Best high-yield checking accounts of December 2021

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

• Pros and cons

  Pros

  • Choose your own rewards. You have the power to decide which five brands you earn 5% cashback with. Plus, you'll get an APY-like savings bonus of 1.2% on yearly deposits of $5,000 or $50,000 depending on whether or not you receive monthly direct deposits of at least $500.
  • Get paid plan for free. OnJuno top-tier Metal plan is free when you set up direct deposits.
  • OnJuno gives back. In an effort to reduce wealth inequality, OnJuno donates 2.15% of its profits to charities in India.

  Cons

  • Rewards limits. The bonus rate drops to 0.25% on balances above $5,000 if you're on the Basic tier and $50,000 if you're on the Metal tier.
  • No joint accounts. You can't open this account with a partner or family member.
  • No other accounts. You won't find any other banking products at OnJuno, so it may not be a good fit for those who want to keep all their accounts under one roof.

• More details

  APY	1.20% on balances of $0 to $50,000 If you setup $500 monthly direct deposit. The interest rate provided is a Bonus Rate offered by OnJuno and it is not interest provided by Evolve Bank and Trust 0.25% on balances of $50,000.01+
  Intro or bonus offer	Metal checking is free for the first 6 months
  Rewards	You have the freedom and flexibility to choose which five brands you earn up to 5% cashback with
  Fee	$0 per month
  Nonsufficient funds fee	$0
  ATM transaction fee	$0
  Foreign transaction fee	0%

APY	Up to 1.20%
Fee	$0 per month
Minimum deposit to open	$0

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

• Pros and cons

  Pros

  • No monthly fees. Enjoy no monthly fees when you open a Quontic Bank High Interest Checking account.
  • Large ATM network. Use over 90,000 AllPoint, MoneyPass, SUM and Citibank ATMs nationwide for free.
  • Accessible customer service. Get ahold of customer service by starting a live chat on the website or by calling 800-908-6600.

  Cons

  • $100 opening deposit. This account requires a $100 minimum deposit, which is higher than most options on our list.
  • APY requirements. You'll need to make at least 10 point of sale debit card transactions a month of $10 or more to earn 1.01% APY. Otherwise, you'll only earn 0.01%.

• More details

  APY	1.01% on balances of $0 to $150,000 with 10 qualifying point of sale debit card transactions of $10 or more, otherwise 0.01% 0.45% on balances of $150,000.01 to $1,000,000
  Fee	$0 per month
  Overdraft fee	$35

APY	Up to 1.01%
Fee	$0 per month
Minimum deposit to open	$100

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

• Pros and cons

  Pros

  • Impressive APY. Axos Bank Rewards Checking earns up to 1% APY - a rate higher than most savings accounts.
  • Unlimited ATM reimbursements. Axos Bank reimburses you for all non-network ATM fees within one business day.
  • No fees. This account doesn't charge any fees for overdrafts, insufficient funds or monthly maintenance.

  Cons

  • Strict APY requirements. You must receive at least $1,500 in monthly direct deposits to earn interest on this account. And to earn the maximum APY of 1.0%, you must open two investments accounts and one personal loan with Axos.
  • Opening deposit. You'll need at least $50 to open this account, unlike other options on our list that let you get started with as little as $0.

• More details

  APY	1.00% on balances of $0 to $50,000 Interest-earning conditions apply
  Fee	$0 per month
  Nonsufficient funds fee	$0
  ATM transaction fee	$0
  Foreign transaction fee	1%
  Overdraft fee	$0

APY	1.00%
Fee	$0 per month
Minimum deposit to open	$50

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

• Pros and cons

  Pros

  • Highest APY. Earn up to 4.09% APY on the first $10,000 in your account when you meet certain activity requirements.
  • No monthly fees. Even with its high APY, this account has no monthly fees.
  • ATM fee reimbursements. Consumers Credit Union reimburses you for all non-network ATM fees when you meet certain activity requirements.

