High-Yield Checking Accounts

CNNMoney looks at the 10 highest-yielding checking accounts:

Rates on high-yield checking accounts continue to fall, but some banks and credit unions are offering deals that let you earn far more on your cash than many other banking products out there, according to Bankrate’s annual survey.

The average high-yield checking account earns 2.05% annually, down from 2.56% last year and 3.30% in 2010, according to Bankrate’s survey.

While high-yield accounts often make customers jump through more hoops — like requiring a certain number of debit transactions per month, online bill pay or direct deposit — it can be worth it. At an average APY of 0.06%, standard interest-bearing checking accounts pay barely enough to notice.

And high-yield checking account rates also handily beat the next best alternative for liquid cash: online savings accounts.

“For account holders who can routinely meet the monthly requirements, high-yield checking accounts are a no-brainer cash investment,” said Greg McBride, senior financial analyst for Bankrate.com.

You can see a list of the highest-yielding accounts at the original story.

Posted by on May 24th, 2012 at 9:30 am


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