Best high-yield checking accounts - December 2024

Presidential Bank, Advantage Checking Account: Up to 4.62% APY; $500 minimum opening deposit

Based in Bethesda, Maryland, Presidential Bank operates 11 branches and offers accounts nationwide online. To earn the Advantage Checking Account APY, you’ll need to meet requirements regarding direct deposits and electronic withdrawals.

Portion of balance that earns high APY: When requirements are met, the 4.62 percent APY will be earned on the portion of your balance up to $25,000, and an APY of 3.62 percent will be earned on any portion over that amount.

Direct deposit requirements: You’ll need to set up direct deposits of $500 or more from your payroll, Social Security, pension or annuity payments.

Electronic withdrawal requirements: At least seven withdrawals need to take place each month through ATMs, bill payments, Automated Clearing House (ACH) or Point-of-Sale (POS) withdrawals.

What to watch out for: If the direct deposit and electronic withdrawal requirements are not met in a given month, the rate earned will be only 0.10 percent.

Axos Bank, Rewards Checking Account: Up to 3.30% APY, $0 minimum opening deposit

Axos Bank is an online-only bank that offers a full suite of deposit products, including several checking accounts. The Rewards Checking Account works differently from many other high-yield checking accounts in that it provides separate interest-earning opportunities. If you meet the requirements for all of them, you’ll earn a combined APY of 3.30 percent.

Portion of balance that earns high APY: You can earn up to 3.3 percent on balances up to $50,000, and no interest is earned on any portion of your balance greater than that amount.

Direct deposit requirement: Monthly direct deposits totaling $1,500 or more will allow you to qualify for a rate of 0.40 percent. The direct deposit requirement must be met in order to qualify for any additional interest-earning opportunities.

Debit card transaction requirements: Making ten debit purchases of $3 or more per month will add 0.30 percent to your total APY. Alternatively, you could sign up for account aggregation in “Personal Finance Manager” during online banking.

Investment portfolio daily balance: Maintaining an average balance of $2,500 per month in an Axos Managed Portfolio Invest account will add 0.99 percent to your Rewards Checking Account APY.

Self Directed Trading account daily balance: Maintaining an average daily balance of $2,500 in an Axos Invest Self Directed Trading Invest account will add 0.99 percent to your Rewards Checking Account APY.

Loan payment from account: Using your Rewards Checking Account to make your monthly Axos consumer loan payment will add 0.6 percent to your Rewards Checking Account APY.

What to watch out for: Some savers may find one or more of the APY-earning opportunities difficult to qualify for.

Lake Michigan Credit Union, Max Checking Account: 3.00% APY, $0 minimum balance

Lake Michigan Credit Union makes it easy for anyone to join. It operates more than 70 branches, and accounts can also be opened online. You’ll qualify for the Max Checking Account’s APY when you meet requirements regarding direct deposits, debit purchases, number of account logins and electronic statements.

Portion of balance that earns high APY: Up to $15,000 of your balance will earn the 3.00 percent APY. Any amount beyond that will not earn interest.

Direct deposit requirements: One or more direct deposits each month

Debit card transaction requirements: At least 10 debit card purchases per month

Login requirements: At least 4 logins to online or mobile banking per month

Electronic statement requirements: You’ll need to be enrolled in eStatements.

What to watch out for: The Max Checking Account doesn’t pay any interest on the portion of your balance above $15,000.

Heritage Bank, eCentive Checking Account: Up to 2.02% APY, $100 minimum opening deposit

Employee-owned Heritage Bank is based in Spicer, Minnesota, and offers checking accounts, savings accounts and certificates of deposit (CDs). To qualify for the eCentive Checking APY, you’ll need to meet requirements regarding direct deposit, debit transactions and electronic statements.

Portion of balance that earns high APY: You’ll earn 2.02 percent on balances of up to $100,000. Portions greater than $100,000 earn 0.89 percent APY. Accounts that don’t meet requirements will earn an APY of 0.05 percent.

Direct deposit requirements: One or more direct deposit or ACH transactions per month

Debit card transaction requirements: At least $500 in debit purchases in a month

Electronic statements requirement: You must be signed up for eStatements.

What to watch out for: If you close the account within six months of opening it, you’ll be charged a $30 fee.

Quontic Bank, High-Interest Checking Account: Up to 1.10% APY, $100 minimum opening deposit

Quontic Bank is a digital bank that offers competitive rates and low minimum deposit requirements on its deposit products. The bank’s High-Interest Checking Account earns a lower yield than some other high-interest checking accounts, but the requirements are also somewhat easier to meet.

Portion of balance that earns high APY: Entire balance

Debit card transactions requirement: At least 10 debit card purchases of $10 or more per statement cycle

What to watch out for: Not meeting the required debit card purchases will result in an APY of just 0.01 percent.

A high-yield checking account is like other interest-bearing checking accounts, but it pays a better rate of return. Requirements for a high-yield checking account may include maintaining a set minimum balance, receiving direct deposit into the account or performing a minimum number of debit transactions each month.

What to look for in a high-yield checking account

Rates

If you’re looking for the absolute best APY in a checking account, you’ll often find this from an online bank or a credit union. Like most savings accounts, interest-bearing checking accounts earn a yield that’s variable, meaning the bank can increase or decrease the rate at its discretion.

Fees

When you’re in the market for an account that pays a high yield, it helps to also find one that doesn’t impose fees that eat into your balance. Common such checking account fees include monthly service fees, out-of-network ATM charges and overdraft or nonsufficient funds (NSF) fees. It pays to find an account that either doesn’t charge such fees or makes them easy to avoid by meeting certain requirements.

Access to ATMs

Bank customers often get hit with fees for using ATMs that aren’t owned by their bank or in their bank’s network. If you frequently use ATMs, you’ll want to go with a bank that provides convenient access to in-network ATMs.

Some banks also reimburse you for some or all surcharges you receive from out-of-network banks for using their ATMs.

Research methodology

Bankrate’s editorial team receives no direct compensation from advertisers, and our content is fact-checked to ensure accuracy. Our editorial and research teams analyzed more than 100 widely available financial institutions, made up of the biggest banks and credit unions, as well as a number of popular online banks.

To find the best checking accounts, Bankrate’s editorial team analyzed various factors, such as fees, minimum balance requirements and annual percentage yield (APY) offered. All of the checking accounts listed are insured by the Federal Deposit Insurance Corp. (FDIC) at banks or by the National Credit Union Share Insurance Fund (NCUSIF) at National Credit Union Administration (NCUA) credit unions.

Account minimums, monthly service fees and ATM charges are some important factors to consider when choosing a checking account. It’s easy to find a checking account that doesn’t charge fees and has minimal balance requirements. Many online banks offer them, and they are a good fit for many consumers.

Choosing a bank or credit union that’s backed by the federal government will ensure your money is safe. Be sure to follow FDIC and NCUA limits and guidelines.

Bankrate’s editorial team chose the criteria, developed a scoring system to determine the best checking accounts, and used its knowledge of financial services and banking experience to choose the best ways to rate them.