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High-yield checking accounts stand out because they offer strong interest rates, while many traditional checking accounts don't offer interest at all. If you keep a lot of money in your checking account, a high-yield checking account might be a good choice. Otherwise, consider a high-yield savings accountif you'd prefer to earn interest for savings goals.
Featured High-Interest Checking and Savings Account
SoFi Checking and Savings (Member FDIC)
SoFi Bank, N.A., Member FDIC
Perks New and existing Checking and Savings members who have not previously enrolled in Direct Deposit with SoFi are eligible to earn a cash bonus when they set up Direct Deposit of at least $1,000 during the Direct Deposit Bonus Period. Cash bonus will be based on the total amount of Direct Deposit. Direct Deposit Promotion begins on 12/7/2023 and will be available through 12/31/24. Full terms at sofi.com/banking. SoFi Checking and Savings is offered through SoFi Bank, N.A., Member FDIC. SoFi members with Direct Deposit can earn 4.50% annual percentage yield (APY) on savings balances (including Vaults) and 0.50% APY on checking balances. There is no minimum Direct Deposit amount required to qualify for the 4.50% APY for savings (including Vaults). Members without Direct Deposit will earn 1.20% APY on savings balances (including Vaults) and 0.50% APY on checking balances. Interest rates are variable and subject to change at any time. These rates are current as of 8/27/2024. There is no minimum balance requirement. Additional information can be found at http://www.sofi.com/legal/banking-rate-sheet.
Earn up to a $300 bonus with qualifying direct deposits for eligible customers through 12/31/24. Earn up to 4.50% APY on savings balances (including Vaults) with direct deposit.
Fees
no monthly service fee
Annual Percentage Yield (APY)
SoFi members with Direct Deposit or $5,000 or more in Qualifying Deposits during the 30-Day Evaluation Period can earn 4.50% annual percentage yield (APY) on savings balances (including Vaults) and 0.50% APY on checking balances. There is no minimum Direct Deposit amount required to qualify for the stated interest rate. Members without either Direct Deposit or Qualifying Deposits, during the 30-Day Evaluation Period will earn 1.20% APY on savings balances (including Vaults) and 0.50% APY on checking balances. Only SoFi members with direct deposit are eligible for other SoFi Plus benefits. Interest rates are variable and subject to change at any time. These rates are current as of 8/27/2024. There is no minimum balance requirement. Additional information can be found at http://www.sofi.com/legal/banking-rate-sheet.
up to 4.50%
Minimum Opening Deposit
$0
Bonus
up to $300
Pros
- FDIC insured for $2 million
- High interest rate
- Earn a higher interest rate with qualifying activities
- No minimum opening deposit
- No monthly service fees
- Up to $300 bonus with qualifying direct deposit (terms apply)
- Savings tools
- Early direct deposit
- Joint account available
Cons
- Declined purchase if you overdraw by more than $50
- Doesn't reimburse out-of-network ATM providers' fees
- May deposit cash at Green Dot locations but there's a $4.95 fee
Insider’s Take
SoFi Checking and Savings is a great account option if you don't mind keeping your savings and checking in one account.
SoFi Checking and Savings (Member FDIC) review External link Arrow An arrow icon, indicating this redirects the user."
Product Details
- Sign-up bonus of up to $300. When you sign up and set up direct deposit. Wait for direct deposit to hit account (typically 2-4 weeks). Collect cash bonus of $50 to $300 depending on direct deposit amount
- Up to 4.50% APY with direct deposit or $5,000 or more in qualifying deposits during the 30-day evaluation period
- FDIC Insured and covered up to $2 million in FDIC coverage through a network of participating banks
- 55,000+ fee-free ATMs
Best High-Yield Checking Accounts
If you're looking for the best rates for checking accounts, here are our top nationwide options:
- Best overall:Primis Novus Checking
- Best for highest interest: OnPath Rewards High-Yield Checking
- Best for ease of use: Primis Premium Checking
- Best for avoiding fees:SoFi Checking and Savings (Member FDIC)
- Best for credit unions: Genisys Credit Union Genius High Yield Checking
Market Leader
Farmers Savings Bank Star Checking: up to 9.01%
Farmers Savings Bank is a local financial institution in Iowa. You must open the Farmers Savings Bank Star Checking Account at a branch. The bank has branches in the following cities in Iowa: Arlington, Colesburg, Elkport, and Strawberry Point.
Compare the Top High-Yield Checking Accounts
The checking accounts with the best interest rates pay well above average bank account interest rates.
Except for the market leader, the best high-yield checking accounts on our list are available regardless of where you live in the United States. The credit unions featured have membership eligibility requirements, but these institutions offer more lenient ways to join that don't require you to live in a certain place or work for a certain group. Also, all of our picks are high-yield checking accounts with no fees, at least for monthly service fees.
