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A high-yield checking account is a good option if you keep a lot of money in your checking account. (Otherwise, you may be more interested in high-yield savings, if you’d prefer to earn interest for personal goals.)
Best High-Yield Checking Accounts
Best High-yield Checking AccountAPYOnPath High Yield Rewards Checking – Product Name OnlyOnPath High Yield Rewards Checking – APY APYRedneck Bank Rewards Checkin’ Account – Product Name OnlyRedneck Bank Rewards Checkin’ Account – APY APYPrimis Premium Checking – Product Name OnlyPrimis Premium Checking – APY APYJuno Metal Checking Account – Product Name OnlyJuno Metal Checking Account – APY APYConsumers Credit Union Free Rewards Checking Account – Product Name OnlyConsumers Credit Union Free Rewards Checking Account – APY APYWealthfront Cash Account – Product Name OnlyWealthfront Cash Account – APY APYSoFi Checking and Savings – Product Name OnlySoFi Checking and Savings – APY APYSignature Federal Credit Union High-Yield Checking Account – Product Name OnlySignature Federal Credit Union High-Yield Checking Account – APY APYFirst Tech Rewards Checking® – Product Name OnlyFirst Tech Rewards Checking® – APY APY
The best high-yield checking interest rate is available at OnPath Credit Union. You can earn up to 7% APY on account balances up to $10,000 if you meet certain requirements.
Here are our top picks for high-yield checking accounts. Our top picks are protected by FDIC or NCUA insurance.
Compare High-Yield Checking Accounts
With high-yield checking accounts, the higher your account balance, the higher interest rate you’ll earn. The best checking accounts are also light on fees and offer extra perks like refunded ATM fees.
Although Silicon Valley Bank, Signature Bank, and First Republic Bank have recently been shut down, keep in mind money is safe at a federally insured financial institution. When a financial institution is federally insured, up to $250,000 per depositor is secure in a bank account.
Best High-Yield Checking Accounts FAQs
Do checking accounts earn interest?
Yes, there are some checking accounts that earn interest.
What is a high-yield checking account?
A high-yield checking account pays interest on your balance. Most standard checking accounts don’t pay any interest. Others pay a little, like 0.01% to 0.05% APY. High-yield checking accounts pay significantly higher rates.
Which bank has the highest rate on a high-yield checking account?
OnPath Credit Union is offering a bonus rate of up to 7.00% APY on the OnPath High Yield Rewards Checking. If you meet certain eligibility requirements, you could earn 7.00% APY on account balances up to $10,000. Any amount over $10,000 will earn 0.50% APY.
How does a high-yield checking account work?
Most high-yield checking accounts require you to meet certain criteria each month to earn interest. For example, you may have to receive $500 in direct deposits or make 10 debit card transactions.
What is annual percentage yield (APY)?
Annual percentage yield (APY) is similar to an interest rate, but it gives you a better idea of how much you’ll actually earn. APY tells you how much interest you’ll earn over one year, including compounding. A checking account may pay 0.499% in interest, but you’ll earn 0.50% APY.
High-Yield Checking Account Reviews
OnPath Rewards High-Yield Checking Account
OnPath Credit Union’s high-yield checking account could be a good option if you’re looking to get the highest APY possible and can meet certain requirements. You’ll 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 OnPath High Yield Rewards Checking – Minimum Deposit. Also, you need to become a member of OnPath Credit Union—the easiest way is to make a $5 donation to the OnPath Foundation.
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 cycleEnroll in e-statements and receive them for the relevant statement cyclesMake 15 or more debit card purchases that post and settle in a statement cycle
Redneck Bank Rewards Checkin’ Account
You might like Redneck Bank if you frequently use your debit card, because the bank’s rewards checking account has a competitive bonus interest rate if you meet certain monthly requirements. You could also get refunded up to $25 per month in out-of-network ATM fees if you qualify for the bonus interest rate.
