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Bankrate.com surveyed the largest banks and thrifts
in each of the 25 largest markets to find the latest trends on checking
account and ATM fees. Here is what the latest survey revealed for
each of these items, and how that compares with previous findings.
Checking accounts
Average yield
Interest rates have been on a consistent upward trajectory since
June 2004, but improvement in the yields for interest checking accounts
has been hard to detect. The average yield on an interest checking
account inched higher, from 0.31 percent to 0.32 percent, since
the fall 2005 survey. Yields have not increased much since the record
low of 0.26 percent was established two years ago.
Minimum to open
and earn interest
The average amount required to open an interest checking account
and earn interest drifted lower to $429.76. This is the lowest in
three years and is at the lower end of the well-established range
of $418 to $494 that has prevailed throughout the past five years.
Minimum to open
a noninterest account
The average minimum deposit required to open a noninterest account
is just $72.43, virtually unchanged from $72.56 six months ago and
$72.72 one year ago.
Minimum balance
required to avoid fees -- interest account
The average balance required to avoid fees on an interest account
hit a record high of $2,465. This represents a 7.4 percent increase
over the average $2,294 posted six months ago and the nearly identical
$2,295 posted one year ago.
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