If you are up to letting your money work for you then it is best to look around for interest bearing checking accounts. There are many banks offering interest bearing checking accounts, but it is up to you to look for it.

Here are the banks and credit unions offering checking accounts that bears interest of over 1.00%APY for November 2011. Check them out and compare which checking account is best for you.

1. Provident Credit Union Super Reward Checking at 2.26%APY. Provident Credit Union only requires $25 minimum to open the checking account and there is no monthly fee.

2. Baxter Credit Union Power Checking at 2.00%APY.  No minimum is required to open and there is no monthly fee.

3. Bank of Internet USA Rewards Checking at 1.25%APY. $100 minimum is required by Bank of Internet USA but there is no monthly fee.

4. Alliant Credit Union Free High Rate Option at 1.10%APY. There is no minimum and no monthly fee for this checking account.

5. Incredible Bank Incredible Checking at 1.06%APY. Incredible Bank requires the highest minimum amount of $1,000 to open the checking account and there is a monthly fee of $15, which may be waived if you meet certain requirements by the bank.

The above interest bearing checking accounts are the best checking accounts for November 2011. The checking accounts bears interests of more than 1.00%APY. The rest of the offers are below 1.00%APY, which we did not include. Our focus is to provide checking accounts with interest offers of more than 1.00%APY.

If you notice, credit unions and internet banks are the ones offering the best interest rates on checking accounts. Perhaps it is because internet banks do not have to pay a lot of personnel to man its banking operation. Also, credit unions operate for the benefit of its members and so these credit unions can afford to give the best to its  members.

In other words, it pays to be a credit union member since you will be the first to reap the benefits of the union. And, while you may not be comfortable banking online, you may think about using online banking since internet banks are the ones offering the best interest rate on checking accounts. In other words, it also pays to use online banking since you can reap higher interest rates while doing your banking from the comfort of your own home.

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Sovereign Bank, for example, has a lot of hot promotional offers. Here are Sovereign Bank’s promotions:

1. Sovereign Bank Student Banking. With Sovereign Student Banking, a student who opens up a Free Student Checking Account will get up to $50 cash bonus. The Sovereign Student Banking is designed to give students easy and convenient banking. The student-friendly features of Sovereign Bank’s Student Checking Account not only offers a $25 cash bonus, but also another $25 cash bonus when the student use his/her new Debit MasterCard to make at least 5 purchases. A total of $50 in cash bonus.

Sovereign Bank Student Banking has no minimum balance and no monthly fee, no fee to use other bank’s ATMs in the US, first order of check is free, no annual fee or monthly fee with Sovereign Bank Debit MasterCard, unlimited phone, branch and ATM banking and more.

2. Use your Sovereign Bank Debit MasterCard and you could win a VIP Grammy experience. You should use your Debit MasterCard between November 1 and December 31, 2011 to be automatically entered for a chance to win one of two Grand Price Packages. The Grand Price is a 4 day/3 night trip for the winner and a guest to Los Angeles for a VIP Experience at the 54th Annual Grammy Awards on February 12, 2012. Winners will receive the following:

• 5 star hotel accommodation
• $300 MasterCard gift card and gift bag
• Sightseeing tour
• Dinner on the town
• Pre-event makeover
• Tickets to the 54th Grammy Awards
• Official Grammy Celebration After Party

No purchase is necessary however this offer is available only to residents of CT, DE, MD, MA, NJ, NY, NH, PA and RI who must be 18 years old by November 1, 2011.

3. Boost Your Business with $50,000. Have a business? Open a Sovereign business checking account and be automatically entered to win up to $50,000 in Boost Your Business Sweepstakes.

• 1st Prize is $50,000.00
• 2nd Prize is $25,000.00
• 3rd Prize is $10,000.00

The sweepstakes starts October 22, 2011 and ends December 31, 2011 and is open to for-profit businesses that are authorized to do business in and that have demonstrable business activities in at least one of the following states: CT, DE, MD, MA, NH, NJ, NY, PA and RI.

