Best High-Yield Checking Accounts of January 2024 - up to 7% APY

• Best High-Yield Checking Accounts
• High-yield Checking Account Reviews
• FAQs
• High-Yield Checking Account Comparison
• Why You Should Trust Us

Our experts answer readers' banking questions and write unbiased product reviews (here's how we assess banking products). In some cases, we receive a commission from our partners; however, our opinions are our own. Terms apply to offers listed on this page.

A high-yield checking account is a good option if you keep a lot of money in your checking account. (Otherwise, you may be more interested in high-yield savings, if you'd prefer to earn interest for personal goals.)

Best High-Yield Checking Accounts of January

• OnPath Rewards High-Yield Checking: up to 7.00% * APY
• Redneck Bank Rewards Checkin' Account: 0.25% to 5.30% APY
• Primis Premium Checking: 5.07% APY
• Juno Metal Checking Account: up to 5.00% APY
• Consumers Credit Union Free Rewards Checking Account: 0.01% to 5.00% APY
• Wealthfront Cash Account: 5.00% APY
• First Tech Rewards Checking®: up to 5.00% APY
• SoFi Checking and Savings: up to 4.60% APY
• Signature Federal Credit Union High-Yield Checking Account: 0.00% to 4.00% APY

Best High-Yield Checking Account Reviews

OnPath Rewards High-Yield Checking Account

OnPath Credit Union's high-yield checking account could be a good option if you're looking to get the highest APY possible and can meet certain requirements. You'll 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.

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

Redneck Bank Rewards Checkin' Account

You might like Redneck Bank if you frequently use your debit card, because the bank's rewards checking account has a competitive bonus interest rate if you meet certain monthly requirements. You could also get refunded up to $25 per month in out-of-network ATM fees if you qualify for the bonus interest rate. 

Redneck Bank has a steep minimum opening deposit of $500 to open the Redneck Bank Rewards Checking Account. You might prefer another financial institution if you'd like to open an account with less money upfront.

How interest works: You can earn 5.30% APY on account balances up to $15,000, and 0.50% APY on amounts over $15,000 if you fulfill the following activities each month:

• Make 10 qualifying debit card transactions per monthly statement cycle 
• Receive online bank statements

If you do not meet the monthly requirements, you'll earn a standard rate of 0.25% APY.

Redneck Bank Review

Primis Premium Checking Account

Primis Premium Checking may be worthwhile if you'd like to open an online checking account that's straightforward. It has no monthly service fees, no overdraft fees, and a $1 deposit. 

In total, Primis is only allowing 1,000 new online accounts to be opened each month. Once it reaches the limit for the month, customers will have to sign up for a waitlist.

How interest works: Premium Premium Checking pays 5.07% APY and doesn't have any balance requirements for earning interest.

Primis Bank Review

Juno Metal Checking Account

Juno gives you both a high interest rate and cash back rewards. Select five retailers from its list and earn 5% cash back when you shop at those stores. You may like the account if you're an immigrant, because you only need a Social Security number and passport to qualify.

The Juno Metal Checking Account requires that you maintain a qualifying direct deposit of $250 or more per month.

How interest works: You don't need to do anything to earn interest, but rates do vary depending on your balance. Rate tiers are as follows:

• You'll earn 5.00% APY on balances up to $50,000
• You'll earn 4.00% APY on balances between $50,001 to $250,000

Juno Review

Consumers Credit Union Free Rewards Checking Account

Consumers Credit Union ranks as one of our top credit unions, and Consumers Credit Union Free Rewards Checking Account is on our guide for best rewards checking accounts. You have the potential to earn one of the highest interest rates out there right now. Consumers also refunds any fees charged by out-of-network ATM providers.

You need a Consumers Credit Union credit card to earn the maximum APY, and if you don't meet any of the qualifications listed, you'll only earn 0.01% APY.

How interest works: Here are the APY tiers:

• Earn 3.00% APY 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 4.00% APY on balances up to $10,000 when you meet the qualifications to earn 3.00% APY and spend $500 per month with your Consumers Credit Union credit card.
• Earn 5.00% APY on balances up to $10,000 when you meet the qualifications to earn 3.00% APY and spend $1,000 per month with your Consumers Credit Union credit card.
• Earn 0.20% APY 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% APY 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.

