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In a way to raise deposits, credit unions and banks have started coming up with clever ways to get people to bring more deposits to them. The majority of these plans come in by way of offering higher rates in turn for some sort of favor on your part.

This is how the typical deal looks.

The institution will advertise an abnormally high rate given our current market conditions. This typically runs somewhere between 5% - 8%. There are typically a few catches though.

• The high rate is usually paid on only a set amount, like the first $1000 for example
• Many require you to have direct deposit through them
• Most require that you are signed up for some sort of online banking feature (usually eStatements, or logging on a certain number of times each month).
• Some require that you do a certain number of debit transactions each month.
• Other interesting rules exist as well.

If you are willing to follow the rules that they set forth, you can find yourself earning a decent interest rate, especially given current market rates. Over the next few weeks I am going to review some of the major promotions that are occurring in Washington State.  I might branch out to other states as well if I find something interesting. I am planning on disclosing the exact details of the promotion, like what you need to do to qualify. I will also state what type of person might be interested in these programs. Another thing that I will disclose is the amount of additional income that you will earn by signing up for this program. This way you can see how much extra you are really earning for all that extra work!