The Best High Yield Checking Accounts for November 2022

Insider’s experts select the best products and services for you to make smart financial decisions.here’s how). In some cases, we may be paid a commission our partnersHowever, our opinions are not influenced by these offers. All offers on this page are subject to the following terms and conditions

If you have a lot of money, a high-yielding checking account is a good choice. (Otherwise, it may be more appealing in). high-yield savings,If you would prefer to earn interest in your personal goals.

These are our top picks of high-yield checking account options.

Compare our top picks to get high-yielding checking account options

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Editor’s rating

4.25/5

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Editor’s rating

4.75/5

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Editor’s rating

3.75/5

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Editor’s rating

4.25/5

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Depending on the deposit amount, 3.00% to 5.0%

Editor’s rating

3.5/5

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Editor’s rating

4.5/5

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The website of Wings Financial Credit Union

Axos Axos Bank Rewards Checking

Axos Bank Rewards Checking


Annual Percentage Yield

As high as 1.25%


Minimum Deposit Amount

$50

Axos Axos Bank Rewards Checking

Axos Bank Rewards Checking


Annual Percentage Yoield (APY).

As high as 1.25%


Minimum Deposit Amount

$50


Annual Percentage Yield

As high as 1.25%


Minimum Deposit Amount

$50

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It stands out:High-yield checking account accounts allow you to earn a high rate of interest on balances above a certain amount. But with Axos Bank Rewards CheckingYou can earn up to 1.25% of your entire balance. Axos provides unlimited reimbursements for ATM fees that are not covered by the network. It is ranked as one of our top choices top rewards checking accounts overall.

How interest works You earn interest in stages — with each goal you accomplish, you earn a little more interest. Here are the goals

  • Earn 0.40% if you receive at least $1500 in direct deposits per month (this requirement must met regardless of other interest-earning requirements).
  • Earn 0.30% when you make 10 Axos Visa® Debit Card transactions in a month (minimum $3 per transaction) or sign up for Account Aggregation/Personal Finance Manager (PFM) in Online Banking
  • Earn 0.20% if you maintain a daily balance of $2,500 in an Axos Managed portfolios Invest Account
  • Earn 0.20% by maintaining a $2,500 monthly average balance in your Axos Self Directed Trading and Invest Account
  • Earn 0.15% by using the account to make your monthly Axos Consumer Loan Payment

You can earn 1.25% APY if you achieve all of these goals within a single month.

What to watch out for: Opening deposit. To open an account, you must have at least $50

Connexus Credit Union Connexus Xtraordinary Checking Account

ConnexusXtraordinary Checking account


Annual Percentage Yield

0% to 1.75%


Minimum Deposit Amount

$0

Connexus Credit Union Connexus Xtraordinary Checking Account

ConnexusXtraordinary Checking account


Annual Percentage Yoield (APY).

0% to 1.755%


Minimum Deposit Amount

$0

Connexus Credit Union’s site


Annual Percentage Yield

0% to 1.75%


Minimum Deposit Amount

$0

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It stands out:Connexus charges high rates for balances above $25,000. Connexus also reimburses $25 per month for fees charged by ATM providers outside of its network. Connexus was our choice. our favorite credit unions.

How interest worksYou will only earn interest for the following:

  • Register for estatements (You only need to enroll once).
  • Spend $400 or make 15 debit card purchases

If you meet these conditions, you’ll earn 1.75% APY on balances upto $25,000. You’ll also earn 0.25% APY on all money above $25,000.

What to watch out for:  Some of our top picks pay a lower interest rate if you don’t meet qualifications for the highest APY. Connexus will give you the highest APY on balances above $25,000 or none at all.

Consumers Credit Union Consumers Credit Union Free Rewards Checking Account

Consumers Credit Union: Checking Account with Rewards


Annual Percentage Yield

0.01% to 5.0%


Minimum Deposit Amount

$5

Consumers Credit Union Consumers Credit Union Free Rewards Checking Account

Consumers Credit Union: Checking Account with Rewards


Annual Percentage Yoield (APY).

