Earn more on your money with the best high-yield checking accounts of September 2024

We’ve done the heavy lifting for you and come up with our list of the 10 best high-yield checking accounts based on factors such as annual percentage yield (APY), fees, and customer support. You can find our full methodology here.

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• Compared over 40 checking accounts
• Tracked more than 375 data points
• 4 layers of fact-checking
• Guided by over 25 years of banking experience

Best high-yield checking accounts for September 2024

Our picks for the 10 best high-yield checking accounts

A high-yield checking account works similarly to a standard checking account, except you’ll get better rates on your money held in the account. To qualify for these rates, you usually have to meet specific requirements, such as a minimum number of debit card transactions per month, direct deposits, or maintaining a minimum balance. Here’s a look at our 10 best high-yield checking account options.

Minimum deposit requirements, fees, and other numbers in our list are up to date as of September 3, 2024, and are subject to change.

1. Hope Credit Union: 5.12% APY

Hope Credit Union is a Deep South-based credit union offering checking, savings, personal loans, home equity loans, money market accounts (MMAs), individual retirement accounts (IRAs), credit cards, and more. It has 23 branch locations across Alabama, Arkansas, Louisiana, Mississippi, and Tennessee. 

Why we picked it

When you bank at a credit union instead of a bank, you’re usually going to find better rates and fees because credit unions answer to their members rather than shareholders. Hope Credit Union is no different—when you get a HOPE Rewards Checking account, enjoy rates up to 5.12% APY on balances less than $10,000. For balances over that, you’ll get 0.50% APY.

Each month, dividends are deposited right into your account. In addition to earning a great APY, you won’t pay any monthly service fees or have any minimum balance requirements. Each month, you also get up to $20 in ATM fees reimbursed. 

What to consider before opening

Before opening an account at Hope Credit Union, there are requirements that must be met to earn the top APY offered.

Each month, you must: 

• Have 12 debit card transactions post and clear your account
• Log into your account at least once via mobile or desktop
• Receive e-statements
• Have one automated clearing house (ACH) or direct deposit post and clear your account

If you can’t meet these requirements, another alternative may be suited better. 

See more Hope CU checking accounts

In addition to the HOPE Rewards Checking, Hope Credit Union offers: 

• Easy Checking
• Easy Checking Plus 
• Student Checking

2. Primis: 5.07% APY

Headquartered in Virginia, Primis Bank is one of the few banks open 24/7/365. It offers checking, savings, mortgages, credit cards, auto loans, boat loans, home equity line of credit (HELOC), and personal loans.

Why we picked it

We love to see an innovative bank, and Primis is no different. It’s open 24/7/365, so if you’re banking at 2 a.m. and need to get in touch, a representative is a phone call away. 

Not only can you open your account with $1, but you’re also earning a healthy 5.07% APY on your money. You won’t pay any overdraft fees, ATMs are free to use, you won’t be charged for stop payments or cashier’s checks, and you can get paid up to two days early. Do you need an incoming wire? It’s free. How about notary services? That’s free, too. Plus, it’ll give you your first 40-pack of checks for free.

What to consider before opening

To qualify for a boost on your Primis Novus checking account, you must set up a direct deposit of at least $1,200 within 60 days of opening your account. You must maintain this direct deposit to earn that rate. Once your six months are up, you no longer earn that boost. Otherwise, the Primis Premium account has no balance or direct deposit requirements nor does the Primis Perks checking account.

See more Primis checking accounts

There are three different checking account options to choose from, including Primis Perks, which gives 50 cents for every debit card purchase; Primis Premium; and Primis Novus, which gives up to 6.0% APY on balances up to $100,000 for six months.

Learn more: Read our Primis Bank review

3. All America Bank: 5.00% APY

Led by the Huckaby family across multiple generations, All America Bank has served Oklahomans since their grandfather started banking in 1927. It offers checking, savings, certificates of deposit (CDs), IRAs, and credit cards.

Why we picked it

With All America Bank, you have two high-yield checking account options. These include Ultimate Rewards Checking and Mega Money Market Checking. With the Ultimate Rewards Checking, you get 5.0% APY on balances up to $15,000, plus no fee ATM access worldwide. 

With the Mega Money Market Checking, you enjoy 4.75% APY on balances up to $100,000, although with this type of account, you don’t get free ATM access as you do with the Ultimate Rewards Checking. 

