You can get free checks and unlimited check writing, as well as online ATM fees reimbursed up to $6 per month.

Only $100 is required to open an account but is a monthly service charge unless you maintain a $1,000 balance.

This definitely isn’t the best bank deal out there, but if you were looking to open a checking account with Franklin Templeton Bank & Trust, you might as well go for the $50 bank bonus while you’re at it!

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• $25 for opening a new checking account with a debit card
• $25 for using your debit card 10 times
• $25 for signing up for direct deposit
• $25 for using online bill pay

This bonus expires on Nov 1, 2008. A $100 opening deposit is required. The checking account must be opened locally. Must be a new customer, and the bonuses will be revoked if the account closes within 6 months of opening.

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Zecco, the discount brokerage with free trades has sweetened the deal, dropping their minimum balance to $0! Zecco offers free stock trades and cheap options commissions as well. You can make up to 10 free trades a day and up to 40 free trades per month before they start charging you $3.50 per trade – which is still a great deal! Take a look at their comparison chart here. Margin trading requires a $2000 balance. You can fund your account through check, ACH, or wire transfer.

From what I’ve heard thus far, it seems like Zecco had a few problems initially, but I’ve talked to a few of my friends that currently have a Zecco account and the general concensus seems to be positive. As a discount brokerage, Zecco obviously doesn’t have the same level of resources as eTrade or Ameritrade, so that’s something to take into consideration.

I’ve been meaning to switch over from Scottrade for a while now (or at least open an account with Zecco as well) and I think this latest promotion is enough to win me over. I will post a review and my thoughts on Zecco once I make the switch. If you’re interested, head over to Zecco.com and check them out.

Source: (WallStreetMatador.com)

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Set up a direct deposit rather than physically depositing your payday check. This saves you the time and hassle of going to the bank to deposit your check. In addition, some banks will waive your checking account monthly fees if you direct deposit your paychecks. It’s just a matter of asking your bank’s customer service representative.

Opt out of the “courtesy overdraft protection.” Many banks include this “feature” as a standard for all customers. It essentially lends you money to cover any bounced checks. While this sounds like a great deal on the surface, banks usually charge you extremely high fees if and when your check actually does bounce, up to $40 for the initial loan and a $5/day penalty afterwards.

Instead, apply for overdraft protection. If you just canceled your courtesy overdraft protection, but are worried that you might bounce a check, overdraft protection is a good solution. Overdraft protection links your checking account with an account that will supply your funds if a check bounces. There will still be fees, but the cost is far less than that of the courtesy version. Some banks, such as Washington Mutual, allow you to link your savings account or money market account to your checking account to provide your own overdraft protection. This provides the best of both worlds; you can earn a high interest rate on your savings or money market rate while providing yourself with overdraft protection. It doesn’t get any better than that, folks.

That’s all for today’s Banking Advice, thanks for visiting ratestracker.com!

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Move the money you don’t need into a high yield savings or CD account (or even a checkings account). If you are keeping an emergency fund in a savings account at a regular brick and mortar bank, chances are it’s not earning a very high interest rate. Online banks usually offer much higher interest and CD rates than regular ones. If it’s money you won’t be needing, put it into a Certificate of Deposit (CD) account. If it’s money that you might need, put it into a high yield savings or checking account. The only drawback to these online accounts is that it takes a few business days to transfer between your regular and online banks.

Find a bank that offers free ATM withdrawals. ATM fees can quickly eat up a lot of your money. If you use an ATM regularly and pay a charge, it’s time to change banks. Banks usually offer free ATM access at their own locations, so find a branch close to you and make the switch. Credit Unions are also a good candidate, as they tend to offer higher rates than normal banks. However, their ATM network will probably be restricted to the local area.

Consolidate your accounts into fewer banks. If you have many accounts at different institutions, it can make financial sense to consolidate them at one or two banks. Using a single bank for all your accounts can give you leverage to get discounted services. For example, if a bank requires a $1,000 minimum balance to earn interest in a checking account, it might waive this minimum if you also have a large CD deposit with that bank. The more banking business you do, the more leverage you’re likely to have to negotiate on little fees and rates that can add up over time.

That’s it for today’s banking advice. Thanks for dropping by rates tracker!

