What Type of Checking Accounts Earn Interest?
You already know that your savings account earns interest, but did you know that you can earn interest with a checking account, too? It's true. Though they're a bit harder to find than regular checking accounts, you can absolutely find some checking account choices that will put your money to work for you. The key is knowing where to look. Here are some types of checking accounts that can come with interest.
High-Yield Checking Accounts
You may have already heard of high-yield savings accounts. These are accounts that come with higher interest payments than most other savings accounts. Well, there is also such a thing as a high-yield checking account. These accounts let you earn money off your day-to-day funds. Many of these accounts also come with extra rewards, too. For example, they might let you earn points when you use your debit card.
Credit Union Checking Accounts
Not all credit union checking accounts will let you earn interest. However, of the checking accounts that do earn interest, a sizable portion can be found in credit unions. That's because credit unions are nonprofit organizations. When they do earn a profit, they must invest that profit back into their organization and membership. Letting their members earn interest is one way for them to do that.
Credit unions also tend to have low or no minimum balance requirements for checking accounts, including interest-earning checking accounts, so they work well for people who are just starting out.
Credit unions make a great place to start when looking for interest-earning checking accounts. You'll just need to find one that caters to your area, profession, or other demographic.
Online Checking Accounts
Lately, more and more banks are offering online checking accounts, and many of those online checking accounts earn interest. As a result, online banking is another great place to start your search. Plus, online banking comes with a lot more convenience than traditional banking.
Start with Bundlefi
Again, the key to finding an interest-earning checking account is knowing where to look. That's where we come in. Bundlefi connects people to checking accounts, loans, and other banking needs. We provide a single, centralized location where you can search for the checking account that fits your lifestyle best.
Ready to search for a checking account that will earn interest? Start your search at Bundlefi today. You have a lot of options. There's no reason you shouldn't find the best one.