Each of these checking accounts comes with free eStatements, access to online banking, and notifications when you overdraw. Setting up an account with All America Bank can be done entirely online, making it a great option for anyone wanting great rates anywhere in the United States. 

What to consider before opening

For the Ultimate Rewards Checking account, you must meet the following requirements to qualify for the 5% APY:

• Have at least 10 All America Bank MasterCard debit card transactions per month (ATM and ACH transactions do not qualify)
• Have e-statements

There are also different opening requirements based on how you set up the account. If you open an account in person, the minimum opening deposit is $50. However, the minimum opening deposit for opening an account online is $500.  

With Mega Money Market Checking, an account can only be opened online for the same deposit of $500. Each person setting up this account can only have one.

See more All America Bank checking accounts

In addition to the Ultimate Rewards Checking and Mega Money Market Checking accounts, there are other types of checking accounts you can set up. These include:

• NOW Account Checking
• Senior Checking
• Free Checking

4. Bank5 Connect: 2.70% APY

Headquartered in Fall River, Massachusetts, BankFive was chartered in 1855. It offers a variety of banking, borrowing, and planning products, including checking and savings accounts, CDs, IRAs, mortgages, personal loans, investments, and life insurance.

Why we picked it

With the Bank5 Connect checking account, as long as your balance is over $100, you’ll earn 2.70% APY on your balance. Included with your checking account, you get your first order of checks free and cash back rewards on debit card transactions with no monthly maintenance fees required. 

Bank5 Connect checking accounts offer free ATM access nationwide, as well as reimbursements of up to $15 per statement cycle for other banks’ surcharges. Direct deposits can also be accessed up to two days early. 

What to consider before opening

A Bank5 Connect Checking Account requires a minimum deposit of $10 to open. To qualify for the 2.70% APY, however, a minimum deposit of $100 is required. For those receiving statements through mail, there is a $1 per statement, per month fee. 

Learn more: Read our Bank5 Connect review

5. Presidential Bank: 4.62% APY

Headquartered in Bethesda, Maryland, Presidential Bank was founded in 1975 by the founder of Madison Funds. It offers checking, savings, lending, and home mortgages.

Why we picked it

Presidential Bank offers two different high-yield checking accounts, Advantage Checking and Money Market Advantage Checking. With Advantage Checking accounts, you get 4.62% APY on balances up to $25,000 and 3.62% APY on higher balances. 

Money Market Advantage Checking offers 4.37% APY on balances between $25,000 and $250,000, and 1.50% APY on higher balances, which is still a great deal as most banks reduce this APY drastically on larger balances.

What to consider before opening

Presidential Bank only lets you write up to three checks per month. If you need to write more than that, you’ll be charged for each additional check written. Additionally, you must have at least seven electronic withdrawals per month, such as ACH and ATM withdrawals. If you don’t meet these requirements, you will earn a lower APY. 

See more Presidential Bank checking accounts

In addition to Money Market Advantage Checking and Advantage Checking, there are four more checking account options. These include:

• Checking PLUS
• Money Market Checking
• Regular Checking
• Special Checking

All but the Regular Checking are interest-bearing and have various minimum opening deposit requirements.

6. Axos Bank: 3.30% APY

Axos Bank, formerly known as Bank of Internet USA, was founded in 2000. With almost $20.3 billion in assets, this San Diego-based bank offers a variety of checking accounts, savings accounts, CDs, mortgages, loans, investment accounts, and retirement accounts.

Why we picked it

Axos Bank is ideal if you use a lot of ATMs as all your domestic ATM fees get reimbursed, whether that’s one fee or 15 of them. You also won’t pay any minimum balance or monthly maintenance fees. 

You can also get up to $500 although, as with most checking account opening bonuses, there are some stipulations, such as having at least $1,500 in direct deposits per month and maintaining a minimum balance of $3,000. Then, for five months, you’ll get $100 per month. 

Axos offers 3.30%% APY on balances up to $50,000. However, there are some pretty steep requirements—so be sure to check our next section to ensure you qualify. 

