Best High-Yield Checking Accounts of April 2024
Updated April 8, 2024 at 1:46 pm
High-yield checking accounts aren’t something you encounter every day. Even so-called “interest checking” accounts earn a paltry 0.07% on average, according to the latest data from the Federal Deposit Insurance Corporation (FDIC). Generally, checking accounts are meant for spending, not saving. Thus, most of us might settle for whatever interest we can get on our checking account balances.
But you do have options if you want to earn a little more on your checking account balance. In fact, the best high-yield checking account rates are similar to high-yield savings accounts. While they tend to have more requirements than high-yield savings accounts, these checking accounts will help your money go a little bit further.
Our Methodology Newsweek Vault’s banking experts have done hundreds of hours of research to present you with all the latest information about your banking options. Whether you’re interested in opening a new checking account or savings account, our research spans all the top online banks, credit unions and brick-and-mortar branches.
We assessed the following five key factors to help you choose the best account for your personal finance needs.
- Associated fees
- ATM access
- Balance requirements
- Customer service
- Interest-earning potential
Our Picks - Best Overall: All America Bank Ultimate Rewards Checking
- Best for Earning a Welcome Bonus: Axos Bank Rewards Checking
- Best for ATM Fee Reimbursement: Consumers Credit Union Rewards Checking
- Best for Earning on High Balances: Presidential Bank Advantage Checking
- Best for a Credit Union: Garden Savings Federal Credit Union Platinum Rate Rewards Checking
- Best for Pairing Checking and Savings: SoFi Checking and Savings
- Best for Ease of Earning APY: Wealthfront Cash Account
- Best Rate of Return: OnPath Federal Credit Union Rewards High-Yield Checking
- Best for Minimal Fees: Primis Premium Checking Interest Checking
- Best for Earning on Low Balances: La Capitol Federal Credit Union Choice Checking
- Best for Fitness-Minded Customers: FitnessBank Elite Checking
11 Best High-Yield Checking Accounts of 2024
Best Overall
All America Bank Ultimate Rewards Checking
Vault Verified
Why We Chose It
The All America Bank Ultimate Rewards Checking has one of the highest APYs on this list, earning a 5.30% APY on balances up to $15,000. Amounts above $15,000 earn a much lower 0.50% APY, but this is still well above the national average.
There’s another important exception to note: In order to receive the 5.30% APY, you must make 10 transactions per month with your provided All America Bank Mastercard debit card and elect to receive your account statements electronically. If you fail to do so, you’ll receive a rate of 0.25%.
Pros
- High APY on balances up to $15,000
- Minimum in-person opening deposit is just $50
- Get ATM fees refunded up to $25 per statement cycle when you meet requirements
Cons
- Low APYs if you don’t meet requirements
- $500 deposit required to open an account online
- $25 overdraft fee
Best for Earning a Welcome Bonus
Axos Bank Rewards Checking
Vault Verified
Why We Chose It
Welcome bonuses aren’t very common with checking accounts, but the Axos Bank Rewards Checking, which offers up to a 3.30% APY, has a welcome bonus of up to $300.
The bonus requirements to earn the welcome bonus are pretty steep, though. You must open an account using the provided promo code, have at least $5,000 in qualifying direct deposits each month for the first seven months after account opening and hold a minimum average daily balance of $7,000.
Further, there are various requirements in order to reach the highest APY—including monthly direct deposits of at least $1,500, 10 transactions per month with your Axos Visa® Debit Card, an average daily balance of $2,500 each month in an Axos Invest Self Directed Trading Account and more.
Pros
- Fairly high APY on checking account balances
- Eligible for a welcome bonus
- No monthly maintenance or overdraft fees
- Unlimited ATM fee reimbursements (domestic only)
Cons
- High requirements to earn welcome bonus
- No interest on balances over $50,000
- Various requirements to earn highest Rewards Checking APY
Best for ATM Fee Reimbursement
Consumers Credit Union Rewards Checking
Vault Verified
Why We Chose It
The Consumers Credit Union Rewards Checking account has several nice features, including unlimited ATM fee reimbursement when you meet the minimum Rewards Checking requirements and up to a 5.00% APY. It’s also a solid choice if you prefer to bank in person, as it has over 5,000 shared branches and 30,000 (surcharge-free) ATMs.
