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Home » Banking » Checking » Rewards » Best High-Yield Checking Accounts Of January 2023

Best High-Yield Checking Accounts Of January 2023

Updated: January 11, 2023 By Robert Farrington

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best high-yield checking accounts updated January 2023

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.

Best High-Interest Checking Accounts
1. Juno
2. Consumers Credit Union Rewards Checking
3. GO2bank
4. Current
5. Wealthfront
6. Chime
7. Axos Rewards Checking
8. Quontic Bank
9. Aspiration
10. Nationwide Advantage Checking

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

high-yield checking account: Juno

Up To 5.00%

Up To $10,000

OPEN AN ACCOUNT
best high-yield checking accounts: Consumers Credit Union

Up To 5.00%

Up To $10,000

OPEN AN ACCOUNT
best high-yield checking accounts: Go2Bank

Up To 4.50% 

Up To $5,000

OPEN AN ACCOUNT
best high-yield checking accounts: current

Up To 4.00%

Up To $6,000

OPEN AN ACCOUNT
best high-yield checking accounts: Wealthfront

3.80%

OPEN AN ACCOUNT
best high-yield checking accounts: Chime

2.00%

OPEN AN ACCOUNT
best high-yield checking accounts: Axos Bank

Up To 1.25%

OPEN AN ACCOUNT
best high-interest checking accounts: Quontic

Up To 1.10%

OPEN AN ACCOUNT
best high-yield checking accounts: Aspiration

Up To 3.00%

Up To $10,000

OPEN AN ACCOUNT
best high-yield checking accounts: Nationwide

Up To 0.90% 

OPEN AN ACCOUNT

Bank Name

APY

best high-yield checking: Juno
OPEN AN ACCOUNT

Up To

5.00%

Up To 

$10,000

best high-yield checking accounts: Consumers Credit Union
OPEN AN ACCOUNT

Up To

5.00%

Up To

$10,000

best high-interest checking accounts: Go2Bank
OPEN AN ACCOUNT

Up To

4.50% 

best high-interest checking accounts: Current
OPEN AN ACCOUNT

Up To

4.00% 

Up To

$6,000

besy high-yield checking: wealthfront
OPEN AN ACCOUNT

3.80%

best high-interest checking accounts: Chime
OPEN AN ACCOUNT

2.00%

best high-interest checking accounts: Axos Bank
OPEN AN ACCOUNT

Up To

1.25% 

best high-interest checking accounts: Quontic Bank
OPEN AN ACCOUNT

Up To

1.10% 

best high-interest checking accounts: Aspiration
OPEN AN ACCOUNT

Up To

3.00%

Up To

$10,000

best high-interest checking accounts: Nationwide
OPEN AN ACCOUNT

Up To

0.90%

1. Juno

Juno is another awesome high-yield checking account that offers two tiers. However, they offer the same great interest rate for both - currently 5.00% APY. 

Juno's Basic Checking offers 5.00% APY up to $10,000. The interest rate goes down to 3.00% APY up to $250,00. They also offer up to 10% cash back on debit card spend up to $500.

Metal is their highest tier checking account. You need a direct deposit of $250 to get started with Metal. The key difference with this account is you get to earn 5.00% APY up to $10,000. It then drops to 3.00% for $10,001 to $250,000. 

Both of these accounts offer $0 ACH fees, a huge network of free ATMs, and more.

Read our full Juno review here.

Why I Like It: Free checking and cashback debit.

Learn more about Juno here >>

Juno

Min Opening Deposit

$0

Min Balance Requirement

$0

Monthly Fee

$0

Earns Interest

Up to 5.00% APY

ATM Access

85,000 ATMs nationwide

Availability

Nationwide

Promotions

None

Juno Logo
OPEN AN ACCOUNT

2. 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 5.00% 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 3.00% 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 4.00% APY

Meet the 3.00% requirements plus:

  • Spend $500 or more in CCU Visa credit card purchase transactions each month; no minimum number of transactions.

Earn 5.00% APY

Meet the 4.00% 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 5.00% APY

ATM Access

30,000 ATMs nationwide

Availability

Nationwide

Promotions

None

best high-interest checking accounts: Consumers Credit Union
OPEN AN ACCOUNT

3. 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 4.50% 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.

GO2bank

Min Opening Deposit

$0

Min Balance Requirement

$0

Monthly Fee

$5 (waived with qualifying direct deposit)

Earns Interest

4.50% APY on first $5,000

ATM Access

19,000 Fee-Free ATMs

Availability

Online Nationwide

Promotions

None

best high-yield checking accounts: Go2Bank
OPEN AN ACCOUNT

4. Current

Current is a leading mobile banking app that has been endorsed by a huge range of personaliities, including YouTuber Mr. Beast. It makes banking convenient and easy - it's that simple.

