“If you go with the High Yield checking account, you can earn 1.25% interest on your balance.”
You work at a bank. A customer is starting a new bank account. There are a few types of accounts. You're describing some of the differences between them.
If you go with the High Yield checking account, you can earn 1.25% interest on your balance.
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The "balance" of a bank account is the amount of money that you have in the account. So your account balance is a number. For example:
Your balance is $2,154.
The action most commonly associated with a bank balance is "checking":
When's the last time you checked the balance?
To "go with" something means to choose it. For example, you can say this when shopping for something like shoes:
I think I'll go with the red ones.
You can ask someone:
Which one are you going to go with?
And you can also talk about the past:
We went with the second suggestion.
A "checking account" is a bank account that you can freely take money out of and put money into.
Usually you don't earn much interest from a checking account. So if you keep $10,000 in the bank for a year, you'll still have something like $10,000 to $10,025 at the end of they year.
However, a "high-yield checking account" pays a higher interest rate than usual. This allows you to earn more money. Usually there's some other restriction on this type of checking account. For example, you might need to maintain a minimum balance.
"Interest" is a percentage that someone earns by lending money.
When you put your money in a bank, you're essentially lending the bank money. For some kinds of bank accounts, the bank promises to pay you interest on that money. For example, your savings account might pay 1% per year.
We say that you've "earned interest on" your money when you make money this way.