One factor to keep in mind is that if you have
substantial balances in traditional IRA or 401 (k) accounts, waiting to tap any of this money until age 70 1/2 may make your RMDs so large that they'll push you into a higher tax bracket.
On the downside, you'll have to have a
pretty substantial balance to earn anything more than 0.20 % APY on this account, and there are competitors that offer better yields on checking.
If you keep
a substantial balance in your account, consider the fact that your beneficiary will have access to use the funds as they please after you die.
on Ask An Expert: When is it a good idea to seek a personal loan or balance transfer to take pay off
a substantial balance on a credit card?
Additionally, you should not do this for the regular checking account out of which the household expenses are paid unless there is
a substantial balance in the account over and above the amount needed for paying the current month's bills.