Ken Tumin, founder of DepositAccounts.com, a website that tracks deposit rates, said many of his readers are older people looking to maximise returns on low-risk accounts, and some have multiple high-yield checking accounts. (He calls them high-yield reward checking accounts because they typically offer a "reward" like reimbursement of ATM fees in addition to the higher rate.)
One reader, he
said, has at least 10 of these accounts.
While managing them and making sure all the various requirements are met is a challenge for consumers, he
said, "They're serious in terms of maximising their savings in a safe way."
said, the high-yield accounts typically have no monthly fee, so while you won't earn the higher rate if you fail to meet the account's criteria, you won't be penalised with an additional charge.
suggested that consumers with a relatively small amount of money to deposit choose the account with the highest rate, while those with a larger pot select an account with the highest cap.
In addition, some accounts allow deposits that use an automated clearing house electronic network for clearing financial transactions - so-called ACH transactions - to meet the direct-deposit criteria, Tumin