience. Please seek the advice of a professional for your own personal situations.