Commercial Bank and Checking Accounts

What is the purpose of high interest checking?


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Answered 2011-12-08 12:31:31

"A high interst checking account is a type of checking account that earns interest. Usually these accounts have higher interest than a regular checking account, but not as high as a savings account."


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Banks typically only offer a high interest return in a savings account, not a checking account. Some banks allow unlimited transfers between savings and checking accounts, so you could get a high interest savings account and transfer money as necessary to your checking account.

Consumers who have a high interest checking account will receive more interest over time. However, this does depend on how big the deposits are and how much time has elapsed since the account is opened.

"Yes, it is all good for the economy! Anything that involves money circulating and increasing is great for the economy. High interest checking accounts are good."

Bank of America offers a high yield checking account. They call the account an advantage with tiered interest checking account. The idea behind the account is to leave a lot of money in there for it to gain interest.

The primary reason interest checking accounts are hard to find is because of how they work. Interest checking accounts provide a mid to high interest rate on money in an account, along with the ability to write checks and transfer money. An interest checking account is a mix between an easily accessible account, which allows you to use checks and debit cards, and a high interest account, which usually doesn't allow the freedom to use checks.

Schwab Bank is one of the highest Canadian banks that offer high interest checking accounts. As of March 13, 2013, their annual percentage yield is 0.10 percent.

A high yield checking account will allow you to make more interest off of your money provided that you have enough money invested to qualify for a high yield account.

The standard interest rate on an interest bearing checking account at a Chase bank is 0.01%. They have a variety of checking accounts with the same interest rate or less.

Savings account has a higher interest rate than a checking account

Some of the best high interest checking accounts on the market right now include Consumers Credit Union in Illinois and the Jeff Davis bank in Louisiana. There is also a bank for former Boeing employees that offer this service in Washington state.

Most savings accounts hold little to no interest rate currently. They are basically the same as a checking account. If you are looking for higher yield interest, consider purchasing a CD.

Usually, most checking accounts don't pay interest at all or if they do, a very high minimum balance is needed. Usually when it is available, savings does have more interest paid, but not a significant amount more. Because checking accounts are made to be used, interest is often lower. Savings, and variations of it, tend to be higher because it is not often.

An interest-bearing checking account draws interest on the principal balance. Interest is money that accrues annually or semi-annually and accumulates in the interest-bearing account.

Emigrant Direct claims to offer a high interest savings account, that they can directly link with your checking account at another bank. They don't personally offer checking accounts themselves.

No. Checking accounts do not pay any interest. Since the money available in your checking account is liquid cash which is used for day to day purposes and can be withdrawn multiple times banks do not offer interest on cash maintained in a checking account.

No. If your checking account in non interest bearing, then the you will have no interest to report on your income tax return and therefore no tax to pay.

They have a list of them here

Yes - if the bank is giving an interest on the checking account. But, banks usually pay very little or 0% interest for checking accounts because of the frequent transactions and the liquid nature of the money in it.

Many checking accounts do not offer interest on the money in your savings account. This is a disadvantage because the money you put in a savings account will collect interest, where a checking account will not.

The purpose of checking the acid value of the lubricant oil is that it determines the efficiency.

No, checking accounts typically do not pay any interest at all.

The only tax you would pay on money in a checking account is any interest the money made if it is a interest type of account.

The amount of money in a checking or a savings account is the balance. The interest is usually based on the balance.

Chase Bank does have free checking as long as you have a minimum balance of 100 dollars. there are also interest bearing checking accounts were if you maintain a balance of at least 1500 dollars your account will receive interest on your checking account.

The Royal Bank of Scotland offers the two main types of accounts commonly referred to- the checking account and savings account. They also offer high interest checking and saving, and joint checking and savings accounts.

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