Interest Bearing Checking Accounts

A great way to earn some money is by keeping your money in interest bearing checking accounts. These types of accounts are the absolute best way to earn some money on your money. It is like free money!

Most people already have a checking account, and most people are not collecting any interest on their checking account as a matter of fact they are paying the bank fees to keep their money in the account.

This seems a bit counterintuitive to pay the bank to keep your money for you, yet millions of people do just that. A lot of businesses have moved toward direct deposit for their employees this usually requires that the employee has a checking account.  Millions of folks have opened checking accounts so that they can get paid.

Paying the Bank

Paying the bank for the ability to have a checking account is simply crazy. Even if the fees are relatively low and in most cases they are, it is still crazy. If you do the math those little monthly fees can add up to quite a bit of money.

Let’s say at a minimum you are paying the bank $20 each month for the pleasure of allowing them to hold your money, over one year that is $240 over five years that is $1200 over ten years that is $2400, and what will you have received for your money? Nothing! Most banks do not even offer a toaster for new account holders!

Interest bearing checking accounts will pay you for your money; even if the account has fees attached you may still come out better than not earning anything at all and just paying the bank year after year.

Minimum Balance

Of course there is one slight catch to receiving the interest. Usually there is a minimum balance that must be maintained in the checking account. The amount of the minimum balance will differ from bank to bank, but be sure that there will be some minimum requirements that have to be met.

The amount can be as small as one hundred dollars or as large as one thousand dollars. You can compare banks to see which one will work for you.

Amount of Interest

Half a loaf is better than none is a very true saying; you are probably not going to make huge gains on interest bearing checking accounts, but ever little bit counts. It is far better to get some interest than it is to get no interest.

You can expect to earn less than one percent interest, but again it is much better than getting nothing at all.

Beware

There are a few things that you need to beware of. Introductory rates can be a nice bonus, but typically they only last a few months than they revert to much lower rates over time, but as long as you understand that, than it is fine.

Also pay close attention to the details, reading the fine print is a must!

Interest bearing checking accounts are a great way to earn some money on money that would otherwise be sitting there getting moldy!

Free Small Business Checking Account  

A free small business checking account is the perfect vehicle for any small business. Small businesses have been hit the worst by the down turn in the economy. Saving money can be the difference between being a successful small business and an out of business small business.  

Anything free to the small business is valuable, saving money where you can is an absolute, besides why would pay for something that you do not have to? A free small business checking account is a sound business decision.  

Savings  

The average small business checking account can easily run around fifty dollars a month, over a year that is over five hundred dollars. That is a lot of money to save.  That money can be put to far better use.  You should not have to pay for something that is free.  

Some Cautions 

Like with any business decision you have to approach this with your eyes wide open.  A free small business checking account is free only if you do not have to pay any fees.  In some cases this is not necessarily the case.  

With most checking accounts there will be some restrictions or requirements that you have to meet and if you don’t you will have to pay penalties or fees. The free business checking account is no different. The idea is to find the checking account that has the most liberal requirements and restrictions.  You have to be aware that in most cases with a free small business checking account there are going to be minimum deposits and minimum balances, it is your responsibility to look at things realistically, because if you don’t you may wind up paying exorbitant fees.  For example if you have to maintain a minimum balance of say one thousand dollars that means that if you dip below that balance in one month you may be charged a penalty of fifty dollars.  If you are certain that you can maintain the minimum balance than you are fine, but if you know that maintaining that balance is going to be a struggle than you may want to consider finding an account with a lower minimum balance so that you can avoid paying the penalties all together.  

Another thing to look for is a limited transaction free small business checking account. If you do not use your checking account beyond a certain number of transactions each month than this type of free account may work for you, but if you want the freedom to make as many transactions as you need to than this may not be the best option.  There are plenty of banks and types of free small business checking account options to choose from. Undoubtedly you will be able to find the perfect account for your business needs.  

A free small business checking account is a great way to save money, just be sure to understand the terms and conditions of the account to make sure it is a good fit for the way you do business.  

Top Interest Bearing Checking Accounts  

Top interest bearing checking accounts all have similar qualities. Of course there are some that are better than the others, but you have to know what to look for.  Most of the top interest bearing checking accounts will offer/require the following: 

No Fees 

Minimum Balance 

Minimum Deposit 

No Fees 

Most of the top interest bearing checking accounts will offer a no fee structure. This means that you will not be charged a monthly maintenance fee, but instead you will have to maintain a certain balance. The bank exchanges the fees that they normally charge for an agreement with you that you will keep a certain amount of money in the account each month.  

No fees should mean no fees, so the top interest bearing checking accounts do not charge any type of fees; this is important criteria to meet.  This will save you money and there is no reason that you should not get interest on your money and not have to pay the bank to keep it for you. The bank after all uses your money when you are not.  

Minimum Balance 

Typically there is a minimum balance that is required. The amount of the minimum balance may vary from institution to institution but with most top interest bearing checking accounts a minimum balance will be required.  Even with the top accounts there will be a certain amount of penalty involved if you do not keep the necessary balance in the account, either you will lose the interest for that month or you will wind up paying a fee.  In some cases the penalty is a double whammy you lose interest and you have to pay a penalty. The top interest bearing checking accounts will not charge you the penalties or the fees for falling below balances.  

Minimum Deposit 

Almost all of the top interest bearing checking accounts will require  a minimum deposit to open the account in some cases this deposit is very low, in some cases it can be a bit high, in most cases though the minimum deposit will be completely affordable.  Rarely will you find a financial institution that will not require a minimum deposit so if you do you may want to seriously consider that institution to do your banking with.  

Some Considerations 

In many cases the interest bearing period is an introductory period and will only be for a short while, the top interest bearing checking accounts will carry the interest bearing period beyond the typical 6 months.  In the most ideal situation the interest bearing period will be through out the life of the checking account.  

Finding the top interest bearing checking accounts that offer the best deals is relatively easy once you know what to look for. There are plenty of good solid options online.  Review all your options and consider and compare all the offers this simple action is key to finding the top interest bearing checking accounts.