High-yield checking accounts are growing in popularity, as they combine the best aspects of high-yield savings, with the spending flexibility of checking accounts. In fact, some of the top high yield checking accounts on this list put some savings accounts to shame - but there are some limits.
Depending on what features matter to you (especially if you don't mind only having an online or app-based bank), these high yield checking accounts can be especially enticing.
We looked at banks, credit unions, and new app-based start-ups to find the best rewards checking accounts for you. But realize, many of these accounts have limits. In fact, most of these accounts "limit" the highest APY to low balance levels. They may also have requirements, like certain amounts of transactions or direct deposits each month. Make sure you check the fine print, and we break it down below.
The Best High-Yield Checking Account Options
Note: The checking offers that appear on this site are from companies from which The College Investor receives compensation. This compensation may impact how and where products appear on this site (including, for example, the order in which they appear). The College Investor does not include all banking companies or all checking offers available in the marketplace.
Bank Name | APY | Get Started |
|---|---|---|
 | Up To 4.09% Up To $10,000 | |
 | Up To 1.20% Up To $30,000 | |
 | Up To 1.01% | |
 | Up To 1.00% Up To $5,000 | |
 | Up To 0.15% | |
 | Up To 1.25% | |
 | Up To 0.90% | |
 | Up To 2.80% Up To $10,000 | |
 | 0.50% | |
 | Up To 1.00% Up To $10,000 |
Bank Name | APY |
|---|---|
| Up To 4.09% Up To $10,000 |
| Up To 1.20% Up To $30,000 |
| Up To 1.01% |
| Up To 1.00% Up To $5,000 |
| Up To 0.15% |
| Up To 1.25% |
| Up To 0.90% |
| Up To 2.80% Up To $10,000 |
| 0.50% |
| Up To 1.00% Up To $10,000 |
1. Consumers Credit Union Rewards Checking
Consumers Credit Union is our top pick because of their awesome Rewards Checking Account that offers an amazing interest rate on your checking account. It also puts them on our list of the best credit unions!
Right now, you can earn up to 4.09% APY on your checking account for the first $10,000. The account also has no fees, no minimum balances, and reimburses your ATM fees.
However, you do have to meet some criteria:
Earn 2.09% APY
- Receive eDocuments.
- Complete at least 12 debit card purchases totaling $100 or more each month. Debit card transactions can be made with or without using your personal identification number (PIN).
- Direct deposits or ACH credits totaling $500 or more must post to your account monthly.
Earn 3.09% APY
Meet the 2.09% requirements plus:
- Spend $500 or more in CCU Visa credit card purchase transactions each month; no minimum number of transactions.
Earn 4.09% APY
Meet the 2.09% requirements plus:
- Spend $1,000 or more in CCU Visa credit card purchase transactions each month; no minimum number of transactions.
- There’s no minimum balance to open a free checking account. CCU has over 30,000 ATMs and you’ll receive unlimited reimbursements for any ATM fees. There’s also no limit on the number of checks you can write.
If you don’t meet the above requirements for a tier, your checking will still be free, but your APY will drop to 0.01%. You also don’t receive ATM refunds.
Read our full Consumers Credit Union review here.
Why I Like It: Free checking with great potential to earn a strong APY.
Learn more about Consumers Credit Union Rewards Checking here >>
Consumers Credit Union Rewards Checking | |
|---|---|
Min Opening Deposit | $0 |
Min Balance Requirement | $0 |
Monthly Fee | $0 |
Earns Interest | Up to 4.09% APY |
ATM Access | 30,000 ATMs nationwide |
Availability | Nationwide |
Promotions | None |
2. OnJuno
OnJuno is another awesome high-yield checking account that offers two tiers. However, they offer the same great interest rate for both - currently 1.20% APY. The difference is in the limits and the costs.
OnJuno Basic Checking offers 1.20% APY up to $5,000. The interest rate goes down to 0.25% APY thereafter. They also offer 5% cash back on debit card spend up to $500.
OnJuno Metal is their highest tier checking account. This account comes with a $9.99 monthly service fee, but it's waived for 6 months if you setup a monthly direct deposit. The key difference with this account is you get to earn 1.20% APY up to $30,000. It then drop to 0.25% thereafter. You also get the 5% cash back on spend up to $3,000.
Both of these accounts offer $0 ACH fees, a huge network of free ATMs, and more.
Read our full OnJuno review here.
Why I Like It: Free checking and cashback debit.
