Here are rewards checking accounts that can help you earn hundreds of dollars

HOUSTON – Lower interest rates are great for homeowners who want to refinance their mortgage but have you taken a look at what interest you’re earning on your savings account right now? Major banks are currently paying less than 1% interest. If you are the type and set it and forget it on savings, you can forget earning any money from interest. But if you move your money to a rewards checking account, you can earn hundreds of dollars.

What are rewards checking accounts?

A rewards checking account is a high-yield account. They are mostly offered by online-only banks and some credit unions. There are some requirements you will have to meet to earn the interest that can be as high as 5%.

For example, Consumer Credit Union offers a rewards checking account that lets you earn up to 4.09% interest if you do these things:

  • Join Consumers Credit Union for a $5 fee.
  • Agree to receive electronic statements
  • Make at least 12 debit card purchases every month
  • Spend at least a thousand dollars each month on a Consumers Credit Union Visa credit card

How much more can you save?

Let’s do the math. If you had $10,000 in a Chase savings account right now making .01% interest, you would earn $1 in a year.

A Consumers Credit Union rewards checking account that pays 4.09% interest will give you $409 in the same time period.

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