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Bankrate Says CUs the Place for High-Yield Checking Accounts
Monday, May 18, 2015 6:40 AM

Bankrate.com surveyed 56 accounts at financial institutions March 16-25 and found the highest of the high-yield checking accounts was available at a credit union. The annual percentage yield (APY) of 4.07 percent at BECU, Tukwila, Washington, far outpaced banks in the survey.

In fact, of the 13 credit unions in the survey, four offered an APY of more than 3 percent while only two of the 43 banks offered higher than 3 percent.

With its balance cap of $10,000, Consumers CU, Round Lake Beach, Illinois, provided the highest annual maximum earnings.

To earn the best rates, account holders typically have to make a minimum number of debit card transactions, receive electronic statements, use direct deposit, or pay bills online. Because of these conditions, these accounts require a more engaged consumer, said Greg McBride, Bankrate’s chief financial analyst. But, he added, by switching to a high-yield checking account, savers can easily add several hundred dollars to their emergency savings each year with full liquidity and the protection of federal deposit insurance.