Best High-Yield Checking Accounts: Earn Up To 5.25% APY
Written by
Cynthia Bowman
Edited by
Elizabeth Constantineau
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High-yield checking accounts that pay high rates of interest aren’t easy to come by. Instead, savings accounts tend to be kings of the deposit account world when it comes to annual percentage yields. But there are exceptions to the rule.
This list of the best high-yield checking accounts for 2023 is an excellent place to start if you’re looking for a low-fee or fee-free account with a high annual percentage yield and extensive services.
Top 10 High-Yield Checking Accounts of 2023
Here are some of the best options to consider if you’re looking for a high-yield checking account:
- La Capitol Federal Credit Union: Choice Checking
- Consumers Credit Union: Rewards Checking
- Lake Michigan Credit Union: Max Checking
- Quontic Bank: High Interest Checking
- Bank5 Connect: High-Interest Checking
- MidFirst Bank: Boost Checking
- Liberty Federal Credit Union: Vertical Checking
- Axos Bank: Rewards Checking
- SoFi: Checking and Savings
- Presidential Bank: Advantage Checking
A high-yield checking account allows you to earn a higher-than-average APY on your balance. You often must meet specific account requirements, such as direct deposit and transaction or minimum balance requirements, to qualify for the highest APY.
All of the best high-yield checking accounts of 2023 have their strong points, but they differ in individual features and benefits. Here’s a quick look at the benefits and drawbacks of each account.
1. La Capitol Federal Credit Union: Choice Checking
Earn one of the top interest rates of the high-yield checking accounts reviewed here, as well as perks like reimbursed ATM withdrawals and relationship rates on savings.
| APY | Minimum Deposit | Monthly Fee |
|---|---|---|
| Up to | $50, plus $5 in primary savings account to join credit union | $8 |
Benefits
- Up to $25 per month in ATM fee refunds
- Can avoid fees by making 15 debit card swipes per month or maintaining an average daily balance of $1,000
Drawbacks
- Rate drops to when account holder has less than 15 debit card transactions during statement period
- $1,000 balance and e-statements required to avoid fees
- Access is only available to select Louisiana residents and students
- Balances over $10,000 earn a lower APY
2. Consumers Credit Union: Rewards Checking
Consumers Credit Union pays a highly competitive APY on your high-yield checking balance and doesn’t charge a monthly fee.
| APY | Minimum Deposit | Monthly Fee |
|---|---|---|
| Up to | $5 | None |
Benefits
- Direct deposits up to two days earlier
- No minimum balance requirements after the opening deposit
- Unlimited reimbursements on ATM charges when customer meets minimum Rewards Checking requirements
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Drawbacks
- Requires joining one of CCU’s sponsor partnerships to access membership
- Highest APY requires at least $1,000 in CCU Visa credit card purchases per month, along with debit transaction and direct deposit requirements
3. Lake Michigan Credit Union: Max Checking
If you’re eligible for Lake Michigan Credit Union membership and able to meet account requirements, you can earn an attractive APY without paying a monthly fee.
| APY | Minimum Deposit | Monthly Fee |
|---|---|---|
| Up to | $5 | None |
Benefits
- Highest APY available on balances up to $15,000
- No minimum balance requirement
- Up to $10 per month reimbursement of out-of-network ATM fees
Drawbacks
- Must meet monthly direct deposit, transaction and login requirements
4. Quontic Bank: High Interest Checking
Quontic’s APY may be lower than others on this list, but the account has no monthly maintenance fees or overdraft fees.
| APY | Minimum Deposit | Monthly Fee |
|---|---|---|
| Up to | $100 | None |
Benefits
- No balance tiers for earning interest
- No minimum balance requirements
- Free Quontic Pay Ring wearable payment device
Drawbacks
- Must make a minimum of 10 qualifying debit card purchases of $10 or more each month to earn highest APY — otherwise, APY drops to
- Does not reimburse out-of-network ATM fees
- Relatively high opening deposit requirement
5. Bank5 Connect: High-Interest Checking
The Bank5 Connect high-interest checking account pays a respectable APY on all balances and doesn’t charge any monthly maintenance fees.
| APY | Minimum Deposit | Monthly Fee |
|---|---|---|
| $10 | None |
Benefits
- Relatively high APY on all balances
- Up to $15 in out-of-network fee reimbursements per month
- Cash-back rewards on debit card purchases
Drawbacks
- $100 minimum to earn interest
- Daily debit card purchase limit of $1,500
- daily ATM withdrawal limit of $500
6. MidFirst Bank: Boost Checking
MidFirst Bank offers a very high APY on balances all the way up to $20,000, and there are easy ways to avoid paying the monthly fee.
| APY | Minimum Deposit | Monthly Fee |
|---|---|---|
| Up to | $100 | $10 |
Benefits
- High APY on balances up to $20,000
- Free online bill pay and mobile check deposits
- Get paid up to two days early
- Monthly fee waived with $250 in direct deposits per month or $500 average daily balance
Drawbacks
- Must complete 15 debit card purchases and one direct deposit or online bill payment to qualify for higher APY
- Relatively high minimum opening deposit requirement
7. Liberty Federal Credit Union: Vertical Checking
You can earn a high APY on this account if you can meet its monthly requirements for direct deposit and debit card purchases.