OnJuno | |
|---|---|
Min Opening Deposit | $0 |
Min Balance Requirement | $0 |
Monthly Fee | $0 to $9.99 |
Earns Interest | Up to 1.20% APY |
ATM Access | 85,000 ATMs nationwide |
Availability | Nationwide |
Promotions | None |
3. Quontic Bank
Quontic Bank recently launched their own High Interest Checking Account. This account is a great way to earn interest on your money, especially with the balance limits they offer.
This account currently has three tiers of interest:
- $0 to $100,000: 1.01% APY
- $100,001 to $250,000: 0.65% APY
- $250,001+: 0.35% APY
You do have to have a minimum balance of $100, and you must make 10 qualifying debit card point-of-sale transactions of $10.00 or more per statement cycle. If you fail to meet these minimums, you'll get just 0.01% APY.
Read our full Quontic bank review here.
Why I Like It: You can earn the highest rate on a lot of your balance.
Quontic Bank | |
|---|---|
Min Opening Deposit | $100 |
Min Balance Requirement | $100 |
Monthly Fee | $0 |
Earns Interest | Up to 1.01% APY |
ATM Access | 90,000 Fee-Free ATMs nationwide |
Availability | Nationwide |
Promotions | None |
4. GO2bank
GO2bank is a mobile bank that is working to take mobile banking to the next level. What we love about GO2bank is that they are really helping people access banking who may have never had a bank account before. GO2bank was created by Green Dot Corp, which many people may already be familiar with.
This account has a $5 monthly fee, but it's easily waived if you receive an eligible direct deposit payment during the previous monthly statement period.
Plus, the perks are amazing. You can currently earn 1.00% APY (Annual Percentage Yield) on up to $5,000 in your savings account, paid quarterly¹. You can also earn up to 7% cash back when you purchase eGift Cards from the nearly 100 popular merchants in the GO2bank mobile app as well as 3% cash back on Amazon eGift Cards bought in the app².
Plus, they offer up to $200 in overdraft protection with opt-in and eligible direct deposit³.
Read our full GO2bank review here.
Why I Like It: A savings account that earns interest combined with a deposit account that has amazing overdraft protection.
Learn more about GO2bank here.
Level | |
|---|---|
Min Opening Deposit | $0 |
Min Balance Requirement | $0 |
Monthly Fee | $5 (waived with qualifying direct deposit) |
Earns Interest | 1.00% APY on first $5,000 |
ATM Access | 19,000 Fee-Free ATMs |
Availability | Online Nationwide |
Promotions | None |
5. LendingClub Rewards Checking
LendingClub Bank offers the Rewards Checking Account. This is one of the few checking accounts that earns a solid interest rate on your money in the account.
It currently pays 0.10% APY on balances between $2,500 and $99,999, and 0.15% APY on balances over $100,000. You must maintain a $2,500 minimum average balance in the account OR $2,500 in direct deposits per month to earn interest.
They also offer unlimited 1% back on debit card purchases.
They are very mobile friendly, with unlimited ATM reimbursements, and mobile check deposits.
Read our full LendingClub Bank review here.
Why I Like It: Free checking with cash back debit!
LendingClub Rewards Checking | |
|---|---|
Min Opening Deposit | $100 |
Min Balance Requirement | $0 |
Monthly Fee | $0 |
Earns Interest | Up to 0.15% APY |
ATM Access | Unlimited via ATM Fee Reimbursement |
Availability | Nationwide |
Promotions | None |
6. Axos Rewards Checking
Axos Bank calls themselves America's most experienced digital bank. And their Rewards checking account hits every feature you'd expect from a top notch online bank that currently earns 1.25% APY!
Rewards Checking has no minimum balance requirements, no monthly fees, and no overdraft or insufficient fund fees. Plus, they offer unlimited domestic ATM reimbursements!
Axos Bank does require that you have good banking history to get approved.
To get the full rate, you must complete the following:
- 0.4166% APY - Receive monthly direct deposits totaling $1,000 or more
- 0.4166% APY - Use your Axos Visa® Debit Card for a total of 10 transactions per month (with min of $3 per transaction)
- 0.4166% APY - Use your Axos Visa® Debit Card an additional 5 more times for a total of 15+ transactions per month (with min of $3 per transaction)
That adds up to 1.25% APY. Qualifying transactions must post and clear the account during the monthly qualification cycle in order to get the APY.
Read our full Axos Bank review here.
Why I Like It: Fee-free checking with great interest.
Learn more about Axos Rewards Checking here.
Axos Rewards Checking | |
|---|---|
Min Opening Deposit | $0 |
Min Balance Requirement | $0 |
Monthly Fee | $0 |
Earns Interest | Up to 1.25% APY |
ATM Access | Unlimited via ATM fee reimbursement |
Availability | Nationwide |
Promotions | None |
7. Nationwide Advantage Checking
Nationwide Advantage Checking is Nationwide's rewards checking product - and it's also free! But if you meet the criteria, they'll pay you an awesome APY on your money!
