In the past month I have read countless complaints from bloggers and in forums about the decreasing rates that Rewards Checking accounts are yielding. I have also heard grumbling about the requirements that Rewards Checking accounts are demanding (they're not really demanding, I think they are convenient!). My solution to everyone’s checking account bickering is… Don’t be lazy, shop around!
View a Rewards Checking account as if it were a pair of running shoes. You are going to try on a first pair of shoes, then a second, and then a third, finally purchasing the forth. You’ll wear that pair of running shoes for a year and then realize that they hurt your feet. Now, you’ll go out again, try on a few more pairs until you find the right one. Bingo, you found a winner, and you now only buy that brand of running shoes - same thing with Rewards Checking accounts. First, look around for the best rates and requirements that you feel comfortable with. Second, choose a bank and try it out. As time passes you’ll be able to gage if the rate is decreasing or maintaining its value. If you don’t like it after a year, try a new bank, you’ll eventually find a bank that offers a Rewards Checking account that meets your needs.
If you take your time and have a little patience I guarantee you will find a Rewards Checking account that you works for you. There are still banks that continue to offer 5-6% APY on checking accounts. One reputable bank offering 5.01% is Coulee Bank. It is located in Wisconsin and offers great customer service, as they are not strictly an online bank. Coulee Bank, along with only a handful of other banks, offers their Rewards Checking account nationwide.
Now stop all the complaining and shop around. You’ll find a decent Rewards Checking account before you know it.
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