You might not think about your money once it’s sitting safely in your checking account – but you should. Right now, interest rates are rising, offering the opportunity to make money off the cash you have sitting in the bank. But the only way to take advantage of these higher interest rates is to get an account that’s meant to make you money.

That’s exactly what high-yield reward checking accounts are designed to do: give you cash for your money. And these unique checking accounts are offering as much as double the interest rates of big banks.

A high-yield reward checking account is a banking choice that could net you hundreds of dollars in extra money. And you simply need to choose the right account, then wait – all while the money sitting in your checking account grows month after month.

Getting Started with a High-Yield Reward Checking Account Is Easy

High-yield reward checking accounts aren’t offered by every bank. Big banks tend to offer the lowest interest rates, which means you aren’t going to find these lucrative interest accounts at most national bank chains.

Small, regional banks and credit unions are where you’ll find high-yield reward checking accounts with great interest rates. As Lifehacker writes, these smaller banking institutions will offer as much as 5 percent in interest on high-yield accounts.

Opening an account is easy. You’ll just need to meet the balance requirements, sign up for direct deposit, and meet any other requirements, such as a certain number of debit transactions or a minimum balance each month. Then, you can sit back and let your money begin to multiply as the interest starts rolling in.

You’ll Earn More Interest – and More Money

The biggest reason you need to consider a high-yield reward checking account? The higher interest rate is truly unbeatable.

High-yield reward checking accounts are offering interest rates that other banks and other types of accounts simply can’t match. According to DepositAccounts.com, high-yield reward checking accounts are seeing interest rates at a 5-year high right now – meaning you can get a rare and lucrative rate just for opening one of these accounts.

And, while other banks – particularly national bank chains – aren’t seeing increases in their interest rates, high-yield reward checking accounts offered by smaller banks are. Bankrate reports that these accounts are seeing above-market interest rates better than those offered on savings accounts, CDs, or investments.

Every additional percent of interest makes a significant difference for you and your money. Consider this: if you earn the average interest rate of 1 percent on $25,000, you’ll earn just $250 in one year. However, if you put that same $25,000 in a high-yield reward checking account with an interest rate of 3 percent, you’ll earn $750 in one year.

That’s an extra $500 you can add to your savings total in just 12 months by choosing an account that offers a few percentage points more in interest – and you don’t have to do anything at all but save your money.

You Won’t Put Your Money at Risk

While your money is sitting in a high-yield reward checking account, you don’t have to worry about what your cash is up to. Unlike other investments, there’s little to no risk involved – your money is simply held by the bank. Your money will be backed by the FDIC, and every deposit will be protected up to $250,000.

High-yield reward accounts are similar to CDs and money market funds. They offer high levels of security for your money, meaning you won’t run the risk of losing any cash. Instead, your returns will be higher and your risk surprisingly low.

And there’s another added bonus: you can withdraw or deposit money freely, just like you would with a regular account. Your money and earnings won’t be tied up for years at a time like with CDs or money market funds.

How to Find the Right High-Yield Reward Checking Account

A high-yield reward checking account is a smart place to store your money. With interest rates higher than regular checking – and even savings – accounts, a high-yield account gives you the chance to put your money to work for you. You’ll earn money, increasing your savings and helping you meet your financial goals faster.

Of course, in order to take advantage of all the great perks offered by high-yield reward checking accounts, you need to find one. Remember, not all banks offer these incredible accounts; it’s likely that your current bank isn’t going to give you an account with high interest rates, or perhaps even any interest rate.

So, in order to find these accounts, you’ll need to do your research. Start your search for high-yield reward checking accounts online, searching for banks and credit unions that offer these accounts in your area. You’ll then want to search for the benefits and interest rates. Do these banks offer higher interest? Are there balance minimums? How much can you earn, and can you really benefit? You can easily compare all of the available high-yield account options at banks near you online, making the search easy if you do your homework.

Once you find the right account, you can start reaping the benefits and earning more money with every deposit, month after month.