Redneck Bank has a steep minimum opening deposit of Redneck Bank Rewards Checkin’ Account – Minimum Deposit to open the Redneck Bank Rewards Checking Account. You might prefer another financial institution if you’d like to open an account with less money upfront.
How interest works: You can earn 5.30% APY on account balances up to $15,000, and 0.50% APY on amounts over $15,000 if you fulfill the following activities each month:
Make 10 qualifying debit card transactions per monthly statement cycle Receive online bank statements
If you do not meet the monthly requirements, you’ll earn a standard rate of 0.25% APY.
Primis Premium Checking Account
Primis Premium Checking may be worthwhile if you’d like to open an online checking account that’s straightforward. It has Primis Premium Checking – Fees Display, no overdraft fees, and a Primis Premium Checking – Minimum Deposit deposit.
In total, Primis is only allowing 1,000 new online accounts to be opened each month. Once it reaches the limit for the month, customers will have to sign up for a waitlist.
How interest works: Premium Premium Checking pays Primis Premium Checking – APY APY and doesn’t have any balance requirements for earning interest.
June Metal Checking Account
Juno gives you both a high interest rate and cash back rewards. Select five retailers from its list and earn 5% cash back when you shop at those stores. You may like the account if you’re an immigrant, because you only need a Social Security number and passport to qualify.
The Juno Metal Checking Account requires that you maintain a qualifying direct deposit of $250 or more per month.
How interest works: You don’t need to do anything to earn interest, but rates do vary depending on your balance. Rate tiers are as follows:
You’ll earn 5.00% APY on balances up to $50,000You’ll earn 4.00% APY on balances between $50,001 to $250,000
Consumers Credit Union Free Rewards Checking Account
Consumers Credit Union ranks as one of our top credit unions, and Consumers Credit Union Free Rewards Checking Account is on our guide for best rewards checking accounts. You have the potential to earn one of the highest interest rates out there right now. Consumers also refunds any fees charged by out-of-network ATM providers.
You need a Consumers Credit Union credit card to earn the maximum APY, and if you don’t meet any of the qualifications listed, you’ll only earn 0.01% APY.
How interest works: Here are the APY tiers:
Earn 3.00% APY on balances up to $10,000 when you sign up to receive eDocuments, make 12 debit card purchases per month, and receive $500 per month in direct deposits, mobile check deposits, or transfers from other banks.Earn 4.00% APY on balances up to $10,000 when you meet the qualifications to earn 3.00% APY and spend $500 per month with your Consumers Credit Union credit card.Earn 5.00% APY on balances up to $10,000 when you meet the qualifications to earn 3.00% APY and spend $1,000 per month with your Consumers Credit Union credit card.Earn 0.20% APY on balances between $10,000.01 and $25,000 when you receive eDocuments, make 12 debit card purchases per month, and receive $500 per month in direct deposits, mobile check deposits, or transfers from other banks.Earn 0.10% APY on balances of $25,000.01 and more when you receive eDocuments, make 12 debit card purchases per month, and receive $500 per month in direct deposits, mobile check deposits, or transfers from other banks.
Wealthfront Cash Account
The Wealthfront Cash Account stands out because you can earn a high interest rate on your entire account balance. There also aren’t any monthly service fees.
Wealthfront only offers the Wealthfront Cash Account. If you’d like to open other types of accounts, like a CD or money market account, you might prefer another financial institution.
How interest works: All you need to do is open an account with at least Wealthfront Cash Account. You’ll earn Wealthfront Cash Account APY on all money in the account.
Wealthfront Cash Account Review
SoFi Checking and Savings
In addition to offering a competitive interest rate, SoFi Checking and Savings is a great choice if you’d like to avoid common fees. This account doesn’t have monthly service fees, overdraft fees, or out-of-network ATM fees.
You may also qualify for a cash bonus of up to SoFi Checking and Savings – Featured Reward Value. To earn a $50 cash bonus, you must receive between $1,000 and $4,999 in qualifying direct deposits by December 31, 2023. To earn a SoFi Checking and Savings – Featured Reward Value 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 a CD.