You can earn a 3.00%, 4.00% or 5.00% APY on balances up to $10,000 after meeting different, specific requirements (for example, enrolling in eDocuments and making a set number of purchases with your Consumers Credit Union debit or credit card). Balances over $10,000 earn a 0.20% APY or 0.10% APY, depending on your account balance.
Pros
- High maximum APY on balances up to $10,000
- No minimum balance or maintenance fees
- ATM fee reimbursement when you meet requirements
- Get paid up to two days early
Cons
- Highest APY has several requirements
- Membership required
- Low APYs on balances above $10,000
Best for Earning on High Balances
Presidential Bank Advantage Checking
Vault Verified
Why We Chose It
The other high-yield checking accounts on this list have a significant drop-off in APYs on balances beyond $10,000 or $15,000. The Presidential Bank Advantage Checking account is the sole exception, maintaining a relatively high APY even on balances above $25,000.
Accounts with a daily balance of up to $25,000 receive a 4.62% APY, while accounts with a daily balance over $25,000 receive a 3.62% APY. To earn these rates, you must deposit $500 electronically each month, sign up for direct deposit and make at least seven electronic withdrawals each month. Otherwise, you earn a 0.10% APY.
Pros
- Comparatively high APY on balances above $25,000
- Low number of transactions required to earn APY
- Large fee-free ATM network
Cons
- $500 deposit per month required to receive higher APYs
- Low APY if requirements are not met
- Charges numerous fees for common banking activity
Best for a Credit Union
Garden Savings Federal Credit Union Platinum Rate Rewards Checking
Vault Verified
Why We Chose It
The Garden Savings Federal Credit Union’s Platinum Rate Rewards Checking account has perhaps the highest APY among credit union checking accounts: Earn a 5.12% APY on balances up to $15,000. Note, balances over $15,000 receive a 0.15% APY.
You must have one direct deposit or one ACH transaction per month, sign up for e-statements and make 12 point-of-sale transactions (minimum $5) each month in order to receive these rates. If you fail to meet these requirements, you’ll receive a 0.01% APY and no ATM rebates.
Pros
- High APY on balances up to $15,000
- No minimum balance or monthly balance requirements
- Up to $20 in ATM fee rebates per month
Cons
- 0.01% APY if requirements not met
- Low APY on balances over $15,000
- Membership required
Best for Pairing Checking and Savings
SoFi Checking and Savings
Vault Verified
Why We Chose It
With SoFi, you can earn up to a high 4.60% APY on savings and Vault balances and a modest 0.50% APY on checking account balances. However, direct deposit is required to earn the highest APY.
To earn a 4.60% APY on savings and Vault balances, you must either sign up for direct deposit or deposit $5,000 into your checking or savings account every 30 days. If you fail to meet these requirements, you’ll earn a 1.20% APY on savings and Vault balances, though your APY on checking account balances will remain the same.
Pros
- High APY on savings and Vault balances
- No account fees (overdraft fees, minimum balance fees, etc.)
- Get your paycheck up to two days early
- Up to 15% cash back when you pay with your SoFi debit card at local establishments
Cons
- Lower APY if you don’t meet requirements
- Checking account only earns a modest interest rate
- No ATM fee reimbursement
Best for Ease of Earning APY
Wealthfront Cash Account
Vault Verified
Why We Chose It
While not quite a checking account, the Wealthfront Cash Account has some checking account features, like debit cards and check deposits. Better yet, you don’t have to make a certain number of debit card transactions or have direct deposit to earn its 5.00% APY.
Pros
- High APY with no requirements and no account fees
- Unlimited withdrawals and transfers
- Get your paycheck up to two days early with direct deposit
- Large fee-free ATM network
Cons
- No cash deposits
- Few options to contact customer support
Best Rate of Return
OnPath Federal Credit Union Rewards High-Yield Checking
Vault Verified
Why We Chose It
You can earn the highest rate of return of 7.00% APY on balances up to $10,000 with an OnPath Rewards High-Yield Checking account. Balances over $10,000 drop down to earn a 0.50% APY. The account has no minimum balance requirements or monthly account fees, though the account does require a $25 minimum deposit upon opening. You must enroll in e-statements, log into your mobile or online banking account at least once and make at least 15 debit card transactions each statement cycle to earn the highest rate of return of any high-yield checking accounts on our list.
