CHECKING ACCOUNTS » High Yield Checking

Just about every adult uses a checking account to manage daily finances. It’s a financial necessity that we rarely think about. However, just because checking accounts are commonplace doesn’t mean the interest rate has to be mediocre. Twinstar Credit Union has a special offer for an Accelerator Checking account that lets you earn a phenomenal checking account rate of 3.00% APY on deposits.

There are certain conditions you must meet in order to qualify for one of the best checking accounts presently available. Only members are eligible to open an account and the highest APY applies to a balance of $30,000 and under–a balance of $30,001 and above is subject to lower rate.  There is also a $25 minimum balance required. Rates are subject to change.

In a recent article, Bank of America has vowed to change many of its policies in hopes of taking its focus away from making money and placing it on customer relationships instead. As explained to CNBC on Tuesday morning by Chief Executive Officer Brian Moynihan, the bank also plans to change its consumer banking strategy due to changes in regulation.

Changes to Benefit Customers

Select Bank & Trust is offering possibly one of the highest earning checking accounts in existence. Currently, you can earn a high yield checking account rate of 4.08% APY with the EasyGreen account.

In order to earn the highest checking account rate, you must open with a minimum balance of $100, establish at least one direct deposit to your account, use your Select Bank debit card for at least 10 transactions each statement cycle, and receive monthly e-statements. Your balance may not exceed $25,000 or the rate will decrease. Fees may reduce earnings on account and this rate is subject to change without notice.

Washington Savings Bank has an incredible checking account rate offer with the Interest Rewards Checking account. Right now, you can earn a checking interest rate of 3.01% APY.

You need only $10 to open an account. There is no minimum balance to obtain this great rate, but it does apply to balances of $10,000 or less. Higher balances will earn a lower rate. Additionally, you must complete 12 debit transactions, receive monthly eStatements and make either a direct deposit, ACH auto debit or one bill pay transaction per qualifying cycle. Rates are subject to change without notice.

Since their popularity took off in Amsterdam in the 16th century, checking accounts have been a convenient and wonderful tool to help consumers buy goods and services, or to pay off other debt. By using electronic transfers, paper checks, and your debit card to pay your way, there is no need to have to carry large amounts of cash. Everyone should have at least one checking account to their name and in some cases multiple accounts are perfectly fine. However, to ensure that all your checking accounts have no negative impact on your ability to get loans, you must take proactive measures to ensure that you manage your checking accounts accordingly.

How Your Financial Health is Determined

If you never thought a checking account could earn you extra money, you didn’t know about the high-yield checking account from EverBank. Their offer lets you earn a checking account interest rate of 2.25% APY for the first three months you hold the account.

There isn’t even a minimum balance requirement or monthly fee to earn this amazing rate. Simply open a checking account with EverBank and start earning a 3-month bonus rate of 2.25% APY. After that, the interest rate remains at a still impressive 1.09% APY for balances between $10,000 and $24,999.99.

To know whether you need both a checking and a savings account, there are some factors you must consider. Generally speaking, most people find it advantageous to have both at their disposal for all their financial transactions. Each serves a unique purpose in how you can conduct your banking activities.

Why You Need Bank Accounts

Despite the best of intentions and precautionary measures it is not uncommon for criminals to gain access to your checking account and steal your money. The theft can occur in several ways including:

In the United States, the Federal Reserve is the central banking ocean to which all of the banking streams are connected. The main purpose of this banking system according to the Federal Reserve Act is “to furnish an elastic currency, to afford means of rediscounting commercial paper, to establish a more effective supervision of banking in the United States, and for other purposes,” which is to help calm nerves and protect during a banking panic. The Federal Reserve also speaks a unique language and that includes the term transaction deposit.

When the national average for checking account interest rates is only .26% APY, you’ll be glad you have the option to earn higher rates with the American e-Checking account from American Bank Online. This high yield checking account currently provides a checking interest rate of 1.00% APY.

A minimum balance of $100 is required to open this checking account and balances of $1,000 or higher will avoid the monthly maintenance charge. You will receive unlimited check writing privileges, free first order of checks and e-statements. Rates are subject to change at any time and fees may reduce earnings.