What to consider before opening

Axos Bank breaks its rate requirements down into several steps to earn the full 3.30%% APY. These steps include: 

• Direct deposit of at least $1,500 each month (worth 0.40% APY—this is the minimum requirement to unlock the rest of the APY requirements)
• Make at least 10 debit card transactions with $3 per transaction or more (0.30% APY) or you can link an account to set up Personal Finance Manager
• Keep at least $2,500 each month in an Axos Invest Managed Portfolios account (0.99% APY)
• Have an average daily balance of $2,500 each month in an Axos Invest Self Directed Trading Accounting (0.99%)
• Use this checking account to make your Axos Bank consumer loan payment (0.60%)

If you satisfy each of these requirements, you can earn up to 3.30% APY on your Axos Bank Rewards Checking account.

See more Axos Bank checking accounts

Aside from Rewards Checking, there are several other checking account options with Axos Bank. These include: 

• CashBack Checking
• Essential Checking
• First checking
• Golden Checking

Learn more: Read our Axos Bank review

7. Liberty Federal Credit Union: 3.45% APY

What started in 1936 as Evansville Teachers Federal Credit Union has now become Liberty Federal Credit Union. It offers checking, savings, CDs, IRAs, MMAs, credit cards, loans, and more.

Why we picked it

In addition to earning a 3.45% APY with Liberty Federal Credit Union, members can receive up to $15 in ATM surcharge reimbursements per month. It’s easy to qualify, too. Make at least 15 debit card purchases per month, set up direct deposit, log into your account at least once per month online or via mobile, and receive e-statements. 

This rate is valid on up to $20,000 balances. Aside from earning a great rate on your money, Vertical Checking account owners can also receive 1/8% APR off their mortgage, and 1/4% APR off a new personal, auto, or rec loan, provided you have the loans set up to come out of your Vertical Checking or Platinum Rewards Checking.

What to consider before opening

Liberty Federal Credit Union uses ChexSystems to verify your information and can deny your account opening. If you feel you may not qualify based on past checking account behavior, you may need to consider an alternative bank or credit union.

See more Liberty FCU checking accounts

Besides the Vertical Checking account, Liberty Federal Credit Union offers several other checking options. These include:

• Platinum Rewards Checking 
• Business Dividend Checking 
• Classic Checking 
• Classic Debit Checking 
• Health Savings Checking 
• Investor Checking

8. Heritage Bank: 4.04% APY

Heritage Bank is an employee-owned Midwestern bank with locations in Minnesota, Iowa, and South Dakota. It offers checking, savings, CDs, jumbo deposit accounts, mortgages, and personal loans, as well as business and agriculture banking services.

Why we picked it

For those earning $60,000 or more per year, the Payroll Plus Checking Account with Heritage Bank provides up to 4.04% APY on balances up to $100,000. If you have more than that in your account, those balances earn 0.14% APY. If you earn less than $5,000 per month, you can still earn 0.05% APY on your nonqualified balance. 

Your Payroll Plus account comes with a debit card, digital banking, mobile deposit, online bill pay, and more. Plus, its myMoney tool gives a bird’s-eye view of your personal finances. From here, you can see each of your internal and external accounts, including investments and credit cards. Then, set up goals, create a budget, and see your net worth. 

What to consider before opening

To qualify for a Payroll Plus account, you must have at least $5,000 in monthly deposits, e-statements, and a minimum of $500 in debit card transactions per month. 

See more Heritage Bank checking accounts

Besides its Payroll Plus checking account, Heritage Bank offers customers additional types of checking accounts. These include:

• Carefree
• eCentive

9. Redneck Bank: 5.00% APY

Redneck Bank is the online banking division of All America Bank—a bank first established in Oklahoma in 1969. Its motto is “where bankin’s funner,” and its website features farm animals, complete with a housefly that moves across the page as you navigate the site.

Why we picked it

You won’t pay any monthly fees for a Redneck Rewards checkin’ account, and there is no minimum balance. Earn 5.00% APY on balances up to $15,000, and they’ll also assign a Mastercard debit card to access your money on the go. You can use your card via Apple Pay, Samsung Pay, and Google Pay, too. 

Included in your checking account are free global ATM access, free bank-to-bank transfers, and 10 free bill pay transactions per month. Beyond the first 10 bill pay transactions, each additional one costs 50 cents. 

What to consider before opening

You may only have up to two Redneck Rewards accounts. To qualify for the account, you must have e-statements and you must make at least 10 debit card transactions per month. 

See more Redneck Bank checking accounts

Redneck Bank also offers a Mega Money Market account with 4.75%% APY on balances up to $100,000. This account is limited to six debits per month. 

