Interest-bearing checking accounts allow you to earn interest on your money. When you deposit money into an interest-bearing checking account or a high yield savings account, the bank uses that money to either make investments or offer loans to other bank clients. A percentage of that revenue is given to you in the form of an interest payment. Interest-bearing checking accounts offer a great alternative to keeping your money in a savings account, because savings accounts are limited to six transactions per month. If you keep your deposits in an interest-bearing checking account instead, you will have unlimited access to your funds. That means that you can spend and save in one account.
All interest-bearing checking accounts are not created equal. Be sure to compare rates on all interest-bearing checking accounts, which can usually be found on personal finance websites. This will allow you to see if there are any monthly maintenance fees, minimum balance requirements or other fees tied to your earnings.
Radius stands out against the rest. With Rewards Checking, you can earn 17 times the national average on interest bearing checking accounts. On top of earning high interest, you get 1% back on debit card purchases, making this account that much sweeter. Plus, you get unlimited ATM fee rebates, paychecks deposited up to two days early and industry-leading online banking features… all in one truly free account. It pays to be a Radius customer. Open an interest-bearing checking account today.