How Can Checking Accounts Score Better Against Savings and Business Accounts?

According to a recently published report, consumers can now have greater return on their money from checking accounts bearing interest than regular savings accounts. The report, published in WalletHub – a financial advisory website contends that compared to savings and money market accounts, interest bearing personal checking accounts can return up to 504% higher rate of interest on any deposited balance of up to $50,000.

It is also said in the report that money market accounts have around 122% more fees than the online-only checking accounts and they also require 44% higher balances for avoiding the fees. Moreover the interest rate offered to the consumers by the online checking accounts is generally between 339% – 823%, which is of course much higher than the interest rate offered by any business checking account.

This clearly suggests that for small business owners putting their money in a consumer checking account can be a better proposition than putting that in business checking accounts. The report certainly suggests that in spite of the fact that business checking accounts may sometimes offer more services.

As per the report, there is little scope of doubt that both the nature and character of personal finance have considerably changed in last few years and with the increasing involvement of technology the era of neighborhood banking is probably coming to an end. Now consumers are at the same time closer to and also further away from the financial institutions of their choice or institutions they are dealing with. The report also includes the new economic woes that have been unearthed by widespread institutional failures and unsavory practices and makes the reader mentally ready for the uphill battle for a better financial stability.