When you want to earn interest on your cash, your first thought is probably a savings account. But they’re not the most accessible account thanks to their withdrawal and transaction limitations, and what about all the money just sitting in your checking account? Enter interest-bearing checking accounts: earn APY on your checking balance while still having easy access to your own cash.
8 best interest-bearing checking accounts
We’ve gathered the best high-yield checking accounts with APYs well above the national average of
0.07% APY for interest checking, and only considered accounts with APYs above a 3.0% threshold so you can get the best bang for your buck.
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Best overall interest-bearing checking account: Fierce Cash: Up to 4.5% APY
Earn $25 per referral. To qualify, you need a $250+ account balance, and the referred customer must deposit $250 within 30 days. Accounts must stay open for 90 days. Limited to 10 Referral Bonuses or $250 in total bonus payments per customer
Fierce easily scoops the best overall interest-bearing checking account slot as its high 4.5% APY is currently unmatched compared to the other options. Fierce is a finance 'super app', offering a high 4.5% APY on its checking account called Fierce Cash. To top it all off, you only need $0.01 to earn the rate and there are no monthly fees. Fierce also uses the Allpoint ATM network, so you can access your cash with no fees at one of Allpoints 55,000 ATMs nationwide. However, since Fierce isn’t a brick-and-mortar bank, you’ll have to manage all things on the mobile app, which is currently only available on the Apple Store.
APY
4.50%
Fee
$0 per month
Minimum deposit to open
$0
Fierce easily scoops the best overall interest-bearing checking account slot as its high 4.5% APY is currently unmatched compared to the other options. Fierce is a finance 'super app', offering a high 4.5% APY on its checking account called Fierce Cash. To top it all off, you only need $0.01 to earn the rate and there are no monthly fees. Fierce also uses the Allpoint ATM network, so you can access your cash with no fees at one of Allpoints 55,000 ATMs nationwide. However, since Fierce isn’t a brick-and-mortar bank, you’ll have to manage all things on the mobile app, which is currently only available on the Apple Store.
Pros
High 4.5% APY
No monthly fees or balance requirements
55,000+ strong ATM network
Cons
No physical branches
Currently only available to Apple users
Annual Percentage Yield (APY)
4.50% on balances of $0.01+
Intro or bonus offer
Earn $25 per referral. To qualify, you need a $250+ account balance, and the referred customer must deposit $250 within 30 days. Accounts must stay open for 90 days. Limited to 10 Referral Bonuses or $250 in total bonus payments per customer
Fee
$0 per month
ATM transaction fee
$0
APY
4.50%
Fee
$0 per month
Minimum deposit to open
$0
verified_userFDIC Insured
One Cash
4.8
★★★★★
Finder score
Earn 10% cash back at Walmart, up to $20, on your first purchase. Limited time offer. Get 3% cash back on future purchases up to an additional $50 a year with eligible deposits.
One Cash is a free, digital checking account that earns interest. The One Cash account is split into Debit and Savings sections, and you can create unlimited subaccount pockets for saving, sharing and spending. The Autosave savings pocket automatically earns 4.35% APY if you set up automatic transfers to it. And if you set up direct deposit of $500 or more, or hold a balance of at least $5,000, you'll 4.35% APY on your total savings balance up to $250,000. Otherwise, you'll earn 1.00% APY on all balances. The account also offers up to 3% cashback at Walmart with eligible deposits, up to $50 per year. It has its perks, but it lacks a few basic features such as automatic bill pay and joint accounts.
APY
Up to 4.35%
Fee
$0 per month
Minimum deposit to open
$0
One Cash is a free, digital checking account that earns interest. The One Cash account is split into Debit and Savings sections, and you can create unlimited subaccount pockets for saving, sharing and spending. The Autosave savings pocket automatically earns 4.35% APY if you set up automatic transfers to it. And if you set up direct deposit of $500 or more, or hold a balance of at least $5,000, you'll 4.35% APY on your total savings balance up to $250,000. Otherwise, you'll earn 1.00% APY on all balances. The account also offers up to 3% cashback at Walmart with eligible deposits, up to $50 per year. It has its perks, but it lacks a few basic features such as automatic bill pay and joint accounts.
