The Five Best Interest-Earning Checking Accounts For Freelancers In 2020
/One of the most overlooked ways we leak money as freelancers is by choosing to bank with an institution that does not have our best interests in mind. While I don’t believe banks are proactively trying to keep us from our financial goals, I do believe that many of the traditional banks choose to not go out of their way to be helpful to us. The majority of them do not value people as much as they do profits, and it shows in the products that they offer. Specifically their checking account offer.
Most checking accounts offer zero percent interest. When you factor in inflation, this means that your checking account is losing a considerable amount of purchasing power over time. Although the interest rate on any basic checking or savings account will never be high enough to make you rich, earning a little bit of money on your checking account is a fantastic way to efficiently manage your money. To help you get started, I rounded up a list of five checking accounts that offer a return on your balance.
In order to qualify for this list, the checking accounts had to meet the following criteria:
No minimum balance requirement
No fees
Here the five best interesting-earning checking accounts. Keep in mind that interest rates do fluctuate. The listed rates are as of January 2020.
The five best interest-earning checking accounts for freelancers in January 2020
Consumers Credit Union. This rewards checking account offers an incredible 3.09% APY, and after meeting some requirements you could earn 5.09% on your balance up to $10,000. In order to earn the APY of 3.09% you do have to make at least 12 debit card purchases totaling $100 or more each month and have direct deposits or ACH credit totaling $500 or more monthly. For all requirement details, visit their website.
MarketUSA Federal Credit Union. This account offers a gold and platinum tier checking account. The gold account has a 2.01% APY and the platinum offers a 3.01% APY on balances up to $15,000. In order to qualify you must enroll in e-Statements, set up a monthly direct deposit of at least $250 (VIP) and use your debit card at least twelve times per month for at least $5 each time. For all requirement details, visit their website.
Partner Colorado Credit Union. This account offers 3.5% APY on balances up to $10,000. In order to qualify you must complete twenty (20) signature-based debit card transactions, $5 minimum per transaction during the month. Sign up to receive e-Statements with a valid e-mail address and use online or mobile banking. For all requirement details, visit their website.
Heritage Bank. This account offers 3.03% APY on balances up to $25,000. In order to qualify you must make 10 or more debit card payments and/or purchases that will post to your account each month (excluding ATM transactions). Have at least one direct deposit or automatic payment (ACH) each month and sign up for monthly e-statements. For all requirement details, visit their website.
Simple Checking Account. This online bank account offers 1.9% interest on account balances. For all requirement details, visit their website.
About Money & Mimosas: Money & Mimosas was started as a passion project by Danetha. A former NFL cheerleader turned entrepreneur, she started blogging as a way to combine all of her passions into a career. Money & Mimosas is now enjoyed by tens of thousands of readers in over forty countries with the same dream of achieving financial freedom without living frugally.