  Cons

  • Cap on APY. You'll only earn up to 4.09% APY on the first $10,000 in your account. After that, you earn 0.2% on balances between $10,000.01 and $25,000, and 0.1% on balances above $25,000.01.
  • ATM fee refund requirements. You'll need to meet all the requirements to earn 3.09% APY if you want to take advantage of non-network ATM reimbursements
  • Mandatory membership. Because CCU is a credit union, you'll need to pay a one-time $5 fee to Consumers Cooperative Association and open a Membership Share/Savings account before you can open this checking account.

• More details

  APY	4.09% on balances of $0 to $10,000 with eDocuments, debit card purchases, direct deposit and credit card purchases 0.20% on balances of $10,000.01 to $25,000 0.10% on balances of $25,000.01+
  Fee	$0 per month
  Nonsufficient funds fee	$30
  ATM transaction fee	$0
  Overdraft fee	$30

APY	Up to 4.09%
Fee	$0 per month
Minimum deposit to open	$5

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

T-Mobile Money

Finder rating 4.8 / 5 ★★★★★

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• Pros and cons

  Pros

  • Earns interest. Eligible T-Mobile wireless customers earn an impressive 4% APY on the first $3,000 in their account. Other customers earn 1%, which is still higher than most savings accounts.
  • 24/7 support. Get help from customer service any time day or night by calling **MONEY or 866-686-9358.
  • Extra overdraft protection. T-Mobile's Got Your Back program gives up to $50 in overdraft protection to eligible customers.

  Cons

  • APY requirements. To earn 4% APY, you'll need to have an active T-Mobile postpaid wireless plan, register for perks with your T-Mobile ID and have at least $200 in qualifying direct deposits.
  • One account only. This account can't be opened jointly and T-Mobile doesn't offer any savings accounts.

• More details

  APY	4.00% on balances of $0 to $3,000 for T-Mobile customers with $200+ in deposits each month 1.00% on balances of $3,001+
  Fee	$0 per month
  Nonsufficient funds fee	$0
  ATM transaction fee	$0
  Foreign transaction fee	0%
  Overdraft fee	$0

APY	Up to 4.00%
Fee	$0 per month
Minimum deposit to open	$0

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First Internet Bank Interest Checking

Finder rating 3.6 / 5 ★★★★★

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• Pros and cons

  Pros

  • Earns interest. You'll earn 0.3% APY on your total account balance. You don't need to meet any special requirements to qualify.
  • ATM fee rebates. First Internet Bank reimburses up to $10 a month in non-network ATM fees.
  • Freebies. Incoming wires and your first order of checks are always free.

  Cons

  • Monthly fee. First Internet Bank Interest Checking has a $10 monthly fee, but it's waived when you maintain a $500 minimum balance in your account.
  • Opening deposit requirements. You'll need at least $100 to open an account.

• More details

  APY	0.30%
  Fee	$10 per month
  To waive the fee	$500 average daily balance

APY	0.30%
Fee	$10 per month
Minimum deposit to open	$100

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TIAA Bank Yield Pledge Checking

Finder rating 4.3 / 5 ★★★★★

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• Pros and cons

  Pros

  • Introductory APY. You'll earn 0.4% APY the first year you open your account. After that, it drops down to 0.25%.
  • Price protection. If you make a purchase with your High Yield debit card and the price goes down within 60 days, TIAA will reimburse you the difference, up to $250.
  • Return protection. If you make a purchase with your High Yield debit card and the merchant won't accept the return within 90 days of purchase, TIAA will refund you up to $250.

  Cons

  • $100 opening deposit. You'll need at least $100 to open a TIAA Bank Yield Pledge Checking account.
  • Miscellaneous fees. There aren't any monthly fees, but expect to pay $10 for cashier's checks, $10 for returned deposit items, $25 to send domestic wires, $30 to $65 for foreign wire transfers and more.

