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High-yield checking accounts offer debit cards, check-writing privileges and above-average interest rates. The best high-yield checking accounts pay interest rates near or above 5.00%—but you may have to jump through some hoops to maximize your earnings.
For Ages
18+
Annual Percentage Yield
N/A
Earn 1% cash back on up to $3,000 in debit card purchases each month. See website for details.
Minimum Deposit Requirement
$0
18+
N/A
Earn 1% cash back on up to $3,000 in debit card purchases each month. See website for details.
$0
We’ve compared 157 checking accounts at 66 nationally available banks and credit unions to find some of the best accounts available. See below to learn more about why we picked each account, the pros and cons, and to access individual bank reviews.
Annual percentage yields (APYs) and account details are accurate as of December 2, 2024.
Annual Percentage Yield
0.10% to 4.62%
Minimum Deposit Requirement
$500
Monthly Maintenance Fee
$5, waived with a $500 balance
0.10% to 4.62%
$500
$5, waived with a $500 balance
We chose Presidential Bank Advantage Checking as one of the best high-yield checking accounts because it offers a generous yield no matter your balance. If you meet the activity and balance requirements, you’ll earn 4.62% APY on balances under $25,000 and 3.62% APY on balances over $25,000.
Why We Like It
You’ll get up to $8 in monthly ATM reimbursements. And though this is primarily an online account, you also receive a free checkbook.
What We Don’t Like
To earn the highest rates, you’ll need to receive a qualifying direct deposit of $500 or more and complete at least seven electronic withdrawals—which include ATM, ACH and point-of-sale transactions—each month. There’s also a $5 monthly service fee if your balance falls below $500.
Who It’s Best For
If you can maintain a balance of at least $500, this account is worth considering. For anyone who keeps a checking balance over $25,000, it offers one of the highest rates you’ll find for balances of that size.
You can write three checks per month for free, but there are charges for additional check writing. ATM rebates are capped at $8 per month.
You can earn 4.62% APY on balances under $25,000 and 3.62% APY on balances over $25,000 by meeting the following conditions:
These requirements are waived during the first month your account is open. But if you don’t meet these requirements after the first month of your account being open, your balance will earn 0.10% APY.
Interest compounds and is credited to your account monthly.
Annual Percentage Yield
Up to 4.00%¹
Minimum Deposit Requirement
$0
Monthly Maintenance Fee
$0³
Up to 4.00%¹
$0
$0³
The SoFi Checking and Savings Account ranked high on our list because it has absolutely no fees³—but it doesn’t skimp on features, earnings or perks either. You’ll earn 0.50% APY on checking and up to 4.00%¹ APY on savings if you set up direct deposit or by depositing $5,000 or more every 30 days. Customers who don’t meet this criteria earn 1.20% APY on savings balances¹.
Why We Like It
On top of earning interest, you can earn up to 15% cash back with your SoFi debit card at qualifying businesses. If you enroll in and receive a qualifying direct deposit, you can earn a cash bonus of up to up to $300². And while SoFi is an online account, it offers a large ATM network and the ability to deposit cash at participating retail locations.
What We Don’t Like
Having a combined checking and savings account is convenient for some, but if you’re wanting a standalone checking account, you won’t find one here.
Who It’s Best For
Go for SoFi if you get paid via direct deposit and you’re looking to earn high rates, have access to savings tools like Roundups and avoid paying fees³.
1SoFi members with Direct Deposit or $5,000 or more in Qualifying Deposits during the 30-Day Evaluation Period can earn 4.00% 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 12/3/24. There is no minimum balance requirement. Additional information can be found at http://www.sofi.com/legal/banking-rate-sheet.
2SoFi Bank is a member FDIC and does not provide more than $250,000 of FDIC insurance per legal category of account ownership, as described in the FDIC’s regulations. Any additional FDIC insurance is provided by the SoFi Insured Deposit Program. Deposits may be insured up to $2M through participation in the program. See full terms at SoFi.com/banking/fdic/terms See list of participating banks at SoFi.com/banking/fdic/receivingbanks
3SoFi does not charge any account, service or maintenance fees for SoFi Checking and Savings. SoFi does charge a transaction fee to process each outgoing wire transfer. SoFi does not charge a fee for incoming wire transfers, however the sending bank may charge a fee. SoFi’s fee policy is subject to change at any time. See the SoFi Checking & Savings Fee Sheet for details at sofi.com/legal/banking-fees/.
