The best interest-bearing checking accounts in the U.S. are still paying out some phenomenal interest rates.
A small handful of local, geographically exclusive, credit unions still offer up to 6.01% APY as long as you can meet the monthly requirements. What’s perhaps more interesting about the interest rates associated with these accounts is that they have remained consistently high while virtually all other FDIC insured products have been encountering unprecedented drops in their annual percentage yields.
This is definitely the largest benefit from these accounts. While traditional savings products such as CD’s and money markets are encountering unprecedentedly low yields, these accounts have seen their rates remain largely unaffected. The trade-off of course is the monthly requirements. If you don’t plan on making this your primary checking account, we would suggest an alternative account as you’ll likely find it incredibly difficult to meet all the monthly requirements.
A perfect example of a credit union still offering great rates on their interest checking accounts is the “Golden Rewards Checking Account” being offered by Golden Plains Credit Union out of Kansas. With this particular account your savings will earn 6.01% APY on all balances up to $25,000 and 0.51% APY on balances exceeding that amount.
Monthly Requirements for Golden Rewards Checking
- making 10 GPCU VISA check card transactions
- receiving GPCU e-statements and…
- logging on to Golden Plains Online.
The above requirements are less demanding than what’s typical with these accounts, which makes this offer even more enticing. If you cannot meet the requirements your savings will earn 0.21% APY. Another noteworthy feature of this account (and typically ones like it) is that you will be reimbursed for ATM withdrawals of up to $25 per month.
Like money market accounts, the interest rates on “rewards checking” or “interest checking” accounts are variable and can change at anytime, however, the rates associated with these accounts have proven their stability over the course of the last year and deserve consideration.