• More details

  APY	0.25% on balances of $50,000 to $10,000,000 0.40% 1-year intro APY 0.20% on balances of $25,000 to $49,999.99 0.15% on balances of $0 to $24,999.99
  Intro or bonus offer	0.40% APY for the first year
  Fee	$0 per month
  Nonsufficient funds fee	$30
  ATM transaction fee	$0
  Overdraft fee	$0

APY	Up to 0.25%
Fee	$0 per month
Minimum deposit to open	$100

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Alliant Credit Union High-Rate Checking

Finder rating 4.2 / 5 ★★★★★

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• Pros and cons

  Pros

  • Earns interest. Earn the advertised 0.25% APY when you opt into electronic statements and make at least one electronic deposit a month.
  • No monthly fees. This account has no monthly fees and a low $0 opening deposit.
  • ATM fee rebates. Get up to $20 in monthly rebates when you use an ATM outside of Alliant's network.

  Cons

  • Limited eligibility. Alliant is a credit union, so you'll need to become a member before you can open this checking account.
  • Account closure fee. You'll pay a $10 fee if you close your account within 90 days of opening it.

• More details

  APY	0.25% Meet two requirements each month to qualify for high-interest checking.
  Fee	$0 per month
  Nonsufficient funds fee	$25
  ATM transaction fee	$0
  Foreign transaction fee	1%
  Overdraft fee	$28

APY	0.25%
Fee	$0 per month
Minimum deposit to open	$0

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Emprise Bank High Interest Checking

Finder rating 4.4 / 5 ★★★★★

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• Pros and cons

  Pros

  • Outstanding APY. Earn up to 1.75% APY on the first $10,000 in your account.
  • ATM rebates. Get up to $25 in out-of-network ATM fees reimbursed each month if you meet certain criteria.
  • No service fee or balance requirement. There's no recurring service fee or minimum balance requirement to earn interest.

  Cons

  • Criteria to earn APY and get ATM rebates. You'll only earn 1.75% APY and get ATM fee rebates if you sign up for e-statements, receive at least one direct deposit each month and make 12 or more debit card purchases each statement period.
  • $100 minimum deposit. You'll need to deposit at least $100 to open this account. Many other banks only require $25 or $50 deposits.
  • Limited ATM network. Emprise Bank only has 34 ATM machines, and you can only deposit cash into eight of them.

• More details

  APY	1.75% on balances of $0 to $10,000 If you make at least 12 debit card purchases, enroll in eStatements, have at least one direct deposit, automatic deposit or withdrawal per statement cycle. Otherwise, 0.01% APY. 0.20% interest rate on portion of balance of $10,000.01+
  Fee	$0 per month
  Overdraft fee	$32

APY	Up to 1.75%
Fee	$0 per month
Minimum deposit to open	$100

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Ally Bank Interest Checking

Finder rating 4.3 / 5 ★★★★★

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• Pros and cons

  Pros

  • No minimums or monthly fees. This account is free to open and has a $0 minimum deposit.
  • Variable interest rates. Earn 0.1% APY on balances up to $14,999 and 0.15% APY on balances of $15,000 or more.
  • 24/7 customer service. Ally customer service representatives are available by phone and live chat every single day.

  Cons

  • No branch locations. Ally may have 24/7 customer service, but it doesn't have any branch locations for in-person support.
  • No cash deposits. As with most online bank accounts, you can't deposit cash directly into your account. You must buy a money order and mailing it to Ally instead.

• More details

  APY	0.15% on balances of $15,000+ 0.10% on balances of $0 to $14,999
  Fee	$0 per month
  ATM transaction fee	$0
  Foreign transaction fee	1%
  Overdraft fee	$25

APY	Up to 0.15%
Fee	$0 per month
Minimum deposit to open	$0

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NBKC Everything Account

Finder rating 4.5 / 5 ★★★★★

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• Pros and cons

  Pros

  • No APY requirements. You'll earn 0.15% APY on your total account balance, no strings attached.
  • ATM fee rebates. NBKC will reimburse up to $12 in non-network ATM fees each month.
  • No fees. NBKC prides itself on no hidden fees. You won't pay anything for incoming domestic wires, foreign transactions, monthly maintenance, cashier's checks or overdrafts.

