How to Search for a High Yield Checking Account

Have you ever considered opening up a high yield checking account? You may be asking yourself - What is a high yield checking account? These types of accounts are a new trend that is forming and offer an incredible interest rate compared to current savings account and certificate of deposit rates. While these checking accounts offer very competitive interest rates, there are usually several terms that come with them in order to maintain the offered rate. This includes things like a required number of withdrawals using the account or deposits over the course of a month or billing cycle. Regardless of these limitations, the rates on these accounts are too good to ignore. Here are a few steps that you should consider when searching for a high yield checking account.

Difficulty: Moderately Easy

Instructions

Things You'll Need:

• Computer
• Internet Access

1. Check with brick and mortar banks for competitive rates on opening up a high yield checking account. These traditional banks are on the leading edge of the high interest checking account boom and are taking market share back from their online competitor's. This should be your first place to start looking.

2. Search the Internet for deals on high yield checking accounts through online banks. Prior to the economic downturn, these online banks were offering incredible rates on high yield savings accounts. When interest rates started to fall, so did the rates of these accounts and their popularity.

3. Open up a high yield checking account through your local credit union if available. While not the most prolific place to search for one of these accounts, a credit union may offer a competitive rate. Most credit unions simply require a small deposit to open up an account with them. Be sure to check any details or restrictions before opening an account.

4. Call your current insurance provider to inquire about any high yield checking account deals they may have. Several top insurance companies also have bank branches that tend to offer competitive rates. Search the companies website to find out more details if they offer these kinds of accounts and services.

Tips & Warnings

• Check the fine print before you open up any high yield checking account. Most of these accounts come with special requirements and restrictions that are not usually found with a savings account.
• Make sure the institution you are opening up an account with is FDIC insured. If the bank or provider is not FDIC insured and they go under, your assets in the high yield checking account could be wiped out.