Key Takeaways ; Understand the purpose of these accounts: a checking account is best for everyday financial needs, while a savings account is the best option for individuals wishing to reach long-term savings goals. ; Savings accounts usually have much higher interest rates than your standard checking account. ; Checking accounts offer far more accessibility and flexibility when it comes to accessing funds through debit cards and checks.
Vault’s Viewpoint ; An interest checking account pays you interest on the money you keep in your checking account. ; Annual percentage yields (APYs) can go up to around 5%, much higher than the 0.08% national average rate on interest checking accounts. ; Interest checking accounts with competitive APYs can be hard to find, as they’re only offered by a handful of smaller banks and credit unions.
Review Bank of America's interest rates and annual percentage yields (APYs) for checking, savings, CD and IRA accounts specific to your area.
Check out our top picks for checking accounts that allow joint account holders, plus competitive interest rates, maintenance fees and deposit requirements.
Bank · Checking account/Savings account combo · Standard savings yield · Yield with relationship · Minimum balance to avoid monthly checking account fee
Get up to speed with the average interest rates offered by bank accounts in 2024. Our guide helps you make informed decisions for your financial growth.
When shopping around for the savings accounts for you, it’s important to know what you want from it. It’s also important to learn how your options stack up against the competition. For instance, are you currently earning below the average savings account interest rate? You might be surprised at what kinds of rates are available out there, especially at newer, online-centric banks. If you have questions about how your savings account fits into your overall financial plan, consider working with a financial advisor. ...
Bank, Account, APY, Branch access ; Axos, Rewards Checking, Up to 3.30%, No ; NBKC Bank, Everything Account, 1.75%, Limited (four branches) ; Quontic, High Interest Checking, Up to 1.10%, No
Learn about the pros and cons of high-yield checking accounts vs. high-yield savings accounts to decide which is best for your lifestyle.
Checking and savings accounts may have different interest rates and rules. Learn the difference between checking and savings accounts and how they work.