Our pick for interest-earning checking: Chime Spending account
- No minimum balance
- No monthly service fees
- Get your paycheck early with direct deposit
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Americans are increasingly using debit cards in favor of credit cards when making everyday transactions. Data from the Federal Reserve suggests that debit cards are almost as common as cash when making small purchases. While debit cards are commonly linked to checking accounts, some banks are beginning to offer debit cards for their savings accounts too.
For big purchases you’ve been saving for or emergency purchases when your checking account is almost empty, easy access to your savings can be great. However, it’s not without its drawbacks. Keep in mind that if you withdraw money from your savings account, it won’t accrue interest — defeating the purpose of having a savings account in the first place. Also, if you withdraw from your savings account more than six times per month, you could be charged additional fees or even have your account closed. Although this rule is temporarily suspended, so you’ll need to contact your bank to see if this is still the case.
If you want to combine the easy access a debit card provides with the ability to earn interest on your account balance, you might want to look for a checking account that earns interest. Just like a regular checking account, they provide minimal ongoing fees, easy access to funds whenever you want and the use of a debit card. You can even set up direct debit transfers to schedule automatic payments from your account.
At the same time, you can enjoy the ability to earn interest on your balance. While the interest rate is typically not as high as what you could receive on a high-interest savings account, these accounts are less likely to come with maximum monthly withdrawal limits. However, they can come with a range of terms and conditions attached, such as a minimum monthly deposit or minimum account balance.
The way we use money is evolving, and banks are evolving alongside us. If cash is king, then debit is the new queen and she’s gaining power. Both checking and savings accounts now offer interest-earning options with linked debit cards so it’s easier than ever to access your money. If you’re saving the money for a major purchase or retirement, a savings account will offer you the highest interest rate while still giving you access in case of an emergency. However, if you want regular access to your money, the lower interest rate on a checking account might be worth the tradeoff for getting rid of maximum monthly withdrawals.
Choose from several options, but beware of this lender’s fees and poor reviews.
A bank account that intelligently divvies up your money where you need it for a monthly fee.
A youth savings account with a whopping 7% APY on account balances up to $1,000.
Northpointe Bank’s Kids Savings account earns an unmatched interest rate on balances above $1,000.
A kids savings account with an interest rate that compounds daily but has long hold times for customer service.
A kids’ savings account with a generous interest rate that transitions to a lackluster regular savings account when your child turns 18.
A high-yield savings account that supports multiple currencies.
A checking account-debit card combo marketed for people with disabilities.
Bank of Missouri’s Show Me Savers earns 0.1% APY but can’t be opened online.
It’s easy to qualify for these online store cards.
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