checking

5 consumers unfit for high-yield checking

Checking » High-Yield Checking » 5 Consumers Unfit for High-Yield Checking

Finding the right banking product
Previous
1 of 7
Next
Finding the right banking product © Goodluz/Shutterstock.com

Finding the right banking product

Maintaining a minimum balance, using your debit card a specific number of times each month and paying your bills online are just a few of the requirements attached to a high-yield checking account.

To choose which checking account works best for you, visit a local bank and discuss your financial objectives and banking behaviors with an account representative, says Lindsay Sacknoff, senior vice president and head of retail deposit products at TD Bank in Cherry Hill, N.J.

"That way, you'll learn more about criteria like minimum balance requirements as well as benefits like earning interest and reimbursement of nonbank ATM fees," Sacknoff says.

If you've developed certain financial habits, you should bypass the interest-bearing checking account. The following types of people shouldn't sign up for a high-yield checking account.

Find the best checking account rates at Bankrate.com.

Previous
1 of 7
Next

advertisement

Show Bankrate's community sharing policy
          Connect with us
advertisement
CD & INVESTING NEWSLETTER

Learn the latest trends that will help grow your portfolio, plus tips on investing strategies. Delivered weekly.

advertisement

Blog

Allison Ross

CFPB concerned about overdraft fees

The Consumer Financial Protection Bureau again has raised concerns about overdraft protections at banks, today releasing a report that says small debit card purchases lead to expensive overdraft fees. "Today’s report shows that consumers who opt in to overdraft coverage put themselves at serious risk when they use their debit card," CFPB Director Richard Cordray  ... Read more

Partner Center
advertisement

Connect with us