0.01% to 5.0%


Minimum Deposit Amount

$5

Consumers Credit Union’s Website


Annual Percentage Yield

0.01% to 5.0%


Minimum Deposit Amount

$5

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It stands out:Consumers Credit Union is ranked as one of our top ten institutions top credit unions, Consumers Credit Union Free Rewards CheckingWe love it! rewards checking accounts list. You could be earning one of the highest interest rates right now. Consumers can also get back fees from out-of-network ATM providers.

How interest worksThese are the tiers for APY.

  • Earn 3% on balances up to $10,000 when you sign up to receive eDocuments, make 12 debit card purchases per month, and receive $500 per month in direct deposits, mobile check deposits, or transfers from other banks.
  • Earn 4% on balances up to $10,000 when you meet the qualifications to earn 2.09%  spend $500 per month with your Consumers Credit Union credit card.
  • Earn 5% on balances up to $10,000 when you meet the qualifications to earn 3.09%  spend $1,000 per month with your Consumers Credit Union credit card.
  • Earn 0.20% on balances between $10,000.01 and $25,000 when you receive eDocuments, make 12 debit card purchases per month, and receive $500 per month in direct deposits, mobile check deposits, or transfers from other banks.
  • Earn 0.10% on balances of $25,000.01 and more when you receive eDocuments, make 12 debit card purchases per month, and receive $500 per month in direct deposits, mobile check deposits, or transfers from other banks.

What to watch out for: To earn the maximum amount of APY, you will need a Consumers Credit Union Credit Card. If you don’t meet any of these qualifications, you will only earn 0.01%.

Juno Juno Metal Checking Account

Juno Metal Checking Account


Annual Percentage Yield

Depending on the deposit amount, 3.00% to 5.0%


Minimum Deposit Amount

$0

Juno Juno Metal Checking Account

Juno Metal Checking Account


Annual Percentage Yoield (APY).

Depending on the deposit amount, 3.00% to 5.0%


Minimum Deposit Amount

$0


Annual Percentage Yield

3.00% – 5.00% depending on deposit amount

5.00% yearly Bonus on Deposit Balances Up to $10,000; 3.00% Annual Bonus on Deposit Balances Between $10,001 and $250,000

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Minimum Deposit Amount

$0

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It stands out:Juno offers you both a high rate of interest and cash back rewards. Choose five retailers from the Juno list and you will earn 5% cashback every time you shop at those shops. You may be able to use the account even if you are an immigrant. All you need is a passport and your Social Security number.

How interest worksInterest can be earned without doing anything, but rates will vary depending upon your balance. The following rates tiers are available:

  • You’ll be rewarded 5.00% APRBalances up to $10,000
  • You’ll be rewarded APY 3.00%Balances between $10,001 and $250,000
  • You won’t earn any interest on more that $100,000

What to watch out for:The Juno Metal Checking AccountYou must maintain a minimum of $250 per month in a qualifying direct deposit

Quontic Quontic High Interest Checking Account

Quontic High-Interest Checking Account


Annual Percentage Yield

0.01% to 1.0%


Minimum Deposit Amount

$100

Quontic Quontic High Interest Checking Account

Quontic High-Interest Checking Account


Annual Percentage Yoield (APY).

0.01% – 1.10%


Minimum Deposit Amount

$100


Annual Percentage Yield

0.01% to 1.0%


Minimum Deposit Amount

$100

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It stands out:Quontic pays the same rate of interest on your entire balance, provided you meet the requirements. Quontic has over 90,000. You won’t be charged for using an ATM outside of the network. (The ATM provider may charge you.)

How interest worksIf you make 10 debit cards purchases each month, you will earn the highest interest rate on your entire balance.

What to watch out for:To open a new account, you will need at least $100 Quontic High Interest Checking Account.

Wings Financial Credit Union Wings Financial Credit Union High-Yield Checking Account

Wings Financial Credit Union High Yield Checking Account


Annual Percentage Yield

0.01% to 2.533%


Minimum Deposit Amount

$0

Wings Financial Credit Union Wings Financial Credit Union High-Yield Checking Account

Wings Financial Credit Union High Yield Checking Account


Annual Percentage Yoield (APY).