How interest works: You’ll earn a higher interest if you set up direct deposit or deposit minimum $5,000 per month. SoFi members who do so earn SoFi Checking and Savings – APY APY on savings balances (including Vaults) and 0.50% APY on checking balances.
If you do not set up direct deposit or deposit minimum $5,000 per month, you’ll earn 1.20% APY on both checking and savings account balances.
SoFi Checking and Savings Review
Signature Federal Credit Union High-Yield Checking Account
Signature Federal Credit Union offers a high interest rate for balances up to $40,000. It also has a Signature Federal Credit Union High-Yield Checking Account – Minimum Deposit minimum opening deposit, and Signature Federal Credit Union High-Yield Checking Account – Fees Display.
You must become a member to open a Signature Federal Credit Union account. The easiest way to join is to become part of the American Consumer Council (membership for the council requires a $8 annual fee). You can also join if you have an immediate family member who is a credit union member; work as a postmaster, postmaster relief, supervisor, or officer in charge for the US Postal Service; are an alumni association member or alumni association employee of Marymount University; or work for a participating employee group.
How interest works: To earn 4.00% APY on balances up to $40,000, you must meet the following requirements each month:
Receive direct deposit totaling at least $1,000Make 15 debit card transactionsEnroll in online bank statements
The checking account doesn’t pay any interest on account balances over $40,000. You also won’t earn interest if you don’t fulfill the monthly qualifications.
Signature Federal Credit Union Review
First Tech Rewards Checking
First Tech Rewards Checking® – Product Name Only pays a high rate on balances up to $15,000. The account only has a First Tech Rewards Checking® – Minimum Deposit minimum opening deposit, and there are no monthly fees.
Like most credit unions, First Tech FCU compounds interest monthly rather than daily. Depending on how much money you keep in your account, this may or may not make a significant difference. Also, to become a member of the credit union, you must work for an eligible employer or the State of Oregon (or have a family member who does); live or work in Lane County, Oregon; belong to the Computer History Museum or Financial Fitness Association; or have a family/household member who is already a First Tech FCU member.
How interest works: You’ll earn First Tech Rewards Checking® – APY on balances up to $15,000 each month that you complete the following:
Make 20 transactions with your First Tech debit and/or credit card totaling at least $500Receive a minimum of $1,000 in direct or ACH depositsEnroll in eStatements
You’ll earn a lower rate on balances over $15,000 when you meet the monthly requirements. Regardless of your balance, you’ll earn a very low rate when you don’t meet the qualifications.
Other Accounts That Didn’t Make the Cut and Why
We looked at nearly two dozen high-yield checking accounts before picking our favorites. Here are the other ones we considered, and the reasons they didn’t make the cut:
evolve Federal Credit Union ePriority Checking Account – Product Name Only: evolve Federal Credit Union has a checking account that pays 7.23% APY on balances up to $10,000 if you meet certain requirements but it’s only available to residents in El Paso, Texas, and Dona Ana County, New Mexico. Read Insider’s evolve Federal Credit Union Review.Axos Bank Rewards Checking – Product Name Only: Axos Bank Rewards Checking pays Axos Bank Rewards Checking – APY APY, but our top picks have more competitive rates right now. Read Insider’s Axos Bank Review.Fidelity Cash Management Account – Product Name Only: This account lets you save, spend, and invest — but its interest rate is just so-so. Read Insider’s Fidelity Cash Management Account Review.Wings Financial Credit Union High-Yield Checking Account – Product Name Only: Wings Financial pays a pretty good rate on its checking account, but rates with our top picks are better. Read Insider’s Wings Financial Credit Union Review.First Commerce Bank Ultimate Rewards Checking Account – Product Name Only: First Commerce Bank has a rewards checking account that pays up to 4.08% APY if you meet certain monthly requirements. You have to open an account at a First Commerce Bank location, though. The bank has locations in New Jersey. Connexus Xtraordinary Checking Account – Product Name Only: Connexus only pays up to Connexus Xtraordinary Checking Account – APY APY. Our top picks have the potential to earn a higher interest rate by meeting certain requirements. Read