Direct Deposit Your Way to Better Interest Rates

Now, compare the 5.0% yield to the national average on bank interest checking accounts, which, according to BankingMyWay.com lies at 0.15%.

So what’s the catch? Consumers who opt for the F&M smart checking account need to enroll your payroll check into a direct deposit account and promise to use the VISA ExpressCheck card at least 10 times every month. Not too bad, right?

There are no shortages of both national and local banks that will provide a better deal on bank checking accounts, including a higher interest rate, but chances are those deals will be tied to some sort of online deal that’s linked to a direct deposit program.

Many, just like F&M Bank, will sweeten the pot by offering cash bonuses to sign up for direct deposit or even a cash bonus each time you electronically deposit your check. So that’s how bad they want your business, especially in direct deposit form.

For a good look at competitive checking account deals, visit BankingMyWay.com.

—For the best rates on loans, bank accounts and credit cards, enter your ZIP code at BankingMyWay.com.