High Yield Checking Accounts

There are many different factors which have contributed to the low treasury rates which have made a huge impact on checking accounts, making many of them less and less profitable for people who are interested in seeing a decent-sized return on the principal amount they put down initially. Although the unstable economy is partially to blame, there are other factors which have impacted checking account rates, effectively pulling them down. There are still ways to make sure that the money you invest will collect interest with time though. It is important to know where to look so that you will find all of the different options that will be able to provide you with the most profit from your investment. Usually normal checking accounts is what most people go for, and although they do provide you a sense of stability because most of the time they are larger banks, you won’t see much of a return. Most of the time the rate for these checking accounts is around 0.10% and you won’t be able to do much better than that. Those who are okay with a small but steady increase in the principal might be satisfied with this, but if you want something more it will be necessary to look at some of your other options which are on the table.

You can also choose from a number of internet checking accounts, including online banks which like FNBO Direct as well as ING Direct which will be able to offer you rates which go above 1.00% on the accounts you will be able to open with them. This is an especially good idea for those who want a quick and easy way to check the status of their account as well as accessing/changing any details at a moment’s notice. Some of these internet checking accounts can actually be quite profitable if you know where to look. It is very important to make sure that the checking account you get online is with a financial institution that you will be able to trust and rely on. There is also the option of community bank or credit union checking. Although convenience can sometimes be a problem with these, you will most likely get a fairly high rate for the money you put into one of these accounts. Sometimes certain credit unions offer special bonus rates for a limited period of time that go well above the average, so you might be able to take advantage of these as well.

Westfield Bank is one of the best examples of where you should go for a high-rate checking account which will be able to give you what you need when it comes to earning as much money as you can on the principal amount you deposit initially. This particular bank offers a 3.50% rate on the money you put into a checking account there. This is a good option but only if you are looking to use the money in it on a regular basis for day to day transactions. The less money you have in your checking account here, the higher your APY will be. It is certainly an attractive offer for those who are looking to earn a decent amount of money with a checking account from a bank they will actually be able to trust.

Another great financial institution to think about when you are trying to find one to open a checking account with is American National Bank. This bank will be able to offer you a 4.05% rate on your “Smart Checking” account which means that you will have a significantly high APY so you will not have any problems at all earning the kind of interest you need on the money in your account. Those who have more than $25,000 in their account will want to know that the rate falls down to 0.65%, so that is certainly something to consider if you are thinking about choosing this particular bank.

Whichever financial institution you choose, whether it is a credit union or an actual bank, it is important to look at a few key factors before making your decision, such as the rate for your account and the overall reputation of the bank you are considering. While going with a larger bank means that your investment will grow over time, it will do so very slowly. Those who want to see a larger rate for the money in their account will certainly want to consider going with a bank that can offer this kind of investment option.

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