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Updated 2022-10-13T16:56:00Z Insider's experts choose the best products and services to help make smart decisions with your money
(here’s how). In some cases, we receive a commission from our our partners, however, our opinions are our own. Terms apply to offers listed on this page. A high-yield checking account is a good option if you keep a lot of money
in your checking account. (Otherwise, you may be more interested in high-yield savings, if you'd prefer to earn interest for personal goals.) Here are our top picks for high-yield checking accounts. Compare our top picks
for high-yield checking accounts Axos Bank Rewards
Checking Connexus Xtraordinary Checking Account Consumers Credit Union Free Rewards Checking Account Juno Metal Checking Account Quontic High Interest Checking Account Wings Financial Credit Union High-Yield Checking Account Chevron iconIt indicates an expandable section or menu, or sometimes previous / next navigation options. Chevron iconIt indicates an expandable section or menu, or sometimes previous / next navigation options. Editor's rating 4.25/5 A five pointed star A five pointed star A five pointed star A five pointed star A five pointed star Editor's rating 4.75/5 A five pointed star A five pointed star A five pointed star A five pointed star A five pointed star Editor's rating 3.75/5 A five pointed star A five pointed star A five pointed star A five pointed star A five pointed star Editor's rating 4.25/5 A five pointed star A five pointed star A five pointed star A five pointed star A five pointed star Editor's rating 3.5/5 A five pointed star A five pointed star A five pointed star A five pointed star A five pointed star Editor's rating 4.5/5 A five pointed star A five pointed star A five pointed star A five pointed star A five pointed star Learn more On Wings Financial Credit Union's website Axos Bank Rewards CheckingAxos Bank Rewards Checking Annual Percentage Yield (APY) Up to 1.25% APY Minimum Deposit Amount $50 Axos Bank Rewards Checking Annual Percentage Yield (APY) Up to 1.25% APY Minimum Deposit Amount $50 Axos Bank Rewards Checking from AxosDeposit DetailsAnnual Percentage Yield (APY) Up to 1.25% APY Minimum Deposit Amount $50 Pros & ConsChevron iconIt indicates an expandable section or menu, or sometimes previous / next navigation options.Check mark iconA check mark. It indicates a confirmation of your intended interaction. High APY Check mark iconA check mark. It indicates a confirmation of your intended interaction. Unlimited out-of-network ATM reimbursements Check mark iconA check mark. It indicates a confirmation of your intended interaction. No monthly maintenance fees Check mark iconA check mark. It indicates a confirmation of your intended interaction. No overdraft fees Check mark iconA check mark. It indicates a confirmation of your intended interaction. No non-sufficient funds fees Dash iconA dash. It often indicates an interaction to shrink a section. $50 opening deposit Dash iconA dash. It often indicates an interaction to shrink a section. No APY if you can't meet qualifications Dash iconA dash. It often indicates an interaction to shrink a section. Few mobile app reviews HighlightsChevron iconIt indicates an expandable section or menu, or sometimes previous / next navigation options.
Additional ReadingChevron iconIt indicates an expandable section or menu, or sometimes previous / next navigation options.Why it stands out: Many high-yield checking accounts only let you earn a high interest rate on balances up to a certain amount. But with Axos Bank Rewards Checking, you can earn Up to 1.25% APY on your entire balance. Axos offers unlimited reimbursements for out-of-network ATM fees charged by operators. It ranks as one of our top rewards checking accounts overall. How interest works: You earn interest in stages — with each goal you accomplish, you earn a little more interest. Here are the goals:
If you accomplish all these goals in a month, you earn a total of 1.25% APY. What to look out for: Opening deposit. You need at least $50 to open an account. Connexus Xtraordinary Checking AccountConnexus Xtraordinary Checking Account Annual Percentage Yield (APY) 0% to 1.75% APY Minimum Deposit Amount $0 Connexus Xtraordinary Checking Account Annual Percentage Yield (APY) 0% to 1.75% APY Minimum Deposit Amount $0 On Connexus Credit Union's website Connexus Xtraordinary Checking Account from Connexus Credit UnionOn Connexus Credit Union's website Deposit DetailsAnnual Percentage Yield (APY) 0% to 1.75% APY Minimum Deposit Amount $0 Pros & ConsChevron iconIt indicates an expandable section or menu, or sometimes previous / next navigation options.Check mark iconA check mark. It indicates a confirmation of your intended interaction. Ability to earn a high APY Check mark iconA check mark. It indicates a confirmation of your intended interaction. No minimum opening deposit Check mark iconA check mark. It indicates a confirmation of your intended interaction. No monthly service fee Check mark iconA check mark. It indicates a confirmation of your intended interaction. No out-of-network ATM fee Check mark iconA check mark. It indicates a confirmation of your intended interaction. Refunds up to $25/month in out-of-network ATM fees charged by providers Check mark iconA check mark. It indicates a confirmation of your intended interaction. Multiple overdraft protection options Dash iconA dash. It often indicates an interaction to shrink a section. Interest compounds monthly, not daily Dash iconA dash. It often indicates an interaction to shrink a section. $29.95 overdraft fee HighlightsChevron iconIt indicates an expandable section or menu, or sometimes previous / next navigation options.
