Source: Herb Weisbaum, NBC News

Let’s be honest, the interest rate on most interest-bearing checking accounts these days is a joke. The average rate is a measly 0.05 percent, according to the latest report from the FDIC.

Imagine if you could earn 3 or 4 percent interest on a “free” checking account – with no minimum balance requirement, no monthly fees and free transactions at any ATM in the country?  It sounds too good to be true, but it’s not.

The Kasasa checking account (pronounced kah-sah-suh) offered by dozens of community banks and credit unions across the country is for real. Right now, 29 of these institutions are paying 3 to 4 percent APY to those who qualify.

Read Full Article: Better checking: No fee, no minimum, 4% interest