Think saving money in a checking account is a waste of money? Think again.

 Today, everyone talks about building an emergency fund.  And it is the prudent thing to do in our uncertain times. An emergency fund should consist of money that you set aside to cover three to six months’ worth of household expenses or unexpected occurrences like major car problems, big medical bills and even unemployment.  It is a buffer against the unknown.  Ideally, these funds should be placed in an account that is easily accessible, pays above market yields and is fully insured against loss.  In the good old days, one would put the funds into a Certificate of Deposit (CD) or a money market account to ensure higher yields.

Nowadays, many of those options may not meet the requirements just described. Have you considered a checking account? Believe it or not, these can still give you good dividends. It all depends on the account itself. The ideal solution may lie in what is known as a “high-yield rewards” checking account like the one offered by We Florida Financial. It’s called the EarnMore Checking.  Here’s what you can get:

High Earnings

The EarnMore pays dividends of 3.00% APY on balances up to $10,000, a high yield that is almost impossible to find in the current market.

ATM Fees Refunded

For people who like to travel in their local areas, around the state or across the country, ATM fees are sometimes an expensive, if necessary evil.  The EarnMore Checking reimburses you up to $20 per month for ATM fees so you have the convenience without the expenses. The millennials in your family will certainly like this one.

Online banking at your fingertips

The EarnMore Checking offers online banking so you can manage your money 24/7, from the comfort of your home, office or anyplace. Of course, you can easily check your balances, deposit checks with your smartphone or pay bills whenever you choose. 

You can sleep well with fraud protection

This account gives you the benefit of We Protect, the credit union’s ID theft detection and recovery program.  Some financial institutions charge a fee for this valuable service.  But it is included at no cost with the EarnMore Checking account. 

How to qualify

While there is no minimum balance, the EarnMore Checking does require a minimum of at least $250 direct deposited into the account each month.  You must also enroll in e-statements and make ten or more Visa Debit card pin-less transactions of at least $5 each every month.

Even with these requirements, the EarnMore Checking is truly an excellent way to stash your cash for a rainy day. It certainly checks all the boxes with its high yield, liquidity and no-risk benefits. Definitely not a waste of money, it is a win-win by any measure.