Additional ReadingChevron iconIt indicates an expandable section or menu, or sometimes previous / next navigation options.Why it stands out: Connexus pays high rates on balances up to $25,000. It also refunds up to $25 per month in fees charged by out-of-network ATM providers. We've chosen Connexus as one of our favorite credit unions. How interest works: You'll only earn interest each month that you do the following:
If you meet these requirements, you'll earn 1.75% on balances up to $25,000. Then you'll earn 0.25% APY any money above $25,000. What to look out for: Some of our top picks pay a lower interest rate if you don't meet qualifications for the highest APY. But with Connexus, you'll either earn the highest APY on balances up to $25,000, or none at all. Consumers Credit Union Free Rewards Checking AccountConsumers Credit Union Free Rewards Checking Account Annual Percentage Yield (APY) 0.01% to 5% APY Minimum Deposit Amount $5 Consumers Credit Union Free Rewards Checking Account Annual Percentage Yield (APY) 0.01% to 5% APY Minimum Deposit Amount $5 On Consumers Credit Union's website Consumers Credit Union Free Rewards Checking Account from Consumers Credit UnionOn Consumers Credit Union's website Deposit DetailsAnnual Percentage Yield (APY) 0.01% to 5% APY Minimum Deposit Amount $5 Pros & ConsChevron iconIt indicates an expandable section or menu, or sometimes previous / next navigation options.Check mark iconA check mark. It indicates a confirmation of your intended interaction. High APY Check mark iconA check mark. It indicates a confirmation of your intended interaction. $5 minimum opening deposit Check mark iconA check mark. It indicates a confirmation of your intended interaction. No monthly service fee Check mark iconA check mark. It indicates a confirmation of your intended interaction. Early direct deposit Check mark iconA check mark. It indicates a confirmation of your intended interaction. Unlimited reimbursements for out-of-network ATM fees Dash iconA dash. It often indicates an interaction to shrink a section. $10 overdraft transfer charge Dash iconA dash. It often indicates an interaction to shrink a section. Limited customer support availability Dash iconA dash. It often indicates an interaction to shrink a section. Interest compounds monthly, not daily HighlightsChevron iconIt indicates an expandable section or menu, or sometimes previous / next navigation options.
Additional ReadingChevron iconIt indicates an expandable section or menu, or sometimes previous / next navigation options.Why it stands out: Consumers Credit Union ranks as one of our top credit unions, and Consumers Credit Union Free Rewards Checking is on our favorite rewards checking accounts list. You have the potential to earn one of the highest interest rates out there right now. Consumers also refunds any fees charged by out-of-network ATM providers. How interest works: Here are the APY tiers:
What to look out for: You need a Consumers Credit Union credit card to earn the maximum APY, and if you don't meet any of the qualifications listed, you'll only earn 0.01% APY. Juno Metal Checking AccountJuno Metal Checking Account Annual Percentage Yield (APY) 0% to 1.20% APY Minimum Deposit Amount None Juno Metal Checking Account Annual Percentage Yield (APY) 0% to 1.20% APY Minimum Deposit Amount None Juno Metal Checking Account from JunoDeposit DetailsAnnual Percentage Yield (APY) 0% to 1.20% APY Minimum Deposit Amount None Pros & ConsChevron iconIt indicates an expandable section or menu, or sometimes previous / next navigation options.Check mark iconA check mark. It indicates a confirmation of your intended interaction. High APY on balances up to $50,000 Check mark iconA check mark. It indicates a confirmation of your intended interaction. Earn cash back Check mark iconA check mark. It indicates a confirmation of your intended interaction. Virtual debit card, physical debit card, and access to Apple Pay, Google Pay, Samsung Pay Check mark iconA check mark. It indicates a confirmation of your intended interaction. No out-of-network ATM fees Check mark iconA check mark. It indicates a confirmation of your intended interaction. Refunds 3 fees charged by out-of-network ATM providers per month Check mark iconA check mark. It indicates a confirmation of your intended interaction. No overdraft fees Dash iconA dash. It often indicates an interaction to shrink a section. $9.99 monthly fee after the first 6 months Dash iconA dash. It often indicates an interaction to shrink a section. APY drops on balances over $50,000 Dash iconA dash. It often indicates an interaction to shrink a section. No APY on balances over $100,000 Dash iconA dash. It often indicates an interaction to shrink a section. No option to overdraw Dash iconA dash. It often indicates an interaction to shrink a section. Interest compounds monthly, not daily Dash iconA dash. It often indicates an interaction to shrink a section. No joint accounts HighlightsChevron iconIt indicates an expandable section or menu, or sometimes previous / next navigation options.
