CHECKING ACCOUNTS » High Yield Checking

It happens to the best of us, sometimes we misjudge the amount of money in our checking accounts and find ourselves with overdraft fees. If you have outstanding checks or automatic payments coming through on an account that is charging you overdraft fees, you might want to consider setting up an account with bank overdraft protection.

Bank overdraft protection is a painless form of account security set up to ensure you have enough funds in your account to make sure your charges clear.  Overdraft protection is very simple to keep track of and easy to set up.

Before online banking existed and became as popular as it is now, bank customers could automate transactions by setting up a standing order. A standing order is sometimes also referred to as a banker’s order and is basically a set of instructions an account holder provides the bank to have money transferred from an account to a third party.

A standing order is not the same as a direct debit. While direct debit involves a payee withdrawing funds from your bank, a standing order is set up by the bank customer and designates a beneficiary that will be paid a set amount at regular intervals, usually monthly.

Bank of the Pacific has an unbelievable offer for a high yield checking interest rate of 3.05% APY. It’s called the Dream Checking account and provides one of the highest checking rates anywhere.

The minimum deposit to open is $100 and there is no monthly service charge or check writing limit. Only three monthly requirements must be met to earn this checking account rate: Complete 12 debit card transactions per qualification cycle, set up one direct deposit or one ACH automatic debit per month and accept e-statements when available.

Magna Bank states, “If your checking account isn’t earning 3.25% APY, it’s time for a change!” If you’re ready to make that change, open a Premier Checking account from this bank to begin earning the best checking account rate of 3.25% APY.

There is no minimum balance needed to earn this checking account rate, only an opening deposit of $100. All you have to do is use your Magna Bank Visa debit card to perform at least 12 transactions per monthly cycle and make at least one direct deposit or direct withdrawal per month. This rate applies to balances up to $25,000. Rates are subject to change without notice.

Charter Bank offers a checking account with special features you won’t find anywhere else. In addition to the excellent checking account interest rate of .50% APY, a Charter Complete Checking account combines benefits of interest checking and money market accounts.

The Charter Complete Checking account gives you the interest rate of having two accounts with the convenience of maintaining just one. You are allowed unlimited check writing with free checks and unlimited ATM and debit card use. A $20 per month service fee will be charged unless a balance of $10,000 or higher is maintained.

You probably don’t think about your checking account’s interest rate. After all, checking accounts aren’t really investments. However, if you could earn some interest on your checking balance, wouldn’t you want to? At Happy Valley Credit Union, you can! Members can earn a checking account interest rate of .50% APY.

If you’d like to start earning interest in your checking account, you must become a member first. There is no minimum balance and the monthly fee is only $5. The fee is waived for balances of $500 or more. Rates are subject to change.

When it comes to investments, the savings account may not be the one that will make you rich, but you still need it. Saving money is important and you don’t want to risk all you have in the markets. Keeping a portion of your funds in a savings account helps to protect it.

Even so, it doesn’t hurt to deposit your money where it will earn a bit of interest. After all, saving money is a lot easier when you’re rewarded for doing so. If you seem to have trouble finding a decent savings interest rate, try linking one to a checking account.

Checking accounts aren’t exactly known for offering fabulous rates, but every now and then an account stands out by offering the highest interest around. One bank that offers such an account is Cornerstone Bank, where customers can earn a 2.02% APY with the Hometown Checking Account.

You can earn the best checking account rate by far if you maintain a balance of $25,000 or less in the account. There is no monthly service charge and you receive unlimited check writing capabilities. Do note that rates are subject to change.

New rules for overdraft fees take effect August 15, and banks are scrambling to encourage customers to opt in to overdraft protection. I’ve received a few letters from my banks in the past few weeks touting the benefits of overdraft protection and asking me to opt in. But is it a good idea?

What is Overdraft Protection?

Checking accounts are a financial necessity, but they can be beneficial, too. At Homestreet Bank, keeping a higher balance in your account lets you earn one of the best checking account rates around. They are currently offering an interest rate of .86% APY for their Maximum Checking account.

This interest rate is offered to customers who maintain a balance of $2,500 or higher. Fees may reduce earnings and rates are subject to change at any time.