Anyone with a checking or savings account should note that there are other options when it comes to getting some form of bank account that will actually earn you more money on your deposits. High-interest checking and savings accounts are available from a variety of financial institutions and can be more beneficial than a traditional bank account.
In a traditional banks there a lot of costs in running their financial institution and they also are beholden to shareholders as well as a Board of Directors, in many cases. This is why they do not offer many high-interest accounts. However, online banks often have low costs of operation and financial institutions like credit unions have their members as their number one priority, so there are more opportunities to get a high-interest checking or savings account from one of these institutions.
Online banks work just like a traditional bank only there are no brick-and-mortar buildings to which a customer must travel to do their banking. Online banks offer access to accounts 24 hours a day and those that are reputable are insured by the FDIC.
Credit unions that offer a high-interest checking or savings account will require that you become a member but this is advantageous to anyone who wants their bank to have customers as their first priority. Many larger financial institutions have other businesses and obligations when it comes to banking, so any customer who simply wants a traditional checking or savings account might not be a high priority.
If you are looking for a high-interest checking or savings account it will be beneficial for you to not only look at online banks and credit unions, but also, at small, local community banks that may be in your area. Many of the smaller banks that are localized to a city or specific area may offer higher interest rates on checking and savings accounts in order to compete with larger financial institutions. It may take some homework, but anyone who looks hard enough will be able to find the high-interest checking and savings account that they need.