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SpinDistribute.com Article Directory

The following article was published in our article directory on January 21, 2012.
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High Interest Checking Accounts: A Breakdown of Benefits and Requirements

Article Category: Travel

Author Name: chickie maxwell

High interest checking accounts give you a double benefit. You get to keep your money safely and make it grow faster than they would in ordinary bank accounts. You also get checking services which can provide you additional convenience whenever you need to pay for something. You can also use your account for your debit card (in case you don't have cash in your pocket) and for paying for transactions online. Maintenance fees for these accounts are also absent.

Often, the interest rate is enough to get your attention - you can expect rates as high as 6% with a high interest checking account. Think about that! Interest rates in ordinary savings accounts typically do not exceed 1%. If you want a rough preview of how fast your money grows with checking accounts that have high interest rates, here is a rundown of how long it will take for your initial deposit to double, given the interest rate (assuming that you don't add or subtract money from your account):
- 6% - 12 years
- 5% - 14 years
- 4% - 18 years
- 3% - 23 years
- 2% - 35 years

Imagine - if you have a large enough deposit, you can expect it to double in a realistic amount of time! Even if you take money from your account occasionally, you can still deposit money to it. So this type of checking account is a safe investment for you in the long run if you have a ready deposit and some knowledge of how that type of account works.

You should know, therefore, how to apply for and what other things are to be expected from a high interest checking account. While the bank pays extraordinarily higher interest for that account compared to regular accounts, it still wants to make sure that allowing customers to open accounts with high interest rates remain profitable. It is unlikely that you can just stow your cash on an account that pays off high interest and then go. What do these banks do?

First, they impose a minimum deposit. Usually these deposits fall at $10,000 - $25,000 on average, although there can be banks whose minimum deposit is as low as $500. (Note, however, that some online banks do not even have deposit restrictions for their checking accounts with high interest rates. So you can go for them if that appeals to you.) They also require that your balance is higher than a minimum stated amount; otherwise, you may get charged, or your interest for the month won't be paid.

Second, they require that you use the bank's debit card at least ten times a month. That seems to be an unusual rule, but that is in place so banks can keep their high interest accounts profitable. Whenever you use your debit card, the bank earns some money. If you use it enough, as the banks reason out, the debit card fees that they will earn will be enough to make their high interest accounts profitable. This is easy: use your debit card for small purchases. You can even buy items singly with your debit card if you like.

Third, you do not get bank statements on paper. Instead, you go online to get your bank statements. This requires just a change of mindset on your part. Just keep your computer open at the time you have to check bank statements, and you will be fine on that part.

Because of the advantages that high interest checking accounts offer, it is important for you to maximize the money that you can get, and that is done by analyzing the different banks' policies on these types of checking accounts, determining if you can meet them well, and then getting the best deal among them.

Keywords: travel to hawaii

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