Insider’s Connexus Credit Union Review.Quontic High Interest Checking Account: Quontic pays a solid interest rate on your account balance if you make at least 10 monthly debit card purchases that are at least $10. But our top picks offer higher interest rates right now. Read Insider’s Quontic Bank Review.Alliant High-Interest Checking Account: Alliant is a good credit union, and you’ll earn a respectable rate on your entire balance. The rate isn’t as high as what you’ll get with our top choices, though. Read Insider’s Alliant Credit Union Review.Ally Spending Account – Product Name Only: Ally pays higher rates than many banks, but its highest-tier APY isn’t competitive with those on our list. Read Insider’s Ally Bank Review.Bethpage Free Checking Account: The interest rate isn’t quite as good as rates with our top picks, and there’s no free overdraft protection. Read Insider’s Bethpage Credit Union Review.City First Bank Basic Checking Account: This bank pays a higher rate than most brick-and-mortar institutions, but rates are much lower than with those on our list. Read Insider’s City First Bank Review.CIT Bank eChecking Account: CIT’s rates aren’t quite as good as what you can get with our top choices. Read Insider’s CIT Bank Review. NBKC Everything Account: Although NBKC’s rate could be higher, it’s a decent option if you want a hybrid checking/savings account. You don’t need to meet any qualifications to earn interest. Read Insider’s NBKC Review.Pentagon Federal Credit Union Access America Checking Account: PenFed is a strong credit union overall, but you’ll earn better rates with our top picks. Read Insider’s Pentagon Federal Credit Union Review.LendingClub Rewards Checking Account: You won’t earn any interest on balances under $2,500, and the rate is relatively low for balances under $100,000. Read Insider’s LendingClub Review.Robinhood Cash Management Account: This account isn’t accepting new customers currently. If you’d interested in Robinhood spending products, you can’t join this waitlist for the Robinhood spending account. Read Insider’s Robinhood Cash Management Account Review.
Are These Institutions Trustworthy?
The BBB assesses businesses by looking at responses to customer complaints, honesty in advertising, and transparency about business practices. The only institutions on our list that haven’t received BBB ratings yet are Redneck Bank and Signature Federal Credit Union.
Here are the BBB ratings for all of our other top picks:
InstitutionBBB gradeRedneck BankNonePrimisNRSignature Federal Credit UnionNoneJunoF (B rating from partner bank)Consumers Credit UnionA+WealthfrontFSoFiA+First Tech Federal Credit UnionA+
Redneck Bank and Signature Federal Credit Union do not have profiles with the Bureau yet, so there are no complaints or reviews to use for evaluating their business practices.
The BBB gave Primis an NR “No Rating” grade because it is in the process of responding to previously closed complaints.
Juno currently has an F rating grade because it has received 27 complaints on the BBB website it has failed to respond to seven customer complaints. Its partner bank, Evolve Bank & Trust, currently has a B rating. It has received numerous customer complaints on the BBB website, and government taken was taken against the bank.
In 2022, the Justice Department required Evolve Bank & Trust to pay $1.3 million in a settlement that claimed discriminatory lending took place between 2014 and 2019.
Wealthfront currently has an F rating because 11 complaints have been filed on the BBB website, and it has failed to respond to six complaints.
Keep in mind a good BBB grade won’t guarantee that your relationship with the bank will be perfect. Make sure to also get other people’s perspectives and reviews.
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.
Insider
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, certified financial planner 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, certified educator in personal finance, banking reporter, Personal Finance 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, certified financial planner at SaverLife:
“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:
“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:
“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, Personal Finance 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 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 checking account methodology, like monthly service fees, out-of-network fee reimbursements, and minimum opening deposits.
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 US to join. But keep in mind that a local or more selective credit union may offer better rates.
