Best High-Yield Checking Accounts of September 2024 (2024)

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High-yield checking accounts stand out because they offer strong interest rates, while many 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. Otherwise, consider a high-yield savings accountif you'd prefer to earn interest for savings goals.

Best High-Yield Checking Accounts

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

• Best overall:Primis Novus Checking
• Best for highest interest: OnPath Rewards High-Yield Checking
• Best for ease of use: Primis Premium Checking
• Best for avoiding fees:SoFi Checking and Savings (Member FDIC)
• Best for credit unions: Genisys Credit Union Genius High Yield Checking

Market Leader

Farmers Savings Bank Star Checking: up to 9.01%

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.

Compare the Top High-Yield Checking Accounts

The checking accounts with the best interest rates pay well above average bank account interest rates.

Except for the 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 don't require you to live in a certain place or work for a certain group. Also, all of our picks are high-yield checking accounts with no fees, at least for monthly service fees.

You can learn more about our top picks below.

Market Leader: Farmers Savings Bank Star Checking

Farmers Savings Bank is the current market leader for highest yielding 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 a direct deposit or have an automatic withdrawal
• Get online bank statements

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

Best Overall: Primis Novus Checking

Primis Bank is one of the best banks for high-yield checking accounts. Primis Novus Checking is a well-rounded choice with no fees and a high interest rate that's easy to earn. It's also one of our top picks for best checking accounts guide, best rewards checking accounts, and best free checking accounts.

Like all of our high-yield checking account picks, it has no monthly service fee. It also doesn't charge any overdraft fees — although overdrafts are only allowed on a case-by-case basis — and it reimburses all out-of-network ATM fees. Most banks that reimburse out-of-network ATM fees put a limit on how much you can be reimbursed each month, so this could be a great choice if you know you're likely to use out-of-network ATMs.

Wire transfers are also free, which is uncommon. If you need to make a lot of wire transfers, Primis Bank could be a great choice.

Primis Novus Checking does have a minimum opening deposit of $1. You'll probably be able to afford it, but since Primis is an online-only bank, it might not be as easy to deposit many as brick-and-mortar checking accounts.

We also have Primis Premium Checking on this list; its top interest rate is lower than Primis Novus Checking, but it doesn't have any requirements to earn that rate.

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 5.00% 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 5.00% APY on the account.

Primis Bank Review

Best for Highest Interest: OnPath Rewards High-Yield Checking Account

OnPath Credit Union has the highest-yielding checking account for nationwide banks and credit unions. It could be a good option if you're looking to get the highest APY possible and can meet certain requirements. There aren't even any 7% interest savings accounts currently offered by nationwide financial institutions, so you'll be beating out the best high-yield savings accounts too.

You'll also 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.

Unlike the banks on this list, OnPath isn't online only; if you live in Louisiana, you'll be able to bank in person at one of 11 branches. You'll also be able to use the CO-OP shared branch network to bank nationwide, although there might be some limits to what you can do there.

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

Best for Ease of Use: Primis Premium Checking Account

Most high-yield checking accounts put caps on how much money can earn its highest interest rate or make you meet requirements before you get a high rate. This can make high-yield checking accounts hard or frustrating to use, requiring you to keep careful track of how much money is in the account or how you're using it.

Primis Premium Checking stands out because you won't have to meet any requirements to earn its interest rate, and there aren't any limits on how much of your balance can earn the rate. You'll earn a slightly higher interest rate than you would if you used the bank's other high-yield checking account, the Primis Novus Checking, and didn't meet the account's requirements.

The account is also low-fee: like with Primis Novus Checking, there are no monthly service fees, no overdraft fees, no out-of-network ATM fees (and infinite third-party fee reimbursem*nts), and no wire transfer fees. You will have to pay $1 for the account's minimum opening deposit, which could cause issues if you don't already have a bank account.

How interest works: All of the money in your account will automatically earn 5.07% APY.

Best for Avoiding Fees: SoFi Checking and Savings

SoFi Checking and Savings (Member FDIC) is a great choice if you'd like to avoid common fees. It's also listed in our best checking accounts, our best rewards checking accounts, and our best free checking accounts for its cash bonus.

This account doesn't have monthly service fees, minimum opening deposits, overdraft fees, or out-of-network ATM fees, making it great to avoid bank fees. SoFi Checking and Savings (Member FDIC) lets you overdraft your account by up to $50 if you have at least $1,000 in monthly direct deposits without charging any fees. Keep in mind, though, that SoFi doesn't reimburse out-of-network ATM fees charged by ATM vendors.