Learn more: Read our Redneck Bank review

10. Lake Michigan Credit Union: 3.00% APY

With $14.16 billion in assets, Lake Michigan Credit Union has more than 600,000 members. It offers checking, savings, MMAs, CDs, credit cards, mortgages, personal loans, student loans, aircraft loans, insurance, and investments.

Why we picked it

With a Max Checking account at Lake Michigan Credit Union (LMCU), you won’t pay any monthly fees. There is no minimum balance. Plus, you’ll earn 3.00% APY on balances up to $15,000. 

To qualify for the highest APY on a Max Checking account, you must have a direct deposit or ACH going into your account, post at least 10 debit or credit card transactions, sign into your account at least four times via its app or online and enroll in e-statements.

What to consider before opening

To become a member of Lake Michigan Credit Union, you must:

• Live, work, or worship somewhere in the lower peninsula of Michigan, or anywhere in Florida. 
• You can also qualify if referred by an LMCU member, no matter where you live. 
• Otherwise, you can gain membership by donating $5 to the ALS Association.

See more LMCU checking accounts

In addition to its Max Checking, Lake Michigan Credit Union offers the following checking accounts:

• Free Checking 
• Investor Checking 
• Advantage 50 Checking

What to know about high-yield checking accounts

When you open a high-yield checking account, you not only receive the benefits of a standard checking account, but you also get a higher APY on your balance. This means you’re getting the everyday convenience of a traditional checking account all while maximizing your savings. 

However, you usually have to meet certain criteria to qualify, such as a specific number of transactions per month, or signing up for e-statements. However, it’s usually worth it for those willing to put in a little effort, as many standard checking accounts offer no interest at all. To get the most out of your account, understand what you need to do to qualify for the highest APY each month. This can help you avoid fees, too. 

Pros and cons of a high-yield checking account

How to choose a high-yield checking account

There are thousands of high-yield checking account options to choose from, all with various features, APYs, and requirements. So, how should you narrow it down? First, consider your financial goals and habits. If you are just looking for a place to park your money and don’t have plans to touch it, you may be better off putting that money to good use, such as in an investment instead. 

However, if you need regular access to your money, a high-yield checking account might be a good option if you can meet the stringent requirements for having one. 

If you’ve determined a high-yield checking account is a good fit based on your financial goals, consider the following: 

• APY: Look for accounts with the highest APY on balances that match your typical account balance.
• Fees: Compare monthly maintenance fees, ATM fees, and other charges to find the most cost-effective option. 
• Minimum requirements: Make sure the account’s qualifying criteria, such as debit transactions and direct deposits, are manageable for you.
• Online/mobile banking experience: Opt for banks with intuitive and comprehensive digital banking tools.
• Safety: Choose a Federal Deposit Insurance Corp. (FDIC) or National Credit Union Administration (NCUA)-insured banking institution to protect your deposits.
• Customer service: Research customer reviews and the ease of accessing support. Can you speak to a real human, or is it a chatbot?
• ATM access: Consider the network size and any reimbursement policies for out-of-network ATM fees.

Alternatives to high-yield checking accounts

If a high-yield checking account doesn’t suit your needs but you’re looking for an alternative, you’ve got a ton of options. Each financial product has competitive interest rates as well as its own features and benefits. Here are a few alternatives to consider: 

• High-yield savings accounts (HYSA): HYSAs will usually offer much higher APYs than a standard savings account, making them a great option for those who want to park their money while earning interest. However, these usually have a higher balance requirement and limit the number of your transactions each month.
• Money market accounts (MMA): When you want high APYs but still need access to your funds regularly, consider an MMA. These give you check writing privileges and a debit card, although there are usually limits each month.
• Certificates of deposit (CDs): A CD is a type of savings account that pays you a set APY for a specific period known as the term. If you take your money out before maturity, you’ll pay an early withdrawal penalty. However, rates are usually as high as, if not higher, than a high-yield account.
• Rewards checking account: These are similar to a high-yield checking account, though instead of interest you’re usually earning something, such as cash back or rewards points for certain types of transactions. These can be an attractive option if you’re using your funds for the reward anyway, such as travel.
• Investment accounts: For those who are comfortable with some risk, an investment account can give even better returns than a high-yield checking account or savings account. These types of accounts usually include IRAs, brokerage accounts, and 401(k)s. Know that if you’re investing in the market, your money is at risk, so only do so to your risk tolerance.

