Online Banking

Are Premium Checking Accounts Worth It?


Everyone appreciates and understands the convenience of checking accounts, and premium checking accounts bring even more to the table. 

Premium checking accounts are a type of checking account, but they typically have higher balance requirements and tend to have different qualifications than a traditional checking account. These accounts can help you save your money faster with higher rates. . Knowing if you qualify is a crucial first step in deciding if opening a premium checking account is the best choice for you. 

Arkansas Federal Credit Union offers a premium checking account with numerous features and benefits. If you are interested in more information on premium checking accounts with Arkansas Federal, you can visit our website or one of our branches today or call the Contact Center at (501) 982-1000.

What Is a Premium Checking Account?

A premium checking account is a checking account in which account holders typically must maintain a higher daily balance or pay a monthly fee. In exchange, account holders receive rewards or benefits exclusive to premium accounts. 

You might be interested in a premium checking  account for various reasons, including higher earning rates. The higher rates  are a significant reason that someone may switch or sign up for a premium account rather than a traditional one. 

Using a premium checking account may also be appealing if you already use or plan to use many financial services from a single financial institution. If you are using many services from a financial institution, using a premium checking account may help you take the most advantage of your institution’s benefits.

Setting up a premium checking account can be very easy. With Arkansas Federal, you can set up a new account in under 10 minutes by applying quickly online. 

Premium Checking Account Requirements

If you are interested in a premium checking account, you must meet the requirements. Premium checking accounts can have qualifications that differ from typical checking accounts. 

To qualify for a premium checking account, you will typically need a minimum daily account balance in an account at the financial institution where you want to open the premium account. 

Premium checking accounts can also have requirements to use or open other financial products from the financial institution. That could include having a mortgage or loan account through the same financial institution. 

Be sure to check with your bank or credit union about the requirements for a premium checking account because they can differ depending on the individual financial institution.

Premium Checking Account Benefits

Opening a premium checking account offers a variety of benefits that you won’t get with a regular checking account. If you’re looking for exclusive benefits through your financial institution that makes banking a breeze, then a premium checking account may be a step in the right direction. 

A significant advantage of a premium checking account is fee-free ATM withdrawals. Whether you travel or need to access another bank’s ATM, their access fee won’t apply, or your banking institution may reimburse you. Lower costs and low travel fees are helpful for those that are always on the go or are looking to save money.

Spending a lot of time worrying about your finances is anything but enjoyable. Most premium accounts offer easy financial management options, including free advice from a trusted financial advisor. If you’re in the market for a new home and looking for mortgage discounts, then a premium account could play a role in your home loan process. Some banks may even offer people with premium checking accounts discounted mortgage rates.

Is a Premium Checking Account Right for You?

Opening a premium checking account might be a good idea if you have a high account balance or keep a lot of money within a single account. The benefits of premium checking accounts may also be a reason to consider opening an account. 

With an Arkansas Federal premium account, you get access to a higher annual percentage yield and early pay, which allows you to access your paychecks sooner* with direct deposit, along with several other benefits.

If you are interested in opening a premium checking account with Arkansas Federal, you can apply online in just a few minutes, visit one of our branches today, or call our Contact Center at (501) 982-1000 to learn more. 

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Call us at 800.456.3000 or visit your local branch.