Online High Interest Checking Account Basics

Are you looking for an easier way to manage your finances? If the possibility of eliminating late payments, earning a little extra cash and saving money all from the comfort of your own home sounds incredibly enticing, then you should learn more about online high interest checking accounts.

An online high interest checking account operates like a traditional checking account combined with the perks of earning some extra money and providing the luxury of online banking. There are some basic things to consider about online checking accounts before opening one.

The pros:

  • The interest rate paid on online high interest checking account balances is currently ranging from .5%-1.75%
  • Once your account is opened, you will be able to perform many banking transactions 24/7 making them extremely convenient
  • You will save postage by not having to physically mail your checks to pay your bills
  • Your fuel costs will be lowered by reduced trips to both the bank and the post office
  • You can set up automatic payment plans and never be late with a bill payment again
  • Transaction speeds are incredibly fast, some bills can be paid in one day
  • You can link a multitude of accounts making your online high interest checking account extremely efficient

The cons:

More From Your Money
Sponsors of
  • The interest rates are some of the lowest yields throughout the entire banking industry
  • There may be high minimum balances you need to maintain in order to avoid monthly penalty charges
  • You may be subject to paying ATM transaction fees as virtual banks that offer online high interest checking accounts
  • It may take a little bit of time to open your account and get access to your money due to verification periods
  • If you are not technologically savvy, it will require some extra time to set up your accounts

By taking the time to compare all the pros and cons for online high interest checking accounts you can make an educated decision for yourself.

Related Video

About the Author

GOBankingRates Staff

These articles are written by the in-house GOBankingRates team.

Read More

Online High Interest Checking Account Basics
Close popup

Sign up for more financial tips and tricks!

Are you saving for a house? Starting to invest? Whatever your 2021 financial goals are, we can get you on the right track!

Please enter an email.
Please enter a valid email address.
There was an unknown error. Please try again later.

Don't forget to add as a contact to ensure you receive our emails to your inbox!