| APY | Minimum Deposit | Monthly Fee |
|---|---|---|
| $25 | None |
Benefits
- High interest on balances up to $20,000
- No minimum balance requirements or monthly service fee
- Up to $15 in out-of-network ATM fee reimbursements per month
Drawbacks
- Must meet several requirements to earn APY, including at least 15 debit card transactions per month
- Must qualify for Liberty FCU membership
8. Axos Bank: Rewards Checking
Axos has a solid online banking experience and a lucrative rate. Best of all, the fees most banks charge simply for having an account are nonexistent with Axos.
| APY | Minimum Deposit | Monthly Fee |
|---|---|---|
| Up to | $0 | None |
Benefits
- Up to APY on up to $50,000
- Unlimited ATM fee reimbursements
Drawbacks
- Earning the maximum rate of APY requires having a personal loan, direct deposits and trading or investing through Axos, plus maintaining $3,000 average daily balance
9. SoFi: Checking and Savings
SoFi’s combined high-yield checking and high-yield savings account allows you to earn a great rate on your checking balance and an even better rate on your savings balance.
| APY | Minimum Deposit | Monthly Fee |
|---|---|---|
| None | None |
Benefits
- Earn up to APY on your savings balance and APY on your checking balance
- No fees, including no-fee overdraft coverage
- Offers a sign-up bonus for setting up a qualifying direct deposit
Drawbacks
- Must set up direct deposit to earn highest APY on savings balance
- Must have both checking and savings
10. Presidential Bank: Advantage Checking
Having up to $25,000 in a Presidential Bank checking account could earn you the top-tier APY, making it a great option if you’re unable or unwilling to join one of the credit unions offering high-yield checking accounts.
| APY | Minimum Deposit | Monthly Fee |
|---|---|---|
| Up to | $500 | $5 |
Benefits
- Earn up to APY on balances of up to $25,000 and on balances over $25,000
- Up to $8 per month in ATM fee reimbursements
Drawbacks
- Free check writing is limited to only the first three per month; $3 per check thereafter
- High opening deposit requirement
- Must receive a qualifying monthly direct deposit of at least $500 and make seven or more qualifying electronic withdrawals per month — otherwise, APY drops to
- Must maintain minimum balance of $500 to avoid monthly fee
What’s the Difference Between a High-Yield Checking Account and a Regular Checking Account?
The primary difference is that high-yield checking accounts pay more interest — a lot more, in some cases. As of Oct. 16, the national average rate for an interest checking account is just 0.07%. To see how much more your money grows with a high yield, consider this: A $1,000 checking balance would earn just 70 cents in interest with the average 0.07% APY. At 5.25%, which is the highest APY included in this list, the interest earnings soar to $52.50.
It’s important to note that you might need to meet more requirements to earn a high yield. The bank might require a higher minimum opening deposit, daily balance and number of debit transactions and/or direct deposits each month compared to a traditional checking account.
What’s the Difference Between a High-Yield Checking Account and a High-Yield Savings Account?
Whereas a checking account, high-yielding or otherwise, is meant to handle your day-to-day purchases and payments, a savings account is where you stash emergency funds and money you plan to spend later.
You’ll have an easier time finding a high-yield savings account than you will a high-yield checking account. However, the savings account will likely have more restrictions. For example, a federal law called Regulation D limits savings account holders to six convenience withdrawals per month. Convenience withdrawals include most withdrawals and transfers other than those you make at an ATM or in person at a branch location.
Regulation D was temporarily suspended in 2021 because of the COVID-19 pandemic and has not been reinstated yet, but some banks still impose limits. Exceeding the limit at those institutions can result in fees and account closure or automatic conversion of your account to a checking account.
How To Open a High-Yield Checking Account
Opening an account only takes a few minutes, and you can usually do it online or by phone.
First, gather the information you’ll need to open the account — your legal name, birthdate, street address and Social Security or tax identification number. Then, from the bank’s website, click the link or button to open an account and follow the prompts to fill out the application. If the bank requires a deposit to open the account, you’ll also supply a payment method, such as another bank account.
Are High-Yield Checking Accounts Worth It?
High-yield checking accounts are worth it if you regularly keep a cash balance and meet the account requirements. However, it’s essential to monitor fees that might offset any earnings.
If you’re like most consumers, you want to earn as much as you can on your bank balances. That’s why you should carefully read account terms and conditions and consider any fees, requirements and limitations before opening any new account.
Consider the benefits and drawbacks of the high-yield checking accounts on this list to discover if one of them may be right for you.
High-Yield Checking Account FAQ
- What is a high-yield checking account?
- A high-yield checking account offers a higher-than-average annual percentage yield than a traditional checking account. They often have requirements that you must meet to earn the maximum APY.
- What bank has the highest interest rate on checking accounts?
- You'll find that in most cases, credit unions pay the highest interest on checking accounts. La Capitol Federal Credit Union and Consumers Credit Union currently have some of the highest rates.
- Can you get 7% interest on a savings account?
- You can earn a whopping 7.50% APY with a Landmark Credit Union Premium Checking account. However, it didn't make this list because that great rate only applies to balances up to $500 and has stringent requirements.
- Where can I get 5% interest on my money?
- You can earn up to 5.00% APY with a Rewards Checking account at Consumers Credit Union and up to 5.25% APY with a Choice Checking account from La Capitol Federal Credit Union. Otherwise, your best option for a 5% yield is to look into certificates of deposit, if you can commit to locking your funds in for a set period of time.
Daria Uhlig and Andrea Norris contributed to the reporting for this article.
Rates are subject to change; unless otherwise noted, rates are updated periodically. All other information on accounts is accurate as of Nov. 9, 2023.
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