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Why would you even be looking for an interest-bearing checking account if you never plan to have more than $1,000 in it at any one time? Most banks have minimum balance requirements for checking accounts. Any resulting maintenance fees would consume your interest earnings very quickly.

Mainly, because the account I had it in *was* interest bearing (a credit union), and there are now a lot of choices for accounts with interest rates higher than what I had for no or very little minimum balance and no fees (some local banks, other credit unions, Citi, USAA, etc.). As I said, this is my "allowance" account - our main account is comfortably at First IB. Why shouldn't I look for the best deal for my money and my usage, even if I don't keep a large balance in that particular account?
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