Reward checking accounts have become very popular in the last few years because they offer high interest rates on accounts that typically offer none at all. They would routinely crush the rates offered by high yield savings accounts because the banks are passing on their transaction revenue to you in the form of higher interest rates (that’s why they require you to make 10-15 debit transactions a month!).
The hardest part about qualifying for the higher interest rate is that 10-15 transaction requirement. The others, like online banking and paperless electronic statements, are trivial. If you’ve been wondering whether the additional hassle is worth it, let me offer up a few ideas on how to hit the 10-15 transaction requirement and then you can decide if the hassle is worth the interest you’d earn.
(Click to continue reading…)