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5 consumers unfit for high-yield checking

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

Finding the right banking product
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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.

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"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.

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