You can learn more about our top picks below.
Market Leader: Farmers Savings Bank Star Checking
Farmers Savings Bank Star Checking
Insider’s Rating
3.5/5
Annual Percentage Yield (APY)
up to 9.01%
Minimum Opening Deposit
$100
Pros
- High APY on balances up to $4,000 if you meet the monthly requirements
- No monthly service fees
- No minimum balance requirements
- Up to $25 in ATM refunds per month if you meet the monthly requirements
- Overdraft protection available
Cons
- $100 minimum opening deposit
- Low APY on balances over $5,000 or if you don’t meet the monthly requirements
- $30 early closure fee
- $15.50 overdraft fee
Product Details
- 4 locations in Iowa (Arlington, Colesburg, Elkport, Strawberry Point)
- Limit of one Star Checking account per customer and must open at a branch
- Earn 9.01% APY on balances up to $4,000 and 0.32% APY on balances above $4,000 when you meet the following requirements each month: make 15 debit card purchases per month; have at least one direct deposit or automatic withdrawal each month; and receive online bank statements
- Receive up to $25 in ATM refunds per month if you meet the monthly requirements
- Earn 0.05% APY if you do not meet the monthly requirements
- Interest compounded and deposited monthly
- FDIC insured
Farmers Savings Bank is the current market leader for highest yielding checking accounts. It has a checking account paying up to 9.01% APY.
This may be a good option if you prioritize banking with a local financial institution and live near a branch in Iowa. The bank has branches in the following Iowa cities: Arlington, Colesburg, Elkport, and Strawberry Point. A minimum of $100 is required to open an account.
How interest works:You can earn 9.01% APY on balances up to $4,000 and 0.32% APY on balances over $4,000 if you meet the following requirements each month:
- Make 15 eligible debit card purchases (PIN-based transactions and signature-based transactions are two examples of eligible debit card purchases)
- Receive a direct deposit or have an automatic withdrawal
- Get online bank statements
You'll earn 0.05% APY on your checking account if you don't meet the monthly requirements.
Best Overall: Primis Novus Checking
Primis Novus Checking
Primis Bank, FDIC Insured.
Perks
Earn 6.00% APY on up to $100,000 for the first 6 months if you receive eligible direct deposits of $1,200 or more (variable base rate of 5.00% APY upon account opening and after the boost period).
Fees
no monthly service fee
Annual Percentage Yield (APY)
Variable base rate of 5.00% APY upon account opening and after the boost period.
up to 6.00%
Minimum Opening Deposit
$1
Bonus
For 6 months, you’ll earn 6.00% APY on up to $100,000 of your balance as long as a required monthly direct deposit is maintained. Then, earn a variable APY of 5.00%.
Pros
- High APY
- $1 minimum opening deposit
- No monthly service fee
- Early direct deposit
- Free pack of Primis checks
- Free incoming wire transfers
- No overdraft fees
Cons
- Account not available at a Primis branch
Insider’s Take
Primis Bank pays some of the best high-yield savings account and high-yield checking account rates. It also has a strong cash-back checking account. Its CD rates are fairly low.
Primis Novus Checking review External link Arrow An arrow icon, indicating this redirects the user."
Product Details
- 38 branches in Maryland and Virginia
- Over 30 Primis ATMs near Primis branches
- Primus Novus Checking is only available online
- Earn 5.00% APY as the base rate
- Earn 6.00% APY on up to $100,000 for 6 months if you receive eligible direct deposits of $1,200 or more; Qualifying direct deposit must be set up in the first 60 days of account opening and must be a new deposit
- Interest rate boost will be applied on the next statement cycle after first meeting the requirements
- Interest compounded and deposited monthly
- FDIC-insured
Primis Bank is one of the best banks for high-yield checking accounts. Primis Novus Checking is a well-rounded choice with no fees and a high interest rate that's easy to earn. It's also one of our top picks for best checking accounts guide, best rewards checking accounts, and best free checking accounts.
Like all of our high-yield checking account picks, it has no monthly service fee. It also doesn't charge any overdraft fees — although overdrafts are only allowed on a case-by-case basis — and it reimburses all out-of-network ATM fees. Most banks that reimburse out-of-network ATM fees put a limit on how much you can be reimbursed each month, so this could be a great choice if you know you're likely to use out-of-network ATMs.
Wire transfers are also free, which is uncommon. If you need to make a lot of wire transfers, Primis Bank could be a great choice.
Primis Novus Checking does have a minimum opening deposit of $1. You'll probably be able to afford it, but since Primis is an online-only bank, it might not be as easy to deposit many as brick-and-mortar checking accounts.
We also have Primis Premium Checking on this list; its top interest rate is lower than Primis Novus Checking, but it doesn't have any requirements to earn that rate.