Pros
Earn up to 4.35% APY
$0 monthly fee
Up to $200 overdraft protection
Cons
No joint accounts
No automated bill pay
Limited phone support
Annual Percentage Yield (APY)
4.35% on balances of to $250,000 1.00% on balances of +
Intro or bonus offer
Earn 10% cash back at Walmart, up to $20, on your first purchase. Limited time offer. Get 3% cash back on future purchases up to an additional $50 a year with eligible deposits.
Rewards
Earn 3% cash back at Walmart, up to $50 annually, with eligible deposits
One is a financial technology company, not a bank. Banking services provided by Coastal Community Bank, Member FDIC. Debit card rewards: ● Earn 10% cash back at Walmart, up to $20, on your first purchase. Limited time offer¹ ● Get 3% cash back on future purchases, up to an additional $50 every year, with eligible deposits² ● Earn up to 5% cash back on select brands³ Early Pay: Get paid up to 2 days early. Direct deposit may be available up to 2 days in advance, but depends on when your employer sends paycheck data. 4.35% APY on Savings with eligible deposits: 4.35% annual percentage yield (APY) applies to the Savings balance of One Cash customers who either (i) received $500 or more of eligible direct deposits in the previous month or (ii) have a total daily account balance of $5,000 or more. 4.35% APY is also earned on Pay Autosave balances without these deposit or balance requirements. In all instances, 4.35% APY is limited to a total Savings balance of up to $250,000. All other Savings balances will earn 1.00% APY. APYs are as of 10/10/2024, but may change at any time before or after account opening. ATM: Allpoint Network ATM transactions are fee-free for accounts with eligible direct deposits totaling at least $500 in the previous month. For all other ATM transactions the One ATM Fee will apply and third-party ATM fees may be incurred. Overdraft Protection: Available with Direct Deposits totaling at least $500 in the previous month. You must be 18 or older to receive Overdraft Protection. When on, Savings Backup will be used before Overdraft Protection. Overdraft balance is due right away. Transactions eligible for Overdraft Protection are at the discretion of One and may exclude certain transactions (e.g., bill pay, global transfers). See terms for details. ¹Only available to consumers who open an account through Walmart.com, the Walmart app, one.app, or the One app from 8/8/24 - 10/31/24. Terms apply. ²To receive 3% cash back, eligible customers (at the time their purchase settles) must (i) have received $500 or more of eligible direct deposits in the previous month, or (ii) have a total account balance of $5,000 or more. 3% cash back is limited to up to $50 per year and applies only to purchases made at U.S. Walmart locations and on Walmart.com. This promotion may not be combined with other One promotions that offer cash back on purchases at Walmart. Terms apply. ³Cash back can be earned through the Debit Rewards Program. Individual offer details can be found in the One app. Terms apply.
SoFi® offers an all-in-one, no-fee checking and savings account, both are interest-bearing and opened in tandem. Earn 0.50% APY on your checking balance automatically, and up to 4.20% APY on your savings account if you set up direct deposit or deposit at least $5,000 per month. If you don't meet those requirements, savings still earns 1.20%. There are no monthly, overdraft, foreign transaction, ATM withdrawal or inactivity fees. SoFi also offers early direct deposit and high FDIC insurance coverage up to $2 million. On the downside, SoFi is an entirely online bank so there's no in-person support.
APY
Up to 4.20%
Fee
$0 per month
Minimum deposit to open
$0
SoFi® offers an all-in-one, no-fee checking and savings account, both are interest-bearing and opened in tandem. Earn 0.50% APY on your checking balance automatically, and up to 4.20% APY on your savings account if you set up direct deposit or deposit at least $5,000 per month. If you don't meet those requirements, savings still earns 1.20%. There are no monthly, overdraft, foreign transaction, ATM withdrawal or inactivity fees. SoFi also offers early direct deposit and high FDIC insurance coverage up to $2 million. On the downside, SoFi is an entirely online bank so there's no in-person support.
