Best High-Interest Checking Accounts of June 2024 (2024)

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High-yield checking accounts stand out because they offer strong interest rates, while traditional checking accounts don't offer interest at all. If you keep a lot of money in your checking account, a high-yield checking account might be a good choice for you. Otherwise, consider ahigh-yield savings account, if you'd prefer to earn interest for savings goals.

Best High-Yield Checking Accounts

Market Leader

Farmers Savings Bank Star Checking: up to 9.01% APY

Farmers Savings Bank is a local financial institution in Iowa. You must open the Farmers Savings Bank Star Checking Account at a branch. The bank has branches in the following cities in Iowa: Arlington, Colesburg, Elkport, and Strawberry Point.

If you're looking for the best rates for checking accounts, here are our top nationwide options:

• OnPath Rewards High-Yield Checking: up to 7.00% * APY
• Genisys Credit Union Genius High Yield Checking: up to 6.75% APY
• Primis Novus Checking: up to 6.00% APY
• Redneck Bank Rewards Checkin' Account: up to 5.15% APY
• Consumers Credit Union Free Rewards Checking Account: up to 5.00% APY
• First Tech Rewards Checking®: up to 5.00% APY
• SoFi Checking and Savings: up to 4.60% APY
• Signature Federal Credit Union High-Yield Checking Account: up to 4.00% APY

Compare the Top High-Yield Checking Accounts

The best high-yield checking accounts pay well above average bank account interest rates.

Aside from our market leader, the best high-yield checking accounts on our list are available regardless of where you live in the United States. The credit unions featured have membership eligibility requirements, but these institutions offer more lenient ways to join that aren't specific regions or areas.

You can learn more about our top picks below.

Farmers Savings Bank Star Checking

Farmers Savings Bank is the current market leader for interest-earning checking accounts. It has a checking account paying up to 9.01% APY.

This may be a good option if you prioritize banking with a local financial institution and live near a branch in Iowa. The bank has branches in the following Iowa cities: Arlington, Colesburg, Elkport, and Strawberry Point. A minimum of $100 is required to open an account.

How interest works: You can earn 9.01% APY on balances up to $4,000 and 0.32% APY on balances over $4,000 if you meet the following requirements each month:

• Make 15 eligible debit card purchases (PIN-based transactions and signature-based transactions are two examples of eligible debit card purchases)
• Receive adirect depositor have an automatic withdrawal
• Get onlinebank statements

You'll earn 0.05% APY on your checking account if you don't meet the monthly requirements.

OnPath Rewards High-Yield Checking Account

OnPath Credit Union's high-yield checking account could be a good option if you're looking to get the highest APY possible and can meet certain requirements. You'll get refunded up to $10 per month for out-of-network ATM transactions, and there's no monthly account fee.

There's a minimum opening deposit for this account, but at least it's reasonable, at just $25. Also, you need to become a member of OnPath Credit Union—the easiest way is to make a $5 donation to the OnPath Foundation.

How interest works:You can earn 7% APY on your account balance up to $10,000, and 0.50% on amounts over $10,000. You need to meet the following requirements too:

• Log into online or mobile banking one or more times per statement cycle
• Enroll in e-statements and receive them for the relevant statement cycles
• Make 15 or more debit card purchases that post and settle in a statement cycle

Genisys Credit Union High Yield Checking

Genisys Credit Union Genius High Yield Checking is a solid option if you prefer banking with a credit union over a bank and usually maintain less than $7,500 in an account. This account has no monthly service fee, and no minimum balance requirements.

Membership eligibility at Genisys Credit Union is also more lenient than other credit unions — anyone can join it regardless of where they live in the U.S.

The easiest way to join is to become a member of the Arthritis Foundation or Paint Creek Center for the Arts. You may also be eligible for membership if you have a family member who is a current member or if you live in Michigan or select counties in Minnesota or Pennsylvania.

How interest works:To earn 6.75% APY on balances up to $7,500, you must meet the following requirements:

• Enroll in online bank statements
• Make at least 10 eligible Genisys Debit Mastercard purchases per month of an amount of $5 or more per transaction

Balances above $7,500 will only earn 0.05% APY. You'll also earn the default APY if you do not meet the monthly requirements.

Primis Novus Checking

Primis Novus Checking is a great choice if you're like to open a no-fee high-interest checking option. It has no monthly service fee, no overdraft fees, and a $1 minimum opening deposit.

Primis also offers another high-yield checking account called Primis Premium Checking. Primis Premium Checking pays 5.07% APY on all account balances, so it might be a better fit if you don't qualify for the interest rate boost.

Keep in mind mind that Primis Novus Checking and Primis Premium Checking are online-only bank accounts. If you want to open a checking account at a Primis bank, you'll have to choose from different but comparable options.

How interest works: Primis Novus Checking offers an interest rate boost of 6.00% APY on balances up to $100,000 for up to six months if you meet certain requirements and 4.00% APY as a base rate.

To qualify for the 6.00% APY boost, you must set up a direct deposit of $1,200 or more within the first 60 days of opening an account at Primis Bank. The deposit must be new to Primis Bank.

