This is a good review of the new high yield reward checking accounts that many small banks and credit unions have started to offer.

I've been using one now for the last 5 months, and it still has a rate of 6.01% APY. The debit card usage requirement is the main hassle, but it's not too bad. The article has a good tip about how to keep track of your debit card usage.

The only thing that I had not considered before opening this account was the worry at the end of the month. Even though I've always qualified, there's always the fear that I may not qualify and lose out on a month of interest.

 

Submitted: Jun 12, 2008    Views: 273    Comments: 4    Likes: 2   


View Article: http://www.mymoneyblog.com/archives/2008/06/rewards-checking-accoun...


Related Articles:



2

Email this story Email to someone | Print Story Print Content | Add to reading list

Comments Received:

Sam Cass
Sam_Cass

I can't say I see the downsides to these accounts. It's checking so even if you don't hit the transacation minimums, you still have a free account. Bank of America isn't paying any interest anyway.

Posted: Jun 12, 2008

I Am Donald Trump
I_Am_Donald_Trump

Take my advice. Earning an extra 1% isn't worth the time or hassle. Use the energy to think big. Create your own business success.

Posted: Jun 12, 2008

ktexas
ktexas

Sam, you're right. At worse it's a typical free checking account. The only downside would be if you're using this to replace a high yield savings account and you don't meet the monthly requirements.

Posted: Jun 12, 2008

bankinvestor
bankinvestor

These accounts are profitable for banks so as more and more banks enter into reward checking we might see better rates and deals. 7% anybody? There are already over 100 banks listed at Money-Rates.com and over 200 banks at bankdeals when a year ago there were very few so this product is taking off. The question is where else are you going earn 6% risk-free today?

Posted: Jun 13, 2008



Add Your Comments:

Your Name:

Spam protection control:


Financial products of all nature bear inherent risks and this website is not a financial advisory service; it is a forum for users to share and to compare notes and observations on financial publications. The website provides, free of charge, the technical and logistical apparatus and the medium for users to share and to publish financial information and to comment on publications. As such, the website’s operator can not and does not take responsibility for information, observations or opinions of any sort or nature provided by third parties with whom it is not affiliated who use the website to publish, to comment or as a means of solicitation. Users are specifically warned against following any advice related to specific instruments, including, but not limited to, equity securities, that may be provided by other users directly on this site or on web pages to which other users have provided links on this site. BestCashCow.com can not and does not check or verify the qualifications and credentials of users who publish or comment on this site or on linked pages. Users should seek personalized advice from qualified professionals regarding all personal financial issues and evaluate the risks and applicability to their own circumstances of each financial product discussed regardless of who the publisher is or purports to be. Should you, through your use of this site, identify an individual or organization purporting to offer personalized advice, you bear all responsibility to ensure that the individual or organization has the qualifications that they may represent on the website, and that their advice is appropriate for your circumstances. On certain webpages, BestCashCow.com provides information related to rates on US-based savings accounts, CDs, short-term government bonds, and other US cash equivalent securities, also free of charge to internet users for their independent use. The accuracy of this information is not guaranteed, and the information, like all other information on this website, should not be construed to provide investment advice, nor to endorse a financial product of any sort.

© 2007 BestCashCow.com, LLC. All Rights Reserved. Terms under which this service is provided to you. Privacy Policy.