When did your checking account last generate additional income for you? As reported by Bankrate in a recent study, the typical checking account earns merely 0.06% interest annually. Essentially, your funds are accruing virtually no interest, failing to achieve their maximum potential.

Your checking account ought to be enhancing your money's value – it should grow your savings and accrue interest on the dollars you deposit. Some checking accounts offer up to a 5% return on interest. You simply have to discover where these accounts are located.

Transfer your funds to a high-yield checking account this 2018, and utilize your earnings more effectively. Think about the possibilities with an additional 5% back in your wallet.

How to Make The Most Out of a High-Yield Checking Account

The typical U.S. citizen's checking account is essentially ineffective. Indeed, stuffing your money under your mattress might yield identical advantages as a standard checking account. The majority of individuals only place funds into their checking accounts to hold them until required. While the money remains there, it accomplishes nothing.

The initial action to increase earnings from each deposit into your checking account involves evaluating the interest rates and monthly charges. Numerous banks provide attractive interest rates, yet impose a penalty unless you maintain a specified balance in your account or achieve a certain quantity of purchases monthly. Such substantial penalties will not assist in generating any income.

Student Loan Hero advises evaluating monthly charges against ATM fees, overdraft penalties, and interest income prior to opening a new bank account. Ignoring the costs associated with your checking account can lead to a significant oversight in its profitability; it may consume all the interest you accumulate. For instance, while a checking account promising 2% interest appears attractive, the reality of paying $5 per ATM use means you will not realize any financial gains.

Bankrate emphasizes the importance of checking if you are able to fulfill the conditions required to achieve the top yield on your account. This might involve establishing consistent direct deposits, conducting particular transactions monthly, or utilizing your checking account over a conventional savings account.

The Best Checking Accounts with Interest Rates

Premier Account
Offered by Northpointe Bank

Regarded as the top high-yield checking account according to Bankrate, Northpointe Bank's Ultimate Account provides a notable 5% APY (annual percentage yield). This account allows you to accrue 5% interest on balances up to $10,000. While using ATMs outside of the Northpointe network incurs fees, the bank offers a reimbursement for these fees up to $10 each month.

To begin, you just have to go to a nearby Northpointe Bank location and deposit $100.

Top 5 Transaction Account
Offered by First Financial Credit Union

At First Financial Credit Union, you're eligible for a new checking account offering a 5% APY. This account imposes no obligatory minimum balance and is free from monthly charges. However, the High 5 checking account restricts your interest earnings; balances exceeding $2,500 will not accumulate interest on the excess amount.

To open one of these checking accounts, you must join First Financial by becoming a member. Membership is granted to anyone who contributes to a nonprofit, allowing them to establish new accounts.

Comprehensive Access Advantage Checking Account
Offered through La Capitol Federal Credit Union

La Capitol Federal Credit Union presents an opportunity to earn a 4.25% APY through their high-yield All Access Advantage checking account. You can receive this 4.25% rate on all balances up to $5,000 (amounts over $5,000 will accrue at a rate of only 0.15%). This account necessitates an initial deposit of $50, yet it provides a monthly refund of $25 on ATM charges.

Submit a $20 payment, and you'll achieve full membership status at this credit union, gaining access to all its various advantages and privileges.

Kasasa Cash Checking Account
Offered by One American Bank

A completely free checking account that provides high-interest benefits, the Kasasa Cash choice delivers a 3.50% APY. It imposes no charges, no required monthly minimums or direct deposits, and permits earning interest on balances up to $10,000. Additionally, you will receive reimbursement for any ATM withdrawal fees incurred nationwide.

To begin, you must open a new account and place a deposit of $50.

Peak Account
Accessible through Aspiration

The Aspiration Summit checking account may not offer as high of a yield as other accounts listed here, but it boasts several impressive benefits. Titled "Best Checking Account in America" by Money and recognized as a top choice for checking by NerdWallet, Aspiration asserts that it provides an interest rate 100 times greater than that of major banks. This account is free of fees and requires only a $10 initial deposit to open.

The Summit checking account does provide a 1% interest rate, significantly higher than what typical banks offer. To qualify for this attractive interest, maintaining a monthly minimum balance of $2,500 is required.

Maximize Your Earnings with an Intelligent Checking Account in 2018
Your present checking account probably isn't providing any financial benefits. Rather than having your funds idle, earning no interest or perks, think about moving to a checking account that increases your income. Various choices are available, allowing you to select one that best suits your financial requirements or lifestyle.

To begin, it's advisable to evaluate the array of online high-yield and interest-earning checking account options available. Indeed, missing out on attractive benefits such as an exceptional 5% interest rate or zero fees is something you'd want to avoid.