The best 7 high-yield checking accounts: Earn more on your money

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In this era of high interest rates, finding a checking account that keeps your money safe and helps it grow can be a game-changer. High-yield checking accounts offer a combination of accessibility and earning potential, providing a great way to maximize returns. 

We looked at some of the best high-yield checking accounts available, comparing features, benefits, and requirements to help you make the best decision. 

The best high-interest checking accounts 

Here are some of the best high-yield checking accounts, listed in alphabetical order. Rates are accurate as of April 2024.

• All America Bank Checking
• Ally Bank Interest Checking Account
• Axos Bank Rewards Checking Account
• Discover Cashback Debit Account
• NBKC Bank Everything Account
• Presidential Bank Advantage Checking
•  SoFi Checking Account

All America Bank Ultimate Rewards Checking

APY: 5.15% on up to $15,000 (0.50% after). 0.25% APY if requirements aren’t met. 

All America Bank offers a competitive high-yield checking account with an impressive 5.15% APY — but there are a few hoops to jump through to earn that rate. 

First, you must make at least 10 monthly debit card purchases and receive electronic statements to qualify for the higher rate (or you’ll earn 0.25% APY). If you do all that, you’ll earn 5.15% APY on balances up to $15,000, then 0.50% APY after. 

This account has no minimum balance requirement and no monthly maintenance fees, making it an accessible option for a wide range of customers. 

Account features

• Minimum initial deposit: $50 if in person, $500 if online 
• Minimum balance requirements: None
• Maintenance fees: None
• Overdraft fee: $25 (Overdraft Privilege available to customers who qualify) 
• ATM network: 1,000+
• Physical branches: 7 locations in Oklahoma 
• ATM fee reimbursement: Up to $25 each statement cycle 
• Cash deposit: Yes

Based in Oklahoma, this community bank offers one of the highest-yielding checking accounts in the nation. It’s also available nationwide as an online bank.

Ally Bank Interest Checking Account

APY: 0.25% on balances of $15,000 or more; 0.10% APY on balances below $15,000

Ally Bank, a leading online bank, offers an Interest Checking Account with an APY of 0.25% for balances over $15,000. For balances under $15,000, the APY is still 0.10% APY — higher than most checking accounts. 

This account, and Ally’s savings account, have no minimum balance requirement and no monthly maintenance fees — making it one of the best fee-free options available.

Account features

• Minimum initial deposit: None
• Minimum balance requirements: None
• Maintenance fees: None
• Overdraft fee: None
• ATM network: 43,000+
• Physical branches: None
• ATM fee reimbursement: Up to $10 each statement cycle 
• Cash deposit: None

Ally Bank is known for its exceptional customer service and cutting-edge digital banking tools. They provide 24/7 customer support and a robust online and mobile banking platform that allows users to easily manage their finances, deposit checks, and pay bills.

Axos Bank Rewards Checking Account

APY: Up to 3.30% if certain conditions are met 

Axos Bank’s Rewards Checking Account boasts an impressive 3.30% APY based on a tiered system. That means you must meet all the requirements to earn the highest APY. Here’s how it works: 

• You’ll earn 0.40% APY if you receive monthly direct deposits of $1,500 or more 
• You’ll get an additional 0.30% APY if you make at least 10 debit card transactions (each worth $3 or more), or link your account to Axos’ Personal Finance Manager.
• You’ll get an additional 0.99% APY if you have an average daily balance of at least $2,500 per month within an Axos Invest Managed Portfolios Account.
• You’ll get an additional 0.99% APY if you have an average daily balance of at least $2,500 per month within an Axos Invest Self-Directed Trading Account.
• You’ll get an additional 0.60% APY if you have an Axos consumer loan (mortgage, personal, or auto loan) and pay the full monthly amount from the Rewards Checking account. This adds up to 3.30% APY. 

