Things that will help you determine if checking account is really meant for you

Most Americans today are having a hard time figuring out if they will place their income in a bank because they feel that they are not getting enough benefits from keeping their money there. This is where rewards checking accounts came in.

In this type of checking account, some of the usual features that a checking account offer were retained, it’s just that they offer more features like paying higher interest rate when you have reached a certain balance or your account has been in existence for years. There are different reasons why rewards checking account is just suitable for people these days though the requirements are so stiff. Some important things that must be kept in mind are as follows:

  1. The consumer may switch to checking account if the savings account that you have doesn’t make you happy anymore. There are banks that usually give a lot of incentives and rewards to those with checking accounts than those with savings account. At present, the interest rate for rewards checking accounts may go beyond 2% and it’s better than savings account though it’s still low it’s good enough.
  2. Use the debit card for shopping and it should be done more than 10 times. Rewards checking account will require consumer to use debit cards for shopping often before they can get a reward. The process goes this way, “when the consumer use his/her debit card to acquire something, the bank will then earn money from the fee that dealers will pay for the processing of the transaction. It’s one of the reasons why most banks can afford to provide higher interest rate. It’s the customer’s card spending that helps in making the bank earn money too.
  3. Electronic statements are better than old paper statements. This is true these days especially if you would like to get rewards for checking accounts. The bank usually requires the customer to sign up for electronic statements. Paper statements are very expensive for the bank and they will send it through mail which will take days to be received by the recipient.

Rewards checking accounts are not usually offered by banks especially those that are big enough so customers just have to look for them or ask the bank staffs about it. Local banks and credit union are usually the ones that offer such type of account.

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