If one of your goals is to stash more cash in 2011, small savers will be hard-pressed to find a better deal than at U.S. Bank.
With its START program (Savings Today and Rewards Tomorrow), savers get $50 once they reach a $1,000 balance in a savings account after signing up for recurring transfers from a U.S. Bank checking account to a U.S. Bank savings account. Those who want $50 faster can add a $1,000 lump sum to a savings account and set up automatic transfers for as little as $1 a month.
U.S. Bank also gives savers $50 more after they've had the $1,000 in the account for a year. The bank should be applauded for encouraging long-term savings.
The program was initiated last year after focus groups told the bank that they wanted more incentives to start saving, said Christine Hobrough, senior vice president and regional manager at U.S. Bank. The bank allows those with a U.S. Bank credit or debit card to transfer a predetermined amount -- from 25 cents to $5 -- to the savings account with every card purchase.
People in the focus groups also said they wanted a "think twice" reminder when withdrawing money. Bank customers can choose a reminder that pops up at a U.S. Bank ATM when withdrawing money, "Are you sure you want to do this?"
Encourage your bank to begin a similar incentive program. TCF often has a $50 or $100 reward for new customers who open a checking account, but several other banks that I checked (Associated, Bremer, M&I and Wells Fargo) don't have anything as good as START.
LED bulb is a winnerIf you think paying $5 for a CFL lightbulb is outrageous, you're probably not going to want to rush out to buy the Philips LED light that replaces a 60-watt standard incandescent. It's $39.97 for a "one-pack." But early adopters and greenies should find plenty to like.
Daniel Mozey of St. Louis Park, who works in the lighting industry, had gotten tired of going to lighting trade shows that proclaimed "LED has arrived" only to find bulbs of poor quality, color rendering and light output. But he found the Philips 819933, available at Home Depot, to be similar to an incandescent in color, light output and dimmability. I found similar results in my tests.