Consumers Credit Union Review

Wealthfront Cash Account

The Wealthfront Cash Account stands out because you can earn a high interest rate on your entire account balance. There also aren't any monthly service fees.

Wealthfront only offers the Wealthfront Cash Account. If you'd like to open other types of accounts, like a CD or money market account, you might prefer another financial institution. 

How interest works: All you need to do is open an account with at least $1. You'll earn 5.00% APY on all money in the account. 

Wealthfront Cash Account Review

First Tech Rewards Checking

First Tech Rewards Checking® pays a high rate on balances up to $15,000. The account only has a $10 minimum opening deposit, and there are no monthly fees.

Like most credit unions, First Tech FCU compounds interest monthly rather than daily. Depending on how much money you keep in your account, this may or may not make a significant difference. Also, to become a member of the credit union, you must work for an eligible employer or the State of Oregon (or have a family member who does); live or work in Lane County, Oregon; belong to the Computer History Museum or Financial Fitness Association; or have a family/household member who is already a First Tech FCU member.

How interest works: You'll earn up to 5.00% on balances up to $15,000 each month that you complete the following:

• Make 20 transactions with your First Tech debit and/or credit card totaling at least $500
• Receive a minimum of $1,000 in direct or ACH deposits
• Enroll in eStatements

You'll earn a lower rate on balances over $15,000 when you meet the monthly requirements. Regardless of your balance, you'll earn a very low rate when you don't meet the qualifications.

SoFi Checking and Savings

In addition to offering a competitive interest rate, SoFi Checking and Savings is a great choice if you'd like to avoid common fees. This account doesn't have monthly service fees, overdraft fees, or out-of-network ATM fees.

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 June 30, 2023. 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 a CD. 

How interest works: You'll earn a higher interest if you set up direct deposit or deposit minimum $5,000 per month. SoFi members who do so earn up to 4.60% APY on savings balances (including Vaults) and 0.50% APY on checking balances. 

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

SoFi Checking Review

Signature Federal Credit Union High-Yield Checking Account

Signature Federal Credit Union offers a high interest rate for balances up to $40,000. It also has a $0 minimum opening deposit, and no monthly service fee.

You must become a member to open a Signature Federal Credit Union account. The easiest way to join is to become part of the American Consumer Council (membership for the council requires a $8 annual fee). You can also join if you have an immediate family member who is a credit union member; work as a postmaster, postmaster relief, supervisor, or officer in charge for the US Postal Service; are an alumni association member or alumni association employee of Marymount University; or work for a participating employee group.

How interest works: To earn 4.00% APY on balances up to $40,000, you must meet the following requirements each month: 

• Receive direct deposit totaling at least $1,000
• Make 15 debit card transactions
• Enroll in online bank statements

The checking account doesn't pay any interest on account balances over $40,000. You also won't earn interest if you don't fulfill the monthly qualifications. 

Signature Federal Credit Union Review

With high-yield checking accounts, the higher your account balance, the higher interest rate you'll earn. The best checking accounts are also light on fees and offer extra perks like refunded ATM fees.

Best High-Yield Checking Accounts FAQs

Yes, there are some checking accounts that earn interest. 

A high-yield checking account pays interest on your balance. Most standard checking accounts don't pay any interest. Others pay a little, like 0.01% to 0.05% APY. High-yield checking accounts pay significantly higher rates.

OnPath Credit Union is offering a bonus rate of up to 7.00% APY on the OnPath High Yield Rewards Checking. If you meet certain eligibility requirements, you could earn 7.00% APY on account balances up to $10,000. Any amount over $10,000 will earn 0.50% APY.  

Most high-yield checking accounts require you to meet certain criteria each month to earn interest. For example, you may have to receive $500 in direct deposits or make 10 debit card transactions.

Annual percentage yield (APY) is similar to an interest rate, but it gives you a better idea of how much you'll actually earn. APY tells you how much interest you'll earn over one year, including compounding. A checking account may pay 0.499% in interest, but you'll earn 0.50% APY.

