High-yield checking accounts earn an average annual percentage yield of 1.64%, or 33 times the national average of 0.05% for regular checking accounts, according to a recent Bankrate.com survey. But you'll have to jump through some hoops to earn that higher rate, says Greg McBride, a senior financial analyst at Bankrate.com.
You'll typically have to make at least about 10 debit-card transactions per month (the minimum number varies), at least one automatic payment and sign up for electronic statements. If you don't meet all the requirements for a given month, you'll earn a significantly lower rate that month.
In addition, high-yield accounts typically have a cap on the balance that can earn the higher rate, says Mr. McBride. So the account with the highest yield isn't necessarily the investment that will maximize your returns, he adds.
Cross Keys Bank in St. Joseph, La., offers a Rewards Checking account (available nationwide) with a 2.05% interest rate if you have at least 12 monthly debit-card transactions and sign up for direct deposit, online banking and e-statements. There also is a balance cap of $10,000. If any of these conditions aren't met, the rate drops to 0.05%.
About 117 community banks and credit unions offer Kasasa Cash checking accounts, which don't charge a monthly service fee and earn an average rate of 2.28%, says Gabe Krajicek, chief executive officer of BancVue, a provider of marketing and consulting services to community banks and credit unions, and creator of Kasasa accounts.
He says high-yield account works best when it's your main checking account. That's because you'll be more likely to meet the transaction requirements for the higher yield each month.
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