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In this era of high interest rates, finding a checking account that keeps your money safe and helps it grow can be a game-changer. High-yield checking accounts offer a combination of accessibility and earning potential, providing a great way to maximize returns.
We looked at some of the best high-yield checking accounts available, comparing features, benefits, and requirements to help you make the best decision.
Here are some of the best high-yield checking accounts, listed in alphabetical order. Rates are accurate as of April 2024.
APY: 5.15% on up to $15,000 (0.50% after). 0.25% APY if requirements aren’t met.
All America Bank offers a competitive high-yield checking account with an impressive 5.15% APY — but there are a few hoops to jump through to earn that rate.
First, you must make at least 10 monthly debit card purchases and receive electronic statements to qualify for the higher rate (or you’ll earn 0.25% APY). If you do all that, you’ll earn 5.15% APY on balances up to $15,000, then 0.50% APY after.
This account has no minimum balance requirement and no monthly maintenance fees, making it an accessible option for a wide range of customers.
Account features
Based in Oklahoma, this community bank offers one of the highest-yielding checking accounts in the nation. It’s also available nationwide as an online bank.
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APY: 0.25% on balances of $15,000 or more; 0.10% APY on balances below $15,000
Ally Bank, a leading online bank, offers an Interest Checking Account with an APY of 0.25% for balances over $15,000. For balances under $15,000, the APY is still 0.10% APY — higher than most checking accounts.
This account, and Ally’s savings account, have no minimum balance requirement and no monthly maintenance fees — making it one of the best fee-free options available.
Account features
Ally Bank is known for its exceptional customer service and cutting-edge digital banking tools. They provide 24/7 customer support and a robust online and mobile banking platform that allows users to easily manage their finances, deposit checks, and pay bills.
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APY: Up to 3.30% if certain conditions are met
Axos Bank’s Rewards Checking Account boasts an impressive 3.30% APY based on a tiered system. That means you must meet all the requirements to earn the highest APY. Here’s how it works:
Account features
Axos Bank offers various financial services, including online banking, investing, and mortgages. If you want a high-interest checking account at a bank offering other financial services, Axos Bank’s Rewards Checking account could be a good option, as the top rate is based on using various Axos’ services.
You’ll also get an instant virtual debit card along with your account.
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Savings Multi (5 Rows)
APY: None
The Discover Cashback Debit account isn’t a high-yield checking account, as there’s no APY on account balances.
But this account is worth mentioning because you can earn 1% cash back on up to $3,000 in monthly debit card purchases. That means you can earn up to $30 monthly on your debit card spending. Plus, this checking account has many other great perks that make it worth considering as a checking account.
Account features
This account has no minimum balance requirement and monthly maintenance fees, making it an accessible option for those looking to earn rewards on their everyday spending.
Discover is a well-known online bank with a strong reputation for customer service — making it one of the best banks for mobile banking. They offer an online and mobile banking platform and free access to over 60,000 ATMs nationwide.
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APY: 1.75%
The Everything Account has no minimum balance requirement and monthly maintenance fees. This account also provides reimbursement for ATM fees up to $12.
Account features
NBKC Bank is a community-focused financial institution that prioritizes customer service. They provide an online and mobile banking platform and personalized financial guidance and support.
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APY: Up to 4.62% on daily balances up to $25,000 (3.62% on daily balances over $25,000). Balances that don’t meet requirements earn 0.10% APY.
Presidential Bank’s Advantage Checking account offers an impressive APY of up to 4.62%, making it one of the highest-yielding checking accounts available. To qualify for this APY, you must maintain a daily balance of up to $25,000 and:
Daily balances below $25,000 will earn 4.62%, and daily balances above that will earn 3.62%. Accounts that don’t meet the requirements earn a 0.10% APY.
Account features
Presidential Bank is located in the Washington, D.C. area but offers online banking accounts nationwide. The Advantage Checking account offers one of the top APYs in the nation.
While the requirements to earn the top interest rate may be more burdensome than some lower-yielding banks, they aren’t overly complicated, especially compared to other accounts.
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APY: 0.50% on checking account balances and up to 4.60% on savings account balances (if conditions are met)
SoFi is one of the best digital banks, offering a high-interest checking account that’s pretty straightforward. To earn the highest APY, you must sign up for direct deposit and make a certain number of monthly deposits.
One wrinkle to note is that you must open both a SoFi checking account and a SoFi savings account, with the ability to earn a much higher APY there. In fact, it’s one of the best high-yield savings accounts on the market. This additional account could be seen as a positive, though some might not want a new savings account.
Account features
This account has no minimum balance requirement and no monthly maintenance fees. Users also enjoy free access to over 55,000 ATMs worldwide and can receive their paycheck up to two days early with direct deposit.
You can deposit cash at participating retailers within the Green Dot network, which includes national brands like CVS and 7-Eleven (a $4.95 transaction fee applies).
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A high-interest checking account is a type of bank account that has higher rates than traditional checking accounts. These accounts offer the convenience and flexibility of a regular checking account, allowing you to access your funds for everyday transactions while also helping your money grow.
High-interest checking accounts are becoming more popular as consumers seek ways to make the most of their money. Many of these accounts offer competitive rates that rival savings accounts or even some certificates of deposit (CDs).
To qualify for a high-interest checking account, you may need to meet certain requirements, such as maintaining a minimum balance, making a certain number of debit card transactions monthly, or receiving direct deposits.
High-interest checking accounts can help you earn more money, but there are some potential downsides.
Pros:
Cons:
Choosing the right high-yield checking account can be important in maximizing your money. You can find an account that best suits your needs by considering interest rates, minimum balance requirements, and monthly fees.
The accounts highlighted represent some of the best high-yield checking options available. Whether you prioritize earning a high APY, avoiding fees, or enjoying additional perks like cash back rewards, an account on this list can help you achieve your financial objectives.
“Are high-yield checking accounts worth it? To some, yes, and to some, no. You have to analyze and see if it makes sense for you,” Chitrathorn says. “But make sure you also compare them to high-yield savings accounts that are currently available.”
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