4Early access to direct deposit funds is based on the timing in which we receive notice of impending payment from the Federal Reserve, which is typically up to two days before the scheduled payment date, but may vary.
5Overdraft Coverage is limited to $50 on debit card purchases only and is an account benefit available to customers with direct deposits of $1,000 or more during the current 30-day Evaluation Period as determined by SoFi Bank, N.A. The 30-Day Evaluation Period refers to the “Start Date” and “End Date” set forth on the APY Details page of your account, which comprises a period of 30 calendar days (the “30-Day Evaluation Period”). You can access the APY Details page at any time by logging into your SoFi account on the SoFi mobile app or SoFi website and selecting either (i) Banking> Savings> Current APY or (ii) Banking> Checking > Current APY. Members with a prior history of non-repayment of negative balances are ineligible for Overdraft Coverage.
6We’ve partnered with Allpoint to provide you with ATM access at any of the 55,000+ ATMs within the Allpoint network. You will not be charged a fee when using an in-network ATM, however, third-party fees incurred when using out-of-network ATMs are not subject to reimbursement. SoFi’s ATM policies are subject to change at our discretion at any time.
Annual Percentage Yield
0.01% to 5.00%
on balances up to $10,000
Minimum Deposit Requirement
$5
Monthly Maintenance Fee
$0
0.01% to 5.00%
on balances up to $10,000
$5
$0
We chose Consumers Credit Union Rewards Checking because it offers unlimited ATM fee reimbursements as long as you meet the monthly activity requirements. Plus, it pays high yields and charges no monthly maintenance fee.
Why We Like It
This checking account offers a tiered interest rate, and the requirements to meet the first tier—which offers 3.00% APY and unlimited ATM fee reimbursements—are fairly easy to meet. You can easily track your rewards tier progress online or in the credit union’s mobile app.
What We Don’t Like
Few banks offer unlimited ATM fee reimbursements, but we wish this credit union didn’t require you to meet activity requirements to qualify for them.
Who It’s Best For
Opt for Consumers CU if you use ATMs frequently, make at least 12 debit card purchases each month and receive at least $500 in direct or mobile check deposits.
You must be a CCU member to open an account, but anyone can join this credit union. All you need to do is join the Consumers Cooperative Association and pay the $5 joining fee, which CCU will reimburse.
Rewards Checking offers three rewards tiers, and each earns a different APY.
To earn 3.00% APY on your balance up to $10,000, you must:
To earn 4.00% APY on your balance up to $10,000, you must:
To earn 5.00% APY on your balance up to $10,000, you must:
Regardless of tier, balances of $10,000 to $25,000 earn 0.20% APY, and balances over $25,000 earn 0.10% APY. If you don’t meet the minimum Rewards Checking requirements, your entire balance earns 0.01% APY, and you won’t receive ATM reimbursements.
Dividends compound and are credited to your account monthly.
Annual Percentage Yield
0.05% to 5.00%
Minimum Deposit Requirement
$50
Monthly Maintenance Fee
$0
0.05% to 5.00%
$50
$0
Our experts chose Ideal Credit Union High Yield Checking account not only because it offers a high yield on sizable balances, but also because of its extensive ATM network that includes both CO-OP and MoneyPass ATMs.
Why We Like It
With no monthly fees or minimum balance requirements, you can reap the full rewards of this account’s high yield no matter your balance—as long as you meet the account activity requirements (see Details).
What We Don’t Like
This checking account’s top-tier APY is one of the best rates out there, but the requirements to earn that rate are harder to meet than other accounts on this list.
Who It’s Best For
You should consider this account if you want access to a large network of surcharge-free ATMs. It’ll be even more rewarding if you receive over $1,500 in monthly direct deposits and use your debit card often.
You have to deposit $50 to open the account, but there’s no minimum balance required to earn interest. However, to earn 5.00% APY on your balance up to $20,000, you have to meet the following requirements:
If you don’t meet these requirements, you’ll earn 0.05% APY on your balance. Balances over $20,000 will also earn 0.05% APY.
