Best High-Yield Checking Accounts of 2024
High-yield checking accounts offer all of the benefits and flexibility of typical checking accounts with the bonus of paying interest on your account balance. Some high-yield checking accounts even offer better interest rates than savings accounts, at least on a portion of your balance though you may have to meet requirements to qualify.
Beyond their interest rates, high-yield checking accounts should offer other benefits like ATM fee reimbursements and low minimum deposit requirements and fees. We’ll break down some of the best high-yield checking accounts on the market and how you can choose the best one for your situation.
Best High-Yield Checking Accounts
|Checking Account APY
|Consumers Credit Union Rewards Checking
|4.09% on balances up to $10,000
|12 debit card transactions per month, One deposit of $500+ per month. $1,000 spent on a Consumers Credit Union credit card per month
|Lake Michigan Credit Union Max Checking
|3% on balances up to $15,000
|At least one direct deposit per month, Enroll in e-statements. Sign in to your online banking account at least four times per month
|Presidential Bank Advantage Checking
|2.25% on balances up to $25,000
|At least seven ATM, ACH, bill pay, or debit card transactions per month, At least $500 in direct deposits per month, $500 minimum deposit/balance requirement
|Axos Bank Rewards Checking
|Earn your rate by completing different requirements, 0.40% with at least $1,500 in direct deposits per month, 0.30% with at least 10 debit card transactions (minimum $3 per transaction) per month OR signing up for Personal Finance Manager, 0.20% with an average daily balance of $2,500 in a Managed Portfolios Investment account, 0.20% with an average daily balance of $2,500 in a Self-Direct Trading Account, 0.15% when you use the account to make your monthly payment toward an Axos consumer loan
|Connexus Credit Union Xtraordinary Checking Account
|1.75% on balances up to $25,000
|Enroll in electronic statements, Make 15 debit card purchases OR spend at least $400 with your debit card per month
Consumers Credit Union Rewards Checking
- Checking Account APY: 4.09% on up to $10,000
The Consumers Credit Union Rewards Checking account offers one of the highest interest rates available from a high-yield checking account. However, the requirements to earn that rate are hefty. Thankfully, you can still earn a high rate if you meet lesser requirements.
To earn 2.09% APY, which is still a stellar rate, you only need to:
- Receive online statements
- Make 12 debit card purchases
- Receive $500 in total deposits
To boost that rate to 3.09% you also need to spend $500 on a CCU credit card. Spending $1,000 on a credit card boosts the rate to 4.09% for the month.
Beyond its great interest rate, the Consumers Credit Union Rewards Checking account comes with many valuable perks. There are no minimum balance requirements or monthly fees, and the credit union offers unlimited reimbursements for ATM fees.
Lake Michigan Credit Union Max Checking
- Checking Account APY: 3% on up to $15,000
Lake Michigan Credit Union’s Max Checking account offers a lower rate than Consumers Credit Union but has far fewer hoops to jump through. You’ll earn the maximum rate by:
- Receiving one direct deposit
- Making ten debit card purchases
- Logging in to your online account four times
- Signing up for electronic statements
To help you keep track, the bank’s mobile app has a checklist that fills in as you meet the requirements each month.
On top of its high interest rate, the Max Checking account offers access to 55,000 ATMs across the globe and $10 in ATM fee reimbursements each month. There is no minimum balance requirement or monthly fee to worry about.
Presidential Bank Advantage Checking
- Checking Account APY: 2.25% on up to $25,000
Most high-yield checking accounts limit the amount of money that is eligible to earn a high interest rate. While Presidential Bank also imposes a limit, its limit of $25,000 is much higher than most of the competition. You can earn 2.25% on up to $25,000 by:
- Making at least seven ATM, ACH, bill pay, or debit card transactions per month
- Receiving at least $500 in direct deposits per month
One drawback of the account is its minimum balance requirement. You’ll have to deposit $500 to open the account and will face a monthly fee if your balance falls below that amount. However, like many other checking accounts on this site, the Advantage Checking account offers ATM fee reimbursements – up to $8 per month.