This account has only a $50 minimum to open, but after that - no monthly maintenance fees, no minimum balance requirements, and no overdraft fees.
Nationwide does require that you're a well qualified applicant and that you have good banking history to get approved.
You can currently earn up to 0.90% APY by meeting the following criteria:
- 0.45% APY: Direct deposits (not including intra-bank transfers from another account) totaling $1,000 or higher each month.
- 0.45% APY: At least 10 point of sale transactions per month using Advantage Checking Visa debit card (with a minimum of $3 per transaction).
Check out our Nationwide Bank Review here.
Why I Like It: Free checking with great APY potential.
Learn more about Nationwide Advantage Checking here.
Nationwide Advantage Checking | |
|---|---|
Min Opening Deposit | $50 |
Min Balance Requirement | $0 |
Monthly Fee | $0 |
Earns Interest | Up to 0.90% APY |
ATM Access | 80,000 ATMs nationwide |
Availability | Nationwide |
Promotions | None |
8. Varo
Varo is a modern app and online bank that is delivering awesome free checking with interest. Right now, you can earn up to 2.80% APY on it's built-in savings account if you meet certain requirements!
Varo has no minimum balance requirements, no monthly fees, and earns interest!
It includes a debit card and a solid mobile app experience!
Varo has a two-tiered savings account. The first tier earns 0.40% APY* on a balance as little as a penny. The second tier pays 2.80% APY, but you must meet the requirements each qualifying period^ to receive that APY:
- Make at least five qualifying Varo Bank Visa® Debit Card purchases AND
- Receive qualifying total direct deposits of $1,000 or more
You’ll also need to meet the daily balance requirements:
- Keep your Bank Account and Savings Account balances greater than or equal to $0.00 AND
- Do not exceed a daily savings balance of $10,000 for the entire calendar month
That last requirement might sound odd. But you can’t go over a $10,000 balance or you’ll lose the higher APY.
Read our full Varo review here.
Why I Like It: A great banking combo in one easy to use app.
Learn more about Varo.
Varo | |
|---|---|
Min Opening Deposit | $0 |
Min Balance Requirement | $0 |
Monthly Fee | $0 |
Earns Interest | Up to 2.80% APY |
ATM Access | 55,000 ATMs nationwide |
Availability | Nationwide |
Promotions | None |
9. Chime
Chime was one of the original free mobile banking apps that revolutionized mobile banking. They started with a mobile-first mindset, and also wanted to keep fees as low as possible.
As such, they have a top notching free checking account if you're okay with a mobile only platform. Chime has no physical locations, and all of their banking is done online - in the app.
In addition to keeping the fees out of banking, Chime allows you to set up an automatic savings program. They launched a high yield savings account that currently pays 0.50% APY⁴. You can also enroll in round-ups to automatically save into this account.
We combine them as one high-yield checking because it's all bundled in the app.
Check out our Chime Review here.
Why I Like It: Free checking with a great combined savings account.
Learn more about Chime Free Checking here.
Chime | |
|---|---|
Min Opening Deposit | $0 |
Min Balance Requirement | $0 |
Monthly Fee | $0 |
Earns Interest | 0.50% APY |
ATM Access | 38,000 ATMs nationwide |
Availability | Nationwide |
Promotions | None |
10. Aspiration
Aspiration Spend & Save is Aspiration's cash management account. The great thing about this account is that they offer a variety of features for free. Furthermore, if you do upgrade to Aspiration Plus, you can get up to 1.00% APY on your money!
This account has only a $10 minimum to open, but after that you can pay what you want for a monthly fee (including $0), no minimum balance requirements, and no overdraft fees.
Earning the 1.00% APY does have some restrictions. To earn 1.00% APY interest on Aspiration Save Account balances up to and including $10,000.00 in any calendar month, customer must be enrolled in Aspiration Plus and spend $1,000 or more, monthly, with their Aspiration debit card. Balances over $10,000.00 will earn 0.10% APY. If the requirements are not met each month, the APY will be 0.25% on Save Account balances up to and including $10,000.00. Balances over $10,000.00 will earn 0.10% APY.
Bonus Offer: Right now, you can get a $100 bonus when you open a new Aspiration Spend & Save account with a deposit of $10 or more, and use your Aspiration debit card to make at least $1,000 worth of cumulative transactions within the first 60 calendar days from account opening.
Check out our Aspiration Review here.
Why I Like It: Eco-friendly banking with potential to earn a solid APY.
Learn more about Aspiration here.