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ratestracker.com is running a $50 blog link contest, taken from the pages of John Chow’s playbook over at JohnChow.com. To enter, all you have to do is make a post about this contest. Link to http://www.ratestracker.com (with the www, please) using the anchor text “best CD rates” and link to this blog post in some way. Here’s an example:

ratestracker.com, an online resource for the best CD rates, is currently running a $50 blog giveaway! To enter, all you have to do is write a post about it. It’s that simple! Visit ratestracker.com for the best CD rates, savings accounts, money market, credit cards deals, and bank promotions.

Feel free to use your own creativity to spice it up; but a short post like this is absolutely fine. In fact, you can even copy and paste the example if you prefer! You can also use the image that I’ve created above.

After you’ve published the post, just send me an email at ratestracker [at] gmail [dot] com with the link to the post, OR you can click the link on the post you’ve just created to leave a trackback on my blog. Either way is fine, but make sure that the trackback is there, otherwise I have no way of knowing about your entry! After I’ve verified that the post meets the requirements, I’ll put your email address into the draw pile. At the end of the month, a lucky winner will be drawn and $50 will be sent via paypal.

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Excel or Google spreadsheets: Create your own or download a template at various personal finance sites: Pear Budget, Of Zen and Computing’s simple spreadsheet, Get Rich Slowly’s spreadsheet. Excel files are highly customizable, but can take a while to create, especially if you’re not too familiar with the software.

Gnu Cash: Originally exclusive to Linux, Gnu Cash is now available for Windows. It’s open source and can export and import to both Money and Quicken.

Wesabe: A web 2.0 version of money tracking software. It adds a social aspect to money management, allowing you to see how much other people spend on similar items.

Money Trackin: Allows you to record all your transactions online, and it also provides accessibility for mobile devices. I’m not sure how useful this feature is, though. I don’t know if I’d be disciplined enough, or even want to keep track of every purchase so closely.

AceMoney: The lite version is free but the full version costs $30. The lite version only allows you to manage a single main account, so keep this in mind when trying out this software.

Yodlee: Another completely online solution to money management. I just signed up with Yodlee recently and I must say that I’m really impressed with the ease of use as well as the online interface. I was able to consolidate 2 checking accounts, 1 online CD, 2 online savings accounts, 2 credit cards, a paypal account, and a brokerage account into one simple statement. Yodlee has definitely made keeping track of my finances a lot easier.

Again, thanks to ZenHabits for the original post!

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Here in CoMS we talk about personal experiences or the experiences of others on saving, investing, finance, money management, money generating, business ventures, success and tales of struggle.  We would love to hear how you are handling your financial and business challenges as well as your opinions on money news and stories you come across. CoMS travels every other week to a new location so watch out for the latest Carnival Money Stories near you.

If you’re interested in personal finance or have any stories to share, head on over.

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Suppose you have $10,000, and decide to invest it in an investment with an estimated 8% return. In the first year, you will earn $800 on your investment. The next year, you will earn 10,800*.08 or about $864. After 10 years, the balance will be at $21,589. After 20 years, your initial investment of $10,000 will have quadrupled to $46,610! Of course, the earlier you start, the more time your money will have to compound. That’s why starting early is so crucial.

The other factor is the interest rate. Suppose instead of 8%, you put your money in a vehicle earning 5%. After 10 years, your running balance would be only $16,289. And after 20, $26,533. The difference becomes even more drastic when you lower the rate to 2% or 1%. In a regular savings account, you’re probably earning next to nothing. Your money is probably barely keeping up with inflation. This is why finding the best CD rate is so crucial.

Here is a financial calculator that helps demonstrates the power of compounding. It’s a pretty simple applet, but it allows you to see that the longer you invest your money, the greater the rewards will be. For another example on the power of starting early, check out this article at mindyourfinances.com.

Some vehicles of investment include certificate of deposits (CD), mutual funds, treasury bills, government or corporate bonds, ETFs, and money market accounts.

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John has done a great job of writing down in great detail his path towards making money online. While I don’t think he initially was looking to make money from his blog, his readership grew steadily and John, being the evil man that he is, decides to fully monetize his blog. His efforts have been quite fruitful as his revenues have increased from $352.94 during his first month to a total of $8545.25 in March 2007, only 7 months later. This blog is a must read for anyone who is thinking of trying to make some money online.

I must say that all this moneymaking has detracted from the blog’s overall evilness. While John used to hatch eviler plots, the recent posts have mostly been focused on making money. However, they do say that money is the root of all evil, so I guess John is still living up to his reputation. Check out his blog at http://www.johnchow.com.

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