How interest works: Primis Novus Checking offers an interest rate boost of 6.00% APY on balances up to $100,000 for up to six months if you meet certain requirements and 5.00% as a base rate.
To qualify for the 6.00% APY boost, you must set up a direct deposit of $1,200 or more within the first 60 days of opening an account at Primis Bank. The deposit must be new to Primis Bank.
Once you qualify, Primis will apply the interest rate boost for balances up to $100,000 in the next statement cycle. You'll need to maintain direct deposits to continue earning the rate boost. After the six-month period has passed, you'll earn 5.00% APY on the account.
Primis Bank Review
Best for Highest Interest: OnPath Rewards High-Yield Checking Account
OnPath Rewards High-Yield Checking
Insider’s Rating
4.25/5
Perks
Earn 7.00% APY* on average daily balances up to $10,000 and .50% on balances above $10,000
Fees
no monthly service fee
Annual Percentage Yield (APY)
*APY=Annual Percentage Yield. APYs accurate as of 8/1/23. Rates may change after an account is opened. Minimum of $25 required to open a checking account. The following must be met each qualification cycle: (1) Log into online or mobile banking one or more times per qualification cycle (2) Be enrolled in and receive e-statements for the statement cycle, and (3) Have at least 15 debit card purchases post and settle within the qualification cycle. If qualifications are met each monthly qualification cycle for Cash Back checking, members earn 5.0% cash back on up to $200 in debit card purchases for a maximum earning of $10 per month per account. If qualifications are met each monthly qualification cycle for High-Yield Checking: (1) balances up to $10,000 receive APY of 7.00%; and (2) balances over $10,000 earn 0.50% interest rate on the portion of balance over $10,000, resulting in a range of 7.00% - 0.50% APY depending on the balance (3) domestic, out-of-network ATM fees up to $10 per month will be reimbursed on the last day of your qualification cycle. Fees may reduce earnings. If qualifications are not met on High- Yield checking, all balances earn 0.01% APY. Qualifying transactions must be posted to and settle on the account during monthly qualification cycle. Transactions may take one or more banking days from the date the transaction was made to post to and settle on account. ATM transactions do not count towards qualifying debit card transactions. “Monthly Qualification Cycle” means a period beginning one day prior to the first day of the current statement cycle through one day prior to the close of the current statement cycle. Go to www.beonpath.org to view the current Monthly Statement Qualification Cycle. To view our courtesy pay policy, go to www.beonpath.org/courtesy-pay. Special service fees, such as stop payment, NSF, etc. ** Special services fees, such as stop payment, NSF, etc. do not apply. A $3.00 fee will be charged anytime we transfer funds from your savings account to your checking account to cover a potential overdraft. Up to a one-time deposit of $10 [of opening deposit] will go towards your new membership requirements. If you are not yet an OnPath FCU member, by opening a checking account you are also opening a fee free Primary Share savings account and depositing $5 of your initial checking deposit, required to become a member. If you are a new member residing outside of the credit union’s field of membership, $5 of your checking deposit will be donated to the OnPath Foundation.
up to 7.00% *
Minimum Opening Deposit
$25
Pros
- High APY on balances up to $10,000
- No monthly service fee
- No minimum balance
Cons
- Other credit unions offer more reimbursem*nt for out-of-network ATM fees
- Low APY on balances over $10,000
Product Details
- Earn 7% APY* on average daily balances up to $10,000 and .50% on balances above $10,000
- Get up to $10 in out-of-network ATM fees refunded
- No monthly account fee
- No minimum balance
OnPath Credit Union has the highest-yielding checking account for nationwide banks and credit unions. It could be a good option if you're looking to get the highest APY possible and can meet certain requirements. There aren't even any 7% interest savings accounts currently offered by nationwide financial institutions, so you'll be beating out the best high-yield savings accounts too.
You'll also get refunded up to $10 per month for out-of-network ATM transactions, and there's no monthly account fee. There's a minimum opening deposit for this account, but at least it's reasonable, at just $25. Also, you need to become a member of OnPath Credit Union—the easiest way is to make a $5 donation to the OnPath Foundation.
Unlike the banks on this list, OnPath isn't online only; if you live in Louisiana, you'll be able to bank in person at one of 11 branches. You'll also be able to use the CO-OP shared branch network to bank nationwide, although there might be some limits to what you can do there.
