What to Know About Interest-Earning Checking Accounts

As the name implies, interest-earning checking accounts are convenient ways to keep your money earning interest.

Interest-earning checking accounts provide a convenient ways to keep your money earning interest and quickly available. But they often have strings attached to them. In fact, service charges, minimum balances, fees for checks and other fine-print items can create what seems to be an impenetrable jungle.

If you can meet the requirements, you can earn up to 4% at more than 700 community banks and credit unions with a high-yield checking account. You must sign up for direct deposit, use your debit card a certain number of times or log on to online banking each month. The yield drops to the bank's standard payout if you don't meet the monthly qualifications. Another bonus: The accounts charge no ATM fees -- and reimburse surcharges from other banks. To find a high-yielding account, go to CheckingFinder and enter your zip code. The site lists accounts guaranteed by the Federal Deposit Insurance Corp. and National Credit Union Administration. Another source is DepositAccounts.com, which lists accounts available nationwide at banks and credit unions.

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