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We're the Consumer Financial Protection Bureau (CFPB), a U.S. government agency that makes sure banks, lenders, and other financial companies treat you fairly.

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Should I get a checking account that pays interest?


Some banks and credit unions offer checking accounts that pay interest, usually at very low rates. These accounts may have higher fees than checking accounts that don’t pay interest. 

These accounts may also require a larger minimum balance to avoid monthly fees. It is always a good idea to compare checking account fees and terms to see which account and fee structure will cost you less for the way you actually bank.

Tip: Because interest rates on deposit accounts are currently very low, fees and minimum balance requirements usually have a much bigger impact on the net value of a checking account than any interest you might earn on a checking account.

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The content on this page provides general consumer information. It is not legal advice or regulatory guidance. The CFPB updates this information periodically. This information may include links or references to third-party resources or content. We do not endorse the third-party or guarantee the accuracy of this third-party information. There may be other resources that also serve your needs.