The high-yield checking account isn’t a thing of the past, according to a survey by Bankrate.com. But even these accounts are paying less than they used to.
Bankrate.com examined 56 high-yield checking accounts at credit unions, banks, and thrifts in 2012 and found the average annual percentage yield (APY) to be 1.64%
This is lower, however, than the average 2.05% in 2011 and 3.3% in 2010.
All of the high-yield checking accounts Bankrate.com surveyed mandate electronic statements, and nearly all require 10 or more debit card transactions each month. Most also require direct deposit and/or automated bill payments.
Consumers who fail to meet the monthly requirements earn 0.07%, on average.
These accounts also come with balance caps on which higher yields are paid. The average balance cap in 2012 was $17,102, down from $19,118 in 2011 and $25,482 in 2010. ), but the highest-yielding accounts tend to have lower balance caps. None of the 14 highest-yielding accounts are available nationwide with a balance cap above $15,000.
Among credit unions offering high-yield checking accounts:
|Advantage Plus FCU, Pocatello, Idaho||1.25%||12||$15,000|
|Connexus CU, Wausau, Wis.||1.75||15||25,000|
|Consumers CU, Waukegan, Ill.||3.09||12||5,000|
First New England FCU, East Hartford, Conn.
|First Tech FCU, Beaverton, Ore.||1.25||12||10,000|
|Lake Michigan CU, Grand Rapids||3.00||10||14,999|
MidWest America FCU, Fort Wayne, Ind.
|Provident CU, Redwood City, Calif.||1.76||10||$25,000|
Click here to view the full survey.