Do you have money lying around in your checking account? If yes! then you are not using the checking account till its full potential. The checking account can earn you extra cash. To benefit, all you have to do is to improvise the right type of account.
Instead of normal checking accounts, put your cash into a high yield reward checking account and earn extra with each deposit. This account is the perfect solution to increase your funds and achieve your monetary goals. The best part is – it comes with a lot of perks!
High yield reward checking account:
A high yield reward checking account enables you to earn hundreds of dollars extra every month on the cash sitting idly in your checking account. Every month, you will receive interest on the cash available in your high yield account, this way you can achieve your monetary goals faster compared to the normal checking accounts.
A high yield reward checking account offers as much as double the interest rates of big names in the banking industry.
High-yield reward checking accounts are not common at all and not every bank will offer them to its customers. The big banks usually offer the lowest interest rates which means it’s next to impossible to find lucrative interest rates from national banks and big banks.
Credit unions, regional and small banks are the ones where you will easily find high-yield reward checking accounts. The small banking institutions offer as much as 5 percent interest over the high yield account and they are more flexible as well in offering other additional benefits such as small deposit minimums, fewer account requirements, etc.
How to open a high yield reward checking account:
It is pretty simple to open a high-yield reward checking account. You need to have the balance as per requirement which can range anywhere between $1000 to $25000. Schedule regular direct deposit payments and fulfill other bank requirements, for instance, a certain amount of debit transactions or maintaining a minimum balance every month.
Higher interest on high yield reward checking accounts:
One of the many perks which attract customers towards high yield reward checking accounts is the high interest. According to Depositaccounts.com, the high yield reward checking accounts are offering a 5-year high rate, which means make an account right now to enjoy a rare and high interest rate.
Another reason to open a high yield reward checking account is that many national bank chains have started to stagnant the interest rates and high yield reward checking accounts are being offered by small banks but at an increased rate.
The interest percentage matters; for instance, if you are earning an average of 1 percent interest rate on $25,000 then it simply means you will earn $250 in one year. However, if you have kept this $25,000 in a high yield reward checking account for an interest rate of 3 percent then you will earn $750 annually.
Zero risks involved:
There are zero risks involved in getting a high-yield reward checking account. You don’t have to worry about the cash sitting in your high yield account as it is more like an investment. The cash in the high yield reward checking account is safe in the bank and also backed by the FDIC. High yield reward checking accounts are also termed similar to the money market funds and CDS. They offer a high level of returns over the money while involving zero to minimal risk.
Another perk of a high-yield reward checking account is that it does not stop you from accessing your money at any time. You are allowed to withdraw the amount anytime or deposit more. It is exactly like your regular account.
Earn cash back incentives on debit card purchases:
In addition to the high-interest rates, the high yield reward checking accounts also offer rewards on the usage of debit cards.
Normally, cashback rewards are given to credit card users only but that’s one of the biggest differences between a high yield reward account and a high yield account. Apart from earning a high interest rate, you can also enjoy a cashback opportunity from 1 to 5 percent in the form of rewards on every purchase by using your debit card.
Get a high yield reward checking account NOW!
A high yield reward checking account is one of the safest and smartest options available in the market to save money while earning additional cash.
Take advantage of the extra perks offered to you which will help you balance your financial statements. Search for high yield reward checking accounts and find the best one which suits you.
A high yield reward checking account offers you the greatest opportunities to earn money and reap rewards and end-all of your monetary shortcomings!