Interest checking barely lives up to its name
Interest checking accounts have become less onerous for account holders, but they still have little in the way of rewards.
The average balance requirement to avoid a monthly fee fell from $6,117 to $5,802, and monthly fees for customers whose balances didn't meet that mark fell from $14.75 to $14.64.
Unfortunately, the average yield for interest checking remains at 0.05 percent, and the most common payout remains at 0.01 percent.
That's why, in most cases, interest checking is still "not an attractive product," McBride says.
"The yields are still prohibitively low, and the balance requirements are still prohibitively high," he says.