0.01% to 2.533%


Minimum Deposit Amount

$0

The website of Wings Financial Credit Union


Annual Percentage Yield

0.01% to 2.533%


Minimum Deposit Amount

$0

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It stands out:Wings Financial provides 10 free monthly withdrawals from out-of-network ATMs in addition to its high interest rates. The credit union allows you to link to your savings account to get free overdraft protection. You can also tap into an overdraft credit line. Wings Financial has been chosen as our preferred financial institution. our favorite credit unions.

How interest worksYou will get a high rate of interest on balances above $25,000 every month if you do the following:

  • Register for e-documents. You should only need to register once
  • Receive over $300 in direct deposits
  • Buy 15 debit cards worth $5 or more

What to watch out for:Wings Financial is very generous about out of-network ATMs. They don’t charge you for the first 10 monthly withdrawals. Wings Financial will not reimburse ATM fees. However, the ATM provider might still charge you. After your first 10 visits outside of network, you will be charged $2.50 per ATM transaction. These charges may apply to you if you use ATMs often.

Other accounts that didn’t make the cut.

Before choosing our favorite, we looked at nearly two dozen high yield checking accounts. These are the other accounts we considered and the reasons they didn’t make the cut.

  • Alliant High-Interest CheckingAlliant Credit Union is a solid credit union. You will get a respectable rate for your entire balance. However, the rate is not as high as what we offer with our top choices.
  • HMBradley Account: Some of our top picks have higher interest rates. To open an HMBradley Account, you will need to be invited.
  • Ally Interest Checking Account: Ally pays higher rates that many banks, but its highest tier APY isn’t competitive with those on ours.
  • Bethpage FCU Free Checking: The interest rates are not as competitive as those with our top picks and there is no overdraft protection.
  • Blue Extreme CheckingDepending on your membership level, you can earn a high rate. It is determined by a complex point system.
  • City First Bank Personal Checking Account: Although this bank has a higher rate of interest than other brick-and-mortar institutions in the country, rates are still much lower than those on our list.
  • Cheese AccountThis account may be a good choice if you are an immigrant, Asian American, or if you want to support Asian American communities. It has a decent rate but is more powerful than a cash-back checking.
  • CIT Bank eCheckingCIT’s rates may not be as competitive as those you can get with our top options.
  • NBKC Everything AccountNBKC’s rates could be higher but it’s a decent choice if you are looking for a hybrid savings/checking account. To earn interest, you don’t have to meet any requirements.
  • One accountAuto Save buckets are subject to the highest rate and you can only put 10% of your paychecks into Auto Save. If you don’t save more than 10%, you might get a great rate.
  • PenFed Access America CheckingPenFed is a strong credit cooperative overall, but you’ll get better rates with our top picks.
  • LendingClub Rewards Checking Account: Balances below $2,500 won’t earn interest, and balances below $100,000 will get a relatively low rate of interest.
  • Redneck Bank Rewards Checkin’ AccountAlthough the interest rate is quite high, you will need at least $500 to open a new account.
  • Robinhood Cash Management: While the rate isn’t particularly impressive, it is a good account for checking and saving.
  • SoFi Checking and Savings: You will only get the highest rate if your monthly deposit is at least $500. However, even that amount won’t be comparable to the rates on our list.
  • Wealthfront Cash Account: The rate is not too high, but you don’t have to do much to earn interest. Your entire balance will earn you APY.

These institutions are trustworthy?

We looked at the Better Business scores and ranked each of our top picks. The BBB assesses businesses based upon customer complaints, honesty in advertising and transparency about business practices.

None of our top picks have been the subject of any scandals in recent years, so you may feel more comfortable banking with any of them.

Methodology: How did we choose the best high-yielding checking accounts?

We looked at accounts paying the highest rates, either on your total balance or on high balances. We chose accounts that made it easy to earn interest. We would prefer a checking account that requires you to deposit $500 per monthly to earn interest to one that requires $5,000 per month.

We also considered other factors like monthly service charges, out-of network fee reimbursements and minimum opening deposit.

