Explore high-interest checking accounts earning up to 5% APY — a rate that's 70x higher than the national average.
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.
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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
0.07% APY. Consider pairing one of these top checking accounts with your high-yield savings account.
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.
Pros
High 5.25% APY
No monthly fees or balance requirements
55,000+ strong ATM network
Cons
No physical branches
Currently only available to Apple users
APY
5.25% on balances of $0.01+
Intro or bonus offer
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
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.
Pros
Earn up to 5.00% APY
$0 monthly fee
Up to $200 overdraft protection
Cons
No joint accounts
No automated bill pay
Limited phone support
APY
5.00% on balances of $0 to $250,000 with $500+ direct deposit in previous month or $5,000+ daily balance. See details below 1.00% on balances of $250,000.01+
Rewards
Earn 3% cash back at Walmart, up to $50 annually, with eligible deposits
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 earn up to 15% cashback rewards from participating retailers, 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%.
Pros
Earn 0.50% APY on checking
Earn up to 4.60% APY on savings
Up to 15% in cashback rewards
Few fees
Savings round-ups
Cons
$4.95 cash deposit fees
Deposit requirements to earn highest APYs
APY
4.60% on balances of $0+ 0.50% on balances of $0 to 1.20% on balances of $0+
Intro or bonus offer
Get up to $300 cash bonus with qualifying direct deposit. Terms apply. This offer is available until June 30, 2024.
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
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.
Pros
$0 monthly fee and no opening deposit
Early direct deposits
4% bonus on up to $2,000 in each savings pod
Up 15x cashback points on purchases
Cons
No joint accounts
$3 plus 3% foreign transaction fees
APY
4.00% on balances of $0.01 to $2,000 4% bonus on up to $2,000 in each savings pod with direct deposits. Up to $6000 total.
Intro or bonus offer
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
Rewards
Earn up to 15x the points when you use your debit card at one of 14,000+ participating merchants
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.
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.
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.
Pros
High 5.07% APY with no earning caps
No monthly, ATM or overdraft fees
Free cashier checks and 40 checks
Cons
Only accepts 1,000 new customers per month
Limited branch support
APY
5.07% on balances of $1+
Fee
$0 per month
Overdraft fee
$0
APY
5.07%
Fee
$0 per month
Minimum deposit to open
$1
verified_userFDIC Insured
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.
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.
Pros
5% yearly bonus on balances up to $25,000
Option to receive direct deposits in crypto
5% cashback rewards at eligible retailers
Cons
No joint accounts
Doesn't support wire transfers
APY
5.00% on balances of $20,000 to $250,000 3.00% on balances of $0 to $20,000
Intro or bonus offer
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.
Rewards
5% cashback when you pay with cash or crypto, on total annual spends of $500 with the basic plan or $6000 of the total spend with the Metal plan
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.
Pros
Up to 4% APY
Two-day early direct deposit
$0 monthly fees
No overdraft fees on purchases under $50
Cons
No physical branches
Highest APY requires wireless plan
APY
4.00% on balances of $0 to $3,000 When you are enrolled in a qualifying T-Mobile postpaid wireless plan; You have registered for perks with your T-Mobile ID; and at least 10 qualifying transactions using your T-Mobile MONEY card and/or instant payments to friends have posted to your Checking account before the last business day of the month 2.50% on balances of $3,001+
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.
Pros
1% APY on up to $10,000 with base membership
High 3% APY on up to $10,000 with paid membership
Up to 10% cash back on select purchases
Round up purchases to plant trees
Cons
Must connect existing bank account
$7.99/month for Aspiration Plus
APY
3.00% on balances of $0 to $10,000 1.00% on balances of $0 to $10,000
Rewards
Unlimited cash back rewards on debit card transactions, plus extra cash back at businesses with high AIM scores
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.
Pros
Earn up to 2% APY
$0 monthly fee
Cons
No cash deposits
APY
2.00% Base rate 1.00% APY plus bonus APY of 1.00% with one direct deposit or two bill payments per statement cycle
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.
Pros
High 2.43% APY
Organize bills with smart bill pay feature
No monthly fees
Extra features designed for couples and families
Cons
Must open as a joint account
Direct deposit or balance requirements for best APY
APY
2.43% on balances of $0.01+ 2.43% APY with $1,000 in direct deposit or $5,000 minimum daily average
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
0.07%, 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
0.07% 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.
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 account
Interest rate
Starting balance
Year 1
Year 2
Year 3
Year 4
Year 5
SoFi Checking
0.5%
$10,000
$10,050
$10,100
$10,151
$10,202
$10,253
Chase Premier Plus Checking
0.01%
$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.
Maintain your APY requirements.
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.
Pair it with a high-yield savings account.
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.
Take advantage of automatic savings.
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:
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.
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.
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.
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.
Bethany Hickey is a personal finance writer at Finder, specializing in banking, lending, insurance, and crypto.
Bethany’s expertise in personal finance has garnered recognition from esteemed media outlets, such as Nasdaq, MSN, Yahoo Finance, GOBankingRates, SuperMoney, AOL and Newsweek. Her articles offer practical financial strategies to Americans, empowering them to make decisions that meet their financial goals. Her past work includes articles on generational spending and saving habits, lending, budgeting and managing debt.
Before joining Finder, she was a content manager where she wrote hundreds of articles and news pieces on auto financing and credit repair for CarsDirect, Auto Credit Express and The Car Connection, among others.
Bethany holds a BA in English from the University of Michigan-Flint, and was poetry editor for the university’s Qua Literary and Fine Arts Magazine.
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