Find Checking Accounts That Pay Good Interest Rates

If you are interested in opening a new checking account, you have probably already realized that there are a ton of options available to you. The most obvious option you have is to go with one of the national super-banks that together get 99% of the national media attention due to their huge advertising budgets. Of course, the loudest bank is not necessarily the best one for you - and there are literally thousands of national, local and regional banks that are vying for your business.

With all of these options available to you, choosing the right bank can be a challenge, to say the least. Rather than blindly "interviewing" a couple of banks whose ads you happen to see in the newspaper or on TV, it is a good idea to start by developing a list of the criteria you will need to have fulfilled by the bank you ultimately select.

Of course, you'll want to find checking accounts that pay good interest rates. But, there is so much more than just interest rates to consider. Here are some suggested criteria for your list of banks with attractive checking accounts:

1. Make sure that the bank has plenty of ATM machines set up around the country - and of course in your area. If the bank does not have its own ATM network, at least make sure that they do not charge a fee for using the ATM of another bank or financial institution when you want to withdraw money.

2. Check to see that the bank is insured for up to $250,000 by the Federal Deposit Insurance Corporation. This corporation was created in 1933 by the Glass-Steagall act. For participating banks, it guarantees the safety of your deposit against possible bank failure or other unlikely calamities.

3. If you have been having trouble getting approved for a new checking account, it is possible that your name has been reported to the Chex Systems database. This is a checking account risk assessment database that most banks in the country use. To lower your chances of getting rejected for a new account, find a bank that offers second chance checking. This means that they make it a point to not refer to Chex Systems when considering your application for a new account.

4. Your new bank should offer a checking account with a good interest rate. Make sure to ask the prospective bank about its rates so you can compare.

5. Find a bank that does not charge overdraft fees. Yes - such banks do exist (see, for example: http://www.escape-overdraft-fees.com), although you would never know it, given the rising tide of consumer concern over the overdraft fees being paid by most consumers today. Most banks charge overdraft fees, which can result in hefty fee expenditures throughout the course of a given year. In fact, banks make about $25-$30 billion per year in overdraft fees alone. This represents about 75% of their account maintenance fee-related income!

6. Convenience is a big factor for most people. In addition to the availability of ATM machines near you, make sure that your bank offers an online banking option. This is important, since online banking is a big part of how most people bank today. It allows you to conduct your banking from anywhere with an Internet connection.

So, before approaching just any old bank you come across for a new checking account with a good interest rate, make sure you first create a checklist of your needs and wants that must be met before choosing a bank. Then, as you contact each prospective bank, check each item off, as needed. Soon, the best bank for you will become clear.