With inflation on the rise in the USA there has never been a more important time to protect your money.1 More and more Americans are moving their savings to checking accounts with high interest rates. To safeguard your money and learn about the best options for checking accounts in the USA for 2022 try a simple online search.
Inflation Rise Trends In The USA
With inflation hitting 7% in December of last year there is grea uncertainty in the markets. The latest bailout package, the stock market decline, and economic instability may be a storm we should protect against. With the right know how there are amazing options for people to keep their money safe from inflation with strong interest rates.
Americas Poor Savings Habits
With 69% of adult Americans having less then $1000 in savings its never been more important to use interest rates.2 Americans have many immediate needs that take priority over saving money. These needs include low-cost housing, food, and transportation costs are all equally important. So we have to focus on creating better habits towards savings goals each month.
What To Look For In Good Checking Accounts?
- Low Fees – One of the major components before choosing a checking account is understanding the fees. If you compare checking accounts in the USA, It is highly important to find one with low fees. You will want something that’s easy to understand and offers a wide range of options. There are plenty of choices as there are several banks, credit unions, and online banks offering different products. Online bank services even offer an interest checking accounts with no minimum balance requirements.
- High Interest Rates – With the current economic conditions and uncertainty it is a great time to protect your savings with high interest rates. With inflation and the effect the current economic situation has on saving, now is a great time to look for a checking account in the USA with high interest rates. There are many people who are choosing to avoid more traditional ways of saving money and have opened checking accounts with high interest rates.
- Strong Customer Support – When choosing a checking account it is important to have good customer support. Usually this is done through email and phone.
- Access To ATMS – This can be a great feature for people that like to travel. It allows them to access their money from the ATM, no matter where they are.
The Best Checking Accounts Of 2022
Axos Bank® Rewards Checking3
This checking account offers $0 monthly fees so it is a fantastic option. With up to 1% a year APY (earnings interest) you can be sure to gain more on your money in the bank. The minimum deposit requirement is $50 making it accessible to nearly everybody.
Connexus Credit Union Xtraordinary Checking4
You can earn a whopping 1.75%APY with this account with deposits up to $25,000. This bank is a very financially stable company from Wisconsin and is member focused. With no minimum balance and no monthly fees this is one of the top picks for 2022.
Discover Bank Cashback Debit5
For those who use a debit card a lot this is a great option. With no monthly maintenance fees and no minimum deposit amount its easy to get started with. Interest rates are dependant on this one so check in with their friendly customer support to see if it suits you.
Quontic Bank High Interest Checking6
Earning up to a very nice 1.01%APY the Quontic solution is very solid. It does require a $100 minimum deposit to open the account but has no monthly maintenance fees. They have 90,000 surcharge free ATMs across the nation making it very easy to access your cash. Great customer support.
Compounding Interest
To focus on investing in your future its important to understand compounding interest.
What Is Compounding Interest?
Compounding is the process of earning interest over a longer period of time. Compounding interest is the ability to earn returns over a period of time and increase your profits. In simple terms, it’s the fact that after an investment has been made, each day your balance increases based on the value at that moment.
Why Do People Compound Interest?
Most people are unaware of how compounding interest affects their finances. This is why it is important to understand compounding interest. Once you understand this concept and learn how you can use it to your advantage in the financial world, you’ll be able to make better money decisions, save more money, and invest higher amounts of money.
Start Your Savings Journey Today
To get set on your financial freedom you should be aware of the best checking account. Learning how to save can help you dramatically in the future and investing in high interest checking accounts can help you save more. For the best accounts available in your state try this simple online search.
Reference:
- https://www.theguardian.com/business/2022/jan/12/us-inflation-rate-december-2021
- https://spendmenot.com/blog/american-savings-statistics/
- https://www.axosbank.com/ax-rewards-checking-nw?utm_campaign=01389_rewchk_consumerdeposits_axos_rewards_nw&utm_medium=affiliate&utm_source=nerdwallet&utm_content=rate_table&utm_term=a806423f18944c6fb04795b26f861231
- https://www.connexuscu.org/accounts/checking/
- https://www.discover.com/online-banking/banking-topics/how-to-use-your-debit-card-cash-back-to-the-fullest/
- https://www.quontic.com/high-interest-checking/
