High Rate Checking Account

A high-yield checking account is a good option if you keep a lot of money in your checking account. (Otherwise, you may be more interested in high-yield savings, if you'd prefer to earn interest for personal goals.)

high rate checking account

Here are our top picks for high-yield checking accounts. Our top picks are protected by FDIC or NCUA insurance. Although Silicon Valley Bank and Signature Bank have recently been shut down, keep in mind money is safe at a federally insured financial institution. When a financial institution is federally insured, up to $250,000 per depositor is secure in a bank account.

"I would look for a checking account that either doesn't have any monthly services fees or offers multiple ways to waive the fee. I would also look at customer support availability and mobile app ratings."

"I have checking accounts with all the above, because I use checking accounts for different purposes. I would tell someone, think through the experience of how you're going to use it. So I have my account strictly for bills and I don't attach a debit card to that. Well, I'm not going to get a lot of cash rewards out of that, because I rarely use that debit card, but I keep a pretty decent balance. So that one I use in particular for interest. I have a spending checking account. That one, I don't care if the balance is zero, the money that goes in there, I expect for it to go out. But because I use that often, that is the one I attached to a cash reward. And then I have another one that I use just for travel, and I actually have a travel reward attached to that one."

"I think if you're someone who is responsible with credit, then instead of focusing on a checking account that rewards you, look to a credit card that rewards you for the areas where you spend money. I wouldn't recommend people waste their time with a rewards checking account. Get the fundamentals right with fewer checking or savings accounts, and then start to move toward using a credit card to build your credit."

"The No. 1 thing about a checking account is you should know what provider the debit card is coming from. And a lot of people don't think about that, because there are places that don't accept MasterCard or don't accept an Amex."

We looked at accounts that paid the highest rates either on your entire balance, or on up to a high balance. We chose accounts that make it relatively easy to be eligible to earn interest. For example, we'd prefer a checking account that required you to deposit $500 per month to earn interest over one that required $5,000 per month.

Credit unions typically pay the highest rates on checking accounts. Credit unions only offer services to members, so we selected credit unions that are easy for most people in the US to join. But keep in mind that a local or more selective credit union may offer better rates.

Why it stands out: Axos Bank Rewards Checking allows you to earn a competitive interest rate and get unlimited ATM fee refunds. This account also might be a good option if you're looking to avoid overdraft fees.

Why it stands out: Consumers Credit Union ranks as one of our top credit unions, and Consumers Credit Union Free Rewards Checking is on our favorite rewards checking accounts list. You have the potential to earn one of the highest interest rates out there right now. Consumers also refunds any fees charged by out-of-network ATM providers.

Why it stands out: Juno gives you both a high interest rate and cash back rewards. Select five retailers from its list and earn 5% cash back when you shop at those stores. You may like the account if you're an immigrant, because you only need a Social Security number and passport to qualify.

Why it stands out: In addition to offering a competitive interest rate, SoFi Checking and Savings is a great choice if you'd like to avoid common fees. This account doesn't have monthly service fees, overdraft fees, or out-of-network ATM fees.

What to look out for: SoFi doesn't have as many bank account options as brick-and-mortar financial institutions. For example, you can't open separate checking and savings accounts or a CD.

Why it stands out: Along with its high interest rate, Wings Financial gives you 10 free withdrawals each month from an out-of-network ATM. The credit union also lets you choose to either link to your savings account for free overdraft protection or tap into an overdraft line of credit. We've chosen Wings Financial as one of our favorite credit unions.

*Visit figfcu.org/cashback-checking and figfcu.org/high-yield-checking for complete disclosures. Rewards, APYs, qualifying dollar amounts for interest earned, ATM surcharge rebate amounts and eligibility criteria are subject to change at any time. Fees may reduce earnings.

Genius High Yield Checking is a high interest checking account that can pay cash dividends just for using your debit card and estatements, and the annual percentage yield (APY) will help you make the most of your money.