Additional ReadingChevron iconIt indicates an expandable section or menu, or sometimes previous / next navigation options.Why it stands out: Juno gives you both a high interest rate and cash back rewards. Select five retailers from its list and earn 5% cash back when you shop at those stores. You may like the account if you're an immigrant, because you only need a Social Security number and passport to qualify. How interest works: You don't need to do anything to earn interest, but rates do vary depending on your balance. Rate tiers are as follows:
What to look out for: The Juno Metal Checking Account requires that you maintain a qualifying direct deposit of $250 or more per month. Quontic High Interest Checking AccountQuontic High Interest Checking Account Annual Percentage Yield (APY) 0.01% to 1.10% APY Minimum Deposit Amount $100 Quontic High Interest Checking Account Annual Percentage Yield (APY) 0.01% to 1.10% APY Minimum Deposit Amount $100 Quontic High Interest Checking Account from QuonticDeposit DetailsAnnual Percentage Yield (APY) 0.01% to 1.10% APY Minimum Deposit Amount $100 Pros & ConsChevron iconIt indicates an expandable section or menu, or sometimes previous / next navigation options.Check mark iconA check mark. It indicates a confirmation of your intended interaction. High APY Check mark iconA check mark. It indicates a confirmation of your intended interaction. No monthly service fees Check mark iconA check mark. It indicates a confirmation of your intended interaction. No out-of-network ATM fees Dash iconA dash. It often indicates an interaction to shrink a section. $100 minimum opening deposit Dash iconA dash. It often indicates an interaction to shrink a section. Doesn't reimburse any fees charged by out-of-network ATM providers HighlightsChevron iconIt indicates an expandable section or menu, or sometimes previous / next navigation options.
Additional ReadingChevron iconIt indicates an expandable section or menu, or sometimes previous / next navigation options.Why it stands out: Quontic pays you the same interest rate on your entire balance, as long as you meet the qualifications. There are over 90,000 free ATMs around the US, and Quontic won't charge you for using an out-of-network machine. (The ATM provider might charge you, though.) How interest works: You'll earn the highest rate on your entire balance each month you make 10 debit card purchases. What to look out for: You'll need at least $100 to open a Quontic High Interest Checking Account. Wings Financial Credit Union High-Yield Checking AccountWings Financial Credit Union High-Yield Checking Account Annual Percentage Yield (APY) 0.01% to 2.02% APY Minimum Deposit Amount $0 Wings Financial Credit Union High-Yield Checking Account Annual Percentage Yield (APY) 0.01% to 2.02% APY Minimum Deposit Amount $0 On Wings Financial Credit Union's website Wings Financial Credit Union High-Yield Checking Account from Wings Financial Credit UnionOn Wings Financial Credit Union's website Deposit DetailsAnnual Percentage Yield (APY) 0.01% to 2.02% APY Minimum Deposit Amount $0 Pros & ConsChevron iconIt indicates an expandable section or menu, or sometimes previous / next navigation options.Check mark iconA check mark. It indicates a confirmation of your intended interaction. High APY on balances up to $25,000 Check mark iconA check mark. It indicates a confirmation of your intended interaction. No minimum opening deposit Check mark iconA check mark. It indicates a confirmation of your intended interaction. No monthly service fees Check mark iconA check mark. It indicates a confirmation of your intended interaction. Free overdraft protection Check mark iconA check mark. It indicates a confirmation of your intended interaction. Overdraft line of credit available Check mark iconA check mark. It indicates a confirmation of your intended interaction. 10 free out-of-network ATM withdrawals per month Dash iconA dash. It often indicates an interaction to shrink a section. Low APY on balances above $25,000 Dash iconA dash. It often indicates an interaction to shrink a section. $30 overdraft fee Dash iconA dash. It often indicates an interaction to shrink a section. Doesn't reimburse any fees charged by out-of-network ATM providers Dash iconA dash. It often indicates an interaction to shrink a section. After the first 10 out-of-network ATM withdrawals each month, $2.50 fee per withdrawal HighlightsChevron iconIt indicates an expandable section or menu, or sometimes previous / next navigation options.
