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Choosing a checking account can significantly impact your wealth journey in financial decisions.
Discover why an account with accruing interest is brilliant, and with no monthly fees, see why Granite Credit Union members love the benefits of our Dividend+ Spend Account.
Understanding the dynamics of checking account interest rates is critical to maximizing your financial potential, these are 5 reasons why it might be a good idea for you to open one of these accounts:
Financial Growth: Checking account interest rates help individuals grow their money over time, even while using it for daily transactions. This growth can provide a sense of financial security and help individuals work towards their financial goals.
Inflation Protection: By earning interest on their checking account balances, individuals can offset the effects of inflation. Inflation erodes the purchasing power of money over time, so earning interest helps preserve the value of funds.
Emergency Funds: Checking account interest can be particularly beneficial for emergency funds. These funds are meant to be easily accessible in times of need, and earning interest allows them to grow steadily without sacrificing liquidity.
Financial Stability: Having a Granite Credit Union checking account with a competitive interest rate can contribute to overall financial stability. It provides an additional source of income and encourages responsible money management practices.
Opportunity Cost: Without earning interest on checking account balances, individuals may be missing out on potential returns. By choosing an account with a favorable interest rate, they can optimize their financial resources and make their money work harder for them.
Modern checking accounts have evolved to offer more than just transactional convenience, now providing an opportunity to earn interest on deposited funds. This transformation has made checking accounts valuable tools for financial stability, savings growth, and overall financial success. These benefits include:
Earning Potential: Checking account interest rates offer individuals the opportunity to earn passive income on the money they keep in their accounts.
Enhanced Savings: With checking accounts that offer competitive interest rates, individuals can use them as a tool for short-term savings.
Risk-Free Returns: Unlike some investment options, checking accounts with interest rates provide a risk-free way to earn returns on deposited funds. Since these accounts are typically insured by regulatory bodies like the National Credit Union Association (NCUA), the principal amount is protected, ensuring peace of mind for account holders.
Liquidity: Checking accounts are highly liquid, meaning that funds can be easily accessed whenever needed.
Financial Stability: Earning interest on checking account balances contributes to overall financial stability
Convenience: Many checking accounts with interest rates come with convenient features such as online banking, mobile apps, and ATM access.
 Compare Spend Accounts |
 Basic Spend Account |
 Simple Spend Account |
 Dividend+ Spend Account |
| Account Requirements | None | None | Minimum $500 Direct Deposit; Debit Card; Online Statements |
| Monthly Fee | ✘ | ✘ | ✘ |
| Minimum Balance to Open | ✘ | ✘ | ✘ |
| Courtesy Pay | ✔ | ✘ | ✔ |
| Line of Credit Available | ✔ | ✔ | ✔ |
| Earns Dividends | ✘ | ✘ | ✔ |
| Minimum to Earn Dividends | ✘ | ✘ | $5,000.00 |
| Earn Bonus Rate on Money Market | ✘ | ✘ | ✔ |
It's easy to get started:
Eligibility Criteria: All you need is to set up a minimum $500 Direct Deposit and enroll in online statements.
Application Process: Apply online through our secure portal here.
Required Documentation: All you need is a valid form of ID and your SSN.
Discover why Granite Credit Union is the go-to choice for competitive rates. Experience localized services catered to Salt Lake City residents, backed by testimonials from members who have reaped the benefits of accruing interest.
Unlock financial prosperity in Salt Lake City with Granite Credit Union's Dividend+ Spend Account. Explore competitive interest rates, seamless transitions, localized services, and no monthly fees. Join us for a banking experience that grows with you!
