Its always nice to earn a little interest on your checking account since most banks don’t even offer anything. But its almost just a little pointless when you see a line like this on your statement:

$0.07 - INTEREST EARNED AND PAID FROM 03/17/07 THROUGH 04/17/07 INCLUSIVE AVERAGE DAILY AVAILABLE BALANCE $1,660.96 ANNUAL PERCENTAGE YIELD EARNED 0.05%

I’ll be sure not to spend it all in one place…

This is from my HSBC Interest Checking account. I use it primarily as just a last point if i need to pay the few bills I can’t with a credit card in conjunction with my currently 6% HSBC Direct Savings account so usually I hardly have any money in it. However this month with the wedding I had a lot of checks floating around out there so my average daily balance was much higher than usual.

High Yield Checking Accounts

There are a few checking accounts that offer decent yields. ING Direct offers a Electric Orange checking account with a tiered yield (4% - 5.3%). Presidential offers a 4.5% yield on its Checking Plus account (with a $1,000 min balance).

For my purposes though, I like the instant transfers from my HSBC savings account as well as easy ATM access so I will be sticking with them for now