Should I get a checking account that pays interest?

Most banks and credit unions offer a variety of checking accounts based on your needs. Some accounts may require a minimum dollar amount to open and charge monthly maintenance fees if you don’t meet a requirement, such as keeping a minimum balance, setting up a monthly direct deposit, or linking to a debit card.

Accounts which offer interest may have higher fees or require a larger minimum monthly balance than non-interest-bearing checking accounts.

It is always a good idea to compare checking account fees and terms to see which account and fee structure will cost you less for the way you bank, so you can avoid unnecessary fees that may cost more than the interest you’ll earn on your monthly balance.

If you want an interest-bearing bank account, you may also consider a savings account or money market account.

Tip: Because interest rates on deposit accounts are currently very low, fees and minimum balance requirements usually have a much bigger impact on the net value of a checking account than any interest you might earn on a checking account.

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