Dec 04 2008
Earn Extra Money with High-Yield Checking Accounts
Most interest bearing accounts are not paying very much these days. You might be surprised to find that you can earn up to 6% interest from high-yield checking accounts. To earn this high interest the accounts usually have qualifications similar to the following. You must have direct deposit or an ACH debit. You must have 10 debit card purchases in a month. You must receive your statements online. You must access online banking.
These qualifications are all pretty easy to meet with the possible exception of the 10 debit card transactions. My suggestion would be to make 10 small debit card purchases early in the month so you won’t have to worry about them later.
There are a couple of other features that are common with these accounts. One is that there is usually a maximum balance of $25,000. Another is that they offer ATM rebates. If you don’t meet your qualifications in a month you will be paid a lower interest rate and won’t receive any ATM rebates. These accounts are free from monthly service charges.
If you are interested in opening one of these accounts you can do so at CheckingFinder.com . Another great resource for finding these accounts is HighYieldCheckingDeals.com.
I am classifying this as passive income although it does take a little work. Most of the time when you are earning interest it is passive income though so I am going to classify this as passive income to keep things consistent.
