Most people look at their checking account as a place to put their money for safe keeping. What you might not realize is that your checking account can actually earn money for you. That’s just another reason to choose the right account. Unfortunately, most checking accounts yield just 0.06% a year.
If you are interested in opening a new checking account, you have probably already realized that there are a ton of options available to you. The most obvious option you have is to go with one of the national super-banks that together get 99% of the national media attention due to their huge advertising budgets. Of course, the loudest bank is not necessarily the best one for you – and there are literally thousands of national, local and regional banks that are vying for your business.
With all of these options available to you, choosing the right bank can be a challenge, to say the least. Rather than blindly “interviewing” a couple of banks whose ads you happen to see in the newspaper or on TV, it is a good idea to start by developing a list of the criteria you will need to have fulfilled by the bank you ultimately select.
There are a few criteria that will direct any consumer that is looking to find the best checking accounts. Banking is serious business and should be looked at as such. Why would you pay more for something than you have to? Why make the banks richer?
Taking a few minutes to look at a few different banks and see if they can fit into the best criteria is a great way to save some money. The criteria below of course is the ideal it would be very difficult to find a bank that meets all of the criteria, but one that meets most of the them can be counted amongst the best.
Of course, you’ll want to find checking accounts that pay good interest rates. But, there is so much more than just interest rates to consider.
Surprisingly, there are checking accounts that can earn you as much as 5%. Here are just a few of those accounts:
This checking account is available at Northpointe Bank. It offers a whopping 5% Annual Percentage Yield (APY). Any balance under $10,000 will earn you up to 5% in interest. However, if you want to withdraw funds you will be charged via the ATM, but Northpointe will give you a reimbursement of up to $10 per transaction.
All Access Advantage
The All Access Advantage Checking Account is a great option from La Capitol Federal Credit Union provides a 4.5% APY. Earn that much for up to $5,000 in your account. You can open an account for just $50 and get ATM fee reimbursement for up to $25.
You can also become a credit union member for just $20 and gain access to all their benefits.
High 5 Checking Account
Another option is the High 5 Checking Account from First Financial Credit Union. They also provide a 5% APY. No opening balance is required. However, you can only earn 5% on balances up to $2,500, and beyond that, you earn no additional interest.
To gain access to this account you have to be a credit union member of First Financial.
Blue Federal Credit Union
Looking for another good checking account option? Then check out the checking account at Blue Federal Credit Union. They offer a 4.5% APY on balances up to $15,000. After that amount, you will yield just 0.01%. They also have no minimum account balance.
So, before approaching just any bank you come across for a
new checking account with a good interest rate, make sure you first create a
checklist of your needs and wants that must be met before choosing a bank.
Then, as you contact each prospective bank, check each item off, as needed.
Soon, the best bank for you will become clear.
Bank restrictions can be a bit hard to keep up with so the ideal account should have very few restrictions. Things like limited transactions, charges for inquiries, charges for a check search, charges for copies of your checks all of those things should either be very limited or nonexistent. After all once you have determined which banks offer truly free checking, having all these restrictions in place can be a real deal breaker.
Start getting paid to bank with these top checking account options.