NEW YORK, June 23, 2011 /PRNewswire/ -- The average APY for
consumers meeting high-yield checking requirements is 2.56%, down
from 3.30% last year, according to Bankrate.com's (NYSE: RATE) 2011
High-Yield Checking Survey. The 27 accounts available nationwide
are down sharply from 41 such accounts found in last year's survey.
The full results of the survey can be found here:
http://www.bankrate.com/finance/checking/high-yield-checking-down-not-out-in-2011-1.aspx
(Logo: http://photos.prnewswire.com/prnh/20040122/FLTHLOGO )
Among the findings, including requirements for the highest
yield:
- For those that qualify, high-yield checking accounts remain the
top-yielding place for federally insured, liquid cash.
- The typical monthly requirements to earn the highest APY
include making 10 debit card purchases and one direct deposit or
automated payment.
- Falling short of the requirements means a huge difference in
interest earnings, as the average APY when not meeting the
requirements is just 0.11%, in line with traditional interest
checking accounts.
- The amount that can earn the highest yield is capped, most
commonly at $25,000, but of the 14
highest-yielding accounts, 10 limited the highest earnings to
balances of $10,000 or less.
"In today's low interest rate environment, savers are looking
for every possible way to pick up additional interest earnings,"
said Greg McBride, CFA, senior
financial analyst for Bankrate.com. "Bankrate.com's survey shows
that high-yield checking accounts remain the top-yielding option
for federally insured, liquid cash, provided that you meet the
requirements to a 'T' every month."
Bankrate surveyed 155 institutions, finding 57 accounts offered,
27 of which were available nationwide.
About Bankrate, Inc.
The Bankrate network of companies includes Bankrate.com,
Interest.com, Mortgage-calc.com, Nationwide Card Services,
InsureMe, CreditCardGuide.com, Bankaholic, CreditCards.com and
NetQuote. Each of these businesses helps consumers to make informed
decisions about their personal finance matters. The company's
flagship brand, Bankrate.com is a destination site of personal
finance channels, including banking, investing, taxes, debt
management and college finance. Bankrate.com is the leading
aggregator of rates and other information on more than 300
financial products, including mortgages, credit cards, new and used
auto loans, money market accounts and CDs, checking and ATM fees,
home equity loans and online banking fees. Bankrate.com reviews
more than 4,800 financial institutions in 575 markets in 50 states.
Bankrate.com provides financial applications and information to a
network of more than 75 partners, including Yahoo! (Nasdaq: YHOO),
America Online (NYSE: AOL), The
Wall Street Journal and The New York
Times (NYSE: NYT). Bankrate.com's information is also
distributed through more than 500 newspapers.
For more information, contact:
Ted Rossman
Public Relations Manager
Bankrate, Inc.
ted.rossman@bankrate.com
(917) 368-8635
SOURCE Bankrate, Inc.