All America Bank’s Mega Money checking account earns 2.4% APY on balances of up to $50,000. With no minimum balance required, they include a VISA debit card for secure purchases and with access to 1,000s of ATMs worldwide.
Just like High Yield Saving Accounts, there are a few Checking Accounts offered by various banks that offer yield rates which can sometimes give your money a leg up over inflation. Plus, the interest compounds annually so why not consider growing your idle money!
Such accounts are great for both new grads entering the workforce plus existing workers.
The account includes:
- Six free withdrawals or transfers in person/to Banks or at ATMs.
- Overdraft privilege (would not recommend to use this feature).
- Direct as well as mobile deposit.
The account offers:
- The account earns 2.4% APY on balances of up to $50,000.
- There are no pesky monthly maintenance fees.
- FDIC insured so rest assured your money is protected.
There are certain requirements and limitations:
- Minimum opening amount is $500
- Initial funding by ACH, minimum is $10 and maximum is $1,000
- The first 6 withdrawals per month are free after which a $5 fee applies when using the debit card.
- There is a $3 charge on paper statements which can be waived by enabling electronic delivery.
If you don’t wish to wait too long for a nice return, you might also check out our article on the Chase Checking Account which will earn you upto $350 on opening or with Bank of America offering upto $300. You may create these accounts either for savings, daily use or as rainy day emergency funds.