Account features

• Minimum initial deposit: $50
• Minimum balance requirements: None
• Maintenance fees: None
• Overdraft fee: None
• ATM network: 43,000+
• Physical branches: None
• ATM fee reimbursement: Unlimited
• Cash deposit: None

Axos Bank offers various financial services, including online banking, investing, and mortgages. If you want a high-interest checking account at a bank offering other financial services, Axos Bank’s Rewards Checking account could be a good option, as the top rate is based on using various Axos’ services.

You’ll also get an instant virtual debit card along with your account. 

Discover Cashback Debit Account

Savings Multi (5 Rows)

APY: None

The Discover Cashback Debit account isn’t a high-yield checking account, as there’s no APY on account balances. 

But this account is worth mentioning because you can earn 1% cash back on up to $3,000 in monthly debit card purchases. That means you can earn up to $30 monthly on your debit card spending. Plus, this checking account has many other great perks that make it worth considering as a checking account.

Account features

• Minimum initial deposit: $0 
• Minimum balance requirements: None
• Maintenance fees: None
• Overdraft fee: None
• ATM network: 60,000+
• Physical branches: None
• ATM fee reimbursement: None
• Cash deposit: Yes

This account has no minimum balance requirement and monthly maintenance fees, making it an accessible option for those looking to earn rewards on their everyday spending.

Discover is a well-known online bank with a strong reputation for customer service — making it one of the best banks for mobile banking. They offer an online and mobile banking platform and free access to over 60,000 ATMs nationwide.

NBKC Bank Everything Account

APY: 1.75% 

The Everything Account has no minimum balance requirement and monthly maintenance fees. This account also provides reimbursement for ATM fees up to $12.

Account features

• Minimum initial deposit: None
• Minimum balance requirements: None
• Maintenance fees: None
• Overdraft fee: None
• ATM network: 37,000+
• Physical branches: 6 locations in the Kansas City area
• ATM fee reimbursement: Up to $12 per monthly cycle
• Cash deposit: Yes

NBKC Bank is a community-focused financial institution that prioritizes customer service. They provide an online and mobile banking platform and personalized financial guidance and support.

Presidential Bank Advantage Checking

APY: Up to 4.62% on daily balances up to $25,000 (3.62% on daily balances over $25,000). Balances that don’t meet requirements earn 0.10% APY. 

Presidential Bank’s Advantage Checking account offers an impressive APY of up to 4.62%, making it one of the highest-yielding checking accounts available. To qualify for this APY, you must maintain a daily balance of up to $25,000 and:

• Have $500 or more in electronic monthly deposits 
• Make 7+ electronic withdrawals per month

Daily balances below $25,000 will earn 4.62%, and daily balances above that will earn 3.62%. Accounts that don’t meet the requirements earn a 0.10% APY.

Account features

• Minimum initial deposit: $500
• Minimum balance requirements: None
• Maintenance fees: None
• Overdraft fee: None
• ATM network: 88,000+
• Physical branches: 10 locations in the Washington, D.C. area 
• ATM fee reimbursement: Up to $8 per monthly cycle
• Cash deposit: Yes

Presidential Bank is located in the Washington, D.C. area but offers online banking accounts nationwide. The Advantage Checking account offers one of the top APYs in the nation. 

While the requirements to earn the top interest rate may be more burdensome than some lower-yielding banks, they aren’t overly complicated, especially compared to other accounts.

SoFi Checking and Savings Account

APY: 0.50% on checking account balances and up to 4.60% on savings account balances (if conditions are met) 

SoFi is one of the best digital banks, offering a high-interest checking account that’s pretty straightforward. To earn the highest APY, you must sign up for direct deposit and make a certain number of monthly deposits. 

One wrinkle to note is that you must open both a SoFi checking account and a SoFi savings account, with the ability to earn a much higher APY there. In fact, it’s one of the best high-yield savings accounts on the market. This additional account could be seen as a positive, though some might not want a new savings account.