Are These Institutions Trustworthy?

The BBB assesses businesses by looking at responses to customer complaints, honesty in advertising, and transparency about business practices. 

Here are the BBB ratings for all of our other top picks: 

Redneck Bank and Signature Federal Credit Union do not have profiles with the Bureau yet, so there are no complaints or reviews to use for evaluating their business practices. 

The BBB gave Primis a B grade because it has 16 complaints on the BBB website. Signature Federal Credit Union has an A- rating because it has failed to respond to one customer complaint on the BBB website.

Juno currently has a C+ rating grade because it has received 27 complaints on the BBB website it has failed to respond to seven customer complaints. Its partner bank, Evolve Bank & Trust, currently has a B rating. It has received numerous customer complaints on the BBB website, and government taken was taken against the bank.

In 2022, the Justice Department required Evolve Bank & Trust to pay $1.3 million in a settlement that claimed discriminatory lending took place between 2014 and 2019.

Wealthfront currently has an F rating because 11 complaints have been filed on the BBB website, and it has failed to respond to six complaints. 

Keep in mind a good BBB grade won't guarantee that your relationship with the bank will be perfect. Make sure to also get other people's perspectives and reviews.

High-Yield Checking Account Comparison

Here are our top picks for high-yield checking accounts. Our top picks are protected by FDIC or NCUA insurance. 

Earn 7.00% APY* on average daily balances up to $10,000 and .50% on balances above $10,000

no monthly service fee

up to 7.00% *

$25

• Check mark icon A check mark. It indicates a confirmation of your intended interaction. High APY on balances up to $10,000
• Check mark icon A check mark. It indicates a confirmation of your intended interaction. No monthly service fee
• Check mark icon A check mark. It indicates a confirmation of your intended interaction. No minimum balance

• con icon Two crossed lines that form an 'X'. Other credit unions offer more reimbursement for out-of-network ATM fees
• con icon Two crossed lines that form an 'X'. Low APY on balances over $10,000

• Earn 7% APY* on average daily balances up to $10,000 and .50% on balances above $10,000
• Get up to $10 in out-of-network ATM fees refunded
• No monthly account fee
• No minimum balance

Earn up to 5.30% Annual Percentage Yield (APY). $500 minimum deposit. FDIC Insured.

no monthly service fee

0.25% to 5.30%

$500

• Check mark icon A check mark. It indicates a confirmation of your intended interaction. High bonus interest rate on account balances up to $15,000
• Check mark icon A check mark. It indicates a confirmation of your intended interaction. Up to $25 per month in ATM fee refunds if you qualify for the bonus rate
• Check mark icon A check mark. It indicates a confirmation of your intended interaction. No monthly service fees
• Check mark icon A check mark. It indicates a confirmation of your intended interaction. Overdraft protection available

• con icon Two crossed lines that form an 'X'. $500 minimum opening deposit
• con icon Two crossed lines that form an 'X'. $25 overdraft fee

Redneck Bank is a good option if you're looking for a high-yield checking account or money market account with competitive interest rates. The main downside is its tiered rate system, which sees your APY drop if your account goes above a certain balance threshold. You may be eligible for the best rates if you keep $15,000 or less in checking, and $100,000 or less in the money market account.

• Bonus interest rate of 5.30% APY on account balances up to $15,000 and 0.50% APY for amounts over $15,000
• Standard interest rate of 0.25% APY
• To earn the bonus interest rate, make 10 qualifying debit card transactions per monthly statement cycle and receive online bank statements
• If you qualify for the bonus interest rate, you may also be eligible for up to $25 in ATM fee refunds per month
• Limite of two Redneck Rewards account per person
• Member FDIC

no monthly service fees

5.07%

$1

• Check mark icon A check mark. It indicates a confirmation of your intended interaction. Competitive interest rate
• Check mark icon A check mark. It indicates a confirmation of your intended interaction. Low minimum opening deposit
• Check mark icon A check mark. It indicates a confirmation of your intended interaction. No monthly service fees
• Check mark icon A check mark. It indicates a confirmation of your intended interaction. No overdraft fees
• Check mark icon A check mark. It indicates a confirmation of your intended interaction. Free cashier's checks
• Check mark icon A check mark. It indicates a confirmation of your intended interaction. Free stop payments
• Check mark icon A check mark. It indicates a confirmation of your intended interaction. Early direct deposit
• Check mark icon A check mark. It indicates a confirmation of your intended interaction. Refunds out-of-network ATM fees

