US Update: Your Checking Account Should Pay You Interest

Years ago, checking accounts didn’t pay interest.

We didn’t expect them to.

That’s changed.

Many online banks now pay interest on checking, pay even more on savings, charge no monthly fee, and give you free overdraft protection.

The interest on checking isn’t going to make you rich.

That’s not the point.

💡 If a bank is willing to pay you interest on your checking account, it’s usually a sign that they’re going to treat you better everywhere else too.

Compare that with the checking accounts at the four largest U.S.

banks: BankInterest rateMinimum balance to avoid monthly fee*Monthly feeBank of AmericaAdvantage Plus Banking0%$1,500 minimum daily balance$12Chase Total Checking0%$1,500 balance at beginning of each day$15Citi Regular Checking0%$30,000 combined average monthly balance to qualify for Citi Priority and have the fee waived$15Wells Fargo Everyday Checking0%$1,500 minimum daily balance$15 * These aren’t the only ways to avoid the monthly fee.

Most of these banks also waive the fee if you meet certain direct-deposit or other requirements.

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