bank rates

High-Yield Checking Rates Hold Up Well

Just over a year ago banks flooded the market with high-yield or reward checking accounts.

Just over a year ago banks flooded the market with high-yield or reward checking accounts.

Although the best ones paid 5% or more, we had to wonder whether these variable-rate accounts would quickly crater.

So we went back and checked how much the nationally available high-yield checking accounts that we wrote about last spring are paying today.

With one glaring exception, they’re doing pretty well. Their rates haven’t fallen as much as other types of deposit accounts, and they still offer better returns than the top-paying CDs.

Many of these banks opted to keep their checking account rates high and chose instead to limit new accounts to those living in their state or local areas.

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