Is a High Interest Checking Account Right For Me?

These days, there are so many ways to invest and save for the future. Modern investment accounts like HSAs, CD’s, and 401Ks not only help diversity your investment portfolio, but can also offer a ton of benefits meant to multiply your earnings and help you save big.

With all these available options, a checking account may seem like an atypical investment account choice. How can an account, designed to help you spend your money, help you save it and even earn more though spending?

As a high interest checking account.


What is a High Interest Checking Account?

A high interest checking account is by no means a typical checking account. Most run of the mill checking accounts essentially serve as metaphorical wallets, as a vehicle to store money, keep it safe, and spend it easily. Typical checking accounts allow ease of access when it comes to spending and provide little to no interest. Any interest earned is usually minimal, often at 0.01% APY. APY stands for Annual Percentage Yield, or how much interest you will make on your deposits.

A high interest checking account, otherwise known as a high yield checking account, is different. High interest checking accounts offer APYs of at least 2.00% APY, with some of the best accounts offering APYs as high as 3.00% APY. This jump in interest allows users to earn more on the money they hold in their accounts, rather than letting it collect dust.



Some of the benefits you can expect from a High interest checking account include:

  • Zero to no monthly fees
  • APY of 2.00%-3.00%
  • Often come with a free debit card
  • Free access to funds within the account



While a high interest checking account may help you save money like a savings account, it’s important to know there’s a difference between the two. In order to provide their high APY’s, high interest checking accounts typically come with a list of requirements users must meet to collect their interest. Each account will have different requirements and may include:

  • Balance minimums
  • Direct deposit
  • Monthly fees
  • A certain number of credit card transactions
  • Electronic statements
  • Balances in other types of accounts
  • Maximum account balances
  • Account activation fees
  • Monthly minimum number of transactions
  • ATM fees


Where do I find one?

Because of the strict legal regulations commonly associated with high interest checking accounts, you are more likely to find high interest checking accounts offered by smaller credit unions and local banks. Larger national banks often find it too expensive and unnecessary to offer these accounts, due to their large number of existing customers. However, smaller banks are usually much more willing to front the expenses in exchange for increased business and customers.

If you’re interested in opening an account. Check with your local credit union or community bank to see if they offer a high interest checking account that fits your needs.


If you’d like to learn more about the high interest checking accounts offered by Liberty Savings bank, or if you’re considering signing up for an account, visit our website HERE and get started earning more for your spending.


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