High-yield checking and savings accounts are available both online and from many local community banks. There are a variety of people who open checking and savings accounts with traditional, big name lenders but to fail to realize they could be earning more interest on their deposits. Community banks, credit unions, and even online financial institutions can offer competitive interest rates for customers on a simple checking and savings account, but it will take some research.
Obviously, anyone who looks online for a high-yield checking or savings account will find offers from various online lenders. Anyone who wants an online bank account should easily be able to find what they’re looking for, but with so many offers available a customer needs to make sure that they find the bank account that is going to fit their specific needs. Generally though, many reputable online banks are FDIC insured, safe, and easily accessible.
Yet, what many people do not know is that small community banks or credit unions can offer competitive rates as well. Credit unions require that anyone interested in a high-yield checking or savings account become a member, and this requires an application process in many cases. While some people may not be able to become a member of a credit union due to their credit score or history, many credit unions will work with individuals who want to become a member of their institution.
Smaller, community banks can offer great deals on checking and savings accounts if individuals will simply seek these institutions out. Some banks only have a very few branches in a specific area and as a result of the low costs for maintaining the locations, and the fact that many small community banks do not answer to a board of directors or shareholders, there are more benefits to be had for customers.
Anyone who has decided that they want to be more financially savvy and obtain a high-yield savings or checking account will only have to put in a bit of time to do research before they find offers that may be suitable for their needs. As these types of high-yield accounts become more competitive and available, banking customers are the ones who stand to gain from these types of accounts.