Finder makes money from featured partners, but editorial opinions are our own. Advertiser Disclosure

Best high-yield checking accounts of December 2021

Compare the top 14 accounts from over 100 interest bearing checking accounts.

14 best high-yield checking accounts

Compare the best interest-bearing checking accounts using this interactive table. Sort the columns by fees, interest rates, ATM networks and minimum required deposits. Place a checkmark in the Compare box to see a direct comparison between selected accounts.

Name Product APY Minimum deposit to open Fee ATMs
OnJuno
1.20% on balances of $0 to $50,000
0.25% on balances of $50,000.01+
$0
$0 per month
More than 85,000 ATMs nationwide
A free account for crypto and cash that earns a 1.2% bonus rate plus 5% cashback on purchases from participating retailers.
Consumers Credit Union Rewards Checking
4.09% on balances of $0 to $10,000
0.20% on balances of $10,000.01 to $25,000
0.10% on balances of $25,000.01+
$5
$0 per month
Over 30,000 ATMs and access to over 5,000 shared branches
Earn Up to 4.09% APY* on balances up to $10,000. No monthly maintenance fees. Online Banking and Bill Pay
Quontic Bank High Interest Checking
1.01% on balances of $0 to $150,000
0.45% on balances of $150,000.01 to $1,000,000
$100
$0 per month
90,000+ surcharge-free ATMs
Quontic Bank High Interest Checking offers a high APY and no monthly fee. But you’ll need to make at least 10 debit card transactions of $10 or more a month to keep the high APY.
Axos Bank Rewards Checking
1.00% on balances of $0 to $50,000
$50
$0 per month
ATM fees reimbursed at any ATM nationwide
Earn up to 1.00% APY while enjoying a suite of digital tools for smarter money management.
T-Mobile Money
4.00% on balances of $0 to $3,000
1.00% on balances of $3,001+
$0
$0 per month
More than 55,000 no-fee ATMs worldwide with the Allpoint ATM network
No overdraft fees. No maintenance fees. No fees at Allpoint ATMs. No minimum balance.
First Internet Bank Interest Checking
0.30%
$100
$10 per month
It reimburses up to $10 in rebates
Free first order of checks and Incoming wires. 0.30% APY. $100 minimum deposit to open
loading

Compare up to 4 providers

This article was reviewed by Marguerita Cheng, a member of the Finder Editorial Review Board and award-winning advocate for ethical financial planning for over 20 years.

What’s changed in 2021?
We added Emprise Bank High Interest Checking, which earns up to 1.75% APY on balances up to $10,000 to our list of the best high interest checking accounts.

Closer look at the best high-interest checking accounts

The best high yield checking account offers interest without giving up easy access to your money. But unlike savings accounts, they are more likely to come with monthly fees. We researched over 100 interest bearing checking accounts to find the best accounts with low fees, competitive APYs, nationwide availability and low minimum balance requirements.

OnJuno

Finder rating 4.8 / 5 ★★★★★

Go to site
on OnJuno's secure website

Quontic Bank High Interest Checking

Finder rating 4.3 / 5 ★★★★★

Go to site
on Quontic Bank's secure website

Axos Bank Rewards Checking

Finder rating 4.2 / 5 ★★★★★

Go to site
on Axos Bank's secure website

Consumers Credit Union Rewards Checking

Finder rating 4 / 5 ★★★★★

Go to site
on Consumers Credit Union (IL)'s secure website

T-Mobile Money

Finder rating 4.8 / 5 ★★★★★

First Internet Bank Interest Checking

Finder rating 3.6 / 5 ★★★★★

TIAA Bank Yield Pledge Checking

Finder rating 4.3 / 5 ★★★★★

Alliant Credit Union High-Rate Checking

Finder rating 4.2 / 5 ★★★★★

Emprise Bank High Interest Checking

Finder rating 4.4 / 5 ★★★★★

Ally Bank Interest Checking

Finder rating 4.3 / 5 ★★★★★

NBKC Everything Account

Finder rating 4.5 / 5 ★★★★★

BankPurely CheckingPurely

Finder rating 4.3 / 5 ★★★★★

Capital One 360 Checking

Finder rating 4.2 / 5 ★★★★★

Bank5 Connect High-Interest Checking

Finder rating 4.4 / 5 ★★★★★

How to choose the best high-yield checking account

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

  • Minimum deposit. It’s not uncommon for interest-bearing checking accounts to have opening deposits of $100 or more.
  • Fees. Read the fine print to learn any conditions you’ll need to meet to earn your APY, like minimum balances or direct deposits. Also, check fees for ATMs, overdrafts and foreign transactions.
  • Customer support. Review the bank’s customer support hours to make sure someone’s available if you need it.
  • Features. Some high-interest checking accounts come with budgeting tools, auto-save features and even cash back on debit card purchases.
  • ATM network. See if your bank has a nationwide ATM network or if you’ll be limited to a certain area. Some banks even offer reimbursements for non-network ATMs.

      4 alternatives to high-yield checking accounts

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

      1. 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 they also have a competitive APY so you can quickly grow your savings.
      2. 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 PNC Virtual Wallet and Aspiration have combo accounts designed for spending and saving.
      3. High-yield savings account. If you don’t plan on spending the money you keep in your high-yield checking account, then a high-yield savings account is a good alternative. They often have higher interest rates and lower fees.
      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.

      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. APYs are often lower than your typical savings options, so don’t expect to rely on these accounts for long-term savings.
      • 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.
      Back to top

      Are high-yield checking accounts worth it?

      Yes, in many cases high-yield checking accounts are worth it because they earn interest and give you the freedom to access your money whenever you need it. But some high-yield checking accounts only pay interest if you meet certain conditions or if your balance is below a certain amount. If you don’t meet those conditions or your balance is too high, a high-yield savings account or money market account might be a better fit for you.

      Do banks or credit unions offer higher-yield checking accounts?

      In general, credit unions offer higher-yield checking accounts than banks do. However, in many cases, credit unions require you to meet more criteria in order 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.

      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’s 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.

      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.

      Frequently asked questions

      More guides on Finder

        Ask an Expert

        You are about to post a question on finder.com:

        • Do not enter personal information (eg. surname, phone number, bank details) as your question will be made public
        • finder.com is a financial comparison and information service, not a bank or product provider
        • We cannot provide you with personal advice or recommendations
        • Your answer might already be waiting – check previous questions below to see if yours has already been asked

        Finder.com provides guides and information on a range of products and services. Because our content is not financial advice, we suggest talking with a professional before you make any decision.

        By submitting your comment or question, you agree to our Privacy and Cookies Policy and finder.com Terms of Use.

        Questions and responses on finder.com are not provided, paid for or otherwise endorsed by any bank or brand. These banks and brands are not responsible for ensuring that comments are answered or accurate.
        Go to site