SoFi also offers extended FDIC insurance, so your money is protected up to $2 million — in comparison, FDIC insurance usually only covers $250,000 per person for an account.

SoFi Checking and Savings (Member FDIC) is also one of the best free checking accounts for a cash bonus. 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 open a CD.

How interest works: You'll earn a higher interest if you set up direct deposit or deposit a minimum of $5,000 per month. SoFi members who do so earn up to 4.50% APY on savings balances (including Vaults) and 0.50% APY on checking balances.

If you do not set up direct deposit or deposit a minimum of $5,000 per month, you'll earn 1.20% APY on savings account balances and 0.50% APY on checking account balances.

SoFi Checking Review

Best for Credit Unions: 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 — as long as you're planning to keep less than $7,500 in your account. This account has no monthly service fee and no minimum balance requirements. Of the credit unions we reviewed, it also had the easiest-to-meet requirements to earn its highest interest rate.

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.

Genisys Credit Union isn't an online-only credit union. If you live in Minnesota or Michigan, you'll be able to visit one of Genisys's 32 physical branches. You can also use one of the CO-OP network shared branches to bank, although there might be some limits on what you can do there.

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.

Criteria for Ranking the Top High-Yield Checking Accounts

When deciding the best checking accounts with interest, we reviewed several factors. We consider how high its interest rate is, how easy it is to earn that rate, whether it charges monthly service fees or a minimum opening deposit, whether it's a good bank for avoiding overdraft fees or ATM fees, how good its customer service is, and what membership eligibility requirements it has, among other topics.

For this guide, all of our top picks offer at least 4% APY and don't charge any monthly service fees.

Which High-Interest Checking Account is the Most 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 a few customer complaints on the BBB website.

How High-Interest Checking Accounts Work

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 versus 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.

Benefits of using High-Interest Checking Accounts

Competitive Interest Rates on High-Interest Checking Accounts

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 for High-Yield Checking Accounts

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.

Other Perks and Benefits of High-Yield Checking

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 may qualify 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.

Considerations and Potential Downsides of High-Yield Checking Accounts

Most high-yield checking accounts put limits and requirements on their highest interest rates. This means that using a high-yield checking account can require keeping a close eye on how much is in the account and how you're using it. While some high-yield savings accounts and most money market accountsimpose limitations and requirements for earning their highest rates, they're usually not as strict or strenuous as those imposed by high-yield checking accounts.

High-yield checking accounts are also generally offered by either online-only or primarily online banks or credit unions. If you deposit a lot of cash or prefer banking in person, a high-yield checking account might not be the right choice for you.

While you can potentially earn higher rates from a high-yield checking account than a high-yield savings account, high-yield checking accounts still aren't a great place to keep your savings, especially if it's your primary checking account, as many high-yield checking accounts require. Savings accounts are generally harder to pull money from, which means you're less likely to accidentally spend your emergency fund.

How to Choose a High-Yield Checking Account

When choosing a high-yield checking account, you'll need to consider whether you can meet the requirements to earn the account's highest APY. Many high-yield checking accounts offer much lower rates if you can't, so if you're not able to meet the monthly direct deposit requirements or use the account's debit card as much as the account requires, you'll want to go for another account.

You'll also consider how much money you want to keep in the account. It's common for high-yield checking accounts to only offer a great rate on the first few thousand dollars in the account, so if you're planning on keeping a balance higher than the account's limit, you'll want to go with another bank.

Finally, consider what perks you want from the account or what fees you're likely to accrue. If you want a cash-back debit card, look for an account that offers that. If you travel and use ATMs frequently, go with an account that doesn't charge ATM fees and reimburses out-of-network ATM fees. And if you think you're likely to overdraft your account, choose a bank that doesn't charge overdraft fees.

Best High-Yield Checking Accounts FAQs

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, CFP® professional with lifelaidout® 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, CFP® professional and vice president of coaching strategy at OfColor:

"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® professional:

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

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

Tania Brown, CFP® professional:

"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 checking 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 bank account methodology, such as monthly service fees, out-of-network fee reimbursem*nts, and minimum opening deposits for checking accounts.

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 U.S. to join. But keep in mind that a local or more selective credit union may offer better rates.