Anyone that has a bank account wants to earn more interest on their money, but few big traditional banks offer high-interest accounts. However, there are a number of high yield checking and savings accounts available online, from community banks and credit unions.
Online banks are typically the best bet for anyone seeking to get a higher interest rate on their checking or savings account. Some online banks offer around a 5% yield on their accounts, which is commonly much higher than a traditional bank’s rate for a checking or savings account.
Also, there are many small community banks and credit unions that will offer higher interest rates on their accounts simply because these smaller, local institutions are just in the business of banking and don’t have to worry about shareholders or reporting huge profits to a board of directors like many large financial institutions.
Taking the time to research these accounts is going to be vital, though. As some high interest checking and savings accounts require a set amount of money to be kept in the account or a specific number of transactions to be made each month before the high interest rate applies.
Make sure you take the time to look in your area for banks and at what online banks have to offer, and be certain that the account you choose is going to be in your best interest and serve your needs.