Any account from a financial institution that yields interest is a great thing for consumers. Used by millions, savings accounts allow a person to park their money in an account and earn interest on it as the years go by. However, many people are still unaware of the interest-bearing checking accounts that exist. There aren’t nearly as many interest yielding checking accounts as regular checking accounts, but a person should have no trouble finding one.
Normally, most common banking institutions like Wells Fargo, Chase, and Bank of America offer checking accounts with interest, but these require balances of thousands of dollars in order for interest to be earned. Most individuals don’t have that much money to keep in a checking account, so the biggest banks are fairly unreliable for the average consumer. Luckily, there are plenty of smaller banks that provide interest-yielding checking accounts without high minimum balances.
For the average consumer, they can and should search for banks with interest-bearing checking accounts that meet the following requirements:
* The actual checking account shouldn’t have any fees associated with it that other accounts don’t charge.
* A person should be able to access their account online and in a branch (unless offered as an online-exclusive account).
* The account should have a minimum balance requirement under $100 or even allow the account to be empty of funds.
* The account must come with a check card or else the account is fairly useless for consumers.
Interest-bearing checking accounts targeted at the average consumer are fairly uncommon, but certain banks do offer them, such as ING Direct, which provides an interest rate of 0.25% annually. Normally, banks who offer low-minimum balance interest-bearing checking accounts will give their customers a larger interest rate if they have more money in their account. These accounts are better than the ones from other banks that require higher balances for fairly low interest rates.
Choosing the best interest-bearing checking account involves finding a bank that offers great service and a good interest rate. Luckily, anyone can get a checking account that bears interest, thanks to banks that offer accounts with low minimum balances. In the past, only individuals with thousands of dollars to place in accounts would be given annual interest on their balances. That is not the case today, and everyone should consider opening an interest-bearing checking account.