Aspiration | |
|---|---|
Min Opening Deposit | $10 |
Min Balance Requirement | $0 |
Monthly Fee | $0 to $15/mo |
Earns Interest | Up to 1.00% APY |
ATM Access | Unlimited via Reimbursement |
Availability | Nationwide |
Promotions | $100 Bonus |
Get a $100 bonus!
How High-Yield Checking Works
High-yield checking is an interesting hybrid of checking, savings, and bank marketing. Yes, marketing. While each bank tailors their account slightly differently, these accounts are designed by nature to draw interest and attention. And as a result, many banks "write off" the "extra" interest as a marketing expense. That's why the balance allowed is usually pretty low.
For example, 1.00% interest on $10,000 is only $100 - so a bank may view an extra promotional rate of 1.00% APY as a marketing cost of $100 per customer. Not bad?
Furthermore, many banks combine high-yield checking with requirements, such as minimum balances, debit card transactions, and direct debit. These transactions typically bring revenue into banks (especially debit card transactions), so by requiring them, the banks are basically making money to pay you a higher rate.
If you're okay with these extra stipulations on your bank account, high-yield checking can be a great way to earn more interest on your money.
High-Yield Checking vs. Savings Accounts
At this point, you may be asking yourself why you should even consider a savings account? Why not just use one of these high-yield checking accounts instead?
Well, if you noticed in the list above, there are a lot of rules and restrictions. Depending on the person, it may simply not be worth the time or effort to try and meet the requirements in order to get the higher yield.
Plus, savings accounts typically have no requirements (other than sometimes a minimum balance requirement), and no upper limit. If you have a large cash balance (say $150,000) and you want to earn interest, you need to park that money in a savings account.
The best high yield savings accounts today pay solid interest rates on the full balance, with no requirements.
Common Questions
Still on the fence about high-yield checking accounts? I don't blame you! There's a lot to think about. Here are the most common questions we see.
What is a high-yield checking account?
A high-yield checking account is a checking account that pays interest - usually above average rates as well. These rates may be near, or even better, than what you get in a savings account. However, there are usually restrictions to qualify for the best rates.
How does a high-yield checking account work?
It works just like a traditional checking account, but in order to earn the top-tiers of interest, you typically must meet certain requirements. These requirements could include balance limits, monthly direct deposits, or even a required number of debit card purchases each month.
Do checking accounts pay interest?
Yes, some checking accounts pay interest. In fact, all of the accounts on this list are considered "high-yield", meaning they pay above-average interest.
Are there monthly fees for checking accounts?
While many checking accounts do charge monthly fees, we strongly recommend you avoid accounts that do. There are a lot of free checking account options that have great perks and rewards, including many high-interest options.
Are there any bonus offers for opening a checking account?
Yes! While offers vary, there are usually several accounts at any given time that offer bonus or promotional offers for opening an account.
Final Thoughts
Hopefully you better understand the concept of high-yield checking now. With that in mind, you know your options and you can know if it's right for you.
You might find other articles in our checking account comparisons helpful:
DISCLAIMERS
¹ 1.00% APY as of 2/26/21 and may change anytime. Interest is paid quarterly on the average daily balance up to a $5,000 balance.
² Active GO2bank account required to receive an eGift Card. eGift Card merchants subject to change.
³ Opt-in required. $15 fee may apply to each eligible purchase transaction that brings your account negative. Balance must be brought to at least $0 within 24 hours of authorization of the first transaction that overdraws your account to avoid the fee. Overdrafts paid at our discretion, and we do not guarantee that we will authorize and pay any transaction. See Deposit Account Agreement at GO2bank.com for more details.
⁴ APY—Annual Percentage Yield. Effective December 9, 2020 the interest rate will be 0.50%. These interest rates are variable and may change at our discretion at any time. No minimum balance required. Must have $0.01 in savings to earn interest.
* Annual Percentage Yield (APY) is accurate as of January 12, 2021. The rates are variable and may change. No minimum balance required to open an account. Balance in Savings must be at least $0.01 to earn interest.
^The qualifying period begins the first calendar day of the month and ends at close of business on the last business day of the month.
Robert Farrington is America’s Millennial Money Expert® and America’s Student Loan Debt Expert™, and the founder of The College Investor, a personal finance site dedicated to helping millennials escape student loan debt to start investing and building wealth for the future. You can learn more about him on the About Page, or on his personal site RobertFarrington.com.
He regularly writes about investing, student loan debt, and general personal finance topics geared towards anyone wanting to earn more, get out of debt, and start building wealth for the future.
He has been quoted in major publications including the New York Times, Washington Post, Fox, ABC, NBC, and more. He is also a regular contributor to Forbes.
