High Interest Current Accounts

2007-10-15 12:53:47

( Financial )



While it's true that banks nowadays offer relatively low interest rate yields for checking accounts, it is still quite possible to find high interest current accounts on the web.

Features of High Interest Current Accounts

Just as you can find online sites that post the most current mortgage rates, you can also find sites that can offer high interest current accounts. These high interest current accounts offer rates that are six times bigger than normal current account interest rates. However, you must able to comply with specific deposit and account balance requirements.

For one, you need to deposit a minimum amount each month, usually at least a thousand dollars or more. You must also maintain a minimum account balance the online banking site requires. If you are unable to do so, the bank will still let you earn interest at the normal rates.

For your high interest checking account, you also get a checkbook and a debit card that you can use anytime at Visa locations. In addition, you also get overdraft protection as long as you comply with the minimum account balances. You can check your account balances anytime, and you could also go to a nearby branch if you need to speak to a bank representative personally. In some cases, you can also receive reward points and enjoy other benefits such as free travel accident insurance, discount vouchers, and even identity theft assistance.

Applying for a High Interest Current Account

You can apply for a high interest current account online, by phone or through the branch. You will need to sign forms to open the current account. You can also transfer any existing balances from another bank account for free, and transfer can be effected within four weeks.

Before deciding to open a high interest current account, you must understand all the terms and conditions, especially on minimum deposit and balance requirements.


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