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How to Take Advantage of High-Yield Checking Accounts and Make the Most Out of Your Money

Mar 10, 2023 Personal
couple checking on their performance checking account online

If you’re looking to make the most out of your money, a high-yield checking account can be an excellent tool. With higher interest rates and lower fees, these accounts offer a way to earn more while still having access to your funds. Today, we’ll explore how you can take advantage of high-yield checking accounts and maximize your earnings.

Understanding High Yield Checking Accounts

High-yield checking accounts are similar to traditional checking accounts but with one key difference: they offer much higher interest rates. These accounts typically require a minimum balance and may have other requirements, such as direct deposits or debit card usage, in order to earn the higher rate.

Compared to traditional checking accounts that often have low or no interest rates and high fees, high-yield checking accounts can be a much better option for those looking to grow their savings.

Benefits of High Yield Checking Accounts

The benefits of high-yield checking accounts are clear. By earning higher interest rates, you can grow your savings faster than with traditional accounts. Additionally, many high-yield checking accounts have lower fees and offer additional perks such as ATM fee reimbursement or cashback rewards.

Factors to Consider When Choosing a High-Yield Checking Account

money saved from a high yield checking account

When choosing a high-yield checking account, there are several factors to consider. First, look at the minimum balance requirement and ensure it’s something you can maintain without incurring fees. Next, compare interest rates and APYs (annual percentage yields) between accounts so you can select the one that is the best fit for you. Finally, be aware of any monthly maintenance fees or other charges that could eat into your earnings.

Best Practices for Maximizing Your Earnings with a High Yield Checking Account

To get the most out of your high-yield checking account, there are some best practices you should follow:

  • Maintain a high balance: The higher your balance is, the more interest you could earn.
  • Automate deposits: Set up automatic deposits into your account so you don’t forget or miss out on earning interest.
  • Avoid overdrafts: Overdraft fees can quickly eat into your earnings, so make sure to keep a positive balance in your account at all times.

If you’re looking for a way to make the most out of your money while still having easy access to it, consider opening a high-yield checking account. By understanding the features and benefits of these accounts and following best practices for maximizing earnings, you can grow your savings faster than ever before.

High Yield Checking Accounts at BankSouth

Are you ready to get the most out of your money? Our BankSouth locations in Georgia are offering high-yield checking accounts that are designed to help our customers maximize their savings potential. We currently have a promotion going on for our high-yield Performance Checking Account and are offering competitive rates – as much as 3.56% APY*, so your dollars can go further! Plus, you don’t have to worry about pesky fees and service charges. Stop settling for ordinary banking experiences – open a BankSouth account today and watch those funds flourish!

*APY=Annual Performance Yield. Rates are as of 3/3/2022 and are subject to change without notice. $50 minimum opening deposit required; monthly performance criteria must be met. No other fees or services charge applicable. Click here to learn more! To see current rates, click here.

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