High yielding checking accounts (or "reward checking") allow you to earn a nice return on your cash while having easy access to it. They generally pay more than savings accounts, but they're getting harder to find.
Reward checking was never especially easy to take advantage of. You have to meet several criteria to get the best rates, usually involving online account access and frequent debit card use.
Now these accounts are drying up and becoming more restrictive. Ken at DepositAccounts.com explains that banks are restricting reward checking accounts, often to local customers.
Reward accounts are commonly limited to local markets (or people who can open an account in person), probably as a way to build relationships with customers who will use the bank for loans and other products. However, some banks made the accounts available nationally, attracting rate chasers who are getting more out of the bank than they provide in revenue.
If you want to use a reward checking account, look for local banks and credit unions. You'll have better luck opening an account that'll still be available to you in 6 months.
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