Interest compounds and is credited to your account monthly.
To open this account, you must become a member of Ideal Credit Union. Anyone can join by meeting one of the following requirements:
Annual Percentage Yield
0.25% to 4.65%
Minimum Deposit Requirement
$500
Monthly Maintenance Fee
$0
0.25% to 4.65%
$500
$0
We selected Redneck Bank Redneck Rewards Checkin’ Account because it offers the highest checking APY we’ve seen. As long as you receive electronic statements and make at least 10 qualifying debit card transactions per month, you’ll earn 4.65% APY on up to $15,000.
Why We Like It
The generous APY is easy to earn, and there’s no monthly maintenance fee. Plus, the account offers convenient perks like ATM reimbursements and overdraft protection.
What We Don’t Like
If you can’t make 10 qualifying debit card transactions each month, you won’t earn the stated APY or the ATM fee reimbursements.
Who It’s Best For
This is a top checking choice for anyone with at least $500 to deposit and 10 or more debit card transactions per month.
This account offers 4.65% on balances up to $15,000 and 0.50% on balances over $15,000, as long as you meet the following minimum requirements:
You also have to meet the minimum requirements to receive the $25 in ATM reimbursements.
If you don’t meet these requirements, you’ll earn 4.65% APY on your balance. Interest compounds and is credited to your account monthly.
According to the latest FDIC data, the average APY on interest-bearing checking accounts is 0.07% as of December 16, 2024. A checking account has to earn more than that amount to be considered high interest. Many of the checking accounts on our list have APYs between 3.00% and 5.00%, with some earning over 5.00%.
Though it’s impossible to predict when the interest rates on checking accounts will rise, the federal funds rate is one indicator to keep an eye on.
The Federal Open Market Committee (FOMC) meets eight times a year to set the target federal funds rate. When the Fed rate increases, banks and credit unions tend to raise rates on deposit accounts, such as checking, savings and money market accounts. Interest rates have been on the rise since last year, but the FOMC is now holding rates steady and predicts they will decline in 2024.
To find the best interest rate on a checking account, consider online banks and credit unions as you shop around, as they tend to offer higher rates than traditional brick-and-mortar banks. When comparing checking accounts, look to minimize fees, too, as they can eat into any interest you earn.
Some banks have requirements you must meet to earn the highest APY, such as maintaining a minimum balance or receiving a certain amount of money via direct deposits each month. If you can’t meet these requirements consistently, you might opt for a checking account that offers the same APY on all balances.
High-yield checking accounts are checking accounts that offer higher interest rates than standard checking accounts. Some high-yield checking accounts pay the same APY on all balances, while others offer a tiered interest rate that increases with higher balances. You may also have to meet certain requirements to access the advertised rate, such as making a certain number of transactions each month, receiving direct deposits or enrolling in electronic statements.
A high-yield checking account functions like a regular checking account, providing a safe place to keep your money and allowing you to make purchases with a debit card, check or electronic transfer. A high-yield checking account is meant to be used as an everyday spending account, but it offers an interest rate that can help you grow any money that remains after your expenses are paid.
If you regularly use a checking account and maintain a significant balance, a high-yield checking account can help you earn a little passive income. Many high-yield checking accounts have criteria you need to meet to earn the highest interest rate, such as a minimum balance you need to maintain or a direct deposit activity condition. But if you’re already meeting these requirements, you can earn some extra cash with no additional effort.
On the other hand, if you can’t meet an account’s requirements to earn the best APY or avoid fees, it may not be worth opening a high-yield checking account. Aside from earning a higher interest rate, a high-yield checking account is no different from a traditional checking account.
There are several benefits to opening a high-yield checking account, but there are a few drawbacks to consider too.
High-yield checking accounts are not just about the APY. It’s important to weigh all of the potential benefits and drawbacks of any account before deciding so that you can make the best overall choice—rather than just going for the highest APY. Here are several aspects of a high-yield checking account to consider:
Opening a high-yield checking account is just like opening any other checking account. Here are the steps you generally must follow to open a high-yield checking account.