Once you qualify, Primis will apply the interest rate boost for balances up to $100,000 in the next statement cycle. You'll need to maintain direct deposits to continue earning the rate boost. After the six-month period has passed, you'll earn 4.00% APY on the account.

Primis Bank Review

Redneck Bank Rewards Checkin' Account

You might like Redneck Bank if you frequently use your debit card, because the bank's rewards checking account has a competitive bonus interest rate if you meet certain monthly requirements. You could also get refunded up to $25 per month in out-of-network ATM fees if you qualify for the bonus interest rate.

Redneck Bank has a steep minimum opening deposit of $500 to open the Redneck Bank Rewards Checking Account. You might prefer another financial institution if you'd like to open an account with less money upfront.

How interest works: You can earn 5.15% APY on account balances up to $15,000, and 0.50% APY on amounts over $15,000 if you fulfill the following activities each month:

• Make 10 qualifying debit card transactions per monthly statement cycle
• Receive online bank statements

If you do not meet the monthly requirements, you'll earn a standard rate of 0.25% APY.

Redneck Bank Review

Consumers Credit Union Free Rewards Checking Account

Consumers Credit Union ranks as one of our top credit unions, and Consumers Credit Union Free Rewards Checking Account is on our guide for best rewards checking accounts. 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.

You need a Consumers Credit Union credit card to earn the maximum APY, and if you don't meet any of the qualifications listed, you'll only earn 0.01% APY.

How interest works: Here are the APY tiers:

• Earn 3.00% APY on balances up to $10,000 when you sign up to receive eDocuments, make 12 debit card purchases per month, and receive $500 per month in direct deposits, mobile check deposits, or transfers from other banks.
• Earn 4.00% APY on balances up to $10,000 when you meet the qualifications to earn 3.00% APY andspend $500 per month with your Consumers Credit Union credit card.
• Earn 5.00% APY on balances up to $10,000 when you meet the qualifications to earn 3.00% APY andspend $1,000 per month with your Consumers Credit Union credit card.
• Earn0.20% APY on balances between $10,000.01 and $25,000 when you receive eDocuments, make 12 debit card purchases per month, and receive $500 per month in direct deposits, mobile check deposits, or transfers from other banks.
• Earn0.10% APY on balances of $25,000.01 and more when you receive eDocuments, make 12 debit card purchases per month, and receive $500 per month in direct deposits, mobile check deposits, or transfers from other banks.

Consumers Credit Union Review

First Tech Rewards Checking

First Tech Rewards Checking® pays a high rate on balances up to $15,000. The account only has a $10 minimum opening deposit, and there are no monthly fees.

Like most credit unions, First Tech FCU compounds interest monthly rather than daily. Depending on how much money you keep in your account, this may or may not make a significant difference. Also, to become a member of the credit union, you must work for an eligible employer or the State of Oregon (or have a family member who does); live or work in Lane County, Oregon; belong to the Computer History Museum or Financial Fitness Association; or have a family/household member who is already a First Tech FCU member.

How interest works: You'll earn up to 5.00% on balances up to $15,000 each month that you complete the following:

• Make 20 transactions with your First Tech debit and/or credit card totaling at least $500
• Receive a minimum of $1,000 in direct or ACH deposits
• Enroll in eStatements

You'll earn a lower rate on balances over $15,000 when you meet the monthly requirements. Regardless of your balance, you'll earn a very low rate when you don't meet the qualifications.

SoFi Checking and Savings

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, orout-of-network ATM fees.

You may also qualify for a cash bonus of up to $300. To earn a $50 cash bonus, you must receive between $1,000 and $4,999 in qualifying direct deposits by December 31, 2024. To earn a $300 cash bonus, you must receive $5,000 or more in qualifying direct deposits before the bonus expiration date.

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.

How interest works:You'll earn a higher interest if you set up direct deposit or deposit minimum $5,000 per month. SoFi members who do so earn up to 4.60% APY on savings balances (including Vaults) and 0.50% APY on checking balances.

If you do not set up direct deposit or deposit minimum $5,000 per month, you'll earn 1.20% APY on both checking and savings account balances.

SoFi Checking Review

Signature Federal Credit Union High-Yield Checking Account

Signature Federal Credit Union offers a high interest rate for balances up to $40,000. It also has a $0 minimum opening deposit, and no monthly service fee.

You must become a member to open a Signature Federal Credit Union account. The easiest way to join is to become part of the American Consumer Council (membership for the council requires a $8 annual fee). You can also join if you have an immediate family member who is a credit union member; work as a postmaster, postmaster relief, supervisor, or officer in charge for the US Postal Service; are an alumni association member or alumni association employee of Marymount University; or work for a participating employee group.

How interest works:To earn 4.00% APY on balances up to $40,000, you must meet the following requirements each month:

• Receive direct deposit totaling at least $1,000
• Make 15 debit card transactions
• Enroll in online bank statements

The checking account doesn't pay any interest on account balances over $40,000. You also won't earn interest if you don't fulfill the monthly qualifications.

