subject: Tracking down those Elusive High Interest Checking Account Plans [print this page] Tracking down those Elusive High Interest Checking Account Plans
Applying for a business checking account plan is not as easy as A, B and C. In order to get qualified you must first beat their list of insistent conditions as an ideal bank client, of which you are to exhibit bona fide customer attitude by using their services and transactions in a customary manner, eventually, increasing the bank's profit. For instance, you'll need to use your debit card to make at least ten checkouts a month; you'll need to use their online bill payment facility, and so on.
In a survey published by Bankrate, they have found that there are about 50 banks around the country that offer high interest checking account plans to customers; With an astounding high interest rate of 3% for average up to as high as 6%.
So what happens when you qualify and continue to do so for months - until one month, you don't make enough of those qualifying transactions with the bank; how does the bank deal with your interest in such a case? The moment they see that you don't make their the grade for high interest checking account, they will drop your interest rate to whatever regular rate they have at the bank - it could be anything below half a percentage point..
They are aware of it though, that an interest rate of between 3% and 6% on a checking account can be a huge temptation; why, people could clean out their savings and their stock investments to plunk it all down into their high interest checking accounts. The banks don't want run these accounts for large scale personal investments like this though.
In order to protect your investments against the high interest business checking account plan, you must bear in mind that holding on to an amount in excess of the banks ceiling (commonly under $30,000) could just drop down to a failing interest rate. With some banks, that ceiling can come down to $1000, if you want to earn their highest interest rate.
Finding a bank or credit union like this isn't that hard; but if you are having a tough time locating a high interest checking account in your area, you just need to search around. The rules concerning the number of business checking account transactions per month sum up most of the complaints from client. One can save money buying payroll check blank checks and software online.
There's always no sweat hitting this particular business checking account rule - all you need is just to avail your debit card in buying lunch and other goods. What else is to grumble about when you're rewarded a 6% interest rate. Top quality computer checks and even blank check paper is all available at the cheapest price online.
