Undisciplined or beginning savers
High-yield requirement: Maintain a minimum balance.
The inability to save enough money each month to meet the account minimum means you'll pay a fee that could be avoided if you had a simpler checking account, Alfidi says.
This service charge can easily be more than what you earn in interest.
For example, if you only have $800 in your checking account most of the time and the interest rate is 2 percent, but the financial institution requires a minimum balance of $1,000, a $5 service fee could rack up hefty charges over a period of months. Plus, you lose the high-yield rate.
"Beginning savers are better off with a no-fee, no-frills, no-minimum checking account until the have saved enough to graduate to more sophisticated packages like high-yield checking," Alfidi says.