A checking account is the need of the hour. They are like the safest place to put your “to be used” cash for a time being and not to expect any benefit in return except for security. Though we cannot say that they are entirely incapable of offering better interest rates. How to get best checking account rates is the little trick one can make an effort to understand and get some additional benefits over your monthly cash after paying the bills and all.
Certain tips on How to Get The Best Checking Account Rate:
1. Deciding on a checking account
First of all, you need to decide on why you need a checking account and how to get the best checking account rate on it comes secondary. People often go for a savings or a high yield paying account that offers high-interest rates on your savings after you allow them to access a part of your savings for other financial solutions and purposes. But if you have decided to save your inflow money for a small period of time and get an interest, you need to consider opening a checking account in the bank with an existing account of yours and move only if they offer rather low-interest rates as compared to the other on the market.
2. Look out for the competition
A thorough research on every other bank that offers competitive rates is necessary to make a right decision on which bank’s checking account would be beneficial to you. If any credit union offers more interest rates on your checking accounts, you need to be aware of the ground rules of joining that particular one and find solutions. If you are willing to join a non-profit organisation with limited online access to your funds but a higher rate than a local credit union would be perfect for you. Competition is one of the primary things you need to look out for while seraching on How to Get Best Checking Account Rate.
3. Go online
Online banks often offer higher interest rates than traditional bank branches as they do not have a physical location thus minimizing the total financial costs and offering more to its customers. Their overhead cost is quite less considering they handle everything online. Some of the online banks even offer 1% APY on monthly min balance of $2,500.
4. Reward Offers
Certain banks despite offering low interest on checking accounts get more customers that the banks offering higher rates all due to their other bonuses like sign up bonus, rewards cards etc. They attract the potential clients through their cash rewards or a bonus airline credits or hotel credits which are rather tempting and appreciated.
5. Certificate of deposits
Certificate of deposits is other options for getting a high yield on your balance. You can opt for a high yield checking account which despite demanding major minimum balance offers a quality interest rate. You need to research the market for such banks that offer high yield checking accounts and demand certain conditions in return. Cds are another best thing to consider while you need to focus on How to Get Best Checking Account Rate.
Do check out our blog post on Everything You Need to Know About Credit Unions.