Are you looking to open a new bank account that rewards you by having excellent checking account interest rates? There are plenty of different banks to choose from if this is what you are looking for, and finding the best option that provides you with the highest interest rates and the least number of strings attached is definitely a challenging experience.
Checking Comparison Shopping Sites
One way to locate accounts that provide account growth through compounding interest is to utilize bank interest rate comparison sites. Much like shopping comparison sites, these types of websites will pull in the latest information relating to interest rates that banks are offering on their different types of accounts.
Through these sites you'll be able to gain valuable information not only about checking account interest rates being offered by specific banks, but high yield savings account rates, and money market account interest rates as well. You'll find that a number of banks offer interest rates as high as to 4% or even higher. That means a consistent balance of $1000 in an account with a % annual interest rate could earn $ per year if no change was made to that account balance.
Things To Consider
There are a number of things that you need to consider when choosing one particular bank over the other. Often times the choice you make boils down to the requirements that a particular bank has with regard to the interest bearing checking accounts. Most banks will have a minimum activity level requirement, meaning you have to use your debit card for purchases or ATM withdrawals a certain number of times each month.
Whether or not you can meet the specific requirements that the bank you are considering has depends on how much you use your debit card on a monthly basis. Most have turned to using debit and credit cards over using checks or even cash because of the convenience that they provide. If you are part of this new trend, then you will most likely have no problems meeting the minimum activity requirements that banks have.
Availability Of Local Branches, Automated Teller Machines (ATMs)
The other question you have to consider is whether or not the bank you are considering doing your business with has a local branch office in your area. Often times you have to deal with the major banks in the industry if you want to open a bank account that pays you interest, but in many cases the major banks may not have an office in your area, so you would have no convenient way of doing your banking locally.
This is a challenge that many are presented with when searching for the right bank to open an account at. It might be helpful to shop around with some of the local banks in your area to see if they offer interest bearing checking accounts.
Many individuals are becoming more conscientious about their money, and the idea of earning interest on the money they currently have is becoming more and more desirable, especially after experiencing the recent poor economic conditions. Compounding interest no longer has to apply to just your savings or money market accounts, you can also find decent checking account interest rates as well.
For More Information On checking account interest rates and services, check out the interest bearing checking accounts site at the .
Learn about interest bearing checking account basics.
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