What if, instead of just a regular checking account, you had an account which paid you back? It’s possible when you open an account with interest, allowing you to take advantage of competitive checking account rates. But how can you be sure you’re getting a good deal? Here’s what to look for if you are considering opening an interest bearing checking account.
How to Get the Highest Rates
The highest checking account rates aren’t hard to find. There are plenty of Web sites which make it easy to compare the interest amounts on these types of accounts. Be sure to also check the particular terms, as there may be a minimum balance involved to maintain the competitive interest rate or a monthly fee if you fall below a certain amount in your account. Ideally, you should keep a minimum balance of $ 1,000 in your account to avoid monthly charges and maintenance fees. Having this minimum balance will also help you take advantage of better checking account rates.
Look Beyond the Numbers
A checking account with interest is about more than just the numbers. You’ll also want to look for other convenient features such as a free check card (debit card) that you can use anywhere credit cards are accepted. Also, be sure to ask your bank if the checking account rates are compounded daily and posted to your account monthly. This lets you benefit from compound interest where, the more you save, the more you can earn. Be sure that you have the ability to access your account online, 24 hours a day, 7 days a week. This free online access will let you manage your account from anywhere – making it easy to see how much you’re earning with competitive checking account rates.
Your bank also shouldn’t restrict how many checks you can write. Look for unlimited withdrawals and written checks along with the ability to link your checking account to other accounts for overdraft protection if desired. One choice of bank that will let you take advantage of competitive market rates while giving you all of these flexible features is the interest checking account at Aurora Bank (Equal Housing Lender, Member FDIC). But no matter which account you choose, getting the best checking account rates is only the start.
Be sure to look into savings accounts, CDs and money market accounts if you’re looking to save for short term or long term purchases. Having an account that pays high interest rates is just one way to make your money work harder while giving you easy, streamlined access to your cash when you need it, along with all of the features you’d expect from the best checking accounts.
Jess Hall writes out of Jersey City about different investment opportunities, including how to find a competitive checking account from online banks like Aurora Bank. Always looking for a trusted financial institution for advice and tips she tends to look up information at http://www.aurorabankfsb.com/ more often than not.