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Five Ways to Find Checking Accounts with High Interest Rates

By Jess Hall Subscribe to RSS | December 1st 2011 | Views:

While people typically turn to savings accounts and certificates of deposit in order to earn interest on their money, high interest checking accounts also offer a favorable way to save. It's no longer uncommon to find a checking account with a high interest rate, particularly when you search for an account from an online bank. To find the accounts with the best interest rates, consider these five strategies.

1. Shop for the Best Deals

When you begin searching for a new account, it's extremely important to do your research. Rates from various banks can differ widely, so you'll need to spend some time learning about the available offers and types of accounts. Compare accounts from multiple banks and ask about additional incentives. Some banks might be able to offer a higher interest rate with a larger deposit, while others can waive fees when you choose to receive online statements. You might also want to look for online reviews and testimonials about particular accounts before signing up. Find a bank with satisfied customers and an account that meets your needs.

2. Look for Special Offers

As you research each bank's interest rate, be sure to keep an eye out for special offers and incentives. Banks often run promotions and additional discounts that can dramatically change the terms of your account. Many of these offers are only available for a limited time and could include extra requirements, so it's important to act quickly when you find one. Of course, you should still spend time looking into the account's terms before making a commitment. Always stay informed about deadlines, promotions and agreements when you look for extra deals.

3. Choose an Account with Additional Perks

If you find several accounts that offer similar interest rates, choose one that includes additional perks. While you might get the same rate from multiple banks, the benefits you'll receive from a convenient online banking system or free ATM withdrawals can impact the overall value of your account significantly. More banks are adding these extra features to their standard checking accounts in order to stay competitive with other financial companies. Look for benefits like a free debit card, electronic transfers and direct deposit. You should also find out whether or not your bank offers overdraft protection with your checking account. Though these additional features won't affect your overall interest rate, they can save you money over time.

4. Gather a Substantial Deposit

Before opening a new account, figure out whether or not a larger deposit will help you. Many banks offer higher interest for accounts with larger balances, so it's important to deposit as much money upfront as you can afford to invest. If you find that you're a little short of reaching the next tier, you might want to hold off until you can deposit more cash into the account. The higher interest rate you'll receive on the entire balance could make up for the amount of interest you'll lose in the interim.

5. Consider Account Limitations

Finally, be sure to look for limitations and rules that could affect the interest rate you receive. Some banks require you to meet certain terms each month in order to receive a higher rate. For example, you might need to make a minimum number of transactions each month with your debit card or switch to online statements. You could also be required to maintain a minimum balance in order to earn a higher interest rate. In order to find a checking account with the most favorable interest rates, look for one with requirements and regulations that you'll be able to meet easily.

Jess Hall - About Author:
Jess Hall is a personal finance writer located out of Jersey City. She likes to share with others how she manages to achieve a financially fit lifestyle. Her latest articles talk about how she has been able to find high interest rates on her bank accounts. Other sites that she recommends include

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