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Best high-yield checking accounts of April 2024

Explore high-interest checking accounts earning up to 5% APY — a rate that's 70x higher than the national average.

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By

Bethany Hickey

&

Steven Dashiell

Edited by

Alexa Serrano Cruz

Updated

Fact checked

With interest rates increasing over the year, the national APY on interest-bearing checking accounts has also gone up. In fact, we've seen an increase of 0.05% since the beginning of last year, with the best high-yield checking accounts reaching rates as high as 5% APY — a rate that's 70 times higher than the national average, according to the Federal Insurance Deposit Corporation (FDIC). And many of these checking accounts APYs rival many traditional savings accounts.

Compare high-interest checking accounts and alternatives from our partners

Narrow down top high-interest checking accounts by APY, fees and minimum opening deposits. Select Compare for up to four products to see their benefits side by side.

Name Product Fee Minimum deposit to open Annual Percentage Yield (APY) Offer
SoFi Checking and Savings
Finder Score: 4.5 / 5: ★★★★★
Bonus
SoFi Checking and Savings
$0 per month
$0
4.60% on balances of $0+
0.50% on balances of $0+
1.20% on balances of $0+
Get up to $300 cash bonus with qualifying direct deposit. Terms apply. This offer is available until June 30, 2024.
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One
Finder Score: 4.7 / 5: ★★★★★
One
$0 per month
$0
5.00% on balances of $0 to $250,000
1.00% on balances of $250,000.01+
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View details
Current
Finder Score: 4.6 / 5: ★★★★★
Bonus
Current
$0 per month
$0
4.00% on balances of $0.01 to $2,000
Get a $50 referral bonus by inviting your friends to join Current. Once the person receives the invite link and makes qualifying deposits of at least $200 within 45 days of opening the account, you and the referred friend each earn $50
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Axos Bank Rewards Checking
Finder Score: 4.2 / 5: ★★★★★
Bonus
Axos Bank Rewards Checking
$0 per month
$0
3.30% on balances of $0 to $50,000
Use promo code AXOS300 and apply by June 30th, 2024, to earn up to $300 bonus, $50 each month you meet requirements: Make direct deposits of $5,000+ each month for the first 7 months and maintain an average balance of $7,000.
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OnPath FCU High Yield Rewards Checking
Finder Score: 4.1 / 5: ★★★★★
OnPath FCU High Yield Rewards Checking
$0 per month
$25
7.00% on balances of $0 to $10,000
0.50% on balances of $10,000.01+
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Consumers Credit Union Rewards Checking
Finder Score: 4 / 5: ★★★★★
Consumers Credit Union Rewards Checking
$0 per month
$5
5.00% on balances of $0 to $10,000
4.00% on balances of $0 to $10,000
3.00% on balances of $0 to $10,000
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12 best interest-bearing checking accounts

The best high-yield checking accounts have no monthly fee, simple requirements and give you easy access to your money while offering interest rates that are 10 times higher than the national average of 0.08% APY. Consider pairing one of these top checking accounts with your high-yield savings account.

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  • 300+ banks and credit unions reviewed
  • 190+ checking accounts analyzed and rated by our team of experts
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We're big on editorial independence. That means our content, reviews and ratings are fair, accurate and trustworthy. We don't let advertisers or partners sway our opinions. Our financial experts put in the hard work, spending hours researching and analyzing hundreds of products based on data-driven methodologies to find the best accounts and providers for you. Explore our editorial guidelines to see how we work.

Best for high rate

Fierce Cash

4.8
★★★★★

Finder score

Earn $25 per referral. To qualify, you need a $250+ account balance, and the referred customer must deposit $250 within 30 days. Accounts must stay open for 90 days. Limited to 10 Referral Bonuses or $250 in total bonus payments per customer
Fierce easily scoops best for highest rate, as its high 5.25% APY is currently unmatched among the other best interest-bearing checking accounts. Fierce is a finance 'super app', offering a high 5.25% APY on its checking account called Fierce Cash. To top it all off, you only need $0.01 to earn the rate and there are no monthly fees. Fierce also uses the Allpoint ATM network, so you can access your cash with no fees at one of Allpoints 55,000 ATMs nationwide. However, since Fierce isn’t a brick-and-mortar bank, you’ll have to manage all things on the mobile app, which is currently only available on the Apple Store.

One

4.7
★★★★★

Finder score

Go to site Read review
ONE is a free digital checking and savings account. The ONE account is split into Spend and Savings, and you can earn 5.00% APY on balances up to $250,000 when you receive at least $500 in monthly direct deposits or keep a total balance of at least $5,000. Otherwise you'll earn 1.00% APY on all balances. The account also offers up to 3% cashback at Walmart with eligible deposits, up to $50 per year. Overall, this account has its perks, but it lacks a few basic features such as bill pay and joint accounts.

