
First it was the high-yielding online savings accounts, and now it is the high-yielding online checking account. The great success of the online high-yielding savings accounts seems to have led to the growth of the high-yielding checking account. Why would brokerages want to offer high-yield checking accounts to customers? The brokerages are able to increase their assets, while not paying out too much of their earnings in interest. ![]()
ING Direct was the first to make the move, as it was with savings accounts, starting its Electric Orange high-yield interest checking accounts. These accounts yield 4% if your balance is under $50,000. Charles Schwab (NASDAQ:SCHW) and E*Trade (NASDAQ:ETFC) quickly threw their hat in the ring, yielding 4.25% and 3.25% respectively. Now the news is that financial giant Fidelity Investments will be next to offer a high-yield checking account with a yield of 3.5%.






