Published on: September 20, 2021
By: Webster Bank
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.
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.
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:
The opinions and views herein are for informational purposes only and are not intended to provide specific advice or recommendations. Please consult professional advisors with regard to your individual situation.
All deposit products are provided by Webster Bank, N.A. ("Webster Bank"), an insured FDIC institution. BrioDirect is a sub-brand of Webster Bank. Webster Bank operates under the trade name BrioDirect. This trade name is used by, and refers to, Webster Bank, a single FDIC-insured bank.
Accounts that are opened via www.briodirectbanking.com and marketed by BrioDirect are Webster Bank accounts. Deposits in these accounts are made with Webster Bank. For purposes of determining how much FDIC insurance is applicable to your accounts, you need to consider all accounts maintained with Webster Bank, N.A., such as CD, checking, savings, BrioDirect online accounts and cash held in health benefits accounts with HSA Bank.