Holly, NC (PressExposure) October 22, 2010 -- OAFCA, known for their free financial guides on interest bearing checking accounts, has just released their newest guide for finding interest bearing business checking accounts.
"A great way to earn some money is by keeping your money in interest bearing checking accounts," says Mary Thompson, owner of OAFCA. "These types of accounts are the absolute best way to earn some money on your money. It is like free money! Most people already have a checking account, and most people are not collecting any interest on their checking account as a matter of fact they are paying the bank fees to keep their money in the account."
The report discusses why interest bearing accounts are such a good idea.
"This seems a bit counterintuitive to pay the bank to keep your money for you, yet millions of people do just that. A lot of businesses have moved toward direct deposit for their employees this usually requires that the employee has a checking account. Millions of folks have opened checking accounts so that they can get paid," says Mary. Paying the bank for the ability to have a checking account is simply crazy. Even if the fees are relatively low and in most cases they are, it is still crazy. If you do the math those little monthly fees can add up to quite a bit of money.
"Let's say at a minimum you are paying the bank $20 each month for the pleasure of allowing them to hold your money, over one year that is $240 over five years that is $1200 over ten years that is $2400, and what will you have received for your money? Nothing! Most banks do not even offer a toaster for new account holders", says Mary.
The report also covers some of the requirement to opening an interest bearing account such as minimum balance.
"Of course there is one slight catch to receiving the interest. Usually there is a minimum balance that must be maintained in the checking account. The amount of the minimum balance will differ from bank to bank, but be sure that there will be some minimum requirements that have to be met," says Mary. "The amount can be as small as one hundred dollars or as large as one thousand dollars. You can compare banks to see which one will work for you."
Click Here to learn more about interest bearing bank accounts as well as the free checking account.