To get the most benefit from a high-yield checking account, look for one that charges low or no fees and offers a high interest rate. If the fees are high and the interest rate is low, then any interest you earn can be erased.
Other things you should consider to make the most of a high-yield checking account are:
A high-yield checking account is simply a regular checking account with a higher interest rate. The same goes for high-yield savings accounts—they are savings accounts with above-average rates. High-yield checking accounts are used for everyday financial transactions, while high-yield savings accounts are meant for stashing money you won’t need to access regularly, such as an emergency savings fund, a down payment for a house or money set aside for other goals.
Checking accounts make it easier to access your money by providing you with an ATM card and checks, whereas most savings accounts don’t offer these features. Checking accounts also have no withdrawal limits, but savings accounts may limit you to six withdrawals per statement cycle. Generally, the best high-yield savings accounts offer better rates than high-yield checking accounts.
If you want the benefits of a checking account (such as debit cards and ATM access) while growing your money, an interest-bearing checking account may be worth it. As long as you’re not paying monthly service fees, high-yield checking accounts can give you a small financial boost at no cost. If your primary goal is to build savings, though, you may earn a higher interest rate with a savings account—just be aware you may not be able to access your money as easily as you would with a checking account.
Depending on your financial goals, a high-yield checking account may not always be the best place for your cash. Consider these alternatives instead of—or in addition to—a high-yield checking account.
The accounts on this list have relatively high APYs for checking accounts.
To create a list of the best high-yield checking accounts, Forbes Advisor analyzed 157 checking accounts at 66 financial institutions, including a mix of traditional brick-and-mortar banks, online banks and credit unions. We ranked each account on 17 data points within the categories of APY, customer experience, digital experience, fees, access and minimum requirements.
The following is the weighting assigned to each category for high-yield checking accounts:
Specific characteristics taken into consideration within each category included APY, customer service ratings, mobile access, online access, mobile app ratings and the national availability of the account. We also considered fees, the ability to waive monthly fees, minimum deposit requirements and minimum balance requirements.
Checking accounts with high ratings from the Better Business Bureau and Trustpilot scored the highest, as did those offering no or very low fees and low minimum requirements. To appear on this list, the checking account must be nationally available.
Nearly every high-yield checking account will have minimum activity requirements to earn the highest APY. These requirements will vary from bank to bank, and you can generally expect to have minimum debit card requirements, minimum direct deposit requirements or other minimum transaction requirements.
Some of the best high-yield checking accounts have APYs between 1.00% and 5.00%. Consumers Credit Union Rewards Checking and Redneck Bank Redneck Rewards Checkin’ Account offer the highest APYs for customers who can meet the monthly activity requirements.
The Federal Deposit Insurance Corporation (FDIC) offers banking customers protection against bank failure. Specifically, the FDIC insures deposits of up to $250,000 per depositor for each account ownership category per insured bank. Should an insured bank fail and be unable to repay its customers’ deposits, your money will be protected. Similar protection is provided by the National Credit Union Administration (NCUA) for deposits in federally chartered and most state-chartered credit unions.
You can feel confident that your money is safe in a high-yield checking account. Depending on the financial institution, the Federal Deposit Insurance Corporation (FDIC) or National Credit Union Association (NCUA) typically insures a high-yield checking account for $250,000 per depositor and per insured financial institution for each account category.
In many cases, a high-checking account is worth having because your money earns interest. After all, not every checking account pays interest on your money. Plus, many high-yield checking accounts charge low fees or no fees, and they waive or refund ATM fees.
Credit unions and online banks often pay the highest interest rates on checking accounts. To score an attractive interest rate, compare accounts at several financial institutions. Avoid high fees, as they can cancel out the interest you’d earn from a high-yield checking account.
The best high-yield business checking accounts offer high APYs, low or no monthly fees, free monthly transactions and other features to help your business run more smoothly. See our picks for the best business checking accounts to find options with the highest yields and the best tools to simplify your business finances.
Not all high-interest accounts have high minimum deposit requirements. In fact, some high-interest checking accounts, like Connexus Credit Union Xtraordinary Checking, have no minimum deposit requirements. If you don’t plan to keep a high balance in your checking account, choose an interest-bearing option with no or low minimum balance requirements.