• con icon Two crossed lines that form an 'X'. Limited ATM network
• con icon Two crossed lines that form an 'X'. Account not available at a Primis branch

Primis Bank pays some of the best high-yield savings account and high-yield checking account rates. It also has a strong cash-back checking account. Its CD rates are fairly low.

• 38 branches in Maryland and Virginia
• Over 30 Primis ATMs near Primis branches
• Open the Primis Premium Checking account from anywhere in the US
• Primis Premium Checking is only available online
• Can overdraw from your account and Primis won't charge you a fee
• Interest compounded and deposited monthly
• FDIC insured

up to 5.00%

$0

• Check mark icon A check mark. It indicates a confirmation of your intended interaction. High APY on balances up to $50,000
• Check mark icon A check mark. It indicates a confirmation of your intended interaction. Earn cash back
• Check mark icon A check mark. It indicates a confirmation of your intended interaction. Virtual debit card, physical debit card, and access to Apple Pay, Google Pay, Samsung Pay
• Check mark icon A check mark. It indicates a confirmation of your intended interaction. No out-of-network ATM fees
• Check mark icon A check mark. It indicates a confirmation of your intended interaction. Refunds 3 fees charged by out-of-network ATM providers per month
• Check mark icon A check mark. It indicates a confirmation of your intended interaction. No overdraft fees

• con icon Two crossed lines that form an 'X'. APY lowers on balances over $50,000
• con icon Two crossed lines that form an 'X'. No option to overdraw
• con icon Two crossed lines that form an 'X'. Interest compounds monthly, not daily
• con icon Two crossed lines that form an 'X'. No joint accounts

• 85,000 free ATMs nationwide
• Earn 5.00% APY on balances up to $50,000; 4.00% APY on balances of $50,001 to $250,000; no APY on balances over $250,000
• Choose 10 companies to earn 5% cash back with, on spending up to $3,000 per year
• Can also buy and sell cryptocurrency through Juno
• Interest compounded monthly, paid monthly
• FDIC insured through partner bank, Evolve Bank & Trust

Earn up to 5.00% Annual Percentage Yield (APY). $5 minimum deposit. FDIC Insured.

no monthly service fee

0.01% to 5.00%

$5

• Check mark icon A check mark. It indicates a confirmation of your intended interaction. High APY
• Check mark icon A check mark. It indicates a confirmation of your intended interaction. $5 minimum opening deposit
• Check mark icon A check mark. It indicates a confirmation of your intended interaction. No monthly service fee
• Check mark icon A check mark. It indicates a confirmation of your intended interaction. Early direct deposit
• Check mark icon A check mark. It indicates a confirmation of your intended interaction. Unlimited reimbursements for out-of-network ATM fees

• con icon Two crossed lines that form an 'X'. $10 overdraft transfer charge
• con icon Two crossed lines that form an 'X'. Limited customer support availability
• con icon Two crossed lines that form an 'X'. Interest compounds monthly, not daily

You'll find Consumers Credit Union appealing if you enjoy online banking or live near Chicago, Illinois. The credit union has one of the best high-yield checking accounts right now, with a low minimum opening deposit and zero monthly fees.

