Consumer Reports Money Adviser says there are checking accounts at some community banks and credit unions that are paying much higher rates. Some are paying 4 or even 5 percent yields. That's higher than savings accounts and long-term CDs.
Of course, like most great offers, there are some catches. The rates plummet if you don't meet the bank's monthly requirements. Some drop to as low as 0.04 percent.
The requirements to get the high rate are strict and can include:
Some of the accounts Consumer Reports Money Adviser looked at had balance limits of $25,000. Once you reach that balance, the annual rates go down to around 1 percent.
Consumer Reports says those high-interest rates may be worth the restrictions. If you can play by the rules, you'll get much higher earnings.
You can find a list of banks offering high-interest checking accounts and find all the details at www.checkingfinder.com or www.kasasa.com. All of the banks listed on the sites carry federal deposit insurance.
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