Comments on: Consider High-Yield Rewards Checking Accounts

By: Pete

Pete — Tue, 12 Oct 2010 17:51:18 +0000

Just wondering if there is any update to these high yield checking account plans. Are you finding that the interest rates are slowly going down? Or are banks holding firm and keeping the rates? Are they increasing the requirements, or dinging you with fees? I am considering moving my money to a 3.5% checking account with a local community bank, but they of course want all of my business, long term. I like some of the features of the big bank I am with now so I am trying to figure this all out.

By: High Yield Rewards Checking Accounts

High Yield Rewards Checking Accounts — Thu, 12 Nov 2009 10:21:07 +0000

[...] the other hand, the interest rates are very nice and I certainly understand why many people are attracted to these accounts. It’s not really that much work to maintain compliance – it’s just more than I am [...]

By: Passing the week | taxguy

Passing the week | taxguy — Sun, 26 Jul 2009 11:11:03 +0000

[...] Consider High-Yield Rewards Checking Accounts [...]

By: Kevin

Kevin — Sat, 25 Jul 2009 15:34:26 +0000

@CLB: Hey you’ve got to start somewhere!

@Diane: That is exactly what we are doing. Searching for better interest rates. Still waiting on our debit cards to show up and for direct deposit to kick in, but looking forward to earning more interest!

@Kathryn: Just verify that it isn’t a teaser rate just to get you to sign up. I verified the last time the rate had changed with our new bank was January 2008. That makes me feel pretty good that they are going to keep it relatively high. Worst case scenario we go back to ING Direct.

@Ken: Thanks for the tip. We’re not unhappy with the service or features of ING Direct, just the interest rate. Plan to keep everything over $25k in ING Savings.

By: Ken

Ken — Thu, 23 Jul 2009 22:44:47 +0000

Another reason to keep your ING Direct account is that they have a pretty nice ACH bank-to-bank transfer service. Most banks offering reward checking accounts don’t have one or if they do, it’s not as nice as what ING Direct has.

Most reward checking accounts will consider an ACH transfer (initiated from a bank like ING Direct) as a direct deposit. So ING Direct account can be useful for those with reward checking accounts especially if you are unable to do a real direct deposit.

By: Kathryn

Kathryn — Thu, 23 Jul 2009 22:43:39 +0000

You have convinced me. There is a local bank with 5% free checking – 12 transactions, one ACH or Dir. Dep. & online statements. I can do that and make so much more than the credit union where we currently have our checking. Thanks for prodding me along.

By: Diane

Diane — Thu, 23 Jul 2009 01:46:50 +0000

I’m looking at switching to a rewards checking account much like the one you describe – 4.51% interest, same requirements for direct deposit, online statements and debit transactions.

I have an ING account, but interest is too low now… I’d be switching the majority of my savings from the ING account to the rewards checking for maximum benefit. Will keep the ING account open for now, in case interest rates go up.

By: CLB

CLB — Wed, 22 Jul 2009 15:34:39 +0000

I also switched to a rewards checking for a 4.5% interest…unfortunately, they too have begun to scale back (~2%now). I’m not yet at the point where savings would generate ‘hundreds of dollars’ of interest, so for the moment I’ll hold tight until something worth the switch comes along.