GRAND RAPIDS, Mich. (6/4/13)--Lake Michigan CU in Grand Rapids, Mich., offers a high-yield checking account with rates as high as 3% on up to $15,000 in savings--or $450 in interest--in its Max Checking product, according to a Saturday USA TODAY article based on a Bankrate.com study of 56 high-yield checking accounts.
The article, "Finding cash-yielding reward checking accounts," by Susan Tompor, said savers need to have some cash to stash and patience to find a credit union or other financial institution that offers high-yield or rewards checking accounts.
The $2.73 billion asset credit union requires members to check their accounts online at least four times each month among other requirements, USA Today said.
The Bankrate.com survey indicated that, for the financial institutions it surveyed, the average balance cap is $17,102 for rewards checking products.
Also, 61% of the high-yield checking accounts in the survey are available nationwide, Bankrate.com said.
The survey also indicated the average interest rate on the high-yield checking accounts studied fell to 1.64% this year from 2.05% in 2012. That is better than average yield on a one-year certificate of deposit--which from Jan. 2 to May 8 was 0.26%, Bankrate.com said.
To read the USA TODAY article and Bankrate.com survey, use the links.