Almost all of us have a checking account, but I bet a lot of us earn extremely low interest rates on these accounts. You don't have to put up with a low interest checking account. Check out the top 5 checking accounts before you commit to put your on-demand cash in any bank. There are some banking institutions that do offer higher interest rates than others but of course high interest is relative.
Be sure you understand exactly all the fees involved with a high interest checking account. Fees can eat into interest earnings. Online banks often offer the highest interest-checking rates.
Top 5 Checking Accounts
Rates as of 12/15/09
Chesapeake Bank Clear Sky Checking has an interest rate of 1.44% with an APY of 1.45% for account balances $9,999.99 and below. For balances of $10,000 to $24,999, the interest rate is 1.54% with an APY of 1.55%. For balances of $25,000 to $249,999, the interest rate is 1.64% with an APY of 1.65%. For balances of $250,000 and above, the interest rate is 0.50% with an APY of 0.50%.
ING Direct’s Electric Orange Checking Account has an interest rate of 0.24% with an APY of 0.25% for account balances of under $49,999.99. For account balances of $50,000 to $99,999.99, the interest rate is 1.48% with an APY of 1.50%. For account balances of $100,000 or more, the interest rate is 1.53% with an APY of 1.55%. While these checking account interest rates are not that high, I wanted to list ING's rates because a lot of us have ING savings accounts.
EverBank’s FreeNet Checking Account has a bonus rate offer of 2.51% APY for the first 3 months. The minimum opening balance is $1,500. The rate then becomes 1.20% APY for the first year for account balances under $10,000. APYs are higher for higher account balances. Customer service is 24/7 and has unlimited check writing.
Acacia Federal Savings Bank’s Top Choice Checking Account has an interest rate of 1.49% with an APY of 1.50% for a minimum balance of $5,000.
State Farm Bank’s Interest Checking Account has an interest rate of 1.34% with an APY of 1.35% for an account balance of $2,500 and above. Minimum opening deposit is $100.
To round up your information to come up with your top 5 checking accounts, check out rates from your local credit unions as well. Credit Unions can have some of the highest rates for local banks.
Please note that checking account rates are subject to change and you need to visit the bank's website to make sure you know the current interest rates. Take a look at these top 5 checking accounts and start earning some interest.
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