How Does the Cha Ching Checking Account Compare to a High-Interest Savings Account?
Explore the advantages of a high-interest savings account in Wisconsin and compare it to the Cha Ching checking account. Achieve your savings goals without taking risks.
If you are looking to increase your savings without high-risk investing, a high-interest savings or checking account is a safe way to maximize yields and grow your savings. You can save money risk-free and reach your financial goals sooner. Whether you are saving for a down payment on a house or for a dream vacation, open a high-yield account and watch your money grow.
An great example of a high-yield checking account is the Cha Ching checking account from Capital Credit Union. Similar to a high-interest savings account, the Cha Ching checking account offers high dividend rates, so you save money even as you spend it. How does this checking account compare to a high-interest savings account offered in Wisconsin? How can you benefit from these accounts and maximize your savings? Understand the basic principles of high-interest-earning accounts and use them to reach your financial goals.
What Is a High-Interest Savings Account?
A high-interest, or high-yield, account pays more in interest than traditional savings accounts. On average, savings accounts pay only 0.42 percent, while high-interest accounts can earn 10 times more in interest. These high-yield accounts are an easy way to earn more money on your savings without having to make risky investments. Since these accounts operate the same from the user’s end, you don’t have to adjust your saving or spending habits. Simply bank as usual and watch your account accrue interest faster.
If you live in Wisconsin, you can take advantage of a high-interest savings account and grow your money risk-free. Though investing in the stock market can typically offer higher annual returns, there is no guarantee of profit, and you may incur a loss. Market volatility makes the stock market one of the riskier forms of investment. Typically, high yields require high risk. Fortunately, most high-interest savings are federally insured. Up to a certain amount, your funds are protected even if the bank fails. With a high-interest savings account in Wisconsin, you can receive high yields with low risk.
How Does the Cha Ching Checking Account Compare?
Capital Credit Union’s Cha Ching checking account works similarly to a high-interest savings account but with several additional benefits. Like a high-interest savings account, the Cha Ching checking account offers higher dividend rates. This is great news for a checking account. Typically, checking accounts do not earn much for interest or dividends. They are simply meant for holding and dispensing money for everyday expenses.
However, the Cha Ching account is a dividend-bearing account and can earn a higher APY. What is a dividend-bearing checking account? It’s a checking account that combines the best of a high-yield savings account and an everyday checking account. Account holders earn dividends while still easily accessing funds.
High-interest savings accounts are great for long-term saving but are limited when it comes to everyday spending or short-term saving. Savings accounts typically limit the number of withdrawals or transfers you can make each month. Some higher-yielding accounts may also limit immediate access to your funds, as it can take one to three business days to transfer funds. The limitations vary depending on the type of savings account. With checking accounts, your money is accessible at any time. Even though most checking accounts do not earn interest, your funds are easy to use as needed.
For maximum benefit, why not open a dividend-bearing account that both earns interest and provides unlimited access to your funds? You can combine the earnings of a high-interest savings account in Wisconsin with the accessibility and flexibility of a checking account.
Are There Additional Benefits to a Dividend-Bearing Checking Account?
With a dividend-bearing checking account, you can earn even more benefits, including:
- Little to no fees: When you open a checking account through a credit union, you can unlock extra savings with little to no maintenance fees or penalties.
- Added security: Most dividend checking accounts offered through credit unions are backed by the National Credit Union Administration (NCUA).
- Easy Banking: Take advantage of all the features of online and mobile banking as well as the added benefits credit union members enjoy, such as overdraft protection.
- Flexibility and accessibility: Access your funds at any time via debit card, online bill payment, automatic electronic payment (ACH), or paper checks. Earn dividends without limiting how often you can transfer or withdraw.
Open a Cha Ching checking account for the above benefits as well as even more perks:
- Nationwide ATM fee refunds up to $15
- Optional overdraft protection
- Minimum opening deposit of $1
- Loan rate discounts with active checking
- Digital banking including Online Bill Pay and eStatements
- No monthly service fee or minimum balance requirement
How Can I Qualify for the Cha Ching Checking Account?
To qualify for the highest dividends, simply sign up to receive free eStatements, make one ACH direct deposit of at least $400 post per month, and 12 debit card purchase transactions of at least $5 per month. That’s it; three simple steps and you can start earning the Cha Ching account’s higher APY.
You no longer have to keep most of your money in your savings account to start earning. Traditionally, you would hold a smaller amount of money in your checking account with the rest in savings to earn interest. Then, you would have to transfer small amounts of money into your checking for everyday expenses, making sure not to exceed the monthly limit. Now, with the Cha Ching dividend-bearing checking account, you are free to keep more money in your checking account while still earning interest. Earn dividends while keeping your money accessible, all in one account.
When you are ready to start earning, opening an account takes just minutes. Open a Capital Credit Union account anytime, from anywhere online, or stop by one of our branch locations in person. If you aren’t a member yet, joining is easy. We invite anyone who lives, works, in our charter or has an immediate family member who belongs to Capital Credit Union to join. Apply today and start earning!