Web checking accounts boasting high interest rates (recently 6% at Monroe Bank and Trust) are popping up like daffodils. Interest rates may drop with the Federal Reserve's cuts in the federal funds rate. But at a recent 2.25%, FDIC-insured ING Direct was paying almost five times the national average of 0.47% for checking accounts at brick-and-mortar banks, according to a survey by Informa Research Services.
Among the most attractive accounts are those offered by brokerages Schwab and Fidelity and by online-only banks. But the Web also allows you to sign up with far-flung community banks that offer competitive deals.
Most banks offer free checking and online bill payment (at Everbank, you need a minimum of $1,500 for free bill paying). Schwab, Fidelity and City National Bank even include free paper checks. With HSBC Direct, however, you can't write a check. ING Direct doesnÕt offer checks, either, but the bank will cut and mail one for you.
From just $107.88 $24.99 for Kiplinger Personal Finance
Become a smarter, better informed investor. Subscribe from just $107.88 $24.99, plus get up to 4 Special Issues
Sign up for Kiplinger’s Free Newsletters
Profit and prosper with the best of expert advice on investing, taxes, retirement, personal finance and more - straight to your e-mail.
Profit and prosper with the best of expert advice - straight to your e-mail.
| Row 0 - Cell 0 | City National Bank Reward Checking |
| Row 1 - Cell 0 | Everbank FreeNet Checking |
| Row 2 - Cell 0 | Fidelity mySmart Cash Account |
| Row 3 - Cell 0 | HSBC Direct Online Payment Account |
| Row 4 - Cell 0 | ING Direct Electric Orange |
| Row 5 - Cell 0 | Monroe Bank and Trust Ultra High Interest Performance Checking |
| Row 6 - Cell 0 | Salem Five eOne account |
| Row 7 - Cell 0 | Univest National Bank Anytime Online Checking |
| Row 8 - Cell 0 | Schwab Bank High Yield Investor Checking |
You can often open an account with as little as $1, and none of the banks requires more than $100. There are no minimum-balance requirements for basic checking, although you may be asked to arrange for direct deposit or to use your debit card a specified number of times each month. Electronic bank statements are universal.
None of the banks charges for ATM withdrawals, and Schwab, Fidelity and City National Bank reimburse all ATM surcharges. You can avoid fees at ING Direct and UnivestDirect if you use ATMs in the surcharge-free Allpoint network. Other banks reimburse fees up to a given amount each month.
-
How to Give Your Kids Cash Gifts Without the IRS PaperworkMost people can gift large sums without paying tax or filing a return, especially by structuring gifts across two tax years or splitting gifts with a spouse.
-
'Boomer Candy' Investments Might Seem Sweet, But BewareProducts such as index annuities, structured notes and buffered ETFs might seem appealing, but sometimes they can rob you of flexibility and trap your capital.
-
AI Stocks Lead Nasdaq's 398-Point Nosedive: Stock Market TodayThe major stock market indexes do not yet reflect the bullish tendencies of sector rotation and broadening participation.
-
Amazon Resale: Where Amazon Prime Returns Become Your Online BargainsFeature Amazon Resale products may have some imperfections, but that often leads to wildly discounted prices.
-
Roth IRA Contribution Limits for 2026Roth IRAs Roth IRAs allow you to save for retirement with after-tax dollars while you're working, and then withdraw those contributions and earnings tax-free when you retire. Here's a look at 2026 limits and income-based phaseouts.
-
Four Tips for Renting Out Your Home on Airbnbreal estate Here's what you should know before listing your home on Airbnb.
-
Five Ways to a Cheap Last-Minute VacationTravel It is possible to pull off a cheap last-minute vacation. Here are some tips to make it happen.
-
How Much Life Insurance Do You Need?insurance When assessing how much life insurance you need, take a systematic approach instead of relying on rules of thumb.
-
When Does Amazon Prime Day End in October? Everything We Know, Plus the Best Deals on Samsonite, Samsung and MoreAmazon Prime The Amazon Prime Big Deal Days sale ends soon. Here are the key details you need to know, plus some of our favorite deals members can shop before it's over.
-
How to Shop for Life Insurance in 3 Easy Stepsinsurance Shopping for life insurance? You may be able to estimate how much you need online, but that's just the start of your search.
-
Five Ways to Shop for a Low Mortgage RateBecoming a Homeowner Mortgage rates are high this year, but you can still find an affordable loan with these tips.
