5 consumers unfit for high-yield checking


At Bankrate we strive to help you make smarter financial decisions. While we adhere to strict , this post may contain references to products from our partners. Here’s an explanation for

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.

Best Banks for Savings — View Today’s Rates!

“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.

More On Banking:

Create a news alert for "savings"