Which is better for you, Bank of Internet Rewards Checking or High Interest Checking? If money is tight, rewards checking may be your best option.
Bank of Internet Rewards Checking and High Interest Checking are very similar. They offer many of the same benefits, such as free online bill pay, and mobile banking. They also provide My Deposit, FinanceWorks, Purchase Rewards, and aven a Visa debit card. Both are FDIC insured, and both come with the satisfaction of choosing a trustworthy bank.
Where these accounts differ is in the monthly fees. With a Rewards Checking account, you only need $100 to start. With Rewards Checking, you enjoy no minimum balance and no maintenance fees. High Interest Checking on the other hand, requires $500 to open an account, and you are charged $7.50 a month if your account is under $5,000 on average.
The benefits of having a high interest checking account is the high interest rates you would receive of 0.71% APY. Since interest is compounded daily at Bank of Internet, you’d be able to see your savings pay off much quicker.
Although Rewards Checking does not offer as much of an interest rate, you don’t need as much money to open an account and you will not be penalized if you don’t have enough in it.
Bank of Internet Rewards Checking can help you take control of your finances wherever you are. Through the use of online banking, you would have to be able to access your account any time from any location. Make deposits, transfer money, or simply see where your money is at from the comfort of your own home or office.
Visit Bank of Internet today and open your own Rewards Checking account.