How interest works: You can earn 7% APY on your account balance up to $10,000, and 0.50% on amounts over $10,000. You need to meet the following requirements too:
- Log into online or mobile banking one or more times per statement cycle
- Enroll in e-statements and receive them for the relevant statement cycles
- Make 15 or more debit card purchases that post and settle in a statement cycle
Best for Ease of Use: Primis Premium Checking Account
Primis Premium Checking
Insider’s Rating
4.5/5
Fees
no monthly service fees
Annual Percentage Yield (APY)
5.07%
Minimum Opening Deposit
$1
Pros
- Competitive interest rate
- Low minimum opening deposit
- No monthly service fees
- No overdraft fees
- Free cashier's checks
- Free stop payments
- Early direct deposit
- Refunds out-of-network ATM fees
Cons
- Limited ATM network
- Account not available at a Primis branch
Insider’s Take
Primis Bank pays some of the best high-yield savings account and high-yield checking account rates. It also has a strong cash-back checking account. Its CD rates are fairly low.
Primis Bank Primis Premium Checking review External link Arrow An arrow icon, indicating this redirects the user."
Product Details
- 38 branches in Maryland and Virginia
- Over 30 Primis ATMs near Primis branches
- Open the Primis Premium Checking account from anywhere in the US
- Primis Premium Checking is only available online
- Can overdraw from your account and Primis won't charge you a fee
- Interest compounded and deposited monthly
- FDIC insured
Most high-yield checking accounts put caps on how much money can earn its highest interest rate or make you meet requirements before you get a high rate. This can make high-yield checking accounts hard or frustrating to use, requiring you to keep careful track of how much money is in the account or how you're using it.
Primis Premium Checking stands out because you won't have to meet any requirements to earn its interest rate, and there aren't any limits on how much of your balance can earn the rate. You'll earn a slightly higher interest rate than you would if you used the bank's other high-yield checking account, the Primis Novus Checking, and didn't meet the account's requirements.
The account is also low-fee: like with Primis Novus Checking, there are no monthly service fees, no overdraft fees, no out-of-network ATM fees (and infinite third-party fee reimbursem*nts), and no wire transfer fees. You will have to pay $1 for the account's minimum opening deposit, which could cause issues if you don't already have a bank account.
How interest works: All of the money in your account will automatically earn 5.07% APY.
Best for Avoiding Fees: SoFi Checking and Savings
SoFi Checking and Savings (Member FDIC)
SoFi Bank, N.A., Member FDIC
Perks New and existing Checking and Savings members who have not previously enrolled in Direct Deposit with SoFi are eligible to earn a cash bonus when they set up Direct Deposit of at least $1,000 during the Direct Deposit Bonus Period. Cash bonus will be based on the total amount of Direct Deposit. Direct Deposit Promotion begins on 12/7/2023 and will be available through 12/31/24. Full terms at sofi.com/banking. SoFi Checking and Savings is offered through SoFi Bank, N.A., Member FDIC. SoFi members with Direct Deposit can earn 4.50% annual percentage yield (APY) on savings balances (including Vaults) and 0.50% APY on checking balances. There is no minimum Direct Deposit amount required to qualify for the 4.50% APY for savings (including Vaults). Members without Direct Deposit will earn 1.20% APY on savings balances (including Vaults) and 0.50% APY on checking balances. Interest rates are variable and subject to change at any time. These rates are current as of 8/27/2024. There is no minimum balance requirement. Additional information can be found at http://www.sofi.com/legal/banking-rate-sheet.
Earn up to a $300 bonus with qualifying direct deposits for eligible customers through 12/31/24. Earn up to 4.50% APY on savings balances (including Vaults) with direct deposit.
Fees
no monthly service fee
Annual Percentage Yield (APY)
SoFi members with Direct Deposit or $5,000 or more in Qualifying Deposits during the 30-Day Evaluation Period can earn 4.50% annual percentage yield (APY) on savings balances (including Vaults) and 0.50% APY on checking balances. There is no minimum Direct Deposit amount required to qualify for the stated interest rate. Members without either Direct Deposit or Qualifying Deposits, during the 30-Day Evaluation Period will earn 1.20% APY on savings balances (including Vaults) and 0.50% APY on checking balances. Only SoFi members with direct deposit are eligible for other SoFi Plus benefits. Interest rates are variable and subject to change at any time. These rates are current as of 8/27/2024. There is no minimum balance requirement. Additional information can be found at http://www.sofi.com/legal/banking-rate-sheet.
up to 4.50%
Minimum Opening Deposit
$0
Bonus
up to $300
Pros
- FDIC insured for $2 million
- High interest rate
- Earn a higher interest rate with qualifying activities
- No minimum opening deposit
- No monthly service fees
- Up to $300 bonus with qualifying direct deposit (terms apply)
- Savings tools
- Early direct deposit
- Joint account available
Cons
- Declined purchase if you overdraw by more than $50
- Doesn't reimburse out-of-network ATM providers' fees
- May deposit cash at Green Dot locations but there's a $4.95 fee
Insider’s Take
SoFi Checking and Savings is a great account option if you don't mind keeping your savings and checking in one account.
