What Are High-Interest Checking Accounts?
High-interest checking accounts, sometimes referred to as high-yield checking accounts, offer credit union members the opportunity to save more money over time by earning money on their account balances. This amount varies at each financial institution, but it’s nearly always higher than the average annual percentage yield (APY) of an average checking account, which is often under 0.1 percent. Accounts such as this are a great option for earning a little extra, especially if you’re able to keep a higher balance in the account.
A high-interest checking account works very similarly to a standard checking account. The major difference is that you have the ability to earn higher interest back on your balance. Just like your everyday checking account, you can typically have access to a debit card for daily purchases, utilize bill pay and account transfers, set up ACH payments with your employer for paydays, and so on.
While these high-interest accounts always give you the opportunity to earn, the rates may change over time, and having a good understanding of how these accounts work will help you set realistic expectations for the future of the account. Still, you’ll always be able to earn money simply by having money in your account.
What Are the Requirements for High-Yield Checking Accounts?
High-interest checking accounts typically have a few requirements that must be met each month to qualify for the higher-interest return. The requirements may vary and it’s a good idea to review the account disclosures when making a choice right for you. The good news is these are often achieved quite easily by utilizing the features your account has to offer. This can include signing up for digital banking, receiving eStatements, making a direct deposit or ACH deposit each month, or making a certain number of debit card purchases each month, making it easier than ever to earn a higher interest rate.
What Are the Benefits?
The biggest benefit of having a high-interest checking account is, of course, the opportunity to earn interest on your average monthly balance. Account holders can let their money work for them and earn extra each year based on the balance they hold with the account. Why not save a little extra money each month and watch that money grow even more? Still, there are even more benefits that come with this account that can save you money and time and make banking more convenient.
You won’t only be earning with a high-yield checking account, you’ll also be saving. These accounts may offer nationwide ATM fee returns, as well as no monthly service fee or minimum balance requirements. These small charges can add up over time, and the money you save from them will only help your daily balance to improve each month.
Another popular benefit that comes with these accounts is the digital banking option. Being able to access your accounts from a computer or mobile device is very convenient. You can transfer money from one account to the other, have 24/7 access to your balance and eStatements, pay your bills online, and so much more. This convenient option will allow you to not make unnecessary trips to the bank, while knowing that you always have the option to go if you need further assistance.
There are also financial benefits to opening your high-interest account specifically with a credit union. For instance, loan rate discounts may be an option if your high-interest checking account is active. Whether you’re looking into buying a house, a car, or taking out a personal loan in the near or distant future, it can give you peace of mind knowing that when the time comes, you’ll be offered a competitive rate.
What Options Are Available at Capital Credit Union in Northeast Wisconsin?
If you’re interested in an exceptional high-interest checking account in Wisconsin, you’ll be impressed by the Cha Ching checking account at Capital Credit Union. This checking account allows your hard-earned money to work for you while earning you well above the banking industry average. The interest is calculated based on the average daily balance in your checking account, so the higher your balance, the more interest you earn. It’s the perfect option for people looking to make money during a time when the cost of everything is going up.
Qualifying for the higher interest rate of the Cha Ching account is easy. First, just sign up for and receive free eStatements. This allows you to have 24/7 access to your statements and saves on unnecessary paper mail being delivered to your home. You’ll also need to have one ACH direct deposit of at least $400 deposited into your account each month. Lastly, you’ll need to make at least 12 debit card transactions of at least $5 each per month.
For many people, these are already tasks that they’re completing each month with their standard checking accounts. And if you don’t meet the requirements one month, you can try again the following month. This means that making the switch to a high-interest checking account with Capital Credit Union is not only convenient but also simple to do.
A high-interest checking account in Wisconsin is a great way to make your money work for you. Sign up for your Cha Ching checking account today and experience the benefits.