• To become a member of Consumers Credit Union, pay an initial $5 membership fee and open the Membership Savings Account with at least $5
• 14 open branches in Chicago, Illinois, and nearby cities
• Access to over 5,600 shared branches and 60,000 surcharge-free ATMs through the CO-OP Shared Network
• Earn 3.00% APY on balances up to $10k when you enroll in eDocuments, make 12 debit card transactions per month, and receive $500 per month in deposits
• Earn 4.00% on balances up to $10k when you meet qualifications for 3.00% and spend $500/month with your CCU credit card
• Earn 5.00% on balances up to $10k when you meet qualifications for 3.00% and spend $1,000/month with your CCU credit card
• Earn 0.20% APY on balances between $10k and $25k
• Earn 0.10% APY on balances over $25k
• If you don't meet the requirements to earn a rewards interest rate, you'll earn 0.01% APY and you won't get ATM refunds
• Interest compounded and deposited monthly
• Federally insured by the NCUA

A high-yield cash account that earns 5.00% annual percentage yield. No account fees. APY as of 11/3/2023.

no monthly service fee

5.00%

$1

• Check mark icon A check mark. It indicates a confirmation of your intended interaction. Use as both a savings and checking account
• Check mark icon A check mark. It indicates a confirmation of your intended interaction. $1 opening deposit
• Check mark icon A check mark. It indicates a confirmation of your intended interaction. No monthly service fees
• Check mark icon A check mark. It indicates a confirmation of your intended interaction. FDIC insured up to $5 million for individual Cash Accounts ($10M for joint accounts) through partner banks
• Check mark icon A check mark. It indicates a confirmation of your intended interaction. Get paid 2 days early
• Check mark icon A check mark. It indicates a confirmation of your intended interaction. Access to a debit card
• Check mark icon A check mark. It indicates a confirmation of your intended interaction. Mobile check deposit
• Check mark icon A check mark. It indicates a confirmation of your intended interaction. Automatically move extra money into investments with Autopilot
• Check mark icon A check mark. It indicates a confirmation of your intended interaction. Save for separate goals in one account

• con icon Two crossed lines that form an 'X'. No physical branch locations
• con icon Two crossed lines that form an 'X'. To deposit cash, pay a fee at a Green Dot location
• con icon Two crossed lines that form an 'X'. $2.50 out-of-network ATM fee

The Wealthfront Cash Account is a solid high-yield checking account. But if you're looking to open a separate savings account, take a look at our best high-yield savings accounts guide.

• FDIC insured up to $5 million for individual Cash Accounts ($10M for joint accounts) through partner banks
• 19,000 free ATMs
• Autopilot feature lets you set maximum account balance, and automatically transfers money into investments if you exceed maximum balance by more than $100
• Interest compounded daily, paid monthly

Earn up to a $300 bonus with qualifying direct deposits for eligible customers through 6/30/24. Earn up to 4.60% APY on savings balances (including Vaults) with direct deposit

no monthly service fee

up to 4.60%

$0

up to $300

• Check mark icon A check mark. It indicates a confirmation of your intended interaction. FDIC insured for $2 million
• Check mark icon A check mark. It indicates a confirmation of your intended interaction. High interest rate
• Check mark icon A check mark. It indicates a confirmation of your intended interaction. Earn a higher interest rate with qualifying activities
• Check mark icon A check mark. It indicates a confirmation of your intended interaction. No minimum opening deposit
• Check mark icon A check mark. It indicates a confirmation of your intended interaction. No monthly service fees
• Check mark icon A check mark. It indicates a confirmation of your intended interaction. No overdraft fees
• Check mark icon A check mark. It indicates a confirmation of your intended interaction. Up to $300 bonus with qualifying direct deposit (terms apply)
• Check mark icon A check mark. It indicates a confirmation of your intended interaction. Earn up to 15% cash back at local retailers if you use a SoFi debit card
• Check mark icon A check mark. It indicates a confirmation of your intended interaction. No-fee overdraft coverage if you overdraw up to $50
• Check mark icon A check mark. It indicates a confirmation of your intended interaction. Savings tools
• Check mark icon A check mark. It indicates a confirmation of your intended interaction. Early direct deposit
• Check mark icon A check mark. It indicates a confirmation of your intended interaction. Joint account available

• con icon Two crossed lines that form an 'X'. Declined purchase if you overdraw by more than $50
• con icon Two crossed lines that form an 'X'. Doesn't reimburse out-of-network ATM providers' fees
• con icon Two crossed lines that form an 'X'. May deposit cash at Green Dot locations but there's a $4.95 fee

SoFi Checking and Savings is a great account option if you don't mind keeping your savings and checking in one account.