SoFi Checking and Savings (Member FDIC) review External link Arrow An arrow icon, indicating this redirects the user."
Product Details
- Sign-up bonus of up to $300. When you sign up and set up direct deposit. Wait for direct deposit to hit account (typically 2-4 weeks). Collect cash bonus of $50 to $300 depending on direct deposit amount
- Up to 4.50% APY with direct deposit or $5,000 or more in qualifying deposits during the 30-day evaluation period
- FDIC Insured and covered up to $2 million in FDIC coverage through a network of participating banks
- 55,000+ fee-free ATMs
SoFi Checking and Savings (Member FDIC) is a great choice if you'd like to avoid common fees. It's also listed in our best checking accounts, our best rewards checking accounts, and our best free checking accounts for its cash bonus.
This account doesn't have monthly service fees, minimum opening deposits, overdraft fees, or out-of-network ATM fees, making it great to avoid bank fees. SoFi Checking and Savings (Member FDIC) lets you overdraft your account by up to $50 if you have at least $1,000 in monthly direct deposits without charging any fees. Keep in mind, though, that SoFi doesn't reimburse out-of-network ATM fees charged by ATM vendors.
SoFi also offers extended FDIC insurance, so your money is protected up to $2 million — in comparison, FDIC insurance usually only covers $250,000 per person for an account.
SoFi Checking and Savings (Member FDIC) is also one of the best free checking accounts for a cash bonus. You may also qualify for a cash bonus of up to $300. To earn a $50 cash bonus, you must receive between $1,000 and $4,999 in qualifying direct deposits by December 31, 2024. To earn a $300 cash bonus, you must receive $5,000 or more in qualifying direct deposits before the bonus expiration date.
SoFi doesn't have as many bank account options as brick-and-mortar financial institutions. For example, you can't open separate checking and savings accounts or open a CD.
How interest works: You'll earn a higher interest if you set up direct deposit or deposit a minimum of $5,000 per month. SoFi members who do so earn up to 4.50% APY on savings balances (including Vaults) and 0.50% APY on checking balances.
If you do not set up direct deposit or deposit a minimum of $5,000 per month, you'll earn 1.20% APY on savings account balances and 0.50% APY on checking account balances.
SoFi Checking Review
Best for Credit Unions: Genisys Credit Union High Yield Checking
Genisys Credit Union Genius High Yield Checking
Insider’s Rating
4.25/5
Fees
no monthly service fee
Annual Percentage Yield (APY)
up to 6.75%
Minimum Opening Deposit
$5
Pros
- Credit union that anyone can join
- High interest rate if you qualify
- No monthly service fees
- Offers overdraft protection
Cons
- $28 overdraft/non-sufficient funds fee
- Overdraft protection comes with transfer fees
- Customer support phone line isn’t available on weekends
- Interest isn’t as high for balances over $7,500
Product Details
- Membership eligibility requirements: live, work worship, attend school, or own a business in specific parts of Michigan, Minnesota, or Pennsylvania, have an immediate family member who’s part of the credit union, become a member of one of two other associations
- 32 branch locations throughout Michigan and Minnesota, as well as over 5,000 shared branches as part of the CO-OP shared branch network
- Over 30,000 nationwide ATMs through CO-OP shared branch network
- Customer service hours from 9:00 a.m. ET to 6:00 p.m. ET on Monday through Friday for the phone line
- Customer service hours from 9:00 a.m. ET to 5:30 p.m. ET on Monday through Friday for live chat
- APY only for balances up to $7,500, and you must sign up for eStatements and make at least 10 transactions per month of at least $5, not including ATM transactions
- Offers overdraft transfer service, which will transfer over money from linked Genisys savings account to cover your purchase, charging a $3 fee in the process
- Can also overdraft the account, which will result in a $28 overdraft fee for transactions that are over $5 up to five times per day
- Without overdraft turned on, will decline the transaction and charge a $28 non-sufficient funds fee every time you try to make a transaction you don’t have the money for
- Interest compounds and deposits monthly
- NCUA-insured
Genisys Credit Union Genius High Yield Checking is a solid option if you prefer banking with a credit union over a bank — as long as you're planning to keep less than $7,500 in your account. This account has no monthly service fee and no minimum balance requirements. Of the credit unions we reviewed, it also had the easiest-to-meet requirements to earn its highest interest rate.
Membership eligibility at Genisys Credit Union is also more lenient than other credit unions — anyone can join it regardless of where they live in the U.S.
The easiest way to join is to become a member of the Arthritis Foundation or Paint Creek Center for the Arts. You may also be eligible for membership if you have a family member who is a current member or if you live in Michigan or select counties in Minnesota or Pennsylvania.
