Your checking account is probably one of the hardest-working accounts you have.
Your paycheck goes in. Your bills come out. You use your debit card for groceries, gas, dinner and everyday purchases.
But here's a question you may not have thought about:
Is your checking account doing anything for you?
For many people, a checking account is simply a place to hold money until it's time to spend it. But the right checking account can offer much more.
1. Is Your Money Earning Anything?
Take a look at your current checking account. Does the money sitting there earn interest?
Even if you regularly keep a few thousand dollars in checking to cover bills and everyday expenses, choosing an account that earns interest can help that same money work a little harder.
That's the idea behind high-yield checking.
Unlike a traditional checking account that may pay little or no interest, high-yield checking gives you an opportunity to earn on money you're already keeping available for everyday expenses.
2. Are You Paying Monthly Fees?
Your checking account shouldn't quietly chip away at your balance every month.
Review your statement and look for monthly maintenance fees, minimum-balance fees or other recurring charges.
If you're paying simply to maintain your everyday checking account, it may be time to compare your options.
3. Does Your Account Fit the Way You Already Bank?
A good checking account shouldn't make everyday banking more complicated.
Think about what you already do each month.
Do you have your paycheck deposited directly into your account? Do you regularly use your debit card? Do you use Online or Mobile Banking? Have you switched from paper statements to eStatements?
If those are already part of your routine, you may be able to choose an account that rewards you for habits you already have.
4. Can You Manage Your Money From Anywhere?
Convenience matters, too.
Today's checking account should give you easy access to your money whether you're at home, at work or on the go.
Features such as Mobile Deposit, Bill Pay, account alerts, digital wallets and debit card controls can make managing everyday finances easier.
And being able to quickly lock your debit card if it's lost or misplaced can provide additional control when you need it.
5. When Was the Last Time You Compared Your Checking Account?
We comparison shop for cars, insurance, cell phone plans and plenty of other things.
Checking accounts deserve the occasional review, too.
An account that worked well for you five or ten years ago may not necessarily be the best fit today.
Ask yourself:
- Am I paying unnecessary fees?
- Am I earning anything on the money I keep in checking?
- Does my account give me the digital tools I actually use?
- Can I easily get help from a real person when I need it?
If you're not happy with the answers, it may be time to look around.
Make Your Checking Work Harder
At Community Focus Federal Credit Union, our High Yield Checking Account is designed to reward the everyday banking habits many people already have.
You can earn 4.50% APY* on qualifying balances up to $10,000 when you meet the monthly qualifications:
- Receive at least $1,000 in recurring direct deposits
- Make at least 10 qualifying debit card purchases
- Enroll in Online Banking
- Receive eStatements
There's no monthly fee and no minimum balance requirement to maintain the account.
And if you don't meet the qualifications during a particular statement cycle? You still have your checking account—you simply won't earn the high-yield dividend for that month.
Your Money Is Already There. Why Not Make It Work Harder?
Your checking account will always have an everyday job to do.
But that doesn't mean it can't do a little more.
If you're already getting paid by direct deposit, using your debit card and banking digitally, take a few minutes to see whether your checking account is giving you something back.
Ready to see if High Yield Checking is right for you?
Explore Community Focus High Yield Checking and start making your everyday money work harder.