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Best high-interest checking accounts of October 2020

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

Updated . What changed?

Fact checked

Finder's pick for high-APY checking: Axos Bank Rewards Checking

Axos Bank Rewards Checking logo

1.25%

APY

  • No monthly maintenance fees
  • Unlimited domestic ATM fee reimbursements
  • No overdraft or NSF fees
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Most checking accounts are designed to separate your fluid cash from your long-term savings. But an interest-bearing checking account offers the best of both worlds because you earn interest without giving up that easy access. We researched over 100 checking accounts, to find the the best high-interest checking accounts with nationwide availability and low fees and minimum balance requirements.

12 best high-yield checking accounts

Name Product APY Minimum deposit to open Fee ATMs
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 to
$5
$0 per month
Over 30,000 ATMs and access to over 5,000 shared branches
Earn a super high 3.09% APY on balances up to $10,000 if you receive eDocuments, make 12+ debit card purchases totaling $100+ and direct deposit $500+ each month. Earn 4.09% APY if you also spend $500+ on CCU's credit card, or 5.09% if you also spend $1,000+ on the credit card monthly.
Radius Bank Rewards Checking
0.15% on balances of $100,000+
0.10% on balances of $2,500 to $99,999.99
$100
$0 per month
More than 20,000 ATMs + unlimited ATM surcharge rebates
Earn cash back with this high-interest checking account, plus get free ATM access worldwide.
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
$50
$0 per month
ATM fees reimbursed at any ATM nationwide
Earn up to 1.25% 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 to
$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.
Quontic Bank High Interest Checking
Quontic Bank High Interest Checking
1.50%
$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 15 debit card transactions a month to keep the high APY.
Redneck Rewards Checkin
1.10% on balances of $0 to $10,000
0.25% on balances of $10,000 to
$500
$0 per month
Redneck will refund up to $25 of foreign ATM fees each monthly statement cycle
There’s no minimum balance required, and it includes a Redneck Bank VISA debit card for secure purchases and access to ATMs worldwide.
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How to find the best interest-bearing checking account for you?

Before you choose a high-interest 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.

      Alternatives to high-interest checking accounts

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

      • 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.
      • Cash management 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 Simple, PNC Virtual Wallet and Aspiration have combo accounts designed for spending and saving.
      • High-yield savings account. If you don’t plan on spending the money you keep in your high-interest checking account, then a high-yield savings account is a good alternative. They often have higher interest rates and lower fees.

      What are the pros and cons of high-interest 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.
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      How does a high-interest 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, 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

      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.

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