We live in a low yield earning world right now, and any gain on your money is a smart move. High Yield Checking accounts are another way to  make your money earn interest over time. However, a high yield checking account can be very high maintenance, and it might require you to act like a seal and jump through some hoops to get the high rate of return that many promise.

According to the recent 2010 study on high yield checking accounts by bankrate.com, customers have to do some leg work to get their promised high returns. The most common rites of passage are 1) to make debit card purchases with the account, 2) direct deposit into it, 3) use bill pay with the account and 4) view the account monthly (yes, this is a requirement).

If these conditions are not met, then the customers won’t get their return and the default can drop from to as low as .05%. Huge drop if you just forget to check your account that month. Here are the major steps that are required of everyone that wants to earn their high yields on checking accounts.

1) You need to make debit card purchases every month. This is quite an easy hoop to jump through since the majority of Americans use their debit cards to pay for a variety of products or services. If you are someone that doesn’t like to use a debit card, then try this trick: at the beginning of the month, buy a pack of gum, a latte, or gas with your high yield account. Then you don’t have to worry about it for the rest of the month.

2) Direct deposit needs to be setup into the account. You will have to check with your employer to see if they have direct deposit. Call your employer and ask them how to go about switching a direct deposit account into your high yield account. Chances are that the high yield account will be an online bank, and you will need to join it with a brick and mortar account. If this is the case, have your check go into your high yield account, and then transfer the money over to your other account if you wish to do so.

3) One major bill has to be paid using the banks bill pay system. High yield accounts make require customers to pay a major bill using their bill pay system. If you do not want to pay all of your bills with bill pay, choose one regular bill, like you’re water or electricity bill, and link it to your account with automatic payments. This way you know your major bill is being paid, and that you are satisfying your high yield checking account requirements.

4) You need to log into the account online at least once per month. Americans do check their bank statement at least once a month, and this includes all of their other statements (credit, insurance, loans etc.), so how hard or inconvenient can it really be to check an online account?

Alas it seems like those pesky hoops are more of stepping stones that require very little athletic ability. For a higher yield, it is definitely worth it to set up a few checks and balances with your high yield checking account.