• FDIC insured for $2 million
• Free access to 50,000+ Allpoint ATMs worldwide
• Hybrid checking/savings account
• Earn up to 15% cash back on local retailers when you use a SoFi debit card; Retailer information is available through online banking
• Earn 4.60% APY on savings balances (Vaults included) and 0.50% APY on checking balances if you set up direct deposit or deposit minimum $5,000 per month
• Earn 1.20% APY on SoFi Checking and Savings if you don't have qualifying activities
• Earn up to $300 cash bonus available through June 30, 2024; receive a $50 bonus if you make a direct deposit between $1,000 and $4,999 in the first 30 days of opening an account; receive a $300 bonus if you make a direct deposit of $5,000 or more in the first 30 days of opening an account
• Create up to 20 Money Vaults to save for individual savings goals like an emergency fund or vacation
• $4.95 fee each time you deposit cash at a Green Dot location
• To get no-fee overdraft coverage you must have at least $1,000 in direct deposits

no monthly service fee

0.00% to 4.00%

$0

• Check mark icon A check mark. It indicates a confirmation of your intended interaction. Earn a high interest rate
• Check mark icon A check mark. It indicates a confirmation of your intended interaction. No minimum opening deposit
• Check mark icon A check mark. It indicates a confirmation of your intended interaction. No monthly service fees
• Check mark icon A check mark. It indicates a confirmation of your intended interaction. Free overdraft protection that sweeps money from savings to checking

• con icon Two crossed lines that form an 'X'. $30 overdraft fee
• con icon Two crossed lines that form an 'X'. Dividends compounded monthly, not daily
• con icon Two crossed lines that form an 'X'. Doesn’t refund any fees charged by out-of-network ATM providers

• Open accounts online; you must open a Signature FCU Savings Account to become a member
• Over 5,000 shared branches in the Co-op network; tens of thousands of free ATMs combined in the Co-op and CULIANCE networks
• To join, be an immediate family/household member of an existing Signature FCU member; be a U.S. Postal Service postmaster, postmaster relief, supervisor, or officer in charge; be a Marymount University Alumni Association member or employee; be an employee of an approved organization; or join the American Consumer Council for $8 per year
• To qualify for the High-Yield Checking Account, complete the following each month: be enrolled in e-statements, receive at least $1,000 in direct deposits, and use your debit card for purchases at least 15 times
• You won’t earn interest on months you don’t meet the qualifications; you won’t earn interest on balances over $40,000
• Dividends compounded and paid monthly
• Federally insured by the NCUA

no monthly service fee

up to 5.00%

$10

• Check mark icon A check mark. It indicates a confirmation of your intended interaction. Qualify for a high interest rate
• Check mark icon A check mark. It indicates a confirmation of your intended interaction. $10 minimum opening deposit
• Check mark icon A check mark. It indicates a confirmation of your intended interaction. No monthly service fees
• Check mark icon A check mark. It indicates a confirmation of your intended interaction. Qualify for refund up to $15/month in First Tech FCU out-of-network ATM fees
• Check mark icon A check mark. It indicates a confirmation of your intended interaction. Free overdraft protection when you set up automatic transfers from savings

• con icon Two crossed lines that form an 'X'. Low rate on balances over $15,000
• con icon Two crossed lines that form an 'X'. Interest compounded monthly, not daily
• con icon Two crossed lines that form an 'X'. $2 out-of-network ATM fee when you make more than 6 OON withdrawals in a month
• con icon Two crossed lines that form an 'X'. Does not reimburse any fees charged by out-of-network ATM companies
• con icon Two crossed lines that form an 'X'. $33 overdraft fee

• You’re within First Tech’s field of membership (and may be eligible to join) if: you work for one of more than 800 companies, someone from your family is a First Tech member, or you belong to one of their partner organizations. Don’t worry if one of those categories don’t include you-it’s easy to join a partner organization during the First Tech account application process.
• To earn high APY on balances up to $15,000 and receive ATM fee refunds, complete the following each month: Make 20 transactions with your First Tech debit and/or credit card totaling at least $500, receive a minimum of $1,000 in direct or ACH deposits, and enroll in eStatements
• 30,000 free ATMs and 6,000 shared branches in the CO-OP network

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, certified financial planner 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, certified educator in personal finance, banking reporter, Personal Finance 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, certified financial planner at SaverLife:

"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:

"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:

"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, Personal Finance 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 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 checking account methodology, like monthly service fees, out-of-network fee reimbursements, and minimum opening deposits.