Current offers a free checking account that you should consider. It has no minimum balance requirements, no overdraft fees, fee-free ATM withdrawals at over 40,000 ATMs, and up to 15x points for cash back!

Plus, you can get up to 4.00% APY on balances up to $6,000 by adding money to your Savings Pods and enabling the Interest feature.

Check out our Current Review here. 

Why I Like It: Free mobile banking.

Learn more about Current Free Checking here. 

Current

Min Opening Deposit

$0

Min Balance Requirement

$0

Monthly Fee

$0

Earns Interest

4.00% APY on balances up to $6,000

ATM Access

40,000 Fee-Free ATMs Nationwide

Availability

Nationwide

Promotions

None

best high-yield checking accounts: Current
OPEN AN ACCOUNT

5. Wealthfront

Wealthfront (the popular robo-advisor) recently launched a high-interest checking account, the Wealthfront Cash Account. This account is a great way to earn interest on all of your money and get your paycheck up to two days early.

What's great about the account is that it provides no account fee banking for all of your spending needs and also earns interest.  It currently pays 3.80% APY and you can get started with just $1.

They are very mobile friendly, with 19,000 fee-free ATMs, mobile check deposits, and BillPay. 

Read our full Wealthfront review here.

Why I Like It: Interest-bearing checking connected to a solid robo-advisor.

Open a Wealthfront Cash Account here.

Wealthfront

Min Opening Deposit

$1

Min Balance Requirement

$0

Monthly Fee

$0

Earns Interest

3.80% APY

ATM Access

19,000 ATMs nationwide

Availability

Nationwide

Promotions

None

best high-yield checking: wealthfront
OPEN AN ACCOUNT

6. 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 2.00% 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

2.00% APY

ATM Access

38,000 ATMs nationwide

Availability

Nationwide

Promotions

None

best high-yield checking accounts: Chime
OPEN AN ACCOUNT

7. 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:

  • 0.40% APY - Receive monthly direct deposits totaling $1,500 or more. This requirement must now be met to be eligible to earn any interest during the statement cycle, regardless of whether the other interest-earning requirements are met.
  • 0.30% APY - Use your Axos Visa® Debit Card for a total of 10 transactions per month (with min of $3 per transaction) OR sign up for Account Aggregation/Personal Finance Manager (PFM) in Online Banking.
  • 0.20% APY - Maintain an average daily balance of $2,500 per month in an Axos Managed Portfolios Invest Account.
  • 0.20% APY - Maintain an average daily balance of $2,500 per month in an Axos Self Directed Trading Invest Account.
  • 0.15% APY - Use your Rewards Checking account to make your full monthly Axos consumer loan payment.

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. There's also a limit of $50,000 on which you can earn interest.

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

best high-yield checking accounts: Axos Rewards Checking
OPEN AN ACCOUNT

8. 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 $150,000: 1.10% APY
  • $150,001 to $1,000,000: 1.10% APY
  • $1,000,001+: 1.10% 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.

Open a Quontic Bank High Interest Checking Account here.

Quontic Bank

Min Opening Deposit

$100

Min Balance Requirement

$100

Monthly Fee

$0

Earns Interest

Up to 1.10% APY

ATM Access

90,000 Fee-Free ATMs nationwide

Availability

Nationwide

Promotions

None

best high-yield checking accounts: Quontic Bank
OPEN AN ACCOUNT

9. 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 3.00% 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 3.00% APY does have some restrictions. To earn 3.00% 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 3.00% on Save Account balances up to and including $10,000.00. Balances over $10,000.00 will earn 0.10% APY.

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 $7.99/mo

Earns Interest

Up to 3.00% APY

ATM Access

Unlimited via Reimbursement

Availability

Nationwide

Promotions

None

best high-yield checking accounts: Aspiration
OPEN AN ACCOUNT

10. 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

best high-yield checking accounts: Nationwide Advantage Checking
OPEN AN ACCOUNT

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:

  • Best Free Checking Accounts
  • Best Nationwide Credit Unions
  • Best College Student Checking Accounts
  • Best Military Checking Accounts
  • Best Starter Checking Accounts For Students And Kids


DISCLAIMERS

¹ 4.50% APY as of 1/11/23 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 1, 2022 the interest rate will be 2.00%. 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.

Robert Farrington
Robert Farrington

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.

Best High-Yield Checking Accounts Of January 2023

Editor: Clint Proctor Reviewed by: Claire Tak

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