This review is for: Checking
Well, I am going to look into this because whenever I have $50,000 in an account is going to be so far away from now that it is not a concern for me
Posted by learwalker -- Sept. 15, 2009
This review is for: Checking
When I first saw that Century Bank had a Checking account with only a $100 minimum that was offering a 1.65% APY, I though I found my new general purpose account.
Their website mentions a slew of features: free order of 50 checks, free online billpay, ATM fee reimbursements, and postage paid envelopes for banking by mail. At the very bottom, it also mentions "Earn interest on balances up to $50,000." I wasn't exactly sure this meant, so I called up to speak with a CSR.
He confirmed it for me; the 1.65% rate only applies to balances less than $50,000, and every dollar above that earns ZERO interest. This certainly makes me less excited about the account, but the CSR mentioned that if I opened a Savings account with Century as well, I could easily move money between the two, and instead of the 1.65%, I could be earning 1.99% in the savings account.
I know some people do this, but I personally don't want to have to think about moving my money back and forth between accounts all the time. I'd prefer to have a single account that pays me a good rate on my entire balance, and just leave it at that. Unfortunately it looks like this isn't the account.
Posted by VizslaMama -- March 26, 2009
This review is for: Online Savings
I originally called up Century Bank to find out about their Money Market account, but while I had someone on the phone, I asked a number of questions about their Online Savings account as well.
Seems like the major difference between the two accounts is that there are fewer options for withdrawing your money from the Online Savings account. There is no ATM card, no checks and no billpay available. In fact, Century doesn't even have an ACH system right now. So the only way to move money out of the account is via ACH transfers initiated at another bank (and wire transfers).
However, given Century's $5.95 withdrawal fee (on the 4th withdrawal per month and above), the Online Savings account might be a good choice for a little institutionalized money management discipline. The rates are essentially the same, and in fact, the opening deposit is just $100.
Everything else between the accounts is identical - apply online, get statements online, soft credit check. With either account, it's a bit of a risk on a smaller bank, but that's usually where the better rates will be found.
Posted by Arlo -- March 23, 2009
This review is for: Money Market
With Century Bank based in Lawrenceburg, KY, I was hoping to get a sweet midwesterner on the phone to help me with a few extra questions on their Money Market account. I wasn't disappointed.
Unfortunately I didn't catch her name, but she was friendly *and* knowledgeable, and had some good info to share. Century's Money Market only required $1000 to open, there is an optional debit card available as well as free online billpay, and 50 free checks. They'll reimburse 5 ATM surcharges/month, and they provide postage paid envelopes for mailing in check deposits.
With all these ways to withdraw money, I double checked with the CSR that the Money Market fell under Regulation D - and she confirmed it did and was subject to the 6 withdrawals/month limit. One of the ways they discourage customers from exceeding the limit she explained was through their excess withdrawal fee - the first 3 withdrawals per month are free, after that, each withdrawal is $5.95.
I asked wouldn't it make more sense to start the fee at withdrawal #7 instead of #4? She didn't think so, and I'm sure her manager and the bank CEO wouldn't think so either.
The one thing really missing is their own ACH system, but the CSR said it's in the works. Other than that, Century's Money Market account seems like a good option for an account with a reasonable rate.
Posted by Arlo -- March 22, 2009
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