You've likely heard of high yield online savings accounts. The best of these "high yield" accounts are currently only paying about 2% (according to Bankrate.com, an online resource that provides aggregate interest rate data) -- pretty tough to get excited about 2%. Ironically, one of the best [high yield] alternatives currently is an option that until recently would never even have been a remote consideration - a checking account...
These accounts, High Yield Reward Checking Accounts, are readily available through insured (e.g., FDIC, NCUA) banks and credit unions across the country and are paying upwards of 6% interest! Many of the financial institutions are small, available to local/state residents. Using a directory will help narrow the field of potential options (see list of resources that follow the tip) ... some accounts are not restrictive and are available nationwide.
Some of these accounts require certain 'activity' in order to be eligible for the higher rates - a certain number of debit transactions, direct deposit, electronic statements - these are common examples of potential requirements. The resources below will help you navigate these "hurdles." Unlike many checking accounts, most reward checking accounts don't have monthly fees or minimum balance requirements. In an economic environment where savings accounts and CDs offer paltry yields, reward checking accounts hold a viable solution!
HIGH YIELD CHECKING RESOURCES.
- Article - 'Reward Checking Pays High Yields'
- Bank Deals -- Best Rates & Deals
- Checking Finder
- High Yield Checking Deals