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SpinDistribute.com Article Directory

The following article was published in our article directory on January 9, 2012.
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An Overview of High Interest Checking Accounts

Article Category: Travel

Author Name: chickie maxwell

What can we say about the different high interest checking accounts that emerge here and there? For one, these special checking accounts can provide depositors with ready cash to grow their money at an extraordinary rate. Ordinary savings accounts offer a 2% interest rate at best; their common rates of interest do not rise above 1%. Checking accounts that offer high interest, however, can offer interest rates ranging from 3-6%. There are also the checking services. Ordinary checking accounts generally do not offer interest. The high interest checking accounts, therefore, can be a great convenience for depositors who do frequent big purchases or online shopping more often. The interest gives them plenty of money ready, and the checking possibility gives them the ability to pay bills at just one sign of a check.

The high-yield checking account is best for depositors who have plenty of ready cash and who want a safe investment for them. The interest can give them extra money that can help satisfy basic needs. This can also be useful for senior citizens who have a regular pension and who want to make their money grow significantly. As long as these people can accomplish the requirements - they are okay with their checking account. High interest checking accounts are also available in some banking institutions as benefits for long-time depositors: those who get most of their financial needs from a single bank may get a high-interest account as a perk.

These high interest checking accounts, however, have some conditions they set for your account to continue. The first is the minimum balance. Checking accounts that offer a high interest rate require a minimum balance usually falling from $10000 to $25000. Although it can be as low as $500, these are rare. This minimum deposit amount is something that banks use to gauge whether a depositor deserves a checking account with a high interest rate. It is important to maintain that minimum balance, or else the bank may cancel the interest for that month or charge additional fees. At least there are no monthly maintenance fees for this type of account - they simply require that your balance does not go lower than a stated minimum.

Also, because of the high interest rate, don't you expect at first glance that these banks won't earn a profit from giving out these high-yield checking accounts? How do banks ensure that they won't lose money from giving out these checking accounts with 5% interest? One of their most common conditions is that depositors should use the bank's debit card a stated number of times (usually 10-12). Using the bank's debit card will give the bank some fees, so when a depositor uses the debit card enough, the bank will benefit as well.

In general, high interest checking accounts are viable, safe investments for anyone who want to grow their money steadily while being able to withdraw as they need it. Do not forget, however, to meet all the requirements for that checking account - they are often stated clearly in the terms and conditions.

Keywords: travel to hawaii

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