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Started By
Message
Opened a new checking account today...question on the perk...
Posted on 8/11/25 at 9:54 pm
Posted on 8/11/25 at 9:54 pm
Long story short, I have been banking with Regions since I was six years old when it was AmSouth. 32 years later I needed them to help me on a house purchase and they couldn't do it, so I went to a local bank and they got it done. Guy who assisted is a good person and got me to open a second account with them and they have a pretty nice little 4.75% yield checking account on the first $25,000/month you hold it. That's a nice $1,200/year. I plan on just holding the amount at that amount as the yield drops to .25% after $25k. (I edited the math after it was noted I am an idiot).
Question, will this be a taxed income? I have never had a high yielding checking. All my money has gone into retirement funds and stocks where I pay capital gains after I withdraw. This is new to me.
Question, will this be a taxed income? I have never had a high yielding checking. All my money has gone into retirement funds and stocks where I pay capital gains after I withdraw. This is new to me.
This post was edited on 8/11/25 at 10:34 pm
6
Posted on 8/11/25 at 10:07 pm to rpg37
quote:
they have a pretty nice little 4.75% yield checking account on the first $25,000/month you hold it. That's a nice $14,000/year.
You should recheck those numbers.
quote:
Question, will this be a taxed income?
Yes. You’ll get a 1099-INT around the beginning of February.
This post was edited on 8/11/25 at 10:08 pm
Posted on 8/11/25 at 10:08 pm to rpg37
quote:Your math aint mathing
nice little 4.75% yield checking account on the first $25,000/month you hold it. That's a nice $14,000/year.
Posted on 8/11/25 at 10:25 pm to rpg37
quote:
little 4.75% yield checking account on the first $25,000/month you hold it
Bro that’s right under $1,200.
Not bad but not 14k.
Posted on 8/11/25 at 10:33 pm to Joshjrn
Whoops. Yes, dummy me did it by month. Of course, $1,200/year.
But, yes, taxed. Is it taxed at ordinary income?
But, yes, taxed. Is it taxed at ordinary income?
Posted on 8/11/25 at 10:42 pm to rpg37
quote:
Is it taxed at ordinary income?
Yes.
Posted on 8/11/25 at 11:13 pm to rpg37
For most interest income, if a bank pays you at least $10 in interest during the year, they are required to send you a Form 1099-INT
Posted on 8/12/25 at 2:34 am to rpg37
My bank gives 6.01% APY. But is only on the first 10k. I don’t think I hit the limit except when I received an insurance check after Ida.
Posted on 8/12/25 at 5:20 am to rpg37
quote:
will this be a taxed income? I have never had a high yielding checking.
Yes, as said above. And if you ever obtain a CD or other interest bearing account/investment, you'll get a 1099-INT for them as well for accrued interest during the year (even if the CD does not mature until later).
The interest is reported on your 1040, and if your interest is over $1,500 total, you have to complete Schedule B to list the individual payers and amounts. It's not a big deal to complete the form.
Posted on 8/12/25 at 4:49 pm to Tarps99
Where are you getting 6%
Posted on 8/12/25 at 9:44 pm to TorchtheFlyingTiger
United Community Bank…They have branches in Lafourche, Terrebonne, Ascension, Laplace and Baton Rouge.
They do not charge out of network ATM fees, and will reimburse you up to 20 dollars in service fees ATM owners charge you.
One change that I am not a fan of is that they took out the drive through window where you talk to a physical person at the branch, now they have an ITM where you can get a remote teller via video conference at the drive up.
I now prefer to go inside at my branch where I greeted with a friendly face. I can had them my check to deposit. They know my account number and I can raid the free coffee and snacks in the lobby.
One other thing, some of the deposit posting times can be a little early. Mobile Deposit is also not a strong suit since it may take a day or two for it to post.
They do not charge out of network ATM fees, and will reimburse you up to 20 dollars in service fees ATM owners charge you.
One change that I am not a fan of is that they took out the drive through window where you talk to a physical person at the branch, now they have an ITM where you can get a remote teller via video conference at the drive up.
I now prefer to go inside at my branch where I greeted with a friendly face. I can had them my check to deposit. They know my account number and I can raid the free coffee and snacks in the lobby.
One other thing, some of the deposit posting times can be a little early. Mobile Deposit is also not a strong suit since it may take a day or two for it to post.
This post was edited on 8/13/25 at 6:22 am
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