1. Home
  2. More
  3. Get a Checking Account That Earns 20 Times More Than Conventional Savings
  • Sign up
  • Sign in
Money Talks News
  • Popular
  • Latest
    • Coronavirus
    • Ask Stacy
    • Make
    • Save
    • Borrow
    • Grow
    • Live
    • More
  • Deals
    • Automotive
    • Clothing & Accessories
    • Computers
    • Electronics
    • Everything Else
    • Financial Services
    • Gaming & Toys
    • Health & Beauty
    • Home & Garden
    • Movies, Music & Books
    • Office & Supplies
    • Special Occasion
    • Sports & Fitness
    • Store Events
    • Travel & Entertainment
  • Podcasts
  • Solutions
  • Academy
  • Subscribe to our newsletter
  • Follow us on Facebook
  • Follow us on Twitter
  • Search our site
5 Things You Must Do Before the Next Recession5 Things You Must Do Before the Next Recession
4 Genius Ways to Protect Your Retirement Savings4 Genius Ways to Protect Your Retirement Savings
Senior man leaning on a caneOlder Adults Who Can’t Do This May Be at Higher Risk of Death
Woman looking at box of old things to donate or sell17 Things You’re Keeping for No Reason — and Should Toss

Get a Checking Account That Earns 20 Times More Than Conventional Savings

Is your money just sitting in the bank? You could be making hundreds of dollars of interest off it with a high-yield checking account.

Krystal Steinmetz • April 12, 2016 • Advertising Disclosure

Share on Facebook Share on Twitter Share by Email Share on Pinterest Printable version available to members PDF version available to members
Image Not Available

Do you have a pile of cash just sitting in your checking account? Your money could be making you money — a few hundred bucks or more annually –– if you put it in a high-yield checking account.

Bankrate recently canvassed 56 federally insured banks and credit unions across the United States that offer high-yield checking accounts. Although the average yield was 1.65 percent, Bankrate did find 21 accounts where your money will earn 2 percent or more.

Though 1.65 percent interest may not sound like a very big payoff, it’s a sizable step up from the measly 0.11 percent yield offered on many average money market accounts these days.

“The reason consumers look to high-yield checking accounts are the yields they pay. Even in this low rate environment, consumers can generate hundreds of dollars in interest earnings per year with these accounts,” Bankrate chief financial analyst Greg McBride explained in a press release.

Although switching to a high-yield checking account may seem like a no-brainer, you need to educate yourself on the limitations and requirements of such accounts before you sign up.

For example, many accounts aren’t available nationwide. And high-yield checking accounts typically have balance caps and require a minimum number of debit card transactions per month. Bankrate said many accounts also require you to receive your checking statements electronically, set up a direct deposit to go into the account and sign up for online bill pay.

“Failing to meet the requirements in a given month will trigger a much lower default interest rate,” Bankrate explains. “The average default rate is only 0.06 percent, so it’s important to be mindful that account terms are met.”

Click here to see how different financial institutions’ high-yield checking accounts stack up. The Bankrate table includes the accounts’ interest rates, restrictions and requirements.

Check out “The Best of Every Type of Bank for 2016.” To find a higher-paying savings account or get help with other financial products and services, visit the Money Talks News Solutions Center.

Do you have a high-yield checking account? Share your experiences below or on our Facebook page.

Disclosure: The information you read here is always objective. However, we sometimes receive compensation when you click links within our stories.

  Like Article   Add a Comment

Sign up for our free newsletter!

Simple ways to make, save, and grow your money daily:

  happy subscribers    

This site is protected by reCAPTCHA and the Google Privacy Policy and Terms of Service apply.

MTN Podcasts

Every week our podcasts bring you lively money discussions that will give you a few laughs along with advice that will make you richer.

Money with Stacy Johnson

Listen/Subscribe

Read Next

Some of our favorite stories for you to read next.

Happy senior banking customer
6 Bank Accounts With Extra Perks for Older Customers
Health savings account
3 Ways a Health Savings Account Can Improve Your Finances
Senior shopping online
9 Things You Should Never Put on a Debit Card
Sign up for our free newsletter!

Join our many free newsletter subscribers building wealth and destroying debt:

This site is protected by reCAPTCHA and the Google Privacy Policy and Terms of Service apply.

Popular Topics
  • Retirement Investment
  • Surveys for Money
  • How to Make Money Online
  • Emergency Stockpile
  • Free Movie Streaming
  • Senior Discounts
Connect
  • Support & FAQs
  • Memberships
  • About
  • Contact
  • Careers
  • Accessibility Statement
Media
  • Advertise
  • Television
  • Where We Air
  • Scripts
  • Sitemap
Legal
  • Terms
  • Privacy
  • Cookies
Editorial
  • Fact-Checking Policy
  • Ethics Policy
  • Corrections Policy
  • Ownership & Funding Info

Do Not Sell My Personal Information

© 2022 Money Talks News. All Rights Reserved.
‭1 (833) 669-8557 | 1732 1st Ave #26661, New York, NY 10128

Advertising Disclosure: This site may be compensated in exchange for featured placement of certain sponsored products and services, or your clicking on links posted on this website.

View This Page Without Ads

Help us produce more money-saving articles and videos by subscribing to a membership.

Get Started

Help us produce more money-saving articles and videos by subscribing to a membership.

Add a Comment

Our Policy: We welcome relevant and respectful comments in order to foster healthy and informative discussions. All other comments may be removed. Comments with links are automatically held for moderation.

Sign up for our free newsletter!

Join our happy subscribers and sign up for our free newsletter! You'll get:

  • Tips and advice from our expert money reporters. (Our average experience is 18 years!)
  • Unexpected ways to make more and spend less, delivered to you daily.
  • The best deals and coupons to save on everything you buy.
  • Free copies of our eBooks '208 Ways to Save Money Every Day' and '108 Easy Ways to Earn Extra Cash', together a $29 value!

This site is protected by reCAPTCHA and the Google Privacy Policy and Terms of Service apply.