Credit unions usually offer the highest rates on checking account accounts. Credit unions offer only services to members. We chose credit unions that are accessible to most Americans. Keep in mind, however, that rates may be higher at a local credit union or one with fewer members.

Frequently Asked Questions

What is a high-yielding checking account?

A high-yield account pays interest on your current balance. Standard checking accounts pay no interest. Others pay a small amount, such as 0.01% to 0.0.05% APY. Checking accounts with high yield pay higher rates.

How does a high yield checking account work

High-yield checking accounts have specific requirements to earn interest. You may need to make at least 10 debit card transactions or receive $500 in direct deposits.

Some accounts offer tiered interest rates. Let’s say that an account pays 1% interest on balances less than $25,000 and then 0.25% on balances greater than $25,000. You would earn 1% on the first $25,000 of your balance and 0.25% on the remaining $5,000 if you have $30,000 in the account.

What is the annual percentage yield?

Annual percentage yield (APY)This is similar to an Interest Rate, but it gives a better idea of what you’ll actually make.

APY indicates how much interest you will earn over a year, compounding included. A checking account may pay 0.499% interest, but you’ll get 0.50% APY.

Expert advice on how to choose the best checking account

PFI Banking Expert Panel that includes Tania Brown, Roger Ma, Laura Grace Tarpley, and Mykail James

Insider



Four experts weigh in on what makes a good checking bank and how to choose the right one.

We are focusing on what makes a high-yield account most useful, including rates and fees. Here are their thoughts on checking accounts. (Some text may be slightly edited for clarity.

What makes a checking account valuable?

Roger Ma, CFP:

“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?”

Laura Grace Tarpley Personal Finance Insider

“I would create a list of the top 3 to 5 things you want from a checking account. Is it easy to use, has 24/7 customer service, and doesn’t charge ATM fees? Next, research the best banks for those features.”

How can someone decide whether to open a rewards checking account that offers a high APY, cash sign up bonus, or cash back?

Tania Brown, CFP:

“I have checking account with all the above because I use checking account for different purposes. I would advise anyone to think about how you will use it. I use my account for bills only and don’t add a debit to it. While I won’t be able to earn a lot of cash rewards from that account, it does have a decent balance. That one I use for interest is the most important. I have a checking account for spending. I don’t care if it is zero. The money that goes into that account, I expect to see it go out. Because I use it so often, I attached that one to a cash reward. Then I have another one I use for travel and that has a travel reward attached.

Roger Ma, CFP:

“I believe that being responsible with credit is a virtue. Instead of focusing on a bank account that rewards you for your efforts, I recommend looking at a credit card that rewards you for the areas where you spend money. I wouldn’t recommend that people waste their time with rewards checking accounts. You can start building your credit by getting the basics right first with fewer savings and checking accounts.

How does one decide between a bank or a credit union?

Tania Brown, CFP:

“The majority of people fall into one of five categories: location; interest rates; services; technology; relationships. Next, prioritize the most important things and you will know what to do. Take this example:

  • If you are looking for multiple locations, banks typically have more locations than credit-unions.
  • A high interest rate is what you want, and credit unions offer higher rates than banks.
  • If you need a lot of services (commercial and business banking, investment services, etc. These services are more valuable 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 nut: Larger banks often offer more tech bells & whistles for online users that credit unions.

Laura Grace Tarpley Personal Finance Insider

“Look at the interest rates and how often they compound. The more often an institution compounds interest the more you’ll make. Credit unions often pay higher rates than banks. They only offer a lower rate than banks. compound interest monthly, whereas banks compound daily. Calculate where you’ll make the most money.

How can one determine if a bank is right for them?

Mykail James, CFEI:

“The No. One thing you need to know about a checking bank account is the source of the debit card. Many people don’t realize this, as there are places that won’t accept MasterCards or Amex.

Laura Grace Tarpley Personal Finance Insider

“I would choose the bank that charges the lowest fees. This could be a bank that charges no monthly fees or one that waives the monthly fees. If you don’t regularly overdraw your account, bank’s overdraft fees won’t matter to you. If you do overdraw occasionally, I’d consider the fees or overdraft protection alternatives.

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