Account features

• Minimum initial deposit: None
• Minimum balance requirements: None
• Maintenance fees: None
• Overdraft fee: None
• ATM network: 55,000+
• Physical branches: None
• ATM fee reimbursement: None
• Cash deposit: Yes (for a fee) 

This account has no minimum balance requirement and no monthly maintenance fees. Users also enjoy free access to over 55,000 ATMs worldwide and can receive their paycheck up to two days early with direct deposit.

You can deposit cash at participating retailers within the Green Dot network, which includes national brands like CVS and 7-Eleven (a $4.95 transaction fee applies). 

What is a high-yield checking account?

A high-interest checking account is a type of bank account that has higher rates than traditional checking accounts. These accounts offer the convenience and flexibility of a regular checking account, allowing you to access your funds for everyday transactions while also helping your money grow.

High-interest checking accounts are becoming more popular as consumers seek ways to make the most of their money. Many of these accounts offer competitive rates that rival savings accounts or even some certificates of deposit (CDs).

To qualify for a high-interest checking account, you may need to meet certain requirements, such as maintaining a minimum balance, making a certain number of debit card transactions monthly, or receiving direct deposits. 

Pros and cons of high-yield checking accounts

High-interest checking accounts can help you earn more money, but there are some potential downsides.

Pros:

• Higher earning potential: The key advantage of high-interest checking accounts is the ability to earn more on your money, says Bob Chitrathorn, vice president of wealth planning at Simplified Wealth Management. These accounts can help you maximize your earnings and grow your funds faster.
• Convenience and flexibility: High-interest checking accounts offer the same features as regular checking accounts. You can easily access your money for everyday transactions, pay bills, and make purchases using a debit card or checks.
• Low or no fees: Many high-interest checking accounts come with low or no monthly fees as long as you meet certain requirements. This can help you save on account fees and keep more of your hard-earned cash.
• FDIC insurance: Like traditional checking accounts, high-interest checking accounts are typically FDIC insured, meaning your funds are protected up to $250,000 per person per account. 
• Additional perks: Some high-interest checking accounts offer ATM fee reimbursements, cash back rewards on debit card purchases, or early direct deposit. 

Cons:

• Requirements to earn high APY: Many high-interest checking accounts require you to meet certain criteria to qualify for the highest rates. Failing to meet these requirements may result in a lower APY or account fees.
• Balance limits: Some high-interest checking accounts may impose balance caps, meaning you can only earn the highest APY on balances up to a certain amount. Any funds above this cap may earn a lower interest rate.
• Limited availability: Not all banks and credit unions offer high-interest checking accounts, so you may need to shop around to find the best option. You’re most likely to find these accounts at online banks. 
• Lower APYs compared to other account types: While high-interest checking accounts offer higher rates than traditional checking accounts, they may still have lower interest rates than some high-yield savings accounts or CDs. But the trade-off is that you have more flexibility and easier access to your funds with a checking account.
• Risk of interest rate changes: Like other interest-bearing accounts, high-interest checking accounts are subject to interest rate changes based on market conditions and the financial institution. This means that the APY you earn may fluctuate over time. “A big con is that you shouldn’t use this as a set-it-and-forget-it checking account and assume you’ll get that high interest forever,” says Chitrathorn. 

The bottom line 

Choosing the right high-yield checking account can be important in maximizing your money. You can find an account that best suits your needs by considering interest rates, minimum balance requirements, and monthly fees.

The accounts highlighted represent some of the best high-yield checking options available. Whether you prioritize earning a high APY, avoiding fees, or enjoying additional perks like cash back rewards, an account on this list can help you achieve your financial objectives.

“Are high-yield checking accounts worth it?  To some, yes, and to some, no.  You have to analyze and see if it makes sense for you,” Chitrathorn says. “But make sure you also compare them to high-yield savings accounts that are currently available.”

Opinions expressed are author’s alone, not those of any bank, credit card issuer, or other entity. This content has not been reviewed, approved, or otherwise endorsed by any of the entities included in the post.