Consumers who live paycheck to paycheck
High-yield requirement: Maintain a minimum balance.
If you use up all the money in your account for expenses every month, you're likely to run into unwanted fees from your bank if you have an interest-bearing checking account, says John Brandy, a financial adviser in Redmond, Wash.
Your high-yield account turns into an ordinary one. You won't receive the high-yield return because you're falling short of the bank's account requirements. You might as well have a savings account with about 1 percent interest.
"That's because you will always fall short of the required minimum balance that the bank wants to see," Brandy says.
Before signing up for a high-yield account, make sure you understand your bank's expectations.