MoneyCafe.com

I previously wrote about the demise of the WAMU Online Savings account since WAMU was taken over by Chase.   Those accounts are now paying a whopping 1.00%.   Compare this to yesterday’s rates for competitive savings accounts.  Still not so good and I don’t expect it to get better.

Though apparently the WAMU Free Checking Account is alive and well and still a pretty good product.  They offer free checks, free ATM withdrawals, free online banking and free bill pay.  I had this type of account previously and found it to be very good and their website easy to use.  Since there are no monthly fees or check charges, the price is right.  Soon the account will be tied in completely with Chase and bring the benefits of such a large network of branches.  I think Chase will continue with this free product and not make any changes because they are heavily marketing this account right now.

In fact, I found out they are now offering $100 when someone opens an account and sets up direct deposit.   You may need a coupon to get the $100.  Check with your local branch or call (800) 685-1644 to see if they will honor without the coupon.   They have been sending out coupons via mass mail and also have a site set up at http://free.wamu.com to get the $100 offer.  (Although the site wasn’t working properly when I tried to check it out.)  The promo code I got was 3744-ADFF-9691 which says it can only be used once and expires March 28, 2009.   I am not using the code.  So one of you are free to use it to take advantage of the offer.  If mine gets used, you could always try to Google “wamu $100 promo code” by clicking here.

If you have a promo code you won’t be using, please share it with our community by posting the code in a comment below.

We have a new Stock and Mutual Fund Screener at http://www.moneycafe.com/markets/stockscreening.htm.  It’s quite robust and allows you to find stocks or mutual funds that match your specific criteria.  This is a free service provided by MoneyCafe.com and Zacks.  If you want access to Zacks research as well, they offer a 30-day free trial.

PNC Bank has an interesting online service called Virtual Wallet.  See http://www.pncvirtualwallet.com/  It essentially ties 3 accounts together – a spending/checking account, a short-term savings/overdraft account and a long term savings accounts.  It’s free and has no minimum balance requirements, but charges a fee if you write more than three checks per month.  It seems more geared to those who use debit cards and other electronic payments for spending. 

Tying the accounts together is very innovative and seems to encourage better money management and good savings habits.   The free online accounts are just the start of what’s offered.  PNC also provides their customers financial planning calendars, online bill payment, financial danger alerts, interactive charts, a pig to punch and much more.  That’s right they have a virtual pig you can punch – but in a good way.  The Punch the Pig feature is a creative way to encourage you to save by moving money from your spending account to your savings account.

I haven’t used the service or the bank myself.  But it looks like it provides a great system to organize your money and stay disciplined.  That’s a great thing for anybody and looks especially suited for Generation Y customers.

Mint.com has a new iPhone App which allows the user to check account balances from anywhere.  Mint.com and the iPhone App are completely free services.  This is yet another great services that frees us from the desktop.  Using your iPhone, you can monitor your checking, savings and credit card accounts; review your budget; and monitor investment performance.

It has been reported that Quicken.com will also release an iPhone App later this quarter.

I heard about this website that offers a very unique method of saving money.  It’s called SmartyPig and is focused upon goal oriented savings.  It took me a few minutes to figure out what it’s all about.  Check out their FAQs and the rest of their information at http://www.smartypig.com/about to get a feel for it.  A system to facilitate and encourage savings is a great thing in my book and seems much needed right now.

The folks at SmartyPig are really on to something.  First of all it’s a free service.  You can open your account, create your goals, reach your goals and redeem your savings at no cost.   Second, they offer tools that really help you stay disciplined in attaining your savings goals.  They allow you to set-up many different savings goals and automatically fund them with regular deductions from your bank accounts.   They offer charts to visualize and track your progress.  And you can share your goals with family and friends, who can see how you are doing and keep you in line.  Family and friends can also make contributions, but there is a fee for this. 

Your money is kept in an FDIC insured account at West Bank in Iowa which currently has a very good interest rate.  When you reach your goal and get your money back they offer three ways to get your money.  You can get it put back in your regular account; get a debit card; or get retailer gift cards in a greater amount than you have saved.

If you are saving for a family vacation this seems like a great way to get everyone on board.  It seems like a great teaching tool for kids and teenagers.  It can also be a platform to solicit contributions.  I can see it being used by people going on charitable missions or having other endeavors that would be worthwhile to support.  If you have used this service or have ideas about the ways it can be used, please share with us your thoughts.

If you are a member of AAA, they now offer Free Credit Monitoring for members.  Just go to http://www.aaa.com/idtheft/  The service includes a free Experian credit report, free daily credit monitoring, free email alerts, and free fraud resolution support.  We looked into this free service and think it’s a great offering.  You must enroll online, but they claim to have no hidden charges or fees.  UPDATE:  The AAA Free Credit Monitoring program is available only in limited areas.  Check the page http://www.aaa.com/idtheft/ to see if your zip code is eligible.

If you are not a member of AAA, check out our Credit Monitoring and Identity Theft Protection pages for the latest offers.

If you know of other membership groups that offer Free Credit Reports or Credit Monitoring, please post the information with a comment below or contact us.

See:
http://www.aaa.com/idtheft/
http://www.moneycafe.com/creditreports/creditmonitor.htm
http://www.moneycafe.com/creditreports/idtheft.htm