High-Interest Checking Accounts
A high-interest or high-yield checking account is not just a traditional checking account. It’s a smart financial move. Your money earns interest at a higher rate, even while you use it for day-to-day transactions like bill payments or purchases. With a high-yield checking account, you can make the most of your money with competitive interest rates and still have easy access to your funds when you need them.
A high-interest checking account with Focus Federal Credit Union can be an excellent way to earn higher interest on the money you keep in your day-to-day checking account. You can manage your account in person, online, or on mobile. And with a high-interest checking account, you also gain exclusive access to TFFCU member benefits.
Benefits of a High-Interest Checking Account
You can use your high-yield checking account like any other checking account. Convenient banking is available while you earn interest on your balance if you meet the account requirements.
A high-yield checking account at Focus Federal Credit Union stands out with these features:
- Earn Interest: A high-yield checking account allows you to earn interest on your balance*. It can generate a little extra income if you frequently use it and maintain a balance.
- Flexibility: High-yield checking accounts provide the same convenience and flexibility as regular checking accounts. You can spend money, pay bills, make deposits, and withdraw cash without worrying about transaction limits or fees.
- Access: One advantage of a high-yield checking account is easy access to your funds. Unlike investments such as certificates of deposit or money mutual accounts, you can withdraw your money without any penalties, giving you complete control of your finances.
Requirements for Opening a High-Interest Checking Account at Focus Federal Credit Union
To open a high-interest checking account at Focus Federal Credit Union, you will need a $25 minimum deposit. To maintain your account, you must enroll in e-statements and online banking, have 12 (cleared) debit card transactions per month, and maintain a $400 minimum direct deposit.
To open an account, you’ll need to provide:
- Full name, address, and telephone number
- Social security number
- Driver’s license number
- Date of birth
- Routing and account numbers from an existing bank account to transfer money
*Balances up to $20,000 will receive an annual percentage yield (APY) of 1.25%. After monthly qualifications are met, balances above $20,000 will receive 0.15% APY. Rates are variable and subject to change without notice.
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Why Choose Focus Federal Credit Union?
Your Focus Federal Credit Union high-interest checking account will offer you banking flexibility with interest-earning benefits. As a TFFCU member, you can take advantage of:
- Free online and mobile banking
- Free mobile bill pay and remote deposits
- No monthly service fees
- Federally protected deposits
- E-statements
- Unlimited transactions
- Access to more than 16,000 ATMs
- A Visa check card
- Complimentary box of checks upon account opening
Frequently Asked Questions
What is a high-interest checking account?
With a high-interest checking account, also called a high-yield checking account, you earn interest on the balance in your account.
What is the difference between high-interest and traditional checking accounts?
The only difference between a high-interest checking account and a standard account is the interest earned. Standard checking accounts don’t earn interest, but high-yield checking accounts do. Both allow you to deposit and access your money, but a high-yield account pays interest on the balance in your account.
Why consider a high-interest checking account?
With a high-interest account, you can maximize your money. A high-interest checking account is risk-free, and you benefit from earning money from the funds in your account.
Why choose a high-interest checking account instead of a money market account?
With a money market account, you can write checks and make debit card purchases while earning interest, but the account typically limits the number of monthly transactions and charges a fee based on account activity.
