Prevailing interest rates — most importantly, the federal funds rate set by the Federal Reserve Bank of the United States — have been low by historical standards since the global financial crisis of the late 2000s. Show
Borrowers are the natural beneficiaries of low interest rates, so perennially low rates are welcome news for homebuyers and other borrowers eager for cheap financing. They’re not so great, however, for deposit account holders seeking reasonable returns on cash parked with their bank or credit union of choice. Virtually all financial institutions tie deposit account yields to prevailing benchmark rates, so declines in key interest rate benchmarks show up in deposit account yields in short order. But it’s not quite a race to the bottom. An impressive number of online banks offer relatively high yields on savings accounts, money market accounts, and even checking accounts. And everyone needs a checking account. Why not choose one with a yield that rivals the best high-yield savings accounts? Best High-Yield Checking AccountsMany of these high-yield checking accounts are on our roundups of the best free checking accounts and best checking accounts with monthly maintenance fees. If you hate monthly service fees, know that most banks happily waive those fees when you meet minimum balance or monthly transaction requirements. Because actual yields and account terms are subject to change at the institutions’ discretion, often without warning, check this list frequently and use each institution’s account disclosures to confirm specific details. 1. Citi Elevate CheckingEarn Up to 1.00% APY, Depending on Balance  Citi’s Elevate Checking is an online checking account available in many states. Clocking in at 20 times the national checking average, its yield is the star of the show. Other key features include no minimum to open, no monthly fees with a qualifying minimum balance, unlimited waived and reimbursed ATM fees, and a robust suite of online banking tools (including person-to-person (P2P) payments and mobile check deposits) that empower you to manage your money on the go. And don’t miss the handy Spending Insights tool, which provides granular detail on your spending patterns.
2. Wealthfront Cash AccountEarn Up to 3.30% APY on All Balances Wealthfront pairs a low-cost investment management solution with an excellent high-yield checking account, the Cash Account. The Wealthfront Cash Account has a virtually nonexistent minimum opening deposit, high yields on all balances, no account fees, and a great lineup of value-added features, including Self-Driving Money™. Self-Driving Money™ is a powerful money management automation tool that effortlessly allocates deposits among near-term expenses, variable-term savings goals, and longer-term investment objectives, all while making sure your emergency fund is topped up and you’ve got enough left over to enjoy life.
For a limited time, get $30 bonus cash when you open a Wealthfront Cash Account and fund your new account with at least $500 in new money. Terms apply. See our Wealthfront review for more information. Learn More 3. Aspiration DebitExcellent Yield on Save Balances & Up to 10% Cash Back on Select Purchases Aspiration Plus Debit is a rewards checking account that pays up to 10% back on eligible purchases with Conscience Coalition partners, companies that have committed to helping the planet (and caring more about their bottom line in the process). Aspiration also offers an impressive savings product (Save) that links seamlessly to your Aspiration Debit account. With an Aspiration Plus membership (just $5.99 per month), you’ll earn up to 5.00% APY on the first $10,000 deposit, over 70 times the big-bank average. With standard Aspiration, which doesn’t have a required membership fee, you earn up to 3.00% APY on the first $10,000. Aspiration’s Conscience Coalition partners include:
With either Aspiration plan, you enjoy additional features like:
The Aspiration Save Account’s up to 5.00% Annual Percentage Yield (“APY”) s variable, subject to change, and only available to customers enrolled in Aspiration Plus after conditions are met. Customers not enrolled in Aspiration Plus receive 3.00% APY after conditions are met. Terms & FAQ. The Aspiration Spend & Save Accounts are cash management accounts offered through Aspiration Financial, LLC, a registered broker-dealer, Member FINRA/SIPC, and a subsidiary of Aspiration Partners, Inc. (“Aspiration”). Aspiration is not a bank. 4. Go2bankEarn Up to 7% Cash Back When You Buy eGift Cards in the App1; 1.00% APY2 paid quarterly on Savings Up to $5,000 With an impressive yield on savings (1.00% APY on savings up to $5,000) and up to 7% cash back on eligible electronic gift card purchases in the app, Go2bank is a user-friendly online bank account to watch. Go2bank’s benefits are too numerous to name here. Highlights include:
Plus, avoid the $5 monthly fee with eligible direct deposit.
Learn More 1Active GO2bank account required to receive an eGift Card. eGift Card merchants subject to change 2GO2bank, Member FDIC. Interest paid quarterly on the average daily balance of savings during the quarter up to a $5,000 balance and if the account is in good standing. 1.00% Annual Percentage Yield (APY) as of January 2021. APY may change before or after you open an account. The average national savings account interest rate of 0.05% is determined by the FDIC as of 12/14/20. Visit https://www.fdic.gov/regulations/resources/rates/ to learn more. Fees on your primary deposit account may reduce earnings on your savings account. 3Direct deposit early availability depends on timing of payor’s payment instructions and fraud prevention restrictions may apply. As such, the availability or timing of early direct deposit may vary from pay period to pay period. The name and Social Security number on file with your employer or benefits provider must match your GO2bank account exactly or we will decline your deposit. 5. Signature Federal Credit Union High-Yield CheckingEarn Up to 2.00% APY With Qualifying Activities Signature Federal Credit Union might not be as well-known as banking giants like Citi and Chase, but its high-yield checking account is definitely worth going out on a limb for. Meet the qualifying activity requirements each month, and you can earn 2.00% APY on balances up to $20,000, many times higher than the national checking account average. Perks like free checks only increase the account’s appeal.