Pros
- Up to $10 refunded each month in out-of-network ATM fees
- No monthly account fees
- High APY on balances up to $10,000
Cons
BEST FOR MINIMAL FEES
Primis Premium Checking Interest Checking
Vault Verified
Why We Chose It
The Primis Premium Checking Interest Checking account allows you to earn a highly competitive 5.07% on all balances without having to pay account fees. You also won’t pay overdraft fees and will get a refund if you incur an ATM fee. Primis will also refund wire fees upon request and doesn’t charge to stop payments or cashier’s checks, a rarity with checking accounts. Although you can open the account online anywhere nationwide, certain perks like free notary services are only available in branch locations.
Pros
- Primis waives many fees compared to other banks
- Get access to direct deposits 2 days early
- No requirements (except for $1 opening deposit) to earn high APY
Cons
- Not all perks are available online
- Limited ATM network
BEST FOR EARNING ON LOW BALANCES
La Capitol Federal Credit Union Choice Checking
Vault Verified
Why We Chose It
Although La Cap is a credit union, anyone over 18 and a U.S. citizen can apply for membership. The Choice Checking account earns 6.25% APY on balances up to $10,000 and 0.72% APY on higher balances. You must have a minimum of 15 non-ATM transactions per statement cycle to qualify for the higher APY, or earn 0.10% on all balances. To avoid the $8 monthly low balance fee, you must maintain at least a $1,000 average daily balance or meet the minimum debit card transaction threshold throughout the statement period.
Pros
- Up to $25 monthly ATM fees are refundable
- ACH and direct deposits credited the same day the bank receives them
- Only one requirement to meet to earn maximum APY on balances up to $10,000
Cons
- Must also open a Regular Savings account with a $5 minimum deposit
- Must meet criteria to avoid monthly service fee
- Credit check required for approval
BEST FOR FITNESS-MINDED CUSTOMERS
FitnessBank Elite Checking
Vault Verified
Why We Chose It
FitnessBank offers a unique way for members to earn 6.00% APY on balances up to $25,000. After opening the account with a $100 minimum deposit, you must make a minimum of 15 debit card purchases per statement period and maintain a daily average of 10,000 steps (or 7,500 for members 65 and older). You’ll earn 0.10% APY if you don’t meet the monthly requirements.
Pros
- An incentive to reach your step goal
- Can waive the $10 monthly maintenance fee with a $10 minimum average daily balance
- Can earn a 0.25% bonus on a FitnessBank savings account after meeting requirements
Cons
- Can only open one account per person
- Must use the FitnessBank Step Tracker app and sync it to a step tracker to qualify
- No physical branch locations
What Is a High-Yield Checking Account?
A high-yield checking account is a checking account that pays a high APY or interest rate. As mentioned, the national average for interest checking accounts is just 0.07%. This figure may change, but high-yield checking accounts generally earn several times the national average, especially if it’s an online-only checking account.
Other than earning interest, the purpose of a high-yield checking account is similar to other checking accounts; they are a deposit account that lets you easily make deposits and withdrawals. You can open a high-yield checking account in several places, including traditional banks, credit unions and online banks.
Remember that high-yield checking accounts may have requirements, such as direct deposit, a certain number of monthly debit card transactions or maintaining a minimum balance. If you don’t meet these requirements, you may not earn the highest APY, or there might be a monthly fee.
Why Choose A High-Yield Checking Account?
Checking accounts offer benefits you usually don’t find with a savings account, like check-writing privileges, bill-paying abilities and an ATM or debit card. You also usually get unlimited withdrawals, transactions that are typically limited when you open a high-yield savings account. A high-yield checking account provides these benefits and allows you to earn a highly competitive interest rate that you usually wouldn’t earn on a traditional checking account. It’s like combining a checking and high-yield savings account in one.
You should consider a high-yield checking account if you want:
- Easy and unfettered access to your money
- Account perks like ATM reimbursement for out-of-network ATM withdrawals
- Minimal or no account fees
- Various ways to access and transfer your funds (ATM, bank website, mobile app)
To get the most out of a high-yield checking account, make sure you understand the bank’s balance thresholds. Most banks will only allow you to earn higher interest rates on a portion of your balance. For example, Consumers Credit Union Rewards Checking only offers a high APY on balances up to $10,000, while Presidential Bank’s highest APY is reserved for balances below $25,000. If you plan to maintain a higher average daily balance than the bank’s threshold amount, consider a high-interest savings account to help you reach your financial goals.