A high yield checking account works like a standard checking account by giving you access to your money whenever you need it, but with one big difference - you can earn interest just by using your account! By keeping your money in a high yield checking account and using your debit card like normal, you can earn cash dividends from an annual percentage yield (APY).

Our high yield checking accounts offer cash dividends, paid out monthly, that offer an APY interest rate on your average daily balance. If you use your debit card 10 times a month (or more), your daily average checking balance will start to earn interest using our APY. This interest is then paid out at the end of the month on your average daily balance, up to $7,500*.

High-interest checking accounts are checking accounts that provide you with an above-average interest payment based on your account balance. This is ideal for account holders with large amounts of funds in their bank account. Interest rates are listed as a percentage, such as 1.00% APY (annual percentage yield).

High-interest checking accounts work similarly to a normal checking account but with the ability to earn interest. You can deposit and withdraw money and are given a debit card. You then earn interest based on your balance.

Each bank or credit union will set its own APY. This may vary based on the account. Some banks will also give you a higher APY for larger balances. For example, you may earn 0.01% interest on a balance of up to $10,000, but 0.02% interest on a $100,000+ balance.

High-interest checking accounts have both benefits and drawbacks. They may help you grow your balance if you meet certain requirements. They may also encourage you to spend less to keep a higher balance for more interest.

The average APY for interest-earning checking accounts is 0.03%. Some banks have lower rates and some have higher. Ultimately, it depends on the bank you choose, what type of account, and what your balance is.

High-interest checking accounts may have an opening deposit requirement, minimum balance requirement, monthly service fee, overdraft fee, ATM fee, and other hidden fees. Look into every possible fee so you know where your money is going.

You've built your financial success on a simple idea: your money should be working as hard as you. Our Amplified High-Yield checking account features a five-tiered rate structure with exciting growth potential. As your balance grows, so will your earnings.

1Amplified High-Yield Checking: $25 deposit required to open account. The account must be funded within 30 calendar days; otherwise, the account may be closed. If your average daily balance is below $1,500, you may incur a $15 monthly maintenance fee. Dividend rates are based on the account balance and account tier. The tiers are as follows: Tier 1 daily balance of $0.01 to $1,499.99; Tier 2 daily balance of $1,500 to $49,999.99; Tier 3 daily balance of $50,000 to $249,999.99; Tier 4 daily balance of $250,000 to $999,999.99; Tier 5 daily balance of $1,000,000 or more. We use the daily balance method to calculate the dividend on your account. Dividends begin to accrue no later than the business day we receive the deposit to your account. You will receive the accrued dividends if you close your account before dividends are posted. Annual Percentage Yield will vary due to account activity and balance. Fees may reduce earnings.

5Early Pay: For GECU consumer checking accounts only; not available on GECU: money market, business checking, or Health Savings Accounts. Early Pay is a service in which we credit eligible ACH deposits up to two business days early. The timing of when these transactions will be credited is based on when the payer submits the information to us. This means the timing of when transactions are credited could vary and funds may not be received early. We cannot guarantee that you will receive Early Pay due to unanticipated circumstances. Eligible ACH deposits include, but are not limited to: payroll, pensions, and government deposits. Other deposits, such as: check or mobile deposits and card transactions are not eligible for Early Pay. Early Pay is automatic and there is no fee, you can opt out at any time. Learn more at gecreditunion.org/earlypay. Early Pay is offered at the discretion of GECU, and we reserve the right to cancel the service at any time and without notice to you.

General Electric Credit Union in Ohio, Kentucky and Indiana offers account and lending solutions including checking accounts, savings accounts, certificates, individual retirement accounts (IRAs), mortgages, auto loans, personal loans, credit cards and much more. Bank online on your computer, mobile device or by the phone. Visit one of our conveniently located ATMs in Southwest Ohio, Northern Kentucky and Southwest Indiana or our branches in Florence, KY, Highland Heights, KY, Cincinnati, OH, Fairfield, OH, Loveland, OH and Mason, OH today. 041b061a72