Best for Overall Perks
Axos Rewards Checking
1.00%
APY
Best for No Overdraft Fees
Ally Interest Checking Account
0.10% – 0.25%
APY
Best for Highest APY on the Market
Consumers Credit Union
2.09%-4.09%
APY
Best for Overdraft Protection
SoFi Money
0.25%
APY
by Kathleen Garvin
Contributor
When you think of interest-generating bank accounts, your mind likely goes to savings. After all, that’s your reward for building an emergency fund or socking away money for a future expense, right? A regular, end-of-month deposit into your savings account, courtesy of your bank.
The good news: You can also earn interest with select checking accounts.
A high-interest, or high-yield, checking account offers a higher interest rate (annual percentage yield, or APY) on your money. Unlike a traditional checking account, you may have to keep a minimum balance in the account at all times and meet other requirements — for instance, pay a monthly fee, make a certain number of debit card purchases or schedule a recurring direct deposit — to earn the higher interest rate.
High-interest checking accounts are a solid way to earn more for your money. Whether you bank with a federal credit union, online bank or other type of financial institution, high-yield checking accounts can be a great place to store your cash.
Here’s an overview of high-yield checking accounts, what you need to know when choosing one and the top checking accounts available in the market today.
The 7 Best High-Interest Checking Accounts
Here are the seven best high-interest checking accounts where you can save your money and make a little more at the same time.
​​SoFi Money takes a number of steps to make the transition to online banking easy:
The NBKC Everything Checking Account offers other perks, too:
Consumers Credit Union knows plenty of people still write checks so it allows unlimited check writing. Plus, there is a feature to get paid at day early when you have direct deposit and your employer has provided the requested information. Consumers brags that clients with balances up to $10,000 can earn 80 times the national average.
If you’re looking for a bank with a lot of clout in the industry and both in-person and online banking options, the Capital One 360 checking account could be a solid option for you. In December 2021, Capital One became the largest bank in the country to eliminate all overdraft fees.
With no foreign transaction fees and top-notch security, this account could work for you if you’re a frequent traveler. Another perk: You can manage all of your Charles Schwab accounts in one place. That means no juggling multiple logins and websites to access your funds.
Overall, Ally is an online-only bank with a pretty good high-yield checking account. As of June 2021, Ally Bank has eliminated them on all accounts for all customers. Another perk is Ally’s super-transparent fees. For example, there’s no gray area over what an outgoing domestic wire will run you ($20).
Here are the guidelines to receive the higher rate from Axos Bank: Receive $1.5K or more monthly deposits (0.40%), use your Axos debit card for 10 (minimum of $3) transactions (0.30%), maintain at least $2,500 per month in an Axos Invest Managed Portfolios Account (0.10%), have a daily balance of $2,500 per month in an Axos Invest Self Directed Trading Account (0.10%) and use your Rewards Checking account to make an Axos consumer loan payment in full each month (0.10%).
We’ll be honest — with today’s interest rates, you won’t be raking in the dough like in years past. The national average for interest checking accounts is a not-so-hot 0.03% annual percentage yield (APY), according to the FDIC.
However, if you can earn something versus nothing for keeping your money in a checking account, we think it’s worth exploring. Any secure account where you can safely store and grow your money is a win in our book.
Check out our current list of bank promotions for a chance to gain a monetary bonus when signing up for a new bank account.
The short answer? Anyone 18 years old and up. To open any account in the U.S., you typically need the following:
Certain accounts might suit different individuals better. For instance, a super-organized person who can meet some banks’ regular requirements to earn a higher interest rate might fare better with one type of account than someone who’s more of a “set it and forget it” type who will be fine with a lower rate and fewer requirements.
Regardless, anyone can benefit from a high-interest checking account.
Banks offer attractive rates to incentivize people to open accounts with and keep their money with them. Some companies are able to offer even higher rates than their competitors. For example, online-only banks typically have an edge here. They have less overhead than their brick-and-mortar counterparts and can pass these savings (in the form of higher interest rates) on to consumers.
You want to have a lay of the land before you sign on the (digital) dotted line for a new bank account. Here are some key items you want to review before going with a high-interest checking account:
Rates can change, so make sure you review your account offerings compared to others on the market from time to time to ensure you have the best setup for you.
If you’re thinking about moving to a high-interest checking account, take a few things into consideration.
Here, we’ve answered popular questions about high-interest checking accounts.
Our methodology for this list is simple: According to the FDIC, the average interest rate for interest-bearing checking accounts is currently 0.03%. So, we looked for accounts that came in around that range or, ideally, were higher. (Note: APR fluctuates over time, so a lower rate now could rise in the future.)
Beyond the interest rate, we looked at what else the account brings to the table. We gave preference to ones that don’t have maintenance fees or require minimum balances and that offer ATM fee reimbursement.
Contributor Kathleen Garvin (@itskgarvin) is a personal finance writer based in St. Petersburg, Florida, and former editor and marketer at The Penny Hoarder. She owns a content-writing business and her work has appeared in U.S. News, Clark.com and Well Kept Wallet.
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