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With rising inflation and cost of living, everyone wants their money to stretch further. You may have heard of high-yield savings accounts and share certificates, but what about high-yield checking accounts? They offer a smart way to grow your money while still easily accessing it. Here’s what you should know about these types of accounts and why it makes sense to open your own.

What is a High Yield Checking Account?

A high-yield checking account is like other types of checking accounts but offers the opportunity to earn dividends on your balance. The best ones come with annual percentage yields (APYs) of between 3% and 5%, while the national average for checking account dividends is only 0.07% APY. High-yield accounts are designed to give you more for every dollar you deposit. This means your money grows over time just by having it in your account.

Earn More on Everyday Balances

One of the primary benefits of high-yield checking accounts is the ability to earn dividends on your everyday balances. This can be particularly beneficial if you tend to maintain a higher balance in your checking account. Instead of letting that money sit idly, it can accrue dividends and help you reach your financial goals faster.

Opening a high-yield checking account is a much smarter money move than leaving balances in social payment apps like Venmo. If you need to transfer money to someone or split a tab, many accounts even offer person-to-person transfers through Zelle.

Easy Access to Your Funds

High-yield checking accounts are an excellent way to make your money go further without sacrificing accessibility or convenience. They offer the same convenience as traditional checking accounts. You can easily access your money through ATMs, online banking, checks, and debit cards, making it simple to manage your day-to-day finances while still earning dividends.

Unlike share certificates or other savings channels that may require you to lock away your money for a set period, high-yield checking accounts provide liquidity. You can withdraw or transfer your money anytime without penalties, giving you the flexibility to use your funds as needed.

Requirements of High-Yield Checking Accounts

To qualify for the high dividends rates offered by high-yield checking, you may need to meet certain account requirements. These can include a minimum number of monthly debit card transactions, direct deposits, or maintaining a specific balance. Be sure to understand these requirements and incorporate them into your routine to maximize your earnings.

Making Your Money Go Further with Kickback Checking

Verve’s high-yield checking account, KickBack Checking, is among the best free checking accounts with dividends. You can earn up to 3.82% APY on balances of $10,000.00 or less when requirements are met. Verve ATMs are surcharge-free, but if you use an ATM from another bank or credit union, KickBack Checking offers up to $15 monthly in nationwide ATM refunds. This account lets you kick back and earn some money!

Open a Verve KickBack Checking account online today or stop into a branch and let our team walk you through the process. If you open an account at a branch, you’ll get an instant issue debit card. Instead of waiting for a card in the mail, you’ll walk out with one and be able to start making purchases the same day!