• January 9, 2024
  • Posted by General Electric Credit Union
  • 5 read

Maximize Your Money: The Benefits of Opening an Interest-Earning Checking Account

If you’re looking for savvy, simple ways to get more out of your money, an interest-earning checking account may be the perfect addition to your financial life. Use this guide to familiarize yourself with the benefits, then open your account online in minutes!  

Grow your balance 

The primary draw of an interest-earning checking account is the opportunity to earn significantly higher interest compared to traditional checking accounts. While standard checking accounts often provide minimal interest or none at all,  interest-earning checking accounts offer rates that can rival or even surpass those of some savings accounts. This means your money isn't just sitting idly – it's actively growing!

Experience better banking

Not all interest-earning checking accounts are created equal. While a competitive rate is important, the best banks and credit unions have enticing differentiators that allow you to get more out of your banking experience. In addition to a great rate, General Electric Credit Union’s (GECU) Choice1 and Amplified High-Yield Checking2 accounts come with: 

1. A low – and waivable – monthly maintenance fee 

You can avoid a monthly maintenance fee on both of our interest-earning checking accounts by maintaining a daily balance of $500 for Choice or $1,500 for Amplified. Compound interest allows you to reap greater rewards the higher your balance is, so consider using your GECU account as your primary checking account both to waive this fee and to grow your balance, faster!  

2. Early access to paychecks

All GECU checking accounts automatically come with Early Pay3 so you can get ACH deposits – including paychecks – up to two days early! Square away bills days early or jump on an exciting purchase with prompt access to your funds. 

3. Convenience-boosting technology

Chances are, there’s an in-network ATM near you. From popular retailers like Target and CVS Pharmacy to the ATMs and ITMs available at GECU branches, you have a wide network of nearly 100,000 free ATMs/ITMs to choose from.4 This gives you the flexibility to withdrawal cash when you need it, without paying exorbitant fees! 

You can manage your finances conveniently from the comfort of your home or on the go with GECU’s secure Online Banking or mobile app.5 Take advantage of mobile check deposit, Bill Pay (which consolidates all your eBills under one dashboard), Zelle® to send money to friends, family, and other people you know and trust,6 and Money Management for straightforward budget creation and tracking. 

Plus, keep your transaction history at your fingertips to review spending habits and spot unauthorized transactions quickly. With GECU, you have the flexibility to access your checking account whenever and wherever it suits you.

4. Round-Up 

Enrolling in Round-Up7 makes saving money easy! Just use your GECU debit card and we’ll round-up your everyday purchases to the nearest whole dollar and deposit the change into your savings account. Plus, we’ll match 5% of those rounded-up funds each month, up to $350 a year! 

5. Security 

GECU members can sleep soundly knowing their funds are insured up to $250,000 per accountholder, per ownership category under the National Credit Union Administration (NCUA). Learn how to potentially extend NCUA coverage in our guide featuring Lauren Dunbar, GECU’s Vice President of Business Development.   

Opening an interest-earning checking account is a strategic move for those looking to optimize their finances. With the potential to earn dividends from a competitive interest rate, avoid monthly fees, and enjoy added perks like Early Pay, this financial tool offers a compelling alternative to traditional checking accounts. Take control of your money – explore the benefits of a GECU interest-earning checking account and open yours online in minutes. 

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