What is a High-Yield Checking Account?

A high-yield checking account is a type of checking account offered by some financial institutions, such as banks and credit unions, that provides a higher interest rate or yield compared to the national average of traditional checking accounts. These accounts are designed to help account holders earn more interest on their deposited funds while still offering the convenience of a standard checking account for everyday transactions.

Lafayette Federal Credit Union offers a high-yield checking account at 2.02% APY(Annual Percentage Yield)– a premium rate over 28 times higher than the national average based on the national average of 0.07% APY for comparable checking account rates as published in the FDIC Weekly National Rates and Rate Caps as of January 16, 2024.

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