Partner terms and conditions
One is a financial technology company, not a bank. Banking services provided by Coastal Community Bank, Member FDIC.
Debit card rewards:
● Earn 3% cash back at Walmart, up to $50 every year, with eligible deposits¹
● Earn up to 5% cash back on select brands²
Early Pay: Get paid up to 2 days early with direct deposit³
5.00% APY on Savings with eligible deposits: 5.00% annual percentage yield (APY) applies to the primary Savings pocket and custom pockets of customers who either (i) received $500 or more of eligible direct deposits in the previous month or (ii) have a total daily account balance of $5,000 or more. Customers can also earn 5.00% APY on Pay Autosave and ONE@Work Save balances. In all instances 5.00% APY is limited to a total Savings balance of up to $250,000. All other Savings balances will earn 1.00% APY. APYS are as of 2/7/2024, but may change at any time before or after account opening. Fees may reduce earnings on this account.
ATMs: Allpoint Network ATM transactions are fee-free for accounts with eligible direct deposits totaling at least $500 in the previous month. For all other ATM transactions the One ATM Fee will apply and third-party ATM fees may be incurred.
Free Walmart Withdrawals: Use your One card at any Walmart Money Center, cashier, or Customer Service desk to deposit or make a cash withdrawal for free.
¹To receive 3% cash back, eligible customers (at the time their purchase settles) must (i) have received $500 or more of eligible direct deposits in the previous month, or (ii) have a total account balance of $5,000 or more. 3% cash back is limited to up to $50 per year and applies only to purchases made at U.S. Walmart locations and on Walmart.com. This promotion may not be combined with other One promotions that offer cash back on purchases at Walmart. Terms apply.
²Cash back can be earned through the Debit Rewards Program. Individual offer details can be found in the One app. Terms apply.
³Direct deposit may be available up to 2 days in advance, but depends on when your employer sends paycheck data.

SoFi Checking and Savings

4.5
★★★★★

Finder score

Get up to $300 cash bonus with qualifying direct deposit. Terms apply. This offer is available until June 30, 2024.
Go to site Read review
SoFi combines the utility of a checking account with the high interest of a savings account, easily making our best list. You can earn 0.50% APY on your checking account and 4.60% on your savings account, both of which are opened in tandem. You can also enjoy no overdraft fees on transactions less than $50 and get early paycheck arrival with direct deposit. Plus, there are no fees for foreign transactions, ATM withdrawals, monthly maintenance or account inactivity. FDIC insurance coverage is also high, up to $2 million. However, to earn the 4.60% APY on savings, you either have to set up direct deposits, or deposit at least $5,000 each month. If you don't meet those requirements, the checking APY is still 0.50% and savings is 1.20%.

Current

4.6
★★★★★

Finder score

Get a $50 referral bonus by inviting your friends to join Current. Once the person receives the invite link and makes qualifying deposits of at least $200 within 45 days of opening the account, you and the referred friend each earn $50
Go to site Read review
A Current account lets you create up to three savings pods that earn up to 4% bonus on up to $2,000 on each pod. To get the high 4% savings bonus, a qualifying direct deposit of more than $200 is required. There’s no monthly fee or opening deposit, and you can get up to 15x in cashback points on purchases with select retailers, which is a rarity for checking accounts. And with qualifying deposits, you may qualify for Paycheck Advances that have no credit check. On the downside, Current doesn’t offer joint checking accounts and watch out for high foreign transaction fees.

NBKC Everything Account

4.6
★★★★★

Finder score

Go to site Read review
The NBKC Everything Account offers a solid 1.5% APY with no restrictions, along with no fees on incoming domestic wires, foreign transactions, cashier’s checks, overdrafts or insufficient funds. There’s also an option to set up virtual “piggy banks” that let you save for specific spending goals or emergencies. And unlike many other digital banks, NBKC allows you to deposit cash at most MoneyPass ATMs.

Dave

4.3
★★★★★

Finder score

Go to site Read review
The Dave Spending account offers a high 4.00% APY with no minimum deposit or minimum balance requirements. This account also doesn’t require any monthly maintenance, membership or overdraft fees. On top of the high APY, the Spending account also offers early direct deposit, savings round-ups, budgeting features and up to 15% cash back on select offers. But as a fintech, Dave doesn’t have any physical branches, and this account doesn’t accept joint owners or wire transfers.

