Most checking accounts pay almost no interest. However, there are 3 banks currently paying over 4% in interest for checking accounts.

Royal Bank is currently paying 4.3%, Bank of the Sierra is paying 4.09% and Danvers Bank is paying 4.01%.These rates are variable and will change.

Of course there are requirements to get the 4%+ interest. The features and requirements are as follows:

Royal Bank

Requirements to Receive 4.30% APY

• 15 Point of Sale Debit Card Transactions
• 1 Direct Deposit and/or ACH Debit/Credit
• E-Statement (must provide valid e-mail address)

Features

• $100.00 minimum to open
• No minimum balance once opened
• No monthly service fee
• 4.30% Annual Percentage Yield (APY) earned on daily collected balances up to $24,999
• Rate accurate as of October 1, 2009 and has been the effective rate since May 7, 2009
• Access to ATM’s Nationwide
• Royal Banks MasterCard Debit Card
• FREE Royal Banks Online Banking and Bill Pay

Bank of the Sierra

Requirements to Receive 4.09% APY

• Minimum 12 Sierra Check Card purchases per statement cycle (Purchases must be posted, not pending — excludes ATM transactions)
• Minimum one direct deposit or automatic payment from your account per statement cycle (must be posted, not pending)
• Make at least one payment using Sierra BillPay per statement cycle (must be posted, not pending)
• Enroll & receive Sierra eStatements
• Must be opened online

Features

• Earn 4.09% APY on balances up to $25,000
• Earn 1.01% APY on balances above $25,000
• If monthly qualifications are not met, you still earn .12% APY
• Reimburses up to $25.00 in ATM fees nationwide per statement cycle
• Free Sierra eStatement every month
• Free Sierra Bill Pay
• Free Sierra Check Card
• No monthly service charge
• Overdraft protection available with a savings account or apply for a line or credit

Danvers Bank

Requirements to Receive 4.01% APY

• Perform at least 12 debit card transactions (excluding ATMs)
• Receive their monthly statement electronically
• Access Online Banking
• Sign up for direct deposit or receive a recurring ACH.

Features

• Pays a rate like a CD (4.01%APY) without tying your funds up for a fixed period of time
• No daily minimum balance requirements to satisfy
• No monthly maintenance charges
• Enjoy refunded ATM fees nationwide
• Money is available 24/7 through a Danversbank Debit MasterCard
• Points2U rewards

Last night 60 Minutes had a very interesting segment about Michael Lewis who is about to release a book (titled “The Big Short : Inside the Dooms Day Machine“) about a handful of Wall Street outsiders who realized the subprime mortgage business was a house of cards and found a way to bet against it. One outsider made over $700MM.  Michael Lewis also talks about the current situation on Wall Street, the large bonuses still being paid and his predictions for the future of the industry. See videos below.

Did you ever think that by 2010 we’d be zipping around with jet packs like The Jetsons?  Well we soon maybe if you can afford $75,000. 

Designer Glenn Martin (of Martin Jetpack) has developed a Kiwi Jetpack starting at $75,000.  It is expected that early orders for sales to private individuals will start late 2010. 

The jetpack runs on premium gas which is much cheaper than jet fuel, has a range of 30 miles at 60 mph with a ceiling of 8,000 ft.   No pilot’s license is required and it comes with a low altitude ballistic parachute.  I would love to try one out!  See video below.

There are many questions you have to answer when you’re looking to start a business.  One of the first questions that come up is – should you start big or small?  Before you answer, let me clarify.  Big is starting a business that requires a large upfront cost. You may need to take out a loan, use a majority of your savings, borrow money from family or friends, cash out your 401K plan, max out your credit cards, or take a loan against your house, to name a few things.  Starting small simply means not incurring a large upfront cost.  You are able to fund your business yourself, using a small part of your savings.  There is no really no right or wrong way to start your business because it depends on the type of business, your tolerance for risk, your net worth, your age, and other factors.  

Donald Trump likes to brag about how he thinks big.  But the problem with thinking big is that it comes with big risk.  Of course, there are advantages and disadvantages either way you go.  Starting a business is risky.  No matter how carefully you plan, you can never predict whether it will be profitable or not, or if it will be profitable “enough”. If you forecasted the company earning $10,000 per month but it only ends up earning $1,000 per month, you may deem the business a failure.

Your net worth also dictates your risk when starting a business.  Someone with 20 million in the bank can easily pour 5 million dollars into a company.  If he loses that money, it may hurt but not as much as it would for someone with 10 thousand dollars in the bank trying to start a company that requires 100,000 dollars.  If she loses the 100,000 she will more than likely end up filing bankruptcy.  Your age also plays a role.  If you are a single 25 year old starting a business, you can tolerate more risk than a 50 year old with a family, mortgage, and car notes.  The 50 year old has much more to lose which may include his house and/or savings.  If the 25 year old fails, he has 40 years to recover vs. the 50 year old who has 15 years to recover (assuming retirement at 65 years old).

If you are considering starting a business, if possible, it’s a good idea to start small to ensure success, and then scale the business.  I recently read about a gentleman who owned a very successful restaurant.  He first started selling food on the street via a food cart.  It did well, so he eventually rented a very small store front.  He continued to do well and then moved into a much larger restaurant.  He minimized his risk by first testing the market on a small scale.  When he decided to scale his business he already had customers he could rely on.  His risk was extremely low when he first started, yet he made it big.

If you are looking for a very good prepaid debit card you should consider the Mango card.   Mango is a free prepaid MasterCard with $0 activation fee.  You can send money, check your balance or view transactions on your mobile or online.  Loading the card is easy.  You can load the card with your paycheck, transfer from a bank account or add cash at retailers nationwide.

The Mango free prepaid MasterCard features:

• $0 Activation Fee
• FREE Direct Deposit
• FREE unlimited purchase / signature transactions
• FREE account management online or with your mobile phone
• FREE to check your balance with your mobile phone
• No monthly fee when you load $500/month
• Send money with your mobile phone
• Load cash at tens of thousands of retailers nationwide
• No credit check, no bank account needed, no overdraft fees

For more information visit MangoMoney.com.

Banks today are paying almost nothing for a savings account.  However, FNBO Direct is currently offering 5 times more (1.25% vs. 0.26% with a traditional savings account) with no balance minimums.  You can manage your account securely online and your deposits are insured by the FDIC up to $250,000.

FNBO Direct is owned by First National Bank Omaha which is a subsidiary of 150 year old First National of Nebraska, a multi-state holding company located in the heart of downtown Omaha.

First National of Nebraska and its affiliates have $20 billion in managed assets and more than 6,000 employees located in 35 states.

To sign up visit FNBODirect.com.

SunTrust Bank is offering up to $150 for opening a checking account before April 30, 2010 and paying your bills online using SunTrust Online Banking with Bill Pay.  

You must pay 3 bills online within the first 2 months after opening your checking account and SunTrust will deposit $50 into your account.  If you continue to make 3 online payments each month for 3 consecutive months, Suntrust will deposit an additional $100 to your account.  (View step-by-step video of the offer and requirements).

This offer is only for new customers; however, if you opened a checking account after January 31, 2010 you can still register your account to be eligible for the bonus.  To sign up visit SunTrust.com