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How to Choose Between a High Interest Checking vs Savings Account

Want to know why Quontic’s High Interest Checking account is the best option when comparing it to savings accounts or other banks’ no fee checking accounts or high yield checking accounts? A banking industry expert explains.

Working in the banking industry, I get a lot of questions from friends and family about the best free online checking accounts. My answer, hands-down, is Quontic’s High Interest Checking account. Whether you’re trying to choose between checking or savings, or select the best high yield checking account, Quontic’s High Interest Checking account will give you the security and flexibility you need from a free checking account. Let me explain.

The common belief is that you shouldn’t keep cash in your checking account because it doesn’t pay any interest. While this is true of most banks, there are a few banks that are bucking this trend. In some cases you can actually earn more interest in a checking account than you can in most banks’ savings accounts.

Quontic’s High Interest Checking account is one such example. It offers the same security and FDIC insurance as any savings account, but there are two main differences. First, Quontic’s High Interest Checking account offers a debit card, access to 90,000+ surcharge free ATMs, and full online and mobile banking capabilities with all the bells and whistles. And, second, it pays an interest rate that beats most banks’ savings rates. So you’ll have access to your funds, but you can also just let the money sit and earn a high rate of interest which is compounded daily. Meaning, you’re earning more money daily.

So… How good is it?
With Quontic’s High Interest Checking account, you can earn up to a 1.01% Annual Percentage Yield—that’s much higher than both the 0.03% national average interest rate on checking accounts and the 0.06% national average interest rate on savings accounts. With an FDIC-insured guarantee and some of the highest interest rates in the nation, a High Interest Checking account at Quontic is the perfect product to leverage your funds securely!

Let’s talk about the flexibility that comes with having a checking account vs savings account. With a High Interest Checking account, you’re able to move cash around as needed (much more freely than with a savings account or CD). This is important if you’re paying bills, transferring money, or doing whatever you need to do throughout the month. You also don’t need to adhere to Regulation D with a high yield checking account—meaning you’re not restricted to a certain number of withdrawals per month, as you are with a savings account or Money Market account.

If you can get the same or better rate with a checking account, I’d take the convenience of a High Interest Checking account over a savings account, CD, or Money Market any day.

Lastly, a High Interest Checking account is pretty different from other methods of investing. You’re not putting your money into something volatile like the stock market. In fact, you might not even notice much of a difference between checking and savings with this account, except for the flexibility of having a debit card, which gives you more financial freedom when you need it. You’re also free to use ATMs without paying fees at any participating ATMs (hint: there are 90,000 of them around the U.S). Plus, this is a free online checking account, which means you don’t need to wait for a bank branch to open. Leverage the convenience of online banking on your terms—whenever you want, anytime you want—because we’re the adaptive, digital bank.

Who benefits from a High Interest Checking account?
Anybody who wants to be conscious about their money! Make your monthly payments, transfers, and everyday purchases all while taking advantage of the competitive rates our high yield checking account offers. Quontic’s High Interest Checking account is good for anyone who wants to watch their money grow.

And if you’re going to do it, do it right. Find a bank that not only offers high-interest checking, but one that makes it easy for you. Other banks require you to jump through hoops to get the best rate. Not Quontic, though. We don’t have any direct deposit requirements, and we only ask that you make at least 10 qualifying point-of-sale transactions each month that are at least $10 each. So, we pretty much just ask you to use your card as you normally would.

Additionally, we don’t require a high minimum amount to open a checking account online—it’s just $100—and we certainly don’t require you to maintain a balance. When it comes to our interest rate, we’re paying out big. Other banks might offer you 1% back, but I encourage you to check what they’ll pay up to. It may very well only be $10,000. At Quontic, we’re paying out up to $1,000,000 with tiered rates. If the minimum qualifying activity requirements are met, then 1.01% annual percentage yield applies to balances of $0.01–$100,000, a 0.65% APY applies to balances of $100,000.01–$250,000, and a 0.35% APY applies to balances of $250,000.01–1,000,000.01. This is just one of the ways we like to go above and beyond to show our value for our customers. We strive to help the people who bank with us reach their financial goals.

Are you ready for a versatile and rewarding account option that allows you to be flexible, while also letting your funds build? Opening a High Interest checking account safely and securely with with Quontic takes just 3 minutes on our site. Sign up and start earning money today!

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