Money making account?

Question

is there some sort of money making bank account that gives interest?

Answer 1

I have my checking account with Capital One where I earn interest (right now it's 5%, but that was a promo rate that I got before the economy went into the crapper... it will drop to the market rate which, I think, is somewhere around 2.5% give or take in the next month or so). I don't think they are offering this same account now with the economy, but I think they have something similar.

My account is a pretty sweet deal. No minimum balance or fees. Free ATMS no matter what. All the bonuses as any other checking account, but with interest.

However, most banks that offer interest-bearing checking these days aren't offering much of an interest rate and are requiring minimum balances (often $100 to $1000 or more), fees, or some other "catch." I know Charles Schwab is offering a free interest-bearing checking account, but you have to have a brokerage account open with them to get it. I don't think you have to use it, you just have to have it. I'm not sure though.

Below are a few that I came across with a quick google search.

Before I got an interest bearing account, I use to move most of my money to my pay pal account to earn interest. Wasn't as good though because I had to allow for transfer time and my money wasn't earning interest while "in limbo" or sitting in my checking account waiting to go to rent. But, it was better than nothing.