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Compare interest-bearing checking accounts

Dawn Daniels
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Enjoy a small boost to your balance while making everyday transactions.

Most checking accounts are designed to separate your more fluid cash from long-term savings. An interest-bearing checking account sweetens your money management with a rate that allows you to earn interest along with that easy access.

Compare interest-bearing checking accounts

Name Product APY ATMs Fee
Consumers Credit Union Rewards Checking
Consumers Credit Union Rewards Checking
5.09% 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 to
Over 30,000 ATMs and access to over 5,000 shared branches
$0
Paying one of the highest yields nationwide while offering all the conveniences you deserve.
More Info
T-Mobile Money
T-Mobile Money
4.00% on balances of $0 to $3,000
1.00% on balances of $3,001 to
More than 55,000 no-fee ATMs worldwide with the Allpoint ATM network
$0
No overdraft fees. No maintenance fees. No fees at Allpoint ATMs. No minimum balance.
More Info
PNC Virtual Wallet
PNC Virtual Wallet
2.35%
Free at more than 9,000 PNC ATMs nationwide
$7/month
(can be waived)
A high interest, short-term savings and a checking account, paired with digital money management tools – all working together to help you better manage your financial life.
More Info
Simple
Simple
2.02% on balances of $2,000+
0.01% on balances of $0 to $1,999
40,000 AllPoint ATMs in Simple’s network
$0
Banking and budgeting in one simple app.
More Info
Aspiration Spend & Save Account
Aspiration Spend & Save Account
2.00% on balances of $10,000+ or deposit $1+ each calendar month into any Aspiration cash management or investment account
Free to use anywhere worldwide
$0
A spend and save combo account with no monthly service fees, free access to every ATM in the world, unlimited cash back rewards and deposits insured by the FDIC. The Aspiration Spend & Save Account is a cash management account offering of Aspiration Financial, LLC, an SEC-registered broker-dealer. Aspiration is not a chartered bank.
More Info
Axos Bank Rewards Checking
Axos Bank Rewards Checking
1.25% on balances of $0+ with $1,000+ in direct deposits, 10 $3+ debit card transactions and 5 additional account transactions per month
ATM fees reimbursed at any ATM nationwide
$0
Earn up to 1.25% APY while enjoying a suite of digital tools for smarter money management.
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More Info

Compare up to 4 providers

How does an interest-bearing checking account work?

An interest-bearing 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, 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 can I compare interest-bearing checking accounts?

First assess what your needs are, the type of transactions you tend to make and how often you deposit money in your account.

Armed with that information, weigh competitive features designed to keep more of your money away from fees and reward you for your loyalty, like:

  • No monthly fees. Look for ways to avoid advertised maintenance fees, including committing to regular direct deposits or autopay requirements.
  • Low or no monthly deposits. Some accounts require a minimum monthly deposit to earn interest or avoid fees.
  • No ATM fees. Competitive banks offer free out-of-network withdrawals and even reimburse you for fees you’re charged by third-party operators.
  • No debit card fees. With so much competition, it’s easy to find a bank that allows full use of a debit card without a charge.
  • Convenient banking. If you like banking on the go, look for a robust app that allows you to manage your balance from your phone. Find a network of brick-and-mortar branches if you prefer in-person support.
  • Low minimum opening balance. Look beyond banks requiring minimums that are more than you have to save.
  • Competitive interest rates. Get the most out of your APY by learning whether interest payouts align with your paychecks — you’ll want it calculated against your highest balance between constant withdrawals and deposits.
  • Rewards and perks. Many banks entice customers with cash back, miles or other rewards with your debit card.
  • No foreign transaction fees. Frequent travelers will appreciate straightforward spending overseas and on foreign websites.

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

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.
  • FDIC protection. Your balance of up to $250,000 is protected against the financial institution’s collapse or failure.

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.
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Bottom line

An interest-bearing 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

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