Genisys Credit Union isn't an online-only credit union. If you live in Minnesota or Michigan, you'll be able to visit one of Genisys's 32 physical branches. You can also use one of the CO-OP network shared branches to bank, although there might be some limits on what you can do there.
How interest works: To earn 6.75% APY on balances up to $7,500, you must meet the following requirements:;
- Enroll in online bank statements
- Make at least 10 eligible Genisys Debit Mastercard purchases per month of an amount of $5 or more per transaction
Balances above $7,500 will only earn 0.05% APY. You'll also earn the default APY if you do not meet the monthly requirements.
Criteria for Ranking the Top High-Yield Checking Accounts
When deciding the best checking accounts with interest, we reviewed several factors. We consider how high its interest rate is, how easy it is to earn that rate, whether it charges monthly service fees or a minimum opening deposit, whether it's a good bank for avoiding overdraft fees or ATM fees, how good its customer service is, and what membership eligibility requirements it has, among other topics.
For this guide, all of our top picks offer at least 4% APY and don't charge any monthly service fees.
Which High-Interest Checking Account is the Most Trustworthy?
The BBB assesses businesses by looking at responses to customer complaints, honesty in advertising, and transparency about business practices.
Farmers Savings Bank is the only bank on our list that hasn't been rated by the BBB yet.
Here are the BBB ratings for all of our other top picks:
Institution | BBB grade |
Primis | A+ |
OnPath Federal Credit Union | B- |
SoFi | A+ |
Genisys Credit Union | A+ |
OnPath Federal Credit Union received a B- grade because the business is relatively new and it's received a few customer complaints on the BBB website.
How High-Interest Checking Accounts Work
A high-yield checking account is a type of checking account that lets you earn interest in your account by performing certain activities. Usually, you'll have to maintain a certain account balance or make a qualifying number of monthly debit card purchases.
The difference between a high-yield checking account versus a high-yield savings account is that the former is for people who maintain a high average balance regularly to conduct everyday transactions. Meanwhile, the latter can be used by anyone who wants to grow their savings in an account.
Benefits of using High-Interest Checking Accounts
Competitive Interest Rates on High-Interest Checking Accounts
According to the FDIC, the average interest checking account pays 0.08% APY. High-interest checking accounts pay significantly more interest. In fact our market leader pays up to 9.01% APY.
Keep in mind, however, that a lot of high-interest checking accounts have tiered interest rates. This means the APY on your account may vary depending on your account balance.
Fee Structures and Waivers for High-Yield Checking Accounts
All of our top picks for the best high-interest checking accounts have zero monthly bank maintenance fees. You won't need to worry about meeting certain requirements to waive a fee.
At other banks, you might need to maintain a certain account balance or complete certain activities each month so you don't have to pay a monthly service fee.
Other Perks and Benefits of High-Yield Checking
Our top picks for high-interest checking accounts also have other perks and benefits.
For example, SoFi also has one of the best checking account bonuses right now. You may qualify for a cash bonus of up to $300 if you meet certain requirements.
Many of our top high-yield checking accounts also offer reimbursem*nts for out-of-network bank ATM fees. This means if you use an ATM from another provider and get charged, your bank will give you a refund. There's usually a limit for how much a bank will refund you each month, varying from $10 to $25, depending on the financial institution.
Considerations and Potential Downsides of High-Yield Checking Accounts
Most high-yield checking accounts put limits and requirements on their highest interest rates. This means that using a high-yield checking account can require keeping a close eye on how much is in the account and how you're using it. While some high-yield savings accounts and most money market accountsimpose limitations and requirements for earning their highest rates, they're usually not as strict or strenuous as those imposed by high-yield checking accounts.
High-yield checking accounts are also generally offered by either online-only or primarily online banks or credit unions. If you deposit a lot of cash or prefer banking in person, a high-yield checking account might not be the right choice for you.
While you can potentially earn higher rates from a high-yield checking account than a high-yield savings account, high-yield checking accounts still aren't a great place to keep your savings, especially if it's your primary checking account, as many high-yield checking accounts require. Savings accounts are generally harder to pull money from, which means you're less likely to accidentally spend your emergency fund.
How to Choose a High-Yield Checking Account
When choosing a high-yield checking account, you'll need to consider whether you can meet the requirements to earn the account's highest APY. Many high-yield checking accounts offer much lower rates if you can't, so if you're not able to meet the monthly direct deposit requirements or use the account's debit card as much as the account requires, you'll want to go for another account.
You'll also consider how much money you want to keep in the account. It's common for high-yield checking accounts to only offer a great rate on the first few thousand dollars in the account, so if you're planning on keeping a balance higher than the account's limit, you'll want to go with another bank.
