Opening a High-Yield Reward Checking Account

by Ken Tumin

I was happy to see DepositAccounts.com mentioned on ABC World News with Diane Sawyer today! For those who are first time visitors, welcome to DepositAccounts.com!The ABC news piece mentioned high-yield reward checking accounts and how you can earn 80x more interest than from an average checking account. So it’s likely that many of the new visitors will be interested in learning about these accounts and learning where they can open one.

Overview and History of High-Yield Reward Checking Accounts

First, please refer to my article, 10 Common Traits of High-Yield Reward Checking Accounts. This article provides a history and an overview of reward checking accounts. After you understand the pros and cons of these accounts, you can decide if the higher rate is worth the extra effort. It’s worth it for me. I opened my first reward checking account in 2007, and I’m still an active reward checking account user. Back in 2007 I was earning 6% on my balances of up to $25,000. Rates have fallen, but they’re still a very good deal considering this interest rate environment. Today the best reward checking account that I’m personally using has a 3.04% APY on balances up to $25,000.

So once you decide that you want a reward checking account, you can use our reward checking rate table to find the best ones. This link will take you to the table. You can also find it under the checking account menu on top of the website.

continue reading »