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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.

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By

Steven Dashiell

Edited by

Holly Jennings

Reviewed by

Alexa Serrano Cruz

Updated

Fact checked

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.

Name Product Fee Minimum deposit to open Annual Percentage Yield (APY) Offer
Consumers Credit Union Rewards Checking
Finder Rating: 4 / 5: ★★★★★
Consumers Credit Union Rewards Checking
$0 per month
$5
5.00% on balances of $0 to $10,000
4.00% on balances of $0 to $10,000
3.00% on balances of $0 to $10,000
Earn up to 5% APY on balances up to $10,000 when you complete qualifying activities. Option to get ATM free reimbursements nationwide, plus $0 monthly maintenance fees and early direct deposit. NCUA insured.
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SoFi Checking and Savings
Finder Rating: 4.5 / 5: ★★★★★
Bonus
SoFi Checking and Savings
$0 per month
$0
4.50% on balances of $0+
0.50% on balances of $0+
1.20% on balances of $0+
Get up to $250 with qualifying direct deposit. Terms apply. This offer is available until December 31, 2023.
Earn up to 4.50% APY on savings by meeting deposit requirements, and 0.50% APY on checking balances. Members without deposit requirements will earn 0.50% APY on both savings and checking balances. Turn on automatic savings or use the Roundups feature to help you reach your savings goals faster. Get up to $2M of additional FDIC insurance through a network of participating banks.
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Current
Finder Rating: 4.6 / 5: ★★★★★
Bonus
Current
$0 per month
$0
4.00% on balances of $0.01 to $2,000
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.
Earn 4% APY on the first $2,000 in each savings pods. Also get budgeting tools, early direct deposit and up to 15x cashback points. All with no monthly fee or opening deposit requirement. Member FDIC.
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GO2bank
Finder Rating: 3.7 / 5: ★★★★★
GO2bank
$5 per month
$20
4.50% on balances of $0 to $5,000
Refer a friend and you both get $50. Your friend needs to open a new account and receive $200+ in direct deposits within 45 days of opening.
Get your direct deposit up to 2 days before payday. $0 fees with eligible direct deposit. Otherwise $5 monthly fee. Earn 4.5% APY on savings balances. FDIC insured.
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Axos Bank Rewards Checking
Finder Rating: 4.2 / 5: ★★★★★
Bonus
Axos Bank Rewards Checking
$0 per month
$50
3.30% on balances of $0 to $50,000
Use promo code SUNNYBONUS and apply by December 31st, to earn up to $300 bonus, $50 each month you meet requirements: Make direct deposits of $5,000+ each month for the first 7 months and maintain an average balance of $7,000.
Earn up to 3.3% APY after meeting deposit and spending requirements. Get ATM free reimbursements at all domestic ATMs. Pay $0 monthly or overdraft fees. FDIC insured.
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Walmart Money Card
Finder Rating: 4.2 / 5: ★★★★★
Walmart Money Card
$5.94 per month
$0
2.00%
Earn up to $75 in cashback on Walmart purchases, get your pay up to 2 days early with early direct deposit plus overdraft protection up to $200. FDIC insured.
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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.

Best overall

SoFi Checking and Savings

Finder score: 4.5 / 5 ★★★★★

Get up to $250 with qualifying direct deposit. Terms apply. This offer is available until December 31, 2023.
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on SoFi's secure site
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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.

One Finance

Finder score: 4.7 / 5 ★★★★★

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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.

Juno

Finder score: 4.8 / 5 ★★★★★

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.
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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.

Current

Finder score: 4.6 / 5 ★★★★★

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.
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on Current's secure site
Read review
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.

T-Mobile Money

Finder score: 4.8 / 5 ★★★★★

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.

Aspiration Spend & Save Account

Finder score: 4.2 / 5 ★★★★★

Read Review
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.

Customers Bank Interest Checking

Finder score: 4.3 / 5 ★★★★★

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.

NBKC Everything Account

Finder score: 4.6 / 5 ★★★★★

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on NBKC Bank's secure site
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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.

Quontic Bank High Interest Checking

Finder score: 4.3 / 5 ★★★★★

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on Quontic Bank's secure site
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.

Nationwide Advantage checking

Finder score: 5 / 5 ★★★★★

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on Nationwide's secure site
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.

Methodology

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.
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Are interest-bearing checking accounts worth it?

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 accountInterest rateStarting balanceYear 1Year 2Year 3Year 4Year 5
SoFi Checking0.5%$10,000$10,050$10,100$10,151$10,202$10,253
Chase Premier Plus Checking0.01%$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.

  1. Maintain your APY requirements.

    2. 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.

  2. Pair it with a high-yield savings account.

    3. 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.

  3. Take advantage of automatic savings.

    4. 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:

  1. 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.
  2. 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.
  3. 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.
  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. 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.

  1. “National Rates and Rate Caps,” FDIC.gov, 2023

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