Pros
Earn 0.50% APY on checking
Earn up to 4.20% APY on savings
Few fees
Savings round-ups
Cons
$4.95 cash deposit fees
Deposit requirements to earn highest APYs
Annual Percentage Yield (APY)
Up to 4.20%
Intro or bonus offer
Get up to $300 cash bonus with qualifying direct deposit. Terms apply. This offer is available until December 31, 2024.
Rewards
Get up to $300 cash bonus with qualifying direct deposit. Terms apply. This offer is available until December 31, 2024.
New and existing Checking and Savings members who have not previously enrolled in Direct Deposit with SoFi are eligible to earn a cash bonus when they set up Direct Deposit of at least $1,000 during the Direct Deposit Bonus Period. Cash bonus will be based on the total amount of Direct Deposit. Direct Deposit Promotion begins on 12/7/2023 and will be available through 12/31/24. Full terms at sofi.com/banking. SoFi Checking and Savings is offered through SoFi Bank, N.A., Member FDIC. SoFi members with Direct Deposit can earn 4.20% annual percentage yield (APY) on savings balances (including Vaults) and 0.50% APY on checking balances. There is no minimum Direct Deposit amount required to qualify for the 4.20% APY for savings (including Vaults). Members without Direct Deposit will earn 1.20% APY on savings balances(including Vaults) and 0.50% APY on checking balances. Interest rates are variable and subject to change at any time. These rates are current as of 10/31/2024. There is no minimum balance requirement. Additional information can be found at http://www.sofi.com/legal/banking-rate-sheet.
SoFi members with Direct Deposit or $5,000 or more in Qualifying Deposits during the 30-Day Evaluation Period can earn 4.20% annual percentage yield (APY) on savings balances (including Vaults) and 0.50% APY on checking balances. There is no minimum Direct Deposit amount required to qualify for the stated interest rate. Members without either Direct Deposit or Qualifying Deposits, during the 30-Day Evaluation Period will earn 1.20% APY on savings balances (including Vaults) and 0.50% APY on checking balances. Only SoFi members with direct deposit are eligible for other SoFi Plus benefits.Interest rates are variable and subject to change at any time. These rates are current as of 10/31/2024. There is no minimum balance requirement. Additional information can be found at http://www.sofi.com/legal/banking-rate-sheet
Our account fee policy is subject to change at any time.
SoFi Bank is a member FDIC and does not provide more than $250,000 of FDIC insurance per legal category of account ownership, as described in the FDIC’s regulations. Any additional FDIC insurance is provided by the SoFi Insured Deposit Program. Deposits may be insured up to $2M through participation in the program. See full terms at SoFi.com/banking/fdic/terms See list of participating banks at SoFi.com/banking/fdic/receivingbanks
We’ve partnered with Allpoint to provide you with ATM access at any of the 55,000+ ATMs within the Allpoint network. You will not be charged a fee when using an in-network ATM, however, third-party fees incurred when using out-of-network ATMs are not subject to reimbursement. SoFi’s ATM policies are subject to change at our discretion at any time.
Early access to direct deposit funds is based on the timing in which we receive notice of impending payment from the Federal Reserve, which is typically up to two days before the scheduled payment date, but may vary.
Get a $50 referral bonus by inviting your friends to join Current. Once the person receives the invite link and makes qualifying deposits of at least $200 within 45 days of opening the account, you and the referred friend each earn $50
A Current account lets you create up to three savings pods that earn up to 4% bonus on up to $2,000 on each pod. To get the high 4% savings bonus, a qualifying direct deposit of more than $200 is required. There’s no monthly fee or opening deposit, and you can get up to 15x in cashback points on purchases with select retailers, which is a rarity for checking accounts. And with qualifying deposits, you may qualify for Paycheck Advances that have no credit check. On the downside, Current doesn’t offer joint checking accounts and watch out for high foreign transaction fees.