What Is the Best High-Yield Checking Account for Me?
The best high-yield checking account for you depends on several factors varying from one person to another. While the interest rate or APY sometimes draws the most attention, there are other things to consider. For instance, APY requirements, fees and physical branch availability are some things that may affect your decision. Weigh each of the factors in this section before moving forward.
Interest Rates
If you’re looking for a high-yield checking account, one requirement is that the account’s interest rate or APY is higher than the national average. You can use the FDIC’s national average as a baseline, then compare the account you are considering to other high-yield checking accounts.
Remember that interest rates can change frequently, and the bank that offers the highest rate today may not provide the highest rate tomorrow. Therefore, it’s important to consider all factors before opening an account.
Account Requirements
High-yield checking accounts generally have certain requirements, like direct deposit or a minimum number of monthly debit card transactions. These vary, with some requiring a certain amount received via direct deposit every month. In addition, some accounts require a higher number of debit card transactions each month.
If you fail to meet the requirements, the interest rate may be lower. In some cases, you may not receive any interest at all. With other checking accounts, there might be a monthly fee if you don’t meet the requirements. Also, credit unions generally require a membership to open an account with them.
Fees
High-yield checking account fees typically won’t break the bank, but they’re something to consider. As is sometimes the case with checking accounts, there may be a maintenance fee if you don’t maintain a minimum balance requirement. In other cases, there may be various fees, such as overdraft fees or even paper statement fees.
Physical Branches
Do you prefer to do your banking in person? Simply put, if you said yes, you might prefer a high-yield checking account from a bank with physical branches. Often, the highest APYs are available from online banks. However, some credit unions offer checking accounts with a high APY and also have a large number of branch locations.
Frequently Asked Questions
What’s the Difference Between a High-Yield Checking Account and a High Yield Savings Account?
A high-yield checking account offers features you won’t find with a high-yield savings account, like unlimited transactions, an ATM or debit card to make purchases and withdrawals and check-writing privileges. However, a high-yield savings account doesn’t have to meet some requirements to earn the higher interest rate. Examples of requirements you may have to meet with a high-yield checking account include maintaining a minimum average balance or a large number of monthly debit card transactions. Failure to meet the requirements could result in earning no interest on your money or low-interest rates that may be less than the national average FDIC rate of 0.07%.
Do All High-Yield Checking Accounts Have a Minimum Deposit Requirement?
No. Most banks offering high-yield checking accounts require a minimum deposit of up to $500 to begin earning a high APY, but some may not have the requirement. Comparing high-yield checking accounts at various banks and credit unions can help you determine which account meets your needs and has the lowest minimum deposit requirement. For example, there is no requirement on a SoFi Checking and Savings account.
Are Interest-Bearing Checking Accounts Worth It?
Interest-bearing checking accounts typically earn a much higher rate than the national average, which can help your money maintain some of its purchasing power. However, these accounts often have one or more requirements to get the highest APY. If you aren’t willing to keep up with these, you can move your money into a high-yield savings account. These often have fewer requirements.
What Account Has the Highest Yield?
The account with the highest yield may change frequently as interest rates change regularly. As of this writing, some of the accounts with the highest yield include All America Bank Ultimate Rewards Checking, Consumers Credit Union Rewards Checking and Garden Savings Federal Credit Union Platinum Rate Rewards Checking. Other types of savings products, such as certificates of deposit (CDs) and money market accounts may pay similar or better rates than high-yield checking accounts.
Will Interest Rates Go Up?
Although there is no guarantee, interest rates are expected to go down in the near future, given a 74% probability by the CME FedWatch Tool. Morningstar expects rates to continue to decrease through the end of 2025 as inflation falls, unemployment rises and gross domestic product growth slows throughout the year into 2025. If you want maximum earning potential in a liquid fund where your money is easily accessible, consider a high-yield checking or savings account now to reap the interest earnings before rates start to go back down.
Editorial Note: Opinions expressed here are author’s alone, not those of any bank, credit card issuer, hotel, airline or other entity. This content has not been reviewed, approved or otherwise endorsed by any of the entities included within the post. We may earn a commission from partner links on Newsweek, but commissions do not affect our editors’ opinions or evaluations.
