Where to Find the Best Rewards Checking Accounts

by Kevin on October 11, 2010

First we celebrated free checking accounts being forced out of existence. After receiving some confused comments by readers I dispelled reward checking account myths. In that second article I told you to hang tight because I’d be sharing where to find these great accounts in my next article.

That time has come.

It’s time to leave the confines of no interest on your checking account. It’s time to, sadly, kiss your favorite internet bank (I still love and use you ING Direct!) goodbye.

It’s time to embrace 2%, 3% or maybe even 4% if you are lucky… on the entire balance of your account (up to $25,000 usually).

It’s time to get paid to go banking!

Find Best Reward Checking Deals

As you might expect there are a multitude of websites out there that do their best to track the best banking deals.

However, in my experience many of the sites try to do too much. They cover everything: regular checking, rewards checking, saving accounts, certificates of deposit, and money market accounts.

They are trying to be the Wal-Mart of tracking banking deals, and I think you end up with a poorer selection than if you focused heavily on just one or two types of accounts.

So which site do I use? The one that has been the most reliable and provides the deepest depth of research is Deposit Accounts.

Why I Use Deposit Accounts

First let me state this is not an advertisement for the site. I don’t have a relationship with them. It’s just the best site I’ve found in my search for the highest and most reliable rates for rewards checking accounts.

Here’s what I love about the site.

Best List of Reward Checking Accounts

In my research no other site has a list of accounts as deep or comprehensive as Deposit Accounts. The site lists the best accounts nationwide, but you can also search by specific state to find a deal local to you.

Rate Graphs

One of the most important facets of finding a great reward checking account is knowing the rate isn’t a teaser rate. You need to know that two months after you open the account the bank isn’t going to pull the rug out from under you.

To give a better idea of how long the rate has been at the current rate the site shows a graph of the rate over time. Obviously the longer the graph is “flat” at the current rate, the better. If you see a lot of ups and downs in the graph that’s an indicator the bank is constantly changing the rate. You don’t want that.

Reward Account Requirements

The site also lists the requirements that must be met for you to get the rewards checking rate. You might expect this, but it really makes comparing the various accounts a lot easier. Without that you would have to go to each bank’s website and look for the requirements.

Other Bank Deal Resources

Deposit Accounts is not the only website that tracks bank deals for you.

You’ll also want to check out:

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