Do Checking Accounts Earn Interest?

When it comes to everyday banking, checking accounts are essential. They can be used to deposit cash and checks, pay bills and make debit card purchases. But did you know that you can earn interest on your checking account balance? We’ll explain what to look for in an interest-bearing checking account so that you can make the most of your hard-earned cash.

You can earn interest on your checking account balances, but how much you earn—and what you need to do to earn it—varies by the account and financial institution. Some interest-bearing checking accounts have high minimum balance requirements and fees, while others may have activity requirements like direct deposit or debit card usage. It’s essential to review the account details beforehand so you’ll understand how to avoid fees and earn interest.

With BrioDirect Checking, all you need is $25 to open a checking account and start earning interest. After your initial deposit, there are no balance requirements to maintain the account or monthly maintenance fees. You’ll enjoy all the conveniences of a checking account, while benefitting from a tiered-rate structure that rewards higher checking balances with a better interest rate.

What is the interest rate on checking accounts?

Like checking account features and requirements, the interest rate you earn varies with the financial institution and product. Typically, the interest rate you earn on your checking balances will be less than you’ll earn with a savings account. To maximize earnings, consider opening your checking account at a bank that offers a high-rate savings account. By doing this, you’ll have the ability to move money to the account where it will earn the most interest.

Keep in mind that checking interest rates are variable, which means they can fluctuate over time. While some banks and credit unions will tell you when these rates change, it’s not required. Once you open your account, you can review your statements to ensure the rate is competitive over time.

What to look for in a checking account.

It’s important to look beyond interest rates to make sure the features of the checking account you open works best for your life and your budget. BrioDirect’s checking account offers you:

• No minimum balance requirement to earn interest and higher interest on higher balances
• No monthly maintenance or minimum balance fee
• Convenient mobile and online banking
• Up to $20 in out-of-network ATM rebates per statement cycle
• Access to over 32,000 MoneyPass® surcharge-free ATMs nationwide

Learn more about BrioDirect Checking or easily open your account online. Still have questions? No problem—the BrioDirect team is here for you. Contact us today.