I’ll never forget my days as a personal banker. They were long before The Great Recession hit. Nearly all checking accounts were free and high-yield savings accounts were earning upwards of 4% APY. My, how times have changed.
Now you’re lucky to find a checking account that doesn’t sneak in some sort of monthly fee, and high-yield savings accounts net far less interest than before.
On top of that, it seems that public sentiment has more or less accepted the fact that their banking relationship will inherently be frustrating and that switching banks won’t be able to change that.
In short, our banking experiences can be boiled down to paying more, earning less, and complacently deciding to suffer through frustrating customer experiences. If you think about it, that’s kind of crazy, right?
There’s good news here. While not necessarily the norm, there are banks that are challenging the status quo and offering accounts with low fees, high earnings, and various exciting benefits.
If that’s not what your bank is currently doing, read on. You’ll discover quickly why it might be time to make the switch.
Checking Accounts Can Also Earn Higher Interest than Some Savings Accounts
Most people don’t tend to associate high-yield interest rates with checking accounts. In fact, most checking accounts earn little to no interest. (In reality, most savings accounts earn little to no interest.) But not all of them – not by a long shot.
Also, like rewards, there are checking accounts out there that offer higher interest rates than some savings accounts even do.
If you have to store your money somewhere anyway, shouldn’t you earn some interest for doing so? Your bank does.
There are a few banks out there actually spreading the love with earnings. One of the most exciting ones out there right now is Radius Bank.
Radius Bank has a high-yield checking account that gives you the interest rate of a high-yield savings account and the flexibility of a checking account – with no monthly maintenance fees or ATM fees.
With this account, you can earn a high interest rate on your on the portion of your balance of $2,500 and up.
That can help you build momentum towards your financial goals without even thinking about it.
What’s more, you won’t lose any of this momentum to fees. Radius Bank gives you access to free ATMs worldwide and doesn’t charge you a fee for having this Hybrid Checking Account.
Is your bank doing this for you?