  Cons

  • Wire transfer fees. NBKC has almost no fees, but you'll still pay $45 to send and receive international wires and $5 to send domestic wires.
  • Limited customer service. The only time you can reach customer service is during regular business hours, weekdays from 8 a.m. to 5 p.m. CT.

• More details

  APY	0.15% on balances of $0.01+
  Fee	$0 per month
  Nonsufficient funds fee	$0
  ATM transaction fee	$0
  Foreign transaction fee	0%
  Overdraft fee	$0

APY	0.15%
Fee	$0 per month
Minimum deposit to open	$5

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BankPurely CheckingPurely

Finder rating 4.3 / 5 ★★★★★

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• Pros and cons

  Pros

  • Ethical checking account. BankPurely is PayItGreen certified and aims to minimize its carbon footprint through sustainable approaches.
  • Earns interest. Earn 0.25% APY on your total balance. You don't need to meet any special requirements to qualify.
  • No monthly fees. This account has no monthly fees, although you need at least $100 to open.

  Cons

  • $100 opening deposit. Unlike other options on our list, you'll need at least $100 to open a CheckingPurely account with BankPurely.
  • ATM fee. You'll pay $3 each time you use a non-network ATM, unlike other banks that refund these fees.

• More details

  APY	0.25%
  Fee	$0 per month
  ATM transaction fee	$0

APY	0.25%
Fee	$0 per month
Minimum deposit to open	$100

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Capital One 360 Checking

Finder rating 4.2 / 5 ★★★★★

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• Pros and cons

  Pros

  • No fees. It costs nothing to open a Capital One 360 Checking account and earn 0.1% APY on your total balance. Plus, you won't pay anything for ATM withdrawals and foreign transactions.
  • Four overdraft options. Unlike many banks, Capital One gives you four ways to avoid overdraft fees - which often cost around $30 each.
  • Early paydays. Your paycheck could land in your account up to two days early if you get paid via direct deposit.

  Cons

  • Potential credit check. If you choose a line of credit as your overdraft protection option, Capital One will perform a hard pull on your credit, which may impact your score.
  • Short support window. Unlike other banks of its size, Capital One customer service is only available daily from 8 a.m. to 8 p.m. Customer service isn't 24/7.

• More details

  APY	0.10%
  Fee	$0 per month
  Nonsufficient funds fee	$9
  ATM transaction fee	$0
  Foreign transaction fee	0%
  Overdraft fee	$35
  Paper statement fee	$5

APY	0.10%
Fee	$0 per month
Minimum deposit to open	$0

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Bank5 Connect High-Interest Checking

Finder rating 4.4 / 5 ★★★★★

• Pros and cons

  Pros

  • Cashback rewards. Earn cash back at popular retailers when you use your Bank5 Connect Visa Debit Card.
  • ATM rebates. If you use a non-network ATM machine, Bank5 Connect will reimburse you for up to $15 in fees a month.
  • No fees. Unlike most interest-bearing checking accounts, you won't pay any monthly fees with this account.

  Cons

  • Daily purchase limit. You can't spend more than $1,000 a day with your Bank5 Connect debit card, although you can call customer service to have this limit adjusted.
  • APY requirements. You must maintain a minimum $100 balance to earn interest.

• More details

  APY	0.20%
  Fee	$0 per month
  ATM transaction fee	$0
  Paper statement fee	$1

APY	0.20%
Fee	$0 per month
Minimum deposit to open	$10

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:

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

• Can I apply for an account online?

  Yes, with most banks. Click Go to site from our comparison table next to any bank you’re interested in.

• Will I earn the same interest as I would with a savings account?

  No. Generally, a savings account will offer stronger interest rates than interest-bearing checking accounts on your balance.

• What are the basic requirements for opening an account?

  You must provide legal and personal information and meet the minimum opening balance criteria to open an account, among other requirements that vary by bank.