APY
4.00%
Fee
$0 per month
Minimum deposit to open
$0
A Current account lets you create up to three savings pods that earn up to 4% bonus on up to $2,000 on each pod. To get the high 4% savings bonus, a qualifying direct deposit of more than $200 is required. There’s no monthly fee or opening deposit, and you can get up to 15x in cashback points on purchases with select retailers, which is a rarity for checking accounts. And with qualifying deposits, you may qualify for Paycheck Advances that have no credit check. On the downside, Current doesn’t offer joint checking accounts and watch out for high foreign transaction fees.
Pros
$0 monthly fee and no opening deposit
Early direct deposits
4% bonus on up to $2,000 in each savings pod
Up 15x cashback points on purchases
Cons
No joint accounts
$3 plus 3% foreign transaction fees
Annual Percentage Yield (APY)
4.00% on balances of $0.01 to $2,000
Intro or bonus offer
Get a $50 referral bonus by inviting your friends to join Current. Once the person receives the invite link and makes qualifying deposits of at least $200 within 45 days of opening the account, you and the referred friend each earn $50
Rewards
Earn up to 15x the points when you use your debit card at one of 14,000+ participating merchants
The Dave Spending account offers a high 4.00% APY with no minimum deposit or minimum balance requirements. This account also doesn't require any monthly maintenance, membership or overdraft fees. On top of the high APY, the Spending account also offers early direct deposit, savings round-ups, budgeting features and up to 15% cash back on select offers. But as a fintech, Dave doesn't have any physical branches, and this account doesn't accept joint owners or wire transfers.
APY
4.00%
Fee
From $0 per month
Minimum deposit to open
$0
The Dave Spending account offers a high 4.00% APY with no minimum deposit or minimum balance requirements. This account also doesn't require any monthly maintenance, membership or overdraft fees. On top of the high APY, the Spending account also offers early direct deposit, savings round-ups, budgeting features and up to 15% cash back on select offers. But as a fintech, Dave doesn't have any physical branches, and this account doesn't accept joint owners or wire transfers.
The Primis Premium Checking account is very competitive and loaded with perks. It offers a 4.5% APY on all balances with no monthly fees or earning caps. It also doesn't charge any ATM fees, has early direct deposit, offers free cashier's checks, has no overdraft fees and your first 40-pack of checks is completely free. However, Primis only accepts up to 1,000 new customers per month, and if it hits that cap, you're added to a waitlist. Primis has a handful of branches in Virginia and Maryland, but outside of that you won't get branch access. Primis does require a $1 opening deposit for all of its bank accounts.
APY
4.50%
Fee
$0 per month
Minimum deposit to open
$1
The Primis Premium Checking account is very competitive and loaded with perks. It offers a 4.5% APY on all balances with no monthly fees or earning caps. It also doesn't charge any ATM fees, has early direct deposit, offers free cashier's checks, has no overdraft fees and your first 40-pack of checks is completely free. However, Primis only accepts up to 1,000 new customers per month, and if it hits that cap, you're added to a waitlist. Primis has a handful of branches in Virginia and Maryland, but outside of that you won't get branch access. Primis does require a $1 opening deposit for all of its bank accounts.
On top of its commendable goals of making the world a greener place, Aspiration’s Spend & Save Account earns up to 1% APY on up to $10,000 in your account if you’re on the base Aspiration plan or up to 3% APY if you’re an Aspiration Plus member. Aspiration carries no monthly fee if you’re on the base plan, and it doesn’t charge ATM fees. But to earn these impressive APYs, you’ll need to spend at least $500 or more with the Aspiration debit card.