Frequently asked questions

What’s the difference between a high-yield checking account and a regular checking account?

Most regular checking accounts offer little to no interest on your money. A high-yield checking account offers a high interest rate, often near rates you’d find on a CD. To get this rate, however, you usually have to meet specific requirements. These include balance, transaction, and e-statement requirements. Standard checking accounts usually have none of these stipulations.

How often do high interest account rates change?

High-interest accounts change regularly as they are usually in response to the Federal Reserve’s rates and other economic factors. This is because the Fed sets the interest rates, known as the federal funds rate, in which banks can borrow money.

What’s the difference between a high-interest account and an investment account?

A high-interest account is usually held at a bank or credit union, so they’re insured by the FDIC or NCUA up to $250,000 per depositor, per banking institution. They are considered very safe. An investment account, such as a brokerage account, offers potentially higher returns but at a much higher risk as all of your principal can be lost as there is no insurance. An investment account invests in market-sensitive products, such as stocks, bonds, and mutual funds.

What’s a good interest rate on a checking account?

A good interest rate depends wildly on many factors, including the economic environment. Right now, we’re in a low interest rate environment, and rates above 1.0% APY are considered competitive. However, high-yield checking accounts can offer much higher rates, such as between 3.0% and 5.0% APY or more, which is much higher than the national average for a standard checking account.

Are high-interest bank accounts safe?

Whether the account is safe or not depends on whether the high-interest account is held at a bank, credit union, or financial technology (fintech) company. Banks and credit unions are almost always insured by the FDIC or NCUA up to $250,000 per depositor, per institution, in case of bank failure. However, fintech companies aren’t banks, nor are they credit unions, so they don’t qualify for that insurance. Some are able to offer passthrough insurance through partner banks, which extends FDIC or NCUA coverage to customers’ deposits.

Are high-yield checking accounts worth it?

If you can meet the high-yield checking account minimum requirements consistently, they can be a great way to earn a high yield on your money while having easy access to your account. These rates are significantly higher than standard checking accounts but come with some steep requirements to earn that interest. This usually includes maintaining a minimum balance, signing up for e-statements, signing into your account on mobile or via the web, and making a minimum number of transactions each month. However, if you can’t meet these criteria, you may not earn that high APY or incur fees, which makes the account less beneficial.

Our methodology 

The Fortune Recommends team compared over 40 interest-bearing checking accounts across major banks, credit unions, and online-only banks. Our top picks are available to customers across the U.S. no matter where you’re located, subject to the terms of each checking account. 

For our best high-yield checking accounts, we ranked the best accounts on the following categories and weighted each category as set forth in the percentages below:

• APY (40%): If you’re interested in high-yield checking accounts, the APY earned on the account will be your top consideration. The higher the APY, the better it ranked on our list.
• Minimum to earn APY (10%): Many institutions require account minimums in order to earn interest. Accounts with no or low minimums scored better.
• Monthly service fee (10%): No one wants to pay extra fees just to have convenient access to their money. Banks with no fees ranked higher on our list.
• Minimum opening deposit (5%): You shouldn’t need a lot of cash on hand to open a checking account. Institutions with no or low minimum opening deposits scored better.
• Cash back opportunities (5%): Many accounts offer cash back programs on debit cards in addition to APY. Those with these opportunities got higher rankings.
• Mobile app rating (5%): Many customers rely on mobile apps to check their account balances, deposit checks, and more. We averaged ratings on the Apple App Store and the Google Play Store, and those with higher ratings scored better.
• Overdraft fee (5%): No one wants to pay overdraft fees. 
• ATM access (5%): Everyone needs access to cash occasionally. Banks with larger ATM networks scored better.
• Customer service (5%): If you run into an issue with your account, speaking with a live human shouldn’t be too much to ask. Institutions with phone, chat, and email support ranked highest on our list, with phone access being the most important.
• Sign-on bonus (5%): Why not earn some free money when signing up for a new checking account? Institutions offering bonuses ranked better on our list.
• Direct deposit amount for bonus (5%): If a bank advertises a sign-on bonus but makes it impossible to actually get it, that’s useless for customers. Banks with lower direct deposit amounts required to earn the bonus scored better.