4. Sovereign Goal Savings Account. The Sovereign Goal Savings Account allows you to reach your savings goal and lets you earn bonuses in the process. However, this savings account promotion requires a Sovereign checking account and at least one recurring automatic transfer per month from your checking account to your Goal Savings account in order to qualify for the bonus. Your bonus could reach to as much as $125 depending on how much savings you have accumulated.

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Charter one is offering customers the opportunity to get as much as $240 in total cash rewards upon meeting the bank’s requirements.

While other checking account promotions offer gift rewards, Charter One is offering cash rewards. You can get up to $240 in total cash rewards after you are found qualified. Some banks, like Bank of America, is offering as much as $500 in cash rewards for its merchant services promotion and $50 for its checking account promotion. So, thus it pay to switch?

Here is how Charter One will pay you when you sign up for a checking account with them:

1. Open your first Charter One personal checking account between October 1, 2011 through October 28, 2011 with a deposit of $100 and you will receive $40;
2. For each month you make at least 5 qualifying online bill payment transactions of $50 or more, you will receive an additional $40 cash bonus. This is good for 5 months so you can get paid up to $240 total.

Charter One offers Green Checking, which you can open for as little as $50. It also offers Circle Checking, a checking and savings package, which you can open for as little as $100, and Circle Gold Checking, which requires at least $250 to open. However, the bank charges a monthly service charge for all of these checking accounts, which the bank will waive if you maintain the required minimum daily balance or if you accomplish certain bank requirements. In other words, expect to get charged a monthly fee if you cannot meet certain requirements of the bank.

While it is good to switch banks because of the tempting cash rewards program, it is much better to stay put with a bank where you do not get charged at all. There are banks that charges monthly service fees to customers just for using debit cards on their purchases or a monthly service fee charge for maintaining a low daily minimum balance.

Yes, checking account promotions are good because of the cash rewards involved, but the monthly service charge is something that one should take into consideration also before signing up. You may be charged with the same amount of $240 too if you sum up your total monthly service fee at the end of the year. Don’t ever dare to switch if you can’t take the risk of paying a monthly service fee.

Charter One previous offer was to promote paperless banking called, “GreenSense.” Its main purpose was to help preserve the environment. This promotion, however, is no longer available.

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A good example is Bank of America, which also runs a Keep The Change Automatic Savings Promotion. Currently, Bank of America is offering a $50 checking account bonus until January 20, 2012. So, you still have a few months to think as to whether or not you will go and switch your checking account with Bank of America.

Here is how you can get the $50 checking account bonus:

1. Fill out Bank of America’s online application form and enter Offer Code GROUP50;
2. Set up a qualifying Direct Deposit into your new checking account within the 60 days of account opening; and
3. Get your $50 checking account bonus, which will be directly deposited to your new checking account within 120 days of meeting the bank’s qualification requirement.

Please note that this offer is limited to only one customer and does not apply to a second or multiple accounts nor can this offer be combined with other offers or is not eligible with other offers. Also, your account must be in good standing at the time of qualification. In other words, you must keep your account active within the time frame set by the bank in order to qualify for the $50 checking account bonus.

In addition, you will not be eligible for this checking account bonus offer if you were a signer of a Bank of America Account that was closed within the last three (3) months.

The bank has also set different minimum amount balance for different types of checking account to qualify for this offer. So, basically, the minimum amount depends on the type of checking account you choose. For example, the minimum opening deposit for MyAccess Checking Account is $25 while, the  minimum opening deposit for aTiered Interest personal checking account  is $100.

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Who Are Eligible?

You are eligible to apply for this interest bearing checking account if:

1. You live in San Mateo, San Francisco, Sta. Clara, Alameda, Contra Costa, Monterey, Sacramento, El Dorado, Placer, or Humboldt County or Los Angeles;

2. You are part of or work for any one of 1200 employer groups and associations listed on Provident Credit Union website; and

3. You are related to or live in the same household as a current Provident Credit Union member.

Provident Credit Union Super Reward Checking, an interest bearing checking account, only requires $25 minimum to open and there is no monthly fee. Account is also covered by NCUA insurance up to $250,000.

If you are eligible to join that is a good start since most bank nowadays are charging monthly fees as a result of a new regulation.

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