Finally, consider what perks you want from the account or what fees you're likely to accrue. If you want a cash-back debit card, look for an account that offers that. If you travel and use ATMs frequently, go with an account that doesn't charge ATM fees and reimburses out-of-network ATM fees. And if you think you're likely to overdraft your account, choose a bank that doesn't charge overdraft fees.
Best High-Yield Checking Accounts FAQs
How do high-interest checking accounts generate higher interest?
High-interest checking accounts pay interest when you meet certain requirements each month. You'll find high-interest checking accounts mostly through online financial institutions, since they have lower overhead costs and can offer bank accounts with higher interest rates.
Are there any fees associated with high-yield checking accounts?
There can be fees associated with high-yield checking accounts. Some high-yield checking accounts charge monthly service fees, ATM fees, and overdraft fees, among others, and many high-yield checking accounts require a minimum opening deposit.
Can I use a high-interest checking account as my main account?
Yes, you can use high-yield checking accounts for daily use. However, keep in mind that you'll usually need to maintain your bank account and fufill certain monthly activities to get a high-interest rate. Experts generally recommend high-yield checking accounts for people who maintain high account balances.
Can high-yield checking accounts change?
Banks may change interest rates on accounts at any time. Bank account interest rates are also impacted by economic conditions. When the Federal Reserve changes the federal funds rate, you may see bank account interest rates fluctuate, too.
Which bank has the highest rate on a high-yield checking account?
Farmers Savings Bank is offering a bonus rate of up to 9.01% APY on Farmers Savings Bank Star Checking. If you meet certain eligibility requirements, you could earn 9.01% APY on account balances up to $4,000. Any amount over $4,000 will earn 0.32% APY.
Are high-yield checking accounts worth it?
It depends on your situation. Generally, a high-yield savings account will be better for your emergency funds or savings goals. But if you keep a lot of money in your checking account, a high-yield checking account might be worth it for you; just look out for monthly fees.
Why You Should Trust Us: Our Expert Panel for the Best High-Yield Checking Accounts
We consulted banking and financial planning experts to inform these picks and provide their advice on finding the best checking accounts for your needs.
Here's what they had to say about checking accounts. (Some text may be lightly edited for clarity.)
What makes a checking account good or not good?
Roger Ma, CFP® professional with lifelaidout® and author of "Work Your Money, Not Your Life":
"I would look at the ATM branch locations and then minimum balance amounts to not incur a monthly fee … I think there's other stuff that could make life easier, whether it's a free checks, online bill pay, are they in the Zelle network?"
Sophia Acevedo, banking editor, Business Insider:
"I would look for a checking account that either doesn't have any monthly services fees or offers multiple ways to waive the fee. I would also look at customer support availability and mobile app ratings."
How should someone decide whether to choose a rewards checking account with a high APY, cash sign-up bonus, or cash back?
Tania Brown, CFP® professional and vice president of coaching strategy at OfColor:
"I have checking accounts with all the above, because I use checking accounts for different purposes. I would tell someone, think through the experience of how you're going to use it. So I have my account strictly for bills and I don't attach a debit card to that. Well, I'm not going to get a lot of cash rewards out of that, because I rarely use that debit card, but I keep a pretty decent balance. So that one I use in particular for interest. I have a spending checking account. That one, I don't care if the balance is zero, the money that goes in there, I expect for it to go out. But because I use that often, that is the one I attached to a cash reward. And then I have another one that I use just for travel, and I actually have a travel reward attached to that one."
Roger Ma, CFP® professional:
"I think if you're someone who is responsible with credit, then instead of focusing on a checking account that rewards you, look to a credit card that rewards you for the areas where you spend money. I wouldn't recommend people waste their time with a rewards checking account. Get the fundamentals right with fewer checking or savings accounts, and then start to move toward using a credit card to build your credit."
How can someone decide between a bank and a credit union?
Tania Brown, CFP® professional:
"For most people, it falls into five categories: location, interest rates, services, technology, and relationships. Next, prioritize what's important and you will have your answer. For instance:
- If multiple regional and national locations are important: Banks typically have more locations than credit unions.
- If the most important thing to you is a high interest rate: Credit unions, on average, offer better interest rates than banks.
- If a lot of services (commercial banking, business banking, investment services, etc.) are valuable to you: Larger banks offers more services than most credit unions.
- If feeling like a person, not a number, matters to you: Credit unions are known for great personalized customer service.
- If you are a tech junkie: Larger banks typically offer more tech bells and whistles for online users than credit unions."
Sophia Acevedo, Business Insider:
"I think eligibility requirements could play an important factor in deciding between a bank or credit union. At credit unions, usually, you meet certain requirements to open bank accounts — maybe it's living in a specific area, or working for a select employee group. There are a few credit unions with flexible eligible requirements, though."