Learn More 6. FNBO Direct Online Checking AccountEarn a Good Yield on All Balances The FNBO Direct online checking account is a straightforward product that pays an attractive yield on all balances above $0.01 and boasts a negligible minimum opening deposit ($1). Despite its no-frills appearance, this account has a nice mobile platform that lets you send money directly to friends and family at no charge. FNBO does have some drawbacks: no reimbursement for out-of-network ATM fees and hefty daily overdraft fees.
Learn More 7. LendingClub Bank Rewards CheckingEarn 1% Cash Back and Decent Yields The Rewards Checking account from LendingClub Bank offers an unlimited 1% cash-back reward on online and signature-based debit card transactions — essentially, a yield on every dollar you spend — and offers traditional interest yields for high-balance accounts. There’s a bit of a catch, though: a minimum account balance of $2,500 or at least $2,500 in qualifying direct deposits each month to qualify for cash back. On the bright side, Rewards Checking has no hidden fees and, like some competitors, offers the opportunity to receive direct deposits up to two days early.
Learn More 8. M1 SpendEarn 1.30% APY and 1% Cash Back With M1 Plus M1 Spend is a free cash management account from M1 Finance, a digital banking, investing, and lending platform. With a debit card that’s accepted by millions of merchants worldwide and zero account minimums, it’s a fine substitute for a traditional checking account, especially if you don’t need lots of bells and whistles. M1 Spend is free to use, with no monthly maintenance fees — though a $125 annual payment gets you an upgrade to M1 Plus, which earns 1.30% APY on all M1 Spend balances, 1% cash back on debit card purchases, and up to four ATM fee reimbursements each month.
Learn More 9. Quontic High Interest CheckingUp to 1.10% APY on Eligible Balances With Qualifying Activities Quontic High Interest Checking has a tiered yield structure that’s very attractive for account holders able to meet the relatively low qualifying activity bar: making 10 or more qualifying debit card point-of-sale transactions valued at $10 or more within the statement cycle. Do this and you’ll earn up to 1.10% APY on balances below $100,000.
Learn More 10. Ally Bank Interest CheckingAlly Bank’s Interest Checking account has a two-tiered yield structure that rewards high-dollar depositors with impressive rates and entices leaner applicants with no minimums of any kind. All third-party ATM fees qualify for reimbursement, without exception. And Ally Bank doesn’t charge overdraft fees, ever. While you’re at it, check out Ally’s lineup of savings accounts, CDs, and money market accounts too.
Learn More 11. Nationwide Advantage CheckingEarn Up to 0.90% APY With Qualifying Activities Nationwide Advantage Checking has much in common with Axos Bank Rewards Checking, albeit with a slightly less generous upper yield tier. Complete qualifying direct deposits and transaction requirements in any given month to earn 0.90% APY (variable with prevailing rates), and enjoy no monthly maintenance fees and expansive ATM network access even if you don’t.
Learn More Final WordLike mortgage rates and CD yields, checking account yields rise and fall as benchmark interest rates change. During periods of economic uncertainty, when benchmark rates tend to be more volatile, these changes can occur with disorienting frequency. The yield you expect on that shiny new online checking account might not be the yield you actually receive. The silver lining is that competition for new checking account customers remains fierce, especially among online banks and smaller brick-and-mortar institutions without household name status. That means checking account yields will continue to entice new account holders, wherever interest rates go and irrespective of what happens on the savings account front. Which bank pays the highest interest rate on checking accounts?Best High-Yield Checking Accounts. La Capitol Federal Credit Union: 4.25% APY.. Consumers Credit Union: 4.09% APY.. Liberty Federal Credit Union: 3.30% APY.. Lake Michigan Credit Union: 3.00% APY.. Presidential Bank: 2.25% APY.. Garden Savings Federal Credit Union: 2.00% APY.. Industrial Bank: 1.47% APY.. Where can I get 5% interest on my money?Best 5% Interest Savings Accounts. Varo: 5% up to $5,000.. Current: 4% up to $6,000.. Aspiration: 3-5% up to $10,000.. NetSpend: 5% up to $1,000.. Digital Federal Credit Union: 6.17% up to $1,000.. Blue Federal Credit Union: 5% up to $1,000.. Mango Money: 6% up to $2,500.. Landmark Credit Union: 7.50% up to $500.. Which bank gives 7% interest on savings account?The average monthly balance requirement is Rs 2,000 to Rs 5,000. Ujjivan Small Finance Bank is offering interest rates up to 7 percent on savings accounts. Equitas Small Finance Bank is offering interest rates up to 7 percent on savings accounts. The average monthly balance requirement is Rs 2,500 to Rs 10,000.
What is a good interest rate for a checking account?Average interest checking rates
Major banks only give out around 0.01% APY on most interest checking options, and the slightly higher national average of 0.03% is mostly a reflection of the high interest rates of online banks and smaller regional banks whose account policies tend to be more generous.
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Banks with the best interest rates on checking accounts
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