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

Other Accounts That Didn't Make the Cut and Why

We looked at nearly two dozen high-yield checking accounts before picking our favorites. Here are the other ones we considered, and the reasons they didn't make the cut:

• evolve Federal Credit Union ePriority Checking Account: evolve Federal Credit Union has a checking account that pays 7.23% APY on balances up to $10,000 if you meet certain requirements but it's only available to residents in El Paso, Texas, and Dona Ana County, New Mexico. Read Business Insider's evolve Federal Credit Union Review.
• Axos Bank Rewards Checking: Axos Bank Rewards Checking pays up to 3.30% APY, but our top picks have more competitive rates right now. Read Business Insider's Axos Bank Review.
• Fidelity Cash Management Account: This account lets you save, spend, and invest — but its interest rate is just so-so. Read Business Insider's Fidelity Cash Management Account Review.
• Wings Credit Union High-Yield Checking Account: Wings Financial pays a pretty good rate on its checking account, but rates with our top picks are better. Read Business Insider's Wings Financial Credit Union Review.
• First Commerce Bank Ultimate Rewards Checking Account: First Commerce Bank has a rewards checking account that pays up to 4.08% APY if you meet certain monthly requirements. You have to open an account at a First Commerce Bank location, though. The bank has locations in New Jersey. 
• Connexus Xtraordinary Checking Account: Connexus only pays up to 0% to 1.75% APY. Our top picks have the potential to earn a higher interest rate by meeting certain requirements. Read Business Insider's Connexus Credit Union Review.
• Quontic High Interest Checking Account: Quontic pays a solid interest rate on your account balance if you make at least 10 monthly debit card purchases that are at least $10. But our top picks offer higher interest rates right now. Read Business Insider's Quontic Bank Review.
• Alliant High-Interest Checking Account: Alliant is a good credit union, and you'll earn a respectable rate on your entire balance. The rate isn't as high as what you'll get with our top choices, though. Read Business Insider's Alliant Credit Union Review.
• Ally Spending Account: Ally pays higher rates than many banks, but its highest-tier APY isn't competitive with those on our list. Read Business Insider's Ally Bank Review.
• Bethpage Federal Credit Union Free Checking Account: The interest rate isn't quite as good as rates with our top picks, and there's no free overdraft protection. Read Business Insider's Bethpage Credit Union Review.
• City First Bank Personal Checking Account: This bank pays a higher rate than most brick-and-mortar institutions, but rates are much lower than with those on our list. Read Business Insider's City First Bank Review.
• CIT Bank eChecking Account: CIT's rates aren't quite as good as what you can get with our top choices. Read Business Insider's CIT Bank Review. 
• NBKC Everything Account: Although NBKC's rate could be higher, it's a decent option if you want a hybrid checking/savings account. You don't need to meet any qualifications to earn interest. Read Business Insider's NBKC Review.
• Pentagon Federal Credit Union Access America Checking Account: PenFed is a strong credit union overall, but you'll earn better rates with our top picks. Read Business Insider's Pentagon Federal Credit Union Review.
• LendingClub Rewards Checking Account: You won't earn any interest on balances under $2,500, and the rate is relatively low for balances under $100,000. Read Business Insider's LendingClub Review.
• Robinhood Cash Management: This account isn't accepting new customers currently. If you'd interested in Robinhood spending products, you can't join this waitlist for the Robinhood spending account. Read Business Insider's Robinhood Cash Management Account Review.

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Editorial Note: Any opinions, analyses, reviews, or recommendations expressed in this article are the author’s alone, and have not been reviewed, approved, or otherwise endorsed by any card issuer. Read our editorial standards.

Please note: While the offers mentioned above are accurate at the time of publication, they're subject to change at any time and may have changed, or may no longer be available.

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