So I got a mailer from Chase Bank saying that if you open a checking account, you get $200 for free. Looking at the details I found the following:
1) Account must be open for 6 months or the $200 is deducted at closing
2) Must have regular direct deposits for a 3-month period to get the $200 (I'm putting in $1 biweekly).
3) Must have a minimum of $1500 in the account to avoid checking fees.
So I opened the account and dropped in $1500, figuring a guaranteed 13.3% return over 6 months sounds pretty cool. My friends, though, all seem to think it's a bad move. I don't anticipate needing the money, and could simply close the account and make no interest if it was needed. Are they just being financially illiterate, or am I missing something?
1) Account must be open for 6 months or the $200 is deducted at closing
2) Must have regular direct deposits for a 3-month period to get the $200 (I'm putting in $1 biweekly).
3) Must have a minimum of $1500 in the account to avoid checking fees.
So I opened the account and dropped in $1500, figuring a guaranteed 13.3% return over 6 months sounds pretty cool. My friends, though, all seem to think it's a bad move. I don't anticipate needing the money, and could simply close the account and make no interest if it was needed. Are they just being financially illiterate, or am I missing something?
Good "investment" or no?
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