Holly, NC (PressExposure) August 06, 2010 -- SBCA, known for their up to date educational guides on small business checking accounts, has just released their latest report on finding the best interest bearing checking accounts.
"An interest bearing checking account is a great way to make some money by using an account that you would normally have anyway. This is not a new idea, although it can be considered as a revitalized idea," says John Brown, owner of SBCA. "Paying interest on a checking account is a promotional tool that is used by the banks and credit unions to bring business into the bank. The idea is quite simple, the bank will pay you a small amount of interest on your money. The rules are rather flexible when it comes to the regulations that are attached to this type of account."
The report covers many of the rules that are associated with these types of accounts.
"The rules and regulations will vary from bank to bank. In most cases you will be required to make a minimum deposit of a specific amount. The amount will vary but you can expect it to be at least five hundred dollars that is required to open the account," says John. "In some instances there are also minimum balance rules that are applied. For instance you may be required to maintain a balance of at least five hundred dollars each month. This amount will be different and is prescribed by the institution that you are going to do business with. "
"In most cases the only way to collect your interest each month is to play by the rules that you have agreed to. If you don't play by the rules in all likelihood you will face some penalties. The penalties are usually in the form of lost interest," says John.
The report also covers why some many people are turning to interest bearing accounts.
"Most folks think that the interest that they are going to be paid by the bank is so small that it will not really make a difference, well the interest is usually small, but it sure beats getting nothing at all out of the deal," says John. "A really great deal is when you can combine a interest bearing checking account with a fee free checking account. This not only will save you money on fees but will also earn you money."
Access the free report to learn more about interest bearing checking accounts.