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Best interest-bearing checking accounts

Compare the highest checking account interest rates over 70x higher than the national average.

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By

Bethany Hickey

&

Steven Dashiell

Edited by

Alexa Serrano Cruz

Updated

Fact checked

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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.

7 best interest-bearing checking accounts

We’ve gathered the best high-yield checking accounts with APYs well above the national average of 0.08% 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.

Why trust Finder

  • 300+ banks and credit unions reviewed
  • 190+ checking accounts analyzed and rated by our team of experts
  • Evaluated under our unbiased rating system covering 8 categories
  • 20+ years of combined experience covering financial topics

We're big on editorial independence. That means our content, reviews and ratings are fair, accurate and trustworthy. We don't let advertisers or partners sway our opinions. Our financial experts put in the hard work, spending hours researching and analyzing hundreds of products based on data-driven methodologies to find the best accounts and providers for you. Explore our editorial guidelines to see how we work.

Best overall interest-bearing checking account

Fierce Cash
9.6 Excellent

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
APY4.50%
Fee$0 per month
Minimum deposit to open$0

One Cash
9.6 Excellent

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.
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APYUp to 4.35%
Fee$0 per month
Minimum deposit to open$0

Partner terms and conditions
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 Checking and Savings
9 Excellent

Get up to $300 cash bonus with qualifying direct deposit. Terms apply. This offer is available until December 31, 2024.
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APYUp to 4.00%
Fee$0 per month
Minimum deposit to open$0

Partner terms and conditions
New and existing Checking and Savings members who have not previously enrolled in Direct Deposit with SoFi are eligible to earn a cash bonus of either $50 (with at least $1,000 total Direct Deposits received during the Direct Deposit Bonus Period) OR $300 (with at least $5,000 total Direct Deposits received 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 1/31/2026. 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 4.00% 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 4.00% 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 12/3/2024. 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 4.00% 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 12/3/24. There is no minimum balance requirement. Additional information can be found at http://www.sofi.com/legal/banking-rate-sheet.

We do not charge any account, service or maintenance fees for SoFi Checking and Savings. We do charge a transaction fee to process each outgoing wire transfer. SoFi does not charge a fee for incoming wire transfers, however the sending bank may charge a fee. Our fee policy is subject to change at any time. See the SoFi Checking & Savings Fee Sheet for details at sofi.com/legal/banking-fees/.

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/termsSee 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.
Current
9.2 Excellent

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
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APY4.00%
Fee$0 per month
Minimum deposit to open$0

Dave
9.2 Excellent

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APY4.00%
FeeFrom $0 per month
Minimum deposit to open$0

Primis Premium Checking
8.4 Great

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APY4.50%
Fee$0 per month
Minimum deposit to open$1

Aspiration Spend & Save Account
8.4 Great

Read review
APYUp to 3.00%
FeeFrom $0 per month
Minimum deposit to open$10

Methodology

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 0.08% 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.
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Are interest-bearing checking accounts worth it?

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 0.08%.

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.

  1. Maintain your APY requirements.

    2. 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.

  2. Pair it with a high-yield savings account.

    3. 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.

  3. Take advantage of automatic savings.

    4. 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:

  1. 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.
  2. 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.
  3. 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.
  4. 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.

Alexa Serrano Cruz's headshot
To make sure you get accurate and helpful information, this guide has been edited by Alexa Serrano Cruz as part of our fact-checking process.
Bethany Hickey's headshot
Written by

Editor, Banking

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 446 Finder guides across topics including:
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Co-written by

Senior writer

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 60 Finder guides across topics including:
  • Credit cards
  • Budgeting and saving
  • Rewards programs
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