High-yield reward checking accounts are a little-known option for earning a better return on your cash, but you have to meet the requirements.
Typically, you're looking at electronic statements, having either direct deposit or making online bill payments, and 10 debit card transactions per month.
Now, these higher returns are paid up to a certain limit, known as the balance cap, typically $25,000.
The idea is, you want to keep as much of your cash in there to maximize your interest earnings, staying as close to that cap as you can.
Any month in which you don't meet the requirements, well, you're not going to earn that high yield.
Now, the places where you're typically going to find these high-yield reward checking accounts are smaller community banks and credit unions.
Now, all of these community banks and credit unions that are in the Bankrate.com survey are federally insured. So, your money is just as safe there as it would be at any other financial institution.
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