Primis Premium Checking

4.2
★★★★★

Finder score

Go to site
The Primis Premium Checking account is very competitive and loaded with perks. It offers a 5.07% APY on all balances with no monthly fees or earning caps. It also doesn’t charge any ATM fees, has early direct deposit, offers free cashier’s checks, has no overdraft fees and your first 40-pack of checks is completely free. However, Primis only accepts up to 1,000 new customers per month, and if it hits that cap, you’re added to a waitlist. Primis has a handful of branches in Virginia and Maryland, but outside of that you won’t get branch access. Primis does require a $1 opening deposit for all of its bank accounts.

Finder Award Juno

4.8
★★★★★

Finder score

Spend with the Juno debit card and earn 5% back on your favorite brands. Be it shopping on Amazon or ordering with Doordash, you decide.
Read review
Juno offers a competitive 5% APY on balances between $20,000 and $250,000 and 3% APY on balances below $20,000. It also provides a 5% cashback opportunity for up to five eligible merchants on up to $500 spent total with Basic membership or $6,000 with the premium Metal tier. And if you’re still looking to venture into cryptocurrency, Juno allows you to get paid in crypto when you set up direct deposit.

T-Mobile Money

4.8
★★★★★

Finder score

T-Mobile Money offers an exceptional 4% APY on up to $3,000 when you make 10 qualifying purchases each month if you’re a T-Mobile or legacy Sprint customer with a qualifying wireless plan. After the $3,000, you can earn 2.50% APY thereafter. T-Mobile or Sprint legacy wireless plan customers can also enjoy overdraft protection up to $50. If you’re not in a T-Mobile wireless plan, you can still earn a generous 2.50% APY on all checking and savings account balances.

Aspiration Spend & Save Account

4.2
★★★★★

Finder score

Read review
On top of its commendable goals of making the world a greener place, Aspiration’s Spend & Save Account earns up to 1% APY on up to $10,000 in your account if you’re on the base Aspiration plan or up to 3% APY if you’re an Aspiration Plus member. Aspiration carries no monthly fee if you’re on the base plan, and it doesn’t charge ATM fees. But to earn these impressive APYs, you’ll need to spend at least $500 or more with the Aspiration debit card.

Customers Bank Interest Checking

4.3
★★★★★

Finder score

This checking account is a great option if you want to earn a competitive APY without meeting much in the way of requirements. You’ll earn 2% APY total on your balance: 1% baseline and an additional 1% when you sign up for direct deposit or make two bill payments per statement cycle. The account also charges no monthly fees, making it one of the simpler but still effective checking accounts on our list.

Zeta

4.3
★★★★★

Finder score

Read review
Designed for couples and families, Zeta offers joint checking and savings accounts for easy management with multiple people. You can earn up to 2.43% APY on your entire Zeta account balance by earning VIP status. To become a VIP, you can either set up a direct deposit of at least $1,000 per month, or maintain a minimum daily balance of $5,000. Zeta also offers a host of extra perks, including mobile check deposits, a peer-to-peer payment system, access to the Allpoint ATM network, a smart bill pay feature that sets aside money for your upcoming bills and much more. But you’ll need to open this as a joint account.

Methodology

Finder’s banking experts research and analyze over 70 bank accounts on the market to narrow down the best high-yield checking accounts that give you access to your money while accumulating interest. As part of our analysis, we consider interest-bearing checking accounts and all-in-one digital accounts that allow you to earn interest on your spending or saving money.

We consider the following factors to determine which high-interest checking accounts make the final cut:

  • APYs that are 10 times higher than the average
  • Minimum deposits of $100 or less
  • $0 monthly fee
  • No strict membership requirements
  • Easy requirements to achieve the account’s APY. For example, we don’t consider accounts that require:
    • Over 10 debit transactions a month
    • A separate account application to another product, such as a credit card
    • No more than $1,000 in debit card or direct deposit transactions a month

How do interest-bearing checking accounts work?

A high-yield checking account allows you to earn interest on your balance, but typically at a lower rate than you’ll find with a savings account. Because the rate is lower, it won’t replace traditional or high-yield savings, but a little growth each month can’t hurt. Read the fine print of your account’s terms and conditions for minimum deposits or balances required to trigger the interest rate.

