Low Rate Transfer Card

5 Low-Risk Ways to Earn Higher Interest

If you have cash to park in a bank, be a rate-chaser these days. You don't need to have a jumbo account to earn higher interest anymore.

Even just switching savings accounts can tack a full percentage point onto your earnings, says Greg McBride, CFA, senior financial analyst at Bankrate.com. "That's an easy way to boost return," he says.

But there are other low-risk instruments you can tap, including rewards checking, low-penalty certificates of deposit and bank incentives.

It can take some scouting. Big banks usually don't offer big rates these days. "Sometimes you can get better deals at community banks and credit unions," says Ken Tumin, a financial blogger who writes about deposit accounts. For example, two-thirds of the banks offering rewards checking are community-based, he says.

One word of caution: Don't choose a higher rate over safety. Make sure your money is insured, Tumin says. Banks are covered by the Federal Deposit Insurance Corp. and most credit unions by the National Credit Union Administration.

Here's the lowdown on some low-risk ways to boost your rates.

Rewards Checking Can be, Well, Rewarding

Racking up rewards on checking accounts can substantially boost earnings.

"You can easily get up to 3% rates on up to $25,000," Tumin says. Some FDIC-insured banks recently paid even more, such as Southern Bank, which is based in Missouri and paid an annual percentage yield of 5.01%.

The trick is clearing the checking account hurdles, which can include: meeting monthly minimums on the number of transactions, using online rather than paper statements and switching to direct deposit. "These debit card transaction (minimums) are starting to go up," Tumin says. "Now, it's 12 a month, rather than 10."

McBride says that if you don't meet account restrictions, you'll earn a substantially lower rate. Still, sometimes there are rewards other than a better interest rate. Some companies like Capital One offer frequent-flier miles or merchandise on rewards checking accounts.

Overall, Tumin says if you're willing to jump through some hoops, rewards checking accounts can be profitable and easily found. They're offered at credit unions , big banks and even local banks.

"In the past two years, the best deals are on rewards checking accounts," Tumin says.

Scoop up Bank Incentives

If you're opening a new account, check out bank incentives first.

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