Free market enterprise is the lifeblood of the America economy. If you are interested in an interest bearing checking account and your bank does not offer high interest checking accounts, “let your fingers do the walking” and start surfing the web for either a brick-and-mortar or a virtual bank that can provide you with what you need.
Until recently laws from the Federal government have prevented checking accounts from bearing any interest. In 2002, the legislature passed allowing businesses checking accounts to earn a certain degree of interest and then consumer account opportunities soon followed. Although the options for high interest checking accounts are limited they are out there and more choices are presenting themselves regularly.
If your bank does not offer high interest checking accounts and you are considering opening an account elsewhere, there are some things to consider. The current interest rates for high interest checking accounts are at .5%-1.75% and there may be a large minimum deposit required to generate any yield. Additionally, there may be additional fees and charges required for setting up a high interest checking account, thus mitigating the positive affects any amount you may earn on the small amount of interest you may earn.
You should take the time to thoroughly analyze your traditional checking account with the bank that you already have a relationship with. Even though your bank may not offer high interest checking accounts, you may find that after comparing your traditional account with a high interest checking account opportunity, that it may not be worth your while to even make the switch.