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Top 5 High Interest Checking Accounts

High-interest checking accounts let you earn money with the same account used for everyday purchases and transactions.

High interest checking accounts offer several advantages over other types of bank accounts.

One major benefit of a high-interest checking account is that you can earn interest with the same account used for everyday purchases. 

Another benefit is high interest checking accounts often pay better rates on deposits than money deposited in regular savings accounts at top banks. For instance, Chase, Bank of America, and Wells Fargo all pay 0.01% APY.

Best high yield checking accounts

High interest checking accounts allow you to earn interest on any amount of money deposited in your account.

Consumers Credit Union Rewards Checking

Minimum Deposit

$0

Rates

Up to 5.00% (on balances up to $10,000)

Apply Today

Apply at Consumer Credit Union's Secure Site

How to earn the highest rate

  • To earn 3.00% APY on your deposits, sign up for e-statements, make at least 12 debit card purchases and deposit at least $500.

  • To receive 4.00% APY, you’ll need to do all of that, plus spend at least $500 monthly on your CCU Visa Credit Card.

  • To net 5.00% APY, you’ll need spend $1,000 monthly on the Visa card.

  • If you don’t meet the requirements, you’ll only earn 0.10% APY on your deposits.

  • You’ll only receive the higher APY on balances up to $10,000.

  • Easy to join membership.
  • Part of the credit union Co-Op with over 5,000 shared branches.
  • Full-range of financial products.
  • Highest APY is the hardest to earn.
  • ow APY above $10,000.

Axos Bank Rewards Checking

Minimum Deposit

$50

Rates

Up to 3.30% (on balances up to $50,000)

Apply Today

Apply at Axos Bank's Secure Site

How to earn the highest rate

  • You’ll earn 0.40% APY if you receive a minimum $1,500 in direct deposits monthly.

  • Earn an additional 0.60% APY if you use the account to pay off a loan, such as your mortgage or car payment.

  • Earn 0.30% APY when you use your Axos Visa® Debit Card for a total of 10 transactions per month (min $3 per transaction).

  • Earn an additional 0.99% APY if you keep another $2,500 in an Axos Invest Self Directed Trading Account.

  • Earn an additional 0.99% APY if you keep another $2,500 in an Axos Invest Managed Portfolios Account.

  • Unlimited ATM reimbursements.
  • No monthly fees.
  • Full-service banking products.
  • A ridiculous amount of hoops to jump through to earn the highest rate.
  • No physical branches.

Quontic Bank High Interest Checking

Minimum Deposit

$100

Rates

1.10%

Apply Today

Apply at Quontc Bank's Secure Site

How to earn the highest rate

  • Make opening $100 deposit to earn 1.10% APY on all balance tiers when you make at least 10 qualifying debit card point of sale transactions of $10 or more per statement cycle.

  • The 1.10% annual percentage yield (APY) applies to all balance tiers, which are identified as $0–$150,000, $150,000.01–$1,000,000 and balances over $1,000,000.

  • No Monthly or Overdraft Fees.

  • Over 90,000 surcharge free ATMs across the nation.

  • Interest compounds daily.
  • Competitive rates on checking accounts, savings accounts and CDs.
  • Access to more than 90,000 surcharge-free ATMs.
  • Interest compounds daily.
  • No business accounts.

SoFi Bank

Bonus Offer

Earn up to $325*

Minimum Deposit

$10

Rates

0.50% APY

Apply Today

Apply at SoFi Bank's Secure Site

How to earn the highest rate

  • Earn a $25 bonus if you make a $10 opening deposit

  • Earn an additional $300 bonus with a qualifying direct deposit*

  • Get paid up to 2 days faster with direct deposit

  • 0.50% APY on checking account balances, no direct deposit required

  • Unlock a 4.60% APY on savings account balances with any amount of direct deposit

  • No monthly maintenance fees

  • Lack of fees.
  • Unlimited ATM reimbursements.
  • Any amount of direct deposit will earn you 4.60% APY on savings and no direct deposit required to earn 0.50% APY on checking accounts
  • Direct deposit required to earn the highest APY on savings account
  • No physical branches

Alliant Credit Union High-Rate Checking

Minimum Deposit

$25

Rates

Up to 3.10% APY

Apply Today

Apply at Alliant Credit Union's Secure Site

How to earn the highest rate
  • Earn 0.25% with paperless and recurring monthly electronic deposit

  • Earn 3.10% APY when the Alliant Savings account balance is at least $100. All Alliant Checking accounts come with a High-Rate Savings account.

  • ATM fee reimbursement up to $20 per month

  • $0 Overdraft fee

  • $0 Monthly maintenance fee

  • There’s no monthly fee for members enrolled in e-statements.
  • Members can open multiple accounts to track specific savings goals.
  • Easy membership requirements.
  • There are higher savings APYs available at certain online banks.
  • You need to have at least $100 to earn the highest interest with the High-Rate Savings account.

What to look for in a high-interest checking account

Your number one focus in opening a high interest checking account is a competitive rate. But you also have to take into consideration monthly maintenance fees because that would likely cost you more than what you'd earn in monthly interest.

Free ATMs nationwide or ATM fee reimbursement (in case you’re charged by ATM owners for using out-of-network ATMs) is also important to consider with high-interest checking accounts.

Is It Better to Keep Money in Checking or Savings?

The choice to keep money in either a checking or savings account will depend on your personal needs. A savings account is essential, especially to create an emergency fund and stack cash away for future financial goals or needs like a down payment for a house or car, home improvements, or paying for medical or educational expenses.

But there's no reason you shouldn't also have an interest-bearing checking account also, which is how you can really take advantage of what each has to offer.

You really can't go wrong with checking accounts that pay interest. Earning interest on whatever balance in your account can only mean extra money for you.

Finally, high-interest checking accounts typically come with no minimum balance requirements, so you can start earning interest right away.

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Best online savings rates

The national savings rate is 0.47% APY. This online bank pays way more.

CIT Bank

Platinum Savings
5.05% APY
/Month
Minimum $5,000 balance
No maintenance fees
Mobile & Online Banking
Deposits are FDIC insured

Upgrade

PREMIER SAVINGS
5.21% APY
/Month
Minimum $1,000 balance
No maintenance fees
Mobile & Online Banking
Deposits are FDIC insured

Quontic Bank

HIGH-YIELD SAVINGS
4.50% APY
/Month
Minimum $100 balance
No maintenance fees
Mobile & Online Banking
Deposits are FDIC insured
Disclaimer: Our goal is to provide the most relevant and current information. However, the information is for informational purposes only and is not intended to be personal financial advice.

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