APY
Up to 3.00%
Fee
From $0 per month
Minimum deposit to open
$10
On top of its commendable goals of making the world a greener place, Aspiration’s Spend & Save Account earns up to 1% APY on up to $10,000 in your account if you’re on the base Aspiration plan or up to 3% APY if you’re an Aspiration Plus member. Aspiration carries no monthly fee if you’re on the base plan, and it doesn’t charge ATM fees. But to earn these impressive APYs, you’ll need to spend at least $500 or more with the Aspiration debit card.
Pros
1% APY on up to $10,000 with base membership
High 3% APY on up to $10,000 with paid membership
Up to 10% cash back on select purchases
Round up purchases to plant trees
Cons
Must connect existing bank account
$7.99/month for Aspiration Plus
Annual Percentage Yield (APY)
3.00% on balances of $0 to $10,000 1.00% on balances of $0 to $10,000
Rewards
Unlimited cash back rewards on debit card transactions, plus extra cash back at businesses with high AIM scores
Finder’s banking experts research and analyze over 70 bank accounts on the market to narrow down the best high-interest checking accounts that give you access to your money while earning high APYs. As part of our analysis, we consider interest-bearing checking accounts and all-in-one digital accounts that allow you to earn interest on your spending or saving money.
We consider the following factors to determine which high-interest checking accounts make the final cut:
APYs at or above 3.0%
Minimum deposits of $100 or less
$0 monthly fee
No strict membership requirements
Easy requirements to achieve the account’s APY. For example, we don’t consider accounts that require:
Over 10 debit transactions a month
A separate account application to another product, such as a credit card
No more than $1,000 in debit card or direct deposit transactions a month
How to choose a high-yield checking account
Before choosing an interest-bearing checking account, compare these factors to find the best one for you:
High APY. The national average APY is
0.07% on interest checking, so anything above that would be considered a high-yield checking account. The best interest-bearing checking accounts can be well into the 4% to 5% APY range. Just be sure to read the fine print for any conditions you’ll need to meet to earn your interest.
Minimum deposit. It’s not uncommon for checking accounts to have opening deposits of $100 or more.
Fees. Check if the account requires a monthly maintenance fee, ATM fees, overdraft fees, nonsufficient fees, wire transfers or more. Many free bank accounts lack annoying monthly fees altogether.
Rewards. Some accounts come with rewards as high as up to 15% cash back that can add up to savings.
ATM network. See if your bank has a nationwide ATM network or if you’re limited to a certain area. Some banks even offer reimbursements for out-of-network ATMs.
Signup bonuses. Some accounts offer welcome bonuses just for opening a new account with the bank and as long as you meet certain deposit or spending requirements.
Customer support. Review the bank’s customer support hours to make sure someone’s available if you need it.
Safety. Make sure the bank offers the standard safety features expected on a checking account, such as multi-factor authentication, secure messaging, data encryption and FDIC insurance for up to $250,000.
Pros and cons of interest-bearing checking accounts
High-interest checking makes a lot of sense for people who keep a lot of cash in their checking accounts.
Pros
Interest on your balance. Earning money with little effort is a plus — especially when most checking accounts don’t offer it.
Easy access to your money. Set aside the funds you need to pay regular bills and funnel anything that’s left to your long-term savings account.
Cons
Rates can change. Interest rates on checking and savings accounts are variable, which means they can be susceptible to market fluctuations. An account with the best rate today may not have the same high rate tomorrow.
Minimums often required. Many interest-bearing checking accounts, and sometimes savings, have minimum balance requirements. If you spend the cash in your interest-bearing checking account, you may end up lowering your balance below an interest-bearing threshold, so be careful.
Yes, they definitely can be. Interest-bearing checking accounts make sense for people who keep a high balance, because the higher the balance, the more you can earn in interest. Also, many high-yield checking accounts have balance requirements, so if you already keep a high balance, you’ll likely have an easier time meeting those requirements to earn interest.
Using Fierce Cash’s high 5.25% APY account as an example, you can earn $1,705.68 in three years by just keeping a $10,000 balance in the account.
