Internet Based Free Checking with Interest

pbucelwicz — Thu, 07 Feb 2008 19:10:40 +0000

Interest on a checking account is not something people generaly look for. For a checking account people want no fees of any kind and free checks. Most internet banks offer free ATM renbursment. They can offer this service because it is much cheaper for these banks to pay back fees when you use them, rather than having the overhead of installing their own ATM’s across the country or world. Having a checking account that pays interest is a bonus.

Most local banks do not offer interest on their checking accounts. Bank of America checking accounts have a .05% APY. This is essentually no interest. Bank of America also has high monthly maintenace fees, and a large minumum balance to avoid fees. Currently, to avoid fees, their minumun balance is $10,000. Student checking accounts have much lower fees if any at all. If banking locally has no clear benefits people with these accounts should look else were for checking. Students should be looking into other checking accounts after they graduate because their free checking account will soon expire.

Here is a list of some great Online based free checking accounts:

	Effective Date	APY	Open	Avoid Fee	Monthly Fee	NSF Fee	Another Bank’s ATM	ATM Fee	Online Access	Advertisers comments
Salem Five Bank	02/07	3.50	100.00	0	0.00	27.00	0	0	YES	Up to 4.10% APY – Free Bill Pay and ATMs. FDIC/DIF-insured
ING DIRECT	02/07	2.25	1.00	0	0.00	0.00	0	N/A	YES	Earn 3.75% APY on balances $50k+ and 4.00% APY on balances $100k+
Charles Schwab Bank	02/07	3.01	1.00	0	0.00	25.00	0	0	YES	Earn 3.01% APY, No Minimum balance, No ATM Fees & Free bill pay

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Personal Finance Questions and Answers for Young Professionals » Free Checking

Internet Based Free Checking with Interest