Consumer Reports Money Adviser looked at some community banks and credit unions that are paying higher rates.
"Some of these checking accounts are paying four or even five percent yields. That's higher than many savings accounts or long-term CDs," said Greg Daughterty, Consumer Reports Money Advisor.
Of course, like most great offers there are some catches.
"The rates plummet if you don't meet the bank's monthly requirements. Some drop to as low as .04 percent," Daughterty said.
To get the high interest rate on your checking account, requirements can include making 10 to 15 debit-card purchases a month, paying some of your bills online, and receiving online statements. There are also balance limits.
"Some of the accounts we looked at had balance limits of $25,000. Once you exceed that amount, the annual rates go down to around one percent," said Daugherty.
But if you can play by the rules, your money will grow a lot faster.
Consumer Reports says for a list of banks offering high-interest checking accounts and the requirements, just go to the following websites:
www.kasasa.com
www.checkingfinder.com