Signature Federal Credit Union Review

Best High-Yield Checking Accounts FAQs

Understanding High-Interest Checking Accounts

A high-yield checking account is a type of checking account that lets you earn interest in your account by performing certain activities. Usually, you'll have to maintain a certain account balance or make a qualifying number of monthly debit card purchases.

The difference between a high-yield checking account and a high-yield savings account is that the former is for people who maintain a high average balance regularly to conduct everyday transactions. Meanwhile, the latter can be used by anyone who wants to grow their savings in an account.

Key Features of the Best High-Interest Checking Accounts

Competitive Interest Rates

According to the FDIC, the average interest checking account pays 0.08% APY. High-interest checking accounts pay significantly more interest. In fact our market leader pays up to 9.01% APY.

Keep in mind, however, that a lot of high-interest checking accounts have tiered interest rates. This means the APY on your account may vary depending on your account balance.

Fee Structures and Waivers

All of our top picks for the best high-interest checking accounts have zero monthly bank maintenance fees. You won't need to worry about meeting certain requirements to waive a fee.

At other banks, you might need to maintain a certain account balance or complete certain activities each month so you don't have to pay a monthly service fee.

Additional Perks and Benefits

Our top picks for high-interest checking accounts also have other perks and benefits.

For example, SoFi also has one of the best checking account bonuses right now. You mayqualify for a cash bonus of up to $300 if you meet certain requirements.

Many of our top high-yield checking accounts also offer reimbursem*nts for out-of-network bank ATM fees. This means if you use an ATM from another provider and get charged, your bank will give you a refund. There's usually a limit for how much a bank will refund you each month, varying from $10 to $25, depending on the financial institution.

Strategies for Maximizing Benefits from High-Interest Checking Accounts

To maximize the benefits of high-interest checking accounts, you want to make sure you maintain your bank account balance so you can be eligible for the highest interest rate. Here are a few things you can do to help you stay on top of your account management:

• Receive alerts from your bank when you reach a certain account balance
• Use a budgeting appto track your transactions and bill payments
• Review your bank statement each month
• Set up direct deposits so you know money in directly going into your bank account when you receive a paycheck

Are These Institutions Trustworthy?

The BBB assesses businesses by looking at responses to customer complaints, honesty in advertising, and transparency about business practices.

Farmers Savings Bank is the only bank on our list that hasn't been rated by the BBB yet.

Here are the BBB ratings for all of our other top picks:

OnPath Federal Credit Union received a B- grade because the business is relatively new and it's received five customer complaints on the BBB website.

Redneck Bank received an NR ("No Rating") gradebecausethe BBB doesn't have enough information to rate the business.

Signature Federal Credit Union received an A- grade because it has failed to respond to a customer complaint on the BBB website.

Why You Should Trust Us: Our Expert Panel for the Best High-Yield Checking Accounts

We consulted banking and financial planning experts to inform these picks and provide their advice on finding the best checking accounts for your needs.

Here's what they had to say about checking accounts. (Some text may be lightly edited for clarity.)

What makes a checking account good or not good?

Roger Ma, certified financial planner withlifelaidout®and author of"Work Your Money, Not Your Life":

"I would look at the ATM branch locations and then minimum balance amounts to not incur a monthly fee … I think there's other stuff that could make life easier, whether it's a free checks, online bill pay, are they in the Zelle network?"

Sophia Acevedo, banking editor,Business Insider:

"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."

How should someone decide whether to choose a rewards checking account with a high APY, cash sign-up bonus, or cash back?

Tania Brown, certified financial planner and vice president of coaching strategy atOfColor:

"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."

Roger Ma, CFP:

"I think if you're someone who is responsible with credit, then instead of focusing on a checking account that rewards you, look to acredit 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."

How can someone decide between a bank and a credit union?

Tania Brown, CFP:

"For most people, it falls into five categories: location, interest rates, services, technology, and relationships. Next, prioritize what's important and you will have your answer. For instance:

• If multiple regional and national locations are important: Banks typically have more locations than credit unions.
• If the most important thing to you is a high interest rate: Credit unions, on average, offer better interest rates than banks.
• If a lot of services (commercial banking, business banking, investment services, etc.) are valuable to you: Larger banks offers more services than most credit unions.
• If feeling like a person, not a number, matters to you:Credit unions are known for great personalized customer service.
• If you are a tech junkie: Larger banks typically offer more tech bells and whistles for online users than credit unions."

Sophia Acevedo, Business Insider:

"I think eligibility requirements could play an important factor in deciding between a bank or credit union. At credit unions, usually, you meet certain requirements to open bank accounts — maybe it's living in a specific area, or working for a select employee group. There are a few credit unions with flexible eligible requirements, though."

How can someone determine whether a banking institution is the right fit for them?

Mykail James, MBA, certified financial education instructor,BoujieBudgets.com:

"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."

Methodology: How We Chose the Best High-Yield Checking Accounts

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.

We examined other factors, too using our checking account methodology, like monthly service fees, out-of-network fee reimbursem*nts, and minimum opening deposits.

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.