Best High Yield Online Checking Account Rates, March 2010
If you keep a lot of money in your checking account, moving your money to a high interest checking account may be a good move. Below is a list of nationally available highest yields checking accounts. All of these accounts are FDIC insured up to $250,000. Your principal is protected and you’re guarantee a positive nominal return on investment.
As of 3/2/2010 the highest yield checking accounts are:
| Bank | Interest Rate (APY) | Minimum Deposit | Details |
|---|---|---|---|
| EverBank FreeNet Checking Account | 1.46% | $50,000 | 2.25% 3-month bonus rate and 1.46% first-year APY (minimum account balance of $50,000 to $99,999), Award-winning online banking, Live customer service 24/7, Unlimited check writing. |
| Ally Interest Checking Account | 0.50% | $0 | No ATM fees nationwide, free online banking and bill pay, free debit card, free checks and unlimited check writing. 1.15% APY for balance of $15,000 or more. |
| E*Trade’s Max-Rate Checking Account | 0.30% | $5,000 | No ATM fees, Free one-click transfers, Unlimited check writing, Online check and deposit image, Free online bill pay and advanced reporting. |
| ING Electric Orange Checking | 0.25% | $1 | Earn up to 1.45% APY with a balance of $100,000 or more, Free MasterCard Debit Card for all purchases, Free online bill pay, Free access to over 35,000 ATMs through the Allpoint network, Free postage |
| PerkStreet | N/A | $25 | PerkStreet Financial Visa® Debit Card offers 2% cash back for the first 6 months, 1% thereafter. Free checks. No minimum balance requirement. No monthly fees when you use your account. Nation’s largest surcharge-free ATM network. |
| Charles Schwab Bank | variable | $1 | Variable rate, changes daily. |
Alternative Places For Your Money
Since there aren’t that many high interest checking options, you may want to open your checking account that also offers high yield savings or high interest CDs. For example, EverBank and E*Trade would be good candidates for this type of combo set up.
Please review information associated with each offer before you sign up. Rates and conditions change constantly and I have reported what I believe to be the most accurate information at the time the article was updated.
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My bank currently offers checking at 4.09% on balances upto $25,000. Anything over that is at 1.5%, and multiple accounts are available for the same bonus rate. Here’s the link (Hometown Checking Advantage) along with the conditions for the 4.09%
http://www.fmbnashville.com/products.htm
Check out checkingfinder.com There are links to several banks offering rewards checking accounts with interest rates between 3% and 5% APR. There are a few conditions necessary to obtain the high rates; however, they are nothing you typically don’t already do.
United FCU, they have branches in most of the states offers 6.01% on their high yield checking account.
Bank 1440 in Arizona offers 5.01% APY up to $25,000. Anything over that earns 2.01% when qualifications are met.
Their website explains everything…
First Internet Bank (of Indiana) has a 1% rate with NO minimum deposit.
http://firstib.com
Hi Pinyo – I have found a bunch of banks willing to pay dearly for new customers – check out this post where CharterOne Bank is willing to pay up to $220 for new customers. http://ratenerd.com/best-check.....-deal-2100
These accounts are very similar to easyGROW Checking. I work for First Bank & Trust and they have been offering a high interest checking account since April. Check it out: http://www.easygrowchecking.com
Reward checking definitely has some advantages if you don’t mind the debit card usage requirements. As Frank mentioned CheckingFinder.com is a good resource, but it excludes many local banks and credit unions. Search for “reward checking” in Google for sites to help you find a local reward checking account.