While most of the major banks are providing .25%-3.25% interest, there are many small community banks and credit unions that are willing to provide 4%-6% interest on your checking and saving deposits. I was a bit skeptical when I first saw the rates since it seemed too good to be true and way out of the market averages.

However upon further investigation, it appears these programs are legitimate. These savings and checking programs hope to build a more loyal and profitable customer.  The small banks and credit unions that participate hope to compete with the big banks by providing a better rate. In exchange, these programs require you to actively use their product. Some requirements are using their check card, registering for direct deposit, and receiving electronic statements.

Credit Karma has long had some of these offers available and judging by the comments and voting users really like concept. The big negatives from the comments has been the fact that the small credit unions are not accessible and very regional. I recently met the CEO of a new site, CheckingFinder, at Finovate. Their new service allows users to find these great programs based on your zip code. They recently launched the site and I’d like our readers to see if works for them.

Because of the requirements, its not the perfect product but for many looking to maximize their return this is definitely a good way. Give it a try and please share your experience.