Best high-yield checking accounts of September 2023
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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10 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.
SoFi combines the utility of a checking account with the high interest of a savings account, sealing the deal for our best overall pick for 2023. You can earn up to 0.50% APY on your checking account and 4.50% on your savings account, both of which are opened in tandem. To earn those high rates, you either have to set up direct deposits, or deposit at least $5,000 each month. Additionally, you can earn up to 15% cashback rewards from participating retailers. You can also access no overdraft fees on transactions less than $50 and the ability to get paid up to two days early by setting up direct deposit. Plus, there are no fees for foreign transactions, ATM withdrawals, monthly maintenance or account inactivity. Another bonus is the additional FDIC insurance coverage, up to $2 million. Few other checking accounts on the market can offer this level of value for so little investment.
Pros
Earn 0.50% APY on checking
Earn up to 4.50% 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
4.50% on balances of $0+ 0.50% on balances of $0 to 1.20% on balances of $0+
Intro or bonus offer
Get up to $250 with qualifying direct deposit. Terms apply. This offer is available until December 31, 2023.
One Finance is a free digital checking and savings account. The ONE account is split into Spend and Savings, and you can earn 5% APY on balances up to $100,000 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% APY on all balances. The account also offers 3% cash back when you shop at Walmart, up to $50 per year. However, it does lack a few basic features, such as bill pay and joint accounts.
Pros
Earn up to 5% 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 to $100,000 on balances up to $100,000 when you receive at least $500 in monthly direct deposits or keep a total balance of at least $5,000 1.00% on balances of +
Juno offers a competitive 5% APY on balances up to $50,000 and 4% APY on balances between $50,001 to $250,000. 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 $0 to $50,000 4.00% on balances of $50,001 to $250,000
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
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.
Current offers a high 4% APY on up to $2,000 on each savings pod — or subaccount — you create, up to a maximum of three pods for a max limit of $6,000. To get the high 4% APY, a qualifying direct deposit of more than $200 is required. There’s no monthly fee or opening deposit and offers up to 15x cashback points on purchases with select retailers, which is a rarity for checking accounts.
Pros
$0 monthly fee and no opening deposit
Early direct deposits
4% APY on up to $2,000 in each savings pod
Up 15x cashback points on purchases
Cons
Mobile banking only
$3 plus 3% international transaction fees
APY
4.00% on balances of $0.01 to $2,000 4% APY 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
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
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.
This high interest checking account offers a competitive 1.1% APY as long as you make at least 10 qualifying debit card transactions of $10 or more per statement cycle. There’s a $100 minimum deposit, but there are few fees, including no monthly or overdraft fees. Quontic also has a large ATM network, allowing you to access your account at more than 90,000 eligible AllPoint, MoneyPass, SUM or Citibank ATMs located at Target, Walgreens, CVS and more.
Pros
Earn 1.1% APY, with requirements
No monthly and overdraft fee
Large network of 90,000+ ATMs
Cons
No cash deposits
$100 opening deposit
APY
1.10% on balances of $0+ 0.01% on balances of $0 to
Nationwide Advantage Checking sports a 0.9% APY — 0.45% when you set up direct deposits totaling $1,000 or higher each month and another 0.45% when you make 10 or more $3 transactions per month with your debit card. It also charges no monthly fees and offers early direct deposits as well as up to $30 in ATM fee rebates on eligible fees. While this isn’t the largest APY among the accounts on our list, its rate is 12x higher than the national average for interest-bearing checking accounts.
Pros
Earn up to 0.9% APY with qualifying transactions
No monthly, overdraft or non-sufficient funds fees
Over 80,000 ATMs
Cons
Only three physical locations
Multiple requirements for earning APY
APY
0.90% on balances of $0 to $150,000 With direct deposits (not including intra-bank transfers from another account) totaling $1,000 or more each month will earn 0.45%; and at least ten (10) point-of-sale transactions per month using your Advantage Checking Visa Debit Card for normal everyday purchases with a minimum of $3 per transaction will earn 0.45%..
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
More than up to $1,000 in 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 0.40% 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.
Steven Dashiell is a personal finance writer, specializing in credit cards, banking and growing and protecting your income. His insights and expertise has been featured on Nasdaq, U.S. News & World Report, Time, CBS, ABC, Fox Business, Lifehacker and Martha Stewart Living, among other top media. Steve holds a BA in English from University of Maryland, Baltimore County, minoring in composition and rhetoric. In his spare time Steve nerds out on birds, paints and plays a whole lot of Street Fighter.
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