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July 21, 2008
In the past I have written about High Yield Checking Accounts. They are checking accounts that offer a high interest rate if you do certain things in a months time.
Most of the high yeild checking accounts I have seen offer between 4%-7% APY on money in the account if you perform 10 debit card transactions, set up direct desposit and recevie statements electronically each month. The thought behind the high interest rate is that it is cheaper for the bank if you use your debit card rather then processing checks.
These checking accounts are popping up all over the country. I just discovered this site that trys to list them all. The site is called High Yield Checking Deals. Be sure to check it out if your checking account is earning little to no interest.
I have had my high yield checking account for almost a year now and have made over $1500 in interest. Had I kept my Chase Checking account, that number would have been a big fat zero!
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There’s certainly a lot of value in swapping all of your financial products to others that offer preferential rates of interest. I’m from the UK so the term ‘checking account’ is slightly lost on me but the point still resonates.
In times of economic uncertainty, people need to wake up to the fact that high interest accounts can be the difference between slipping into the red and living comfortably.