Look for one of the logos pictured below on the entrance doors and next to each teller's cage. Interest Bearing Checking Accounts at banks and credit unions pay a set rate of interest when the account balance stays above a minimum amount. Fees are charged if the account balance drops below the required minimum. You have unlimited deposits and check writing privileges. This is a good place for current cash.
Larger balances provide funds for emergencies.
The interest rate paid on your account balance is lower than other bank savings options, such as a CD, and is subject to change. Passbook or Statement Savings Accounts should be used for small savings or emergency funds, because the rate of return paid is lower than C Ds or money market accounts. Funds are usually available at any time. Immediate withdrawals are usually allowed. Check minimum balance requirements.