Additional ReadingChevron iconIt indicates an expandable section or menu, or sometimes previous / next navigation options.Why it stands out: Along with its high interest rate, Wings Financial gives you 10 free withdrawals each month from an out-of-network ATM. The credit union also lets you choose to either link to your savings account for free overdraft protection or tap into an overdraft line of credit. We've chosen Wings Financial as one of our favorite credit unions. How interest works: You'll earn a high interest rate on balances up to $25,000 each month you do the following:
What to look out for: Wings Financial is fairly generous about out-of-network ATMs, because it doesn't charge you for the first 10 withdrawals each month. But keep in mind that the ATM provider may still charge you, and Wings Financial won't reimburse those fees. It will also charge you $2.50 per ATM transaction after your first 10 out-of-network visits per month. If you use ATMs frequently, keep an eye out for these charges. Other accounts that didn't make the cut and whyWe looked at nearly two dozen high-yield checking accounts before picking our favorites. Here are the other ones we considered, and reasons they didn't make the cut:
Are these institutions trustworthy?We've looked at the Better Business scores for each of our top picks. The BBB assesses businesses by looking at responses to customer complaints, honesty in advertising, and transparency about business practices. None of our top choices have any recent public scandals, so you may decide you're comfortable banking with any of these companies. Methodology: How did you choose the best high-yield checking accounts?We looked at accounts that paid the highest rates either on your entire balance, or on up to a high balance. We chose accounts that make it relatively easy to be eligible to earn interest. For example, we'd prefer a checking account that required you to deposit $500 per month to earn interest over one that required $5,000 per month. We examined other factors, too, like monthly service fees, out-of-network fee reimbursements, and minimum opening deposits. Credit unions typically pay the highest rates on checking accounts. Credit unions only offer services to members, so we selected credit unions that are easy for most people in the US to join. But keep in mind that a local or more selective credit union may offer better rates. Frequently asked questionsWhat is a high-yield checking account?A high-yield checking account pays interest on your balance. Most standard checking accounts don't pay any interest. Others pay a little, like 0.01% to 0.05% APY. High-yield checking accounts pay significantly higher rates. How does a high-yield checking account work?Most high-yield checking accounts require you to meet certain criteria each month to earn interest. For example, you may have to receive $500 in direct deposits or make 10 debit card transactions. Some accounts also pay tiered interest rates. Let's say an account pays 1% APY on balances up to $25,000, then 0.25% APY on balances over $25,000. If you have a $30,000 balance, you'd earn 1% on the first $25,000, then 0.25% on the remaining $5,000. What is annual percentage yield?Annual percentage yield (APY) is similar to an interest rate, but it gives you a better idea of how much you'll actually earn. APY tells you how much interest you'll earn over one year, including compounding. A checking account may pay 0.499% in interest, but you'll earn 0.50% APY. Experts' advice on choosing the best checking accountInsiderTo learn more about what makes a good checking account and how to choose the best fit, four experts weighed in:
We're focusing on what will make a high-yield checking account the most useful, including rates, fees, and accessibility. Here's what they had to say about checking accounts. (Some text may be lightly edited for clarity.) What makes a checking account good or not good?Roger Ma, CFP: "I would look at the ATM branch locations and then minimum balance amounts to not incur a monthly fee … I think there's other stuff that could make life easier, whether it's a free checks, online bill pay, are they in the Zelle network?" Laura Grace Tarpley, Personal Finance Insider: "I would make a list of the top three to five things you want out of a checking account. Is it a great mobile app, 24/7 customer support, no ATM fees? Then research the best banks for those features." How should someone decide whether to choose a rewards checking account with a high APY, cash sign-up bonus, or cash back?Tania Brown, CFP: "I have checking accounts with all the above, because I use checking accounts for different purposes. I would tell someone, think through the experience of how you're going to use it. So I have my