How to choose a high-yield checking account

Before choosing an interest-bearing checking account, compare these factors to find the best one for you:

  • High APY. The national average APY is 0.08%, so anything above that would be considered a high-yield checking account — and the best accounts can be well into the 4% to 5% APY range. Just be sure to read the fine print for any conditions you’ll need to meet to earn your interest.
  • Minimum deposit. It’s not uncommon for checking accounts to have opening deposits of $100 or more.
  • Fees. Check if the account requires a monthly maintenance fee, ATM fees, overdraft fees, nonsufficient fees, wire transfers or more. However, there are many free bank accounts that lack these extra fees to consider.
  • Rewards. Some accounts come with rewards as high as up to 15% cash back that can add up to savings.
  • ATM network. See if your bank has a nationwide ATM network or if you’re limited to a certain area. Some banks even offer reimbursements for out-of-network ATMs.
  • Signup bonuses. Some accounts offer welcome bonuses just for opening a new account with the bank and as long as you meet certain deposit or spending requirements.
  • Customer support. Review the bank’s customer support hours to make sure someone’s available if you need it.
  • Safety. Make sure the bank offers the standard safety features expected on a checking account, such as multi-factor authentication, secure messaging, data encryption and FDIC insurance for up to $250,000.

Banks or credit unions: Which offer better checking account rates?

In general, credit unions offer higher-yield checking accounts than banks do. However, in many cases, credit unions require you to meet more criteria to earn their best APYs. For instance, you may need to make a certain number of purchases in a month to qualify for the best APY, or you must have direct deposit set up. Banks that offer high-yield checking accounts usually won’t require you to jump through as many hoops as credit unions do.

What are the pros and cons of interest-bearing checking accounts?

High-interest checking accounts have the same FDIC insurance as other bank accounts and come with these benefits and drawbacks:

Pros

  • Interest on your balance. Earning money with little effort is a plus — especially when most checking accounts don’t offer it.
  • Easy access to your money. Set aside the funds you need to pay regular bills and funnel anything that’s left to your long-term savings account.

Cons

  • Low interest rates. Checking account APYs tend to be lower than savings accounts or CDs, according to the FDIC. With checking accounts averaging at 0.08% APY and savings accounts at 0.46% APY.
  • Minimums required. If you can’t maintain at least the minimum, you may end up paying an assortment of fees — or find you’re excluded from earning the interest you sign up for.
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Are interest-bearing checking accounts worth it?

Yes, they definitely can be. Those that offer high-yield rates with minimum requirements give you the freedom to access your money while also growing it.

However, some high-yield checking accounts may come with extensive requirements to meet the highest rate. Some requirements may include direct deposit, minimum deposits each month, certain requirements of transactions per month or all of the above and more.

Here’s how much you could earn with a high-yield checking account compared to a standard checking account using the popular account SoFi as an example. This table assumes you maintain a $10,000 balance for five years.

Bank accountInterest rateStarting balanceYear 1Year 2Year 3Year 4Year 5
SoFi Checking0.5%$10,000$10,050$10,100$10,151$10,202$10,253
Chase Premier Plus Checking0.01%$10,000$10,001.00$10,002.00$10,003.00$10,004.00$10,005.00

A traditional checking account like the Chase Premier Plus Checking results in an incredibly small gain of $1 per year, while SoFi Checking yields about $50 more per year.

How to make the most of a high-yield checking account

To get the most out of a high-yield checking account, there are three main actions you might want to take.

  1. Maintain your APY requirements.

    2. This is essential to take advantage of the higher interest rate on the account. If you can’t maintain a higher balance or other requirements, you may lose the benefit of the higher APY.

  2. Pair it with a high-yield savings account.

    3. If there’s a large amount of your money resting in your checking account untouched for the foreseeable future, you can divert some of that money into the high-yield savings account to further improve your earnings over time.

  3. Take advantage of automatic savings.

    4. Some checking accounts reward you with higher rates when you set up automations like round-ups. For example, Chime rounds up your purchase to the nearest dollar and transfers it to your Chime Savings account.

4 alternatives to interest-bearing checking accounts

If you’re not completely set on a high-yield checking account, here are some similar alternatives to explore:

  1. Rewards checking accounts. Some checking accounts can come with rewards like cash back on certain purchases or discounts. Unlike a rewards credit card, reward checking accounts don’t have any interest charges or repayments to worry about.
  2. Money market accounts. The best money market accounts come with checkwriting privileges and a debit card so you can access your money on the fly. But many, like CIT Bank and Discover, also have a competitive APY, so you can quickly grow your savings.
  3. Digital bank accounts. Don’t want to deal with separate checking and savings accounts? Find a digital bank that lets you manage all your money in one place. Popular options like Chime and Varo have combo accounts designed for spending and saving.
  4. Cash management accounts. Offered by nonbank financial institutions like brokerage and investment firms, cash management accounts (CMA) earn interest and offer the essential features of a bank account, including easy access to your money. Products like M1 Finance and Robinhood are prominent examples of popular cash management accounts.

Bottom line

A high-yield checking account can earn you a little extra on your balance intended for regular payments. But it doesn’t replace a savings account for long-term savings. To keep your nest egg safe, compare savings accounts to find the highest APY you’re eligible for.

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