Details for RATESEEKER LLC - Ad from 2019-07-21

St. Louis Post-Dispatch

Deposit & Loan Guide

Int Chking Money
Acct
Mkt Acct
Min
Min

Institution

Synchrony
Bank

NA

1.20

NA

0

3 mo
CD
Min

6 mo
CD
Min

0.75

1.00

12 mo
CD
Min

18 mo
CD
Min

2.50

2,000 2,000 2,000

24 mo
CD
Min

36 mo
CD
Min

60 mo
CD
Min

2.50

2.50

2.60

2.80

2,000

2,000

2,000 2,000

Great Rates + Safety = Peace of Mind. Member FDIC.

Phone / Website

800-869-3813
www.synchronybank.com

TO PARTICIPATE IN THIS FEATURE,
CALL SALES DEPARTMENT @ 773-320-8492
Savings Update

How do high-interest checking accounts work?
By Sabrina Karl
Imagine a checking account with all the standard transactions you’d expect from a checking account, but paying 2, 3 or even 5 percent
interest on your balance. Since most checking
accounts pay no interest at all, and even the toppaying savings accounts in the country offer less
than 1.5 percent, you’d be smart to ask, “What’s
the catch?”

based, transactions.

These accounts are typically called “high-interest
checking accounts”, and though they have a
number of strings attached, they aren’t a scam.
They’re legitimate accounts, usually offered by
smaller banks and credit unions, that simply have
very specific requirements for earning the off-thecharts interest rate they advertise.

One caution is to check the account’s balance cap. Most high-interest checking accounts
specify a maximum balance that can earn the
high rate, with anything above that threshold
earning zero or near-zero interest. Sometimes
the balance cap is an accommodating $10,000 or
$20,000. But accounts with caps of just $1,000 or
$2,000 won’t be worth your trouble.

The most common hoop you’re required to jump
through is using your debit card a minimum number of times each month, and we’re not talking
about three or four transactions. A typical requirement is 12 debit transactions per statement cycle,
and I’ve even seen an account requiring 20. The
purchases will also have to be signature, not PIN-

Other typical stipulations include paying at least
some number of bills online each statement
cycle, setting up direct deposit, and at some
banks, opening a credit card with that institution.
Signing up for electronic statements is almost
always required.

If frequently using your debit card is easy for
you, a high-interest checking account could significantly boost the interest you earn from your
regular banking. Just be warned that the bank will
only pay that chart-topping rate in months where
you meet every requirement.

Rate Criteria: Rates effective as of 07/16/19 and may change without notice. RateSeeker,
LLC. does not guarantee the accuracy of the information appearing above or the availability
of rates in this table. Banks, Thrifts and credit unions pay to advertise in this guide. NA means
rates are not available or not offered at the time rates were surveyed. All institutions are FDIC
or NCUA insured. Yields represent annual percentage yield (APY) paid by participating institutions. Rates may change after the account is opened. Fees may reduce the earnings on the account. A penalty may be imposed for early withdrawal. To appear in this table, call 773-320-8492.

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