Axos Bank Rewards Checking
- Checking Account APY: 1.25%
The Axos Bank Rewards Checking account works a bit differently than the other high-yield checking accounts on our list. Instead of offering an all-or-nothing situation where you need to meet every requirement to earn an elevated rate, Axos Bank rewards you for each requirement you meet. The more requirements you meet, the higher your interest rate will be.
The requirements, and the APY increase you’ll earn for meeting them, are:
- 0.40% with at least $1,500 in direct deposits per month
- 0.30% with at least 10 debit card transactions (minimum $3 per transaction) per month OR signing up for Personal Finance Manager
- 0.20% with an average daily balance of $2,500 in a Managed Portfolios Investment account
- 0.20% with an average daily balance of $2,500 in a Self-Direct Trading Account
- 0.15% when you use the account to make your monthly payment toward an Axos consumer loan
You must meet the direct deposit requirement to be eligible for other interest rate bonuses.
The checking account offers other valuable perks, including a $50 minimum opening balance, no monthly fees, and unlimited ATM fee reimbursements.
Connexus Credit Union Xtraordinary Checking Account
- Checking Account APY: 1.75% on up to $25,000
Conexus Credit Union’s Xtraordinary Checking Account lets you earn an elevated interest rate on a large amount of cash. Perhaps best of all, the requirements to earn the top rate are easy. All you have to do is:
- Make 15 debit card purchases per month OR spend $400 on your debit card each month
- Sign up for electronic statements
These requirements are among the easiest to meet of the high-yield checking accounts on our list.
The checking account also includes other valuable perks and services, including online bill payments, overdraft services, 67,000+ fee-free ATMs, and up to $25 in ATM fee reimbursements each month.
How Do High-Yield Checking Accounts Work?
High-yield checking accounts, at a basic level, work just like any other checking account. When you open the account, you’ll get a debit card and a checkbook and can use those to make transactions. Keep your extra cash in the account and you’ll be able to access it easily to pay your bills or make purchases.
What sets them apart is their interest rate. High-yield checking accounts offer very high interest rates, sometimes higher than the rates paid by savings accounts.
However, the balances eligible to earn those elevated rates are usually limited and you typically have to jump through a few hoops to earn the higher rate. Failing to meet the requirements could mean forfeiting any interest you would have earned that month.
Banks offer these accounts because they’re a good way to attract new customers. Adding requirements like direct deposits or a minimum number of debit card transactions also encourages you to fully switch to using your new checking account.
Why Choose High-Yield Checking Accounts?
There are many reasons to consider opening a high-yield checking account. One is that you need a checking account, so why not earn some interest on your balance at the same time? Additionally, checking accounts are among the safest places to keep your money thanks to FDIC insurance. High-yield checking accounts also tend to offer other perks, like ATM fee reimbursement and no monthly fees.
How to Choose a High-Yield Checking Account?
When comparing high-yield checking accounts, look at these factors:
- APY – One of the main reasons to open a high-yield checking account is to earn interest, so look for accounts with the highest rates.
- Maximum balance – Many high-yield checking accounts only pay their highest rates on a limited amount of money. The higher the limit, the more you can earn.
- Fees and minimums – You don’t want to pay money to a bank for giving it the privilege of holding your cash. Look for accounts with low minimum balance requirements and fees.
- Other perks – While earning a great rate from a high-yield checking account is important, you also want to make sure the account offers perks and features you’ll benefit from. Look for things like an easy-to-use mobile app and a strong ATM network.
High-yield checking accounts give you the opportunity to earn great interest rates while maintaining easy access to your money. Some high-yield checking account rates exceed those of the best savings accounts, making it worth jumping through the hoops required to earn those rates. Just make sure the account will also meet your needs when it comes to paying bills or withdrawing cash at ATMs.
What bank pays the highest interest rate on checking accounts?
Banks are constantly competing with each other and changing account features and interest rates, making it difficult to state which bank has the best APY for checking accounts. Consumers Credit Union’s Rewards Checking account offers the highest rate of any bank on our list at 4.09% APY.
Are high-yield checking accounts worth it?
Yes, high-yield checking accounts are well-worth considering. The high interest rates that they offer can help you earn hundreds of dollars more than you would by placing your cash in a savings account.
Most are also great checking accounts even ignoring their interest rates, offering low fees and minimums and other valuable account features.
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