How to Make Your Bank Account Make Free Money for You

Banks Must Compete to Get You as a Customer, Use it to Your Advantage!

There was a time when applying and getting a bank account was a long and tedious process. Between stacks of paperwork, numerous and expensive bank fees, minimum deposits and other roadblocks, bank accounts didn't seem worth the trouble. However with the internet age in full gear, bank account applications can be filled out in a matter of minutes. You don't even have to go to the bank to make a deposit. You can simply link an existing bank account to your new one and transfer the money instantly through the internet. Thanks to this new ease of use, banks now have to compete for your business. That means exciting and very attractive benefits and perks to get you as a customer. Take a look at two internet based banking services and see how they can make money for you.

Washington Mutual offers what they call a "true free checking account" due to the fact that all checks are free, ATM withdrawals are free, and you earn free cash back on debit purchases. While this account alone is worth checking into, if you open their "Statement Savings" account, any funds placed into that account will earn a whopping 5% interest. Interest bearing savings accounts are nothing new, but the Statement Savings account has only a $1 minimum deposit. As long as you open the two accounts together, the Statement Savings account is also without any fees. You'll earn free money right away from the interest on your savings account, and since the two accounts are linked, you can easily transfer from one account to the other via the internet or telephone. Be warned that savings accounts have a limited number of transfers a month before a fee is charged.