account strictly for bills and I don't attach a debit card to that. Well, I'm not going to get a lot of cash rewards out of that, because I rarely use that debit card, but I keep a pretty decent balance. So that one I use in particular for interest. I have a spending checking account. That one, I don't care if the balance is zero, the money that goes in there, I expect for it to go out. But because I use that often, that is the one I attached to a cash reward. And then I have another one that I use just for travel, and I actually have a travel reward attached to that one." Roger Ma, CFP: "I think if you're someone who is responsible with credit, then instead of focusing on a checking account that rewards you, look to a credit card that rewards you for the areas where you spend money. I wouldn't recommend people waste their time with a rewards checking account. Get the fundamentals right with fewer checking or savings accounts, and then start to move toward using a credit card to build your credit." How can someone decide between a bank and a credit union?Tania Brown, CFP: "For most people, it falls into five categories: location, interest rates, services, technology, and relationships. Next, prioritize what's important and you will have your answer. For instance:
Laura Grace Tarpley, Personal Finance Insider: "Look at interest rates and how often interest compounds. The more often an institution compounds interest, the more money you'll earn. Many credit unions pay higher rates than banks. But they only compound interest monthly, whereas banks compound daily. Do the math to figure out where you'll earn the most." How can someone determine whether a banking institution is the right fit for them?Mykail James, CFEI: "The No. 1 thing about a checking account is you should know what provider the debit card is coming from. And a lot of people don't think about that, because there are places that don't accept MasterCard or don't accept an Amex." Laura Grace Tarpley, Personal Finance Insider: "I would look for the bank that charges you the least in fees. This means either no monthly fees, or you qualify to waive the monthly fees. If you never overdraw from your account, then a bank's overdraft fees won't matter much to you. But if you occasionally overdraw, then I'd look at the fees or overdraft protection options."
Laura Grace Tarpley, CEPF Personal Finance Reviews Editor Laura Grace Tarpley (she/her) is a personal finance reviews editor at Insider. She edits articles about mortgage rates, refinance rates, lenders, bank accounts, wealth building, and borrowing and savings tips for Personal Finance Insider. She was a writer and editor for Insider's "The Road to Home" series, which won a Silver award from the National Associate of Real Estate Editors. She is also a Certified Educator in Personal Finance (CEPF). She has written about personal finance for over six years. Before joining the Insider team, she was a freelance finance writer for companies like SoFi and The Penny Hoarder, as well as an editor at FluentU. You can reach Laura Grace at . Learn more about how Personal Finance Insider chooses, rates, and covers financial products and services » Read more Read less Check out: Personal Finance Insider's review of Robinhood. Editorial Note: Any opinions, analyses, reviews or recommendations expressed in this article are those of the author’s alone, and have not been reviewed, approved or otherwise endorsed by any card issuer. Read our editorial standards. Please note: While the offers mentioned above are accurate at the time of publication, they're subject to change at any time and may have changed, or may no longer be available. **Enrollment required. Related articlesLoadingSomething is loading. Thanks for signing up! Access your favorite topics in a personalized feed while you're on the go. More... Where can I put my money to earn the most interest?The following ideas can help you make a plan to save and maximize your interest earnings.. High-Yield Savings Account. ... . High-Yield Checking Account. ... . CDs and CD Ladders. ... . Money Market Account. ... . Treasury Bills.. Where can I get 6% interest?Digital Federal Credit Union offers 6.17%, Blue Federal Credit Union offers 5.00%, Landmark Credit Union offers 7.50%, online bank Mango Money offers 6.00% and Consumers Credit Union and online bank T-Mobile Money, both offer 4.00%.
What is a high rate checking account?Quick Answer. A high-yield checking account is a type of checking account that offers an APY that's above average, but you must meet special conditions to earn it. Currently, high-yield checking accounts offer APYs between 1% and 4%, whereas you might earn 0.03% APY on a typical savings account.
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