If you often drain your checking balance, then opting for a high-interest account may not benefit you that much.
Do savings accounts have better interest rates than checking accounts?
On average, yes, savings accounts have higher interest rates than checking accounts. In fact, most checking accounts don’t earn interest at all. The whole draw with a savings account is the APY, and the national average for savings accounts is 0.45%, and interest-checking only sits at an average of
0.07%.
The downside with savings accounts is they often have withdrawal limits, typically only letting you withdraw up to six times per month. With high-interest checking, you’re not likely to deal with the same restrictions and you’ll get a debit card for spending.
How to make the most of a high-yield checking account
To get the most out of a high-yield checking account, there are three main actions you might want to take.
Maintain your APY requirements.
This is essential to take advantage of the higher interest rate on the account. If you can’t maintain a higher balance or other requirements, you may lose the benefit of the higher APY.
Pair it with a high-yield savings account.
If there’s a large amount of your money resting in your checking account untouched for the foreseeable future, you can divert some of that money into the high-yield savings account to further improve your earnings over time.
Take advantage of automatic savings.
Some checking accounts reward you with higher rates when you set up automations like round-ups. For example, Chime rounds up your purchase to the nearest dollar and transfers it to your Chime Savings account.
4 alternatives to interest-bearing checking accounts
If you’re not completely set on a high-yield checking account, here are some similar alternatives to explore:
Rewards checking accounts. Some checking accounts can come with rewards like cash back on certain purchases or discounts. Unlike a rewards credit card, reward checking accounts don’t have any interest charges or repayments to worry about.
Money market accounts. The best money market accounts come with checkwriting privileges and a debit card so you can access your money on the fly. But many, like CIT Bank and Discover, also have a competitive APY, so you can quickly grow your savings.
Digital bank accounts. Don’t want to deal with separate checking and savings accounts? Find a digital bank that lets you manage all your money in one place. Popular options like Chime and Varo have combo accounts designed for spending and saving.
Cash management accounts. Offered by nonbank financial institutions like brokerage and investment firms, cash management accounts (CMA) earn interest and offer the essential features of a bank account, including easy access to your money.
Bottom line
A high-yield checking account can earn you a little extra on your balance. But if you’re not the type of person who keeps a high balance in checking, a high-interest checking may not be necessary for you. For more options, compare the best overall checking accounts, or if you’re a big spender, compare the best cashback debit cards.
Bethany Hickey is the banking editor and personal finance expert at Finder, specializing in banking, lending, insurance, and crypto.
Bethany’s expertise in personal finance has garnered recognition from esteemed media outlets, such as Nasdaq, MSN, Yahoo Finance, GOBankingRates, SuperMoney, AOL and Newsweek. Her articles offer practical financial strategies to Americans, empowering them to make decisions that meet their financial goals. Her past work includes articles on generational spending and saving habits, lending, budgeting and managing debt.
Before joining Finder, she was a content manager where she wrote hundreds of articles and news pieces on auto financing and credit repair for CarsDirect, Auto Credit Express and The Car Connection, among others.
Bethany holds a BA in English from the University of Michigan-Flint, and was poetry editor for the university’s Qua Literary and Fine Arts Magazine. See full bio
Bethany's expertise
Bethany has written 436 Finder guides across topics including:
Steven Dashiell is an editor for Bankrate and CreditCards.com and formally a personal finance writer at Finder, specializing in credit cards, banking and growing and protecting your income. His insights and expertise has been featured on Nasdaq, U.S. News & World Report, Time, CBS, ABC, Fox Business, Lifehacker and Martha Stewart Living, among other top media. Steve holds a BA in English from University of Maryland, Baltimore County, minoring in composition and rhetoric. In his spare time Steve nerds out on birds, paints and plays a whole lot of Street Fighter. See full bio
Steven's expertise
Steven has written 61 Finder guides across topics including:
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