Rates updated between April 25 and May 1
A high-yield checking account provides the best of both worlds, allowing you to handle everyday financial transactions while earning a competitive rate of return. The best high-yield checking accounts have manageable requirements to earn the annual percentage yield (APY), low fees and low minimum deposit requirements.
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Note: Annual percentage yields (APYs) shown are as of April 16 and may vary by region for some products. Bankrate includes only Federal Deposit Insurance Corp. (FDIC) banks or National Credit Union Administration (NCUA) credit unions in its listings.
TAB Bank’s TAB Spend Account is a good option for those looking for a rewards checking account. In addition to a high-yield, the account also provides an unlimited 1 percent cash back on debit card purchases. There are no monthly maintenance fees, no overdraft fees and no minimum deposit required to open or maintain the account. Another benefit of this account is fee-free withdrawals at MoneyPass ATMs nationwide.
Lake Michigan Credit Union’s Max Checking Account pays a stellar APY of 3 percent. The catch is, you’ll have to meet some requirements every month to qualify for it, including setting up direct deposits, using your debit card to make purchases and logging in to mobile banking. If you’re a heavy debit card user, and like to check up on your checking account balance often, this account could be worthwhile for you.
Anyone can join the credit union and open this account online; membership isn’t restricted to people living in certain states or working for certain companies.
The Bank5 Connect High-Interest Checking Account offers a competitive yield for a checking account. There are no monthly maintenance fees, and the minimum opening deposit is accessible, at just $10. If you need cash often, you’ll be happy to know that Bank5 Connect may reimburse up to $15 per statement cycle for out-of-network bank fees. Bank5 provides free overdraft protection when the account is linked to a savings account.
The NBKC Everything Account is a fee-free hybrid checking and savings account. There are no monthly fees or minimum balance requirements. There are also no overdraft charges. Customers are reimbursed up to $12 per month for out-of-network ATM fees.
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 could be worthwhile for those who use their debit card often.
The American Express National Bank Rewards Checking account has no monthly fees, no minimum deposit and no minimum balance requirements and earns a good APY with no other requirements to earn the rate. Plus, you earn American Express membership reward points on eligible debit card purchases.
With this account, you get access to 70,000 fee-free ATMs nationwide through the MoneyPass and Allpoint networks.
The Bask Bank Interest Checking Account has no monthly fees and offers 1 percent APY on all balances. There are no minimum opening deposit or minimum balance requirements. And as a customer, you get access to more than 55,000 surcharge-free Allpoint ATMs nationwide.
A high-yield checking account is like other interest-bearing checking accounts, but it pays a better rate of return. Requirements to earn the high-yield may include maintaining a set minimum balance, receiving direct deposit into the account or performing a minimum number of debit transactions each month.
High-yield checking accounts allow you to earn interest on more of your money, not just what you have in savings. You can often find high-yield checking account rates around 1 percent APY or higher.
High-yield checking accounts can be worth it, as long as you can easily meet the requirements to earn the high yield. If an account requires you to make a certain number of debit card transactions per month, for example, but it’s not an amount you’re likely to meet, that high-yield checking account won’t be worth it for you.
High-yield checking accounts can be a great option if you keep a healthy balance in your checking account and can meet the basic requirements — like using your debit card a certain number of times each month — if the account has them. But these accounts are not for everyone. If you tend to keep minimal cash in checking, or if you prefer using credit cards for purchases, you probably won't benefit enough to justify jumping through those hoops.Hanna Horvath, certified financial planner and managing editor at Bankrate
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. Don’t pick a high-yield checking account solely based on the rate. It’s important to choose an account that matches how you like to use your checking account and meets your other financial needs.
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 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.
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.
Written by: Karen Bennett, Senior Consumer Banking Reporter
Karen is a senior consumer banking reporter with three decades of writing experience, including in the financial services industry. Topics she's covered include savings accounts, CDs, budgeting and emergency funds, as well as legislation and government regulation. In addition to Bankrate, her work has also appeared in USA Today, Illinois Legal Times and various newspapers in Chicago, Milwaukee and Washington, D.C. Karen is a member of the Society for Advancing Business Editing and Writing (SABEW) and has a master's degree in journalism from Columbia College Chicago.
Edited by: Yuliya Goldshteyn, Editor II, Banking
Yuliya has more than 15 years experience in editing, including four years in personal finance content, concentrating on the consumer banking sector. She specializes in the ins and outs of deposit accounts, including savings, certificates of deposits and checking accounts, as well as what consumers should weigh when deciding on where to bank. She holds a master's degree in social sciences from the University of Chicago and a bachelor's degree in history from the University of California, Berkeley.
Read more from Yuliya Goldshteyn
Reviewed by: Thomas Brock, CFA, CPA
Thomas Brock, CFA, CPA, is an accomplished financial professional with over 20 years of experience in investments, corporate finance, accounting and financial consulting. His investment experience includes oversight of a $4 billion portfolio for an insurance group. Varied finance work includes the development of multiyear financial forecasts and KPI dashboards, credit analyses and the evaluation of capital budgeting proposals. Thomas holds a Master of Business Administration from Franklin University and a Bachelor of Science in business administration from Bowling Green State University. He is a chartered financial analyst charterholder and a certified public accountant.
Bankrate researches over 100 banks, including some of the largest financial institutions, online-only banks, regional banks and credit unions with both open and restrictive membership policies.
To find the best high-yield checking accounts, we rated these institutions on their checking account fees, minimum deposit requirements, ATM network, overdraft policies, APY offerings and more.
The highest-rated checking accounts from broadly-available banks and credit unions, with the highest APYs, made our list. Learn more about how we choose the best banking products and our methodology for reviewing banks.
