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Best high-yield checking accounts of October 2022

Compare the top 14 accounts from over 100 interest bearing checking accounts.

Best high-yield checking accounts and alternatives

Compare interest-bearing checking accounts using this interactive table. Sort the columns by fees, interest rates, ATM networks and minimum required deposits. Place a checkmark in the Compare box to see a direct comparison between selected accounts.

Name Product APY Minimum deposit to open Fee ATMs Offer
HSBC Premier Checking
Finder Rating: 2.7 / 5: ★★★★★
Bonus
HSBC Premier Checking
0.01% on balances of $5+
$0
$50 per month
Free to use at all ATMs in the US
Get a $500 welcome bonus when you open your account with qualifying activities. Must open HSBC Premier checking account through offer page by February 15, 2023, and set up qualifying direct deposits into the new account totalling at least $10,000 per month for three consecutive months. Conditions apply. Deposit products are offered in the US by HSBC Bank USA, N.A. Member FDIC.

HSBC Premier Checking offers free global transfers and 24/7 customer support.
Aspiration Spend & Save Account
Finder Rating: 4.2 / 5: ★★★★★
Aspiration Spend & Save Account
5.00% on balances of $0 to $10,000
3.00% on balances of $0 to $10,000
$10
From $0 per month
55,000+ free Allpoint ATMs worldwide
Deposits are fossil fuel-free and insured by the FDIC. Enjoy a spend and save combo account with unlimited cash back rewards.
Varo
Finder Rating: 4.7 / 5: ★★★★★
Varo
N/A
$0
$0 per month
55,000 AllPoint ATMs around the world for free
Earn $30 bonuses every time a friend signs up for an account and deposits at least $20 in one transaction
No monthly fees. No foreign transaction fees. No fees at 55,000+ Allpoint ATMs.
Chime Checking account
Finder Rating: 4.7 / 5: ★★★★★
Chime Checking account
N/A
$0
$0 per month
60,000+ fee-free ATMs
Get rid of fees with this financial app offering consumer-friendly accounts. Chime can also help you save easily and access your paycheck faster.
Axos Bank Rewards Checking
Finder Rating: 4.2 / 5: ★★★★★
Axos Bank Rewards Checking
1.25% on balances of $0 to $50,000
$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.
Bonus
BMO Harris Smart Money™ Account
N/A
$25
$5 per month
Unlimited transactions at 40,000+ ATMs nationwide
Get a $300 cash bonus when you open a new account and have a total of at least $4,000 in qualifying deposits within the first 90 days. See terms and conditions
You’ll pay no monthly maintenance fee if you are under 25. It also offers no overdraft charges and no non-sufficient fund (NSF) fees.
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This article was reviewed by Marguerita Cheng, a member of the Finder Editorial Review Board and award-winning advocate for ethical financial planning for over 20 years.

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.

Juno

Finder rating 4.8 / 5 ★★★★★

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on Juno's secure site
Read review

Consumers Credit Union Rewards Checking

Finder rating 4 / 5 ★★★★★

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on Consumers Credit Union (IL)'s secure site
Read review

Quontic Bank High Interest Checking

Finder rating 4.3 / 5 ★★★★★

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on Quontic Bank's secure site
Read review

Axos Bank Rewards Checking

Finder rating 4.2 / 5 ★★★★★

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on Axos Bank's secure site
Read review

T-Mobile Money

Finder rating 4.8 / 5 ★★★★★

First Internet Bank Interest Checking

Finder rating 3.6 / 5 ★★★★★

TIAA Bank Yield Pledge Checking

Finder rating 4.3 / 5 ★★★★★

Alliant Credit Union High-Rate Checking

Finder rating 4.2 / 5 ★★★★★

BankPurely CheckingPurely

Finder rating 4.3 / 5 ★★★★★

Bank5 Connect High-Interest Checking

Finder rating 4.4 / 5 ★★★★★

Capital One 360 Checking

Finder rating 4.2 / 5 ★★★★★

Ally Bank Interest Checking

Finder rating 4.3 / 5 ★★★★★

NBKC Everything Account

Finder rating 4.5 / 5 ★★★★★

Emprise Bank High Interest Checking

Finder rating 4.4 / 5 ★★★★★

How to choose the best high-yield checking account

Before you choose an interest bearing 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.

      4 alternatives to high-yield checking accounts

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

      1. 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.
      2. 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 PNC Virtual Wallet and Aspiration have combo accounts designed for spending and saving.
      3. High-yield savings account. If you don’t plan on spending the money you keep in your high-yield checking account, then a high-yield savings account is a good alternative. They often have higher interest rates and lower fees.
      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.

      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. 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.
      Back to top

      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.

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