How can someone determine whether a banking institution is the right fit for them?
Mykail James, MBA, certified financial education instructor, BoujieBudgets.com:
"The No. 1 thing about a checking account is you should know what provider the debit card is coming from. And a lot of people don't think about that, because there are places that don't accept MasterCard or don't accept an Amex."
Methodology: How We Chose the Best High-Yield Checking Accounts
We looked at checking accounts that paid the highest rates either on your entire balance, or on up to a high balance. We chose accounts that make it relatively easy to be eligible to earn interest. For example, we'd prefer a checking account that required you to deposit $500 per month to earn interest over one that required $5,000 per month.
We examined other factors, too using our bank account methodology, such as monthly service fees, out-of-network fee reimbursem*nts, and minimum opening deposits for checking accounts.
Credit unions typically pay the highest rates on checking accounts. Credit unions only offer services to members, so we selected credit unions that are easy for most people in the U.S. to join. But keep in mind that a local or more selective credit union may offer better rates.
Banking Editor
Sophia Acevedo is a banking editor at Business Insider. She has spent three years as a personal finance journalist and is an expert across numerous banking topics.ExperienceSophia leads Personal Finance Insider's banking coverage, including reviews, guides, reference articles, and news. She edits and updates articles about banks, checking and savings accounts, CD rates, budgeting, and general saving. Sophia was also a part of Business Insider's 2024 series "My Financial Life," which focused on telling stories that could help people live and spend better.Before joining Business Insider, Sophia worked as a journalist at her college newspaper and was a freelance writer. She has spent seven years writing and editing as a journalist.Sophia was nominated for an Axel Springer Award for Change in 2023 for her coverage of ABLE accounts, tax-free savings accounts for people with disabilities. She was also a winner of a 2018 California Journalism Awards Campus Contest for her photography.She loves helping people find the best solutions for their unique needs and hopes that more people will find the tools to solve their financial problems. She’s inspired by stories of everyday people adapting to their financial circ*mstances and overcoming their fears around money.ExpertiseSophia's expertise includes:
- Bank accounts
- Savings and CD rate trends
- Budgeting
- Saving
- How banks operate
EducationSophia graduated from California State University Fullerton with a degree in journalism and a minor in political science.Sophia is a member of the National Association of Hispanic Journalists.She is an avid reader across a variety of genres, and she started running in 2021. She ran in the 2024 Los Angeles Marathon.
Banking reporter
Kit Pulliam (they/them) is a banking expert who specializes in certificates of deposit, savings accounts, and checking accounts. They’ve been reporting, editing, and fact-checking personal finance stories for more than four years.ExperienceIn college, Kit worked as an undergraduate research assistant in a psychology lab. While there, they found that they were passionate about writing and helping others write about topics that matter.Before Business Insider, Kit was an editorial specialist for Tax Analysts, diving into the tax code to help readers get the best information about a confusing but necessary subject.They find banking similar to taxes in that way: There are some things everyone needs to know because just about everyone needs to work with a bank — and you don’t want to end up with an account that doesn’t serve your needs.As interest rates change, they enjoy the fast pace of reviewing rates for products like CDs and high-yield savings, which can change daily and have a direct impact on readers’ money.Their work has been featured in Business Insider and MSN. They were part of the My Financial Lifeseries with Business Insider.ExpertiseTheir expertise includes:
- Certificates of deposit
- Savings accounts
- Checking accounts
- CD rates
- Bank reviews
EducationKit is an alumnus of Vanderbilt University, where they studied English and psychology and received the Jum C. Nunnally Honors Research Award for their senior thesis.Outside personal finance, Kit enjoys reading, film, video games, and cross stitching. They are based in the DC area.
Compliance and Operations Associate
Evelyn He is a Compliance and Operations Associate on the Personal Finance team to ensure content accuracy and editorial independence so readers get up-to-date and objective financial advice.The compliance team's mission is to provide readers with fact-checked and current stories so they can make informed financial decisions. The team also works to minimize risk for partners by ensuring language is clear, precise, and fully compliant with regulatory and partner marketing guidelines that align with the editorial team.
Top Offers From Our Partners
Western Alliance Bank High-Yield Savings Premier Take advantage of today's rates and earn 5.31% APY on your entire account balance 5.31% annual percentage yield (APY) is accurate as of 7/11/2024 and subject to change at the Bank’s discretion. Minimum deposit required to open an account is $500 and a minimum balance of $0.01 is required to earn the advertised APY.
Editorial Note: Any opinions, analyses, reviews, or recommendations expressed in this article are the author’s alone, and have not been reviewed, approved, or otherwise endorsed by any card issuer. Read our editorial standards.
Please note: While the offers mentioned above are accurate at the time of publication, they're subject to change at any time and may have changed, or may no longer be available.
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