The best high-yield checking accounts of January 2023

Insider’s experts choose the best products and services to help make smart decisions with your money (here’s how). 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.)

Here are our top picks for high-yield checking accounts.

Why it stands out: Connexus pays high rates on balances up to $25,000. It also refunds up to $25 per month in fees charged by out-of-network ATM providers. We’ve chosen Connexus as one of our favorite credit unions.

How interest works: You’ll only earn interest each month that you do the following:

• Enroll in e-statements (You should only have to enroll once)
• Make 15 debit card purchases OR spend $400 with your debit card

If you meet these requirements, you’ll earn 1.75% APY on balances up to $25,000. Then you’ll earn 0.25% APY any money above $25,000.

What to look out for:  Some of our top picks pay a lower interest rate if you don’t meet qualifications for the highest APY. But with Connexus, you’ll either earn the highest APY on balances up to $25,000, or none at all.

Why it stands out: Consumers Credit Union ranks as one of our top credit unions, and Consumers Credit Union Free Rewards Checking is on our favorite rewards checking accounts list. 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.

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 2.09% 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 3.09% 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.

What to look out for: 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.

Why it stands out: 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.

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 $10,000
• You’ll earn 3.00% APY on balances between $10,001 to $250,000

What to look out for: The Juno Metal Checking Account requires that you maintain a qualifying direct deposit of $250 or more per month.

Why it stands out: 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 $250. To earn a $50 cash bonus, you must receive between $1,000 and $4,999 in qualifying direct deposits by January 31, 2023. To earn a $250 cash bonus, you must receive $5,000 or more in qualifying direct deposits before the bonus expiration date. 

How interest works: You’ll earn a higher interest if you set up direct deposit. SoFi members with direct deposit earn 3.50% APY on savings balances (including Vaults) and 2.50% APY on checking balances. 

If you do not set up direct deposit, you’ll earn 1.20% APY on both checking and savings account balances.

What to look out for: 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. 

Why it stands out: 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.

How interest works: All you need to do is open an account with at least $1. You’ll earn 3.80% APY on all money in the account. 

What to look out for: 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. 

Why it stands out: Along with its high interest rate, Wings Financial gives you 10 free withdrawals each month from an out-of-network ATM. The credit union also lets you choose to either link to your savings account for free overdraft protection or tap into an overdraft line of credit. We’ve chosen Wings Financial as one of our favorite credit unions.

How interest works: You’ll earn a high interest rate on balances up to $25,000 each month you do the following:

• Enroll in e-documents (You should only have to enroll once)
• Receive over $300 in direct deposits
• Make 15 debit card purchases of $5 or more

What to look out for: Wings Financial is fairly generous about out-of-network ATMs, because it doesn’t charge you for the first 10 withdrawals each month. But keep in mind that the ATM provider may still charge you, and Wings Financial won’t reimburse those fees. It will also charge you $2.50 per ATM transaction after your first 10 out-of-network visits per month. If you use ATMs frequently, keep an eye out for these charges.

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:

• Axos Bank Rewards Checking: Axos may be a good option if you are also interested in Axos investment and loan products so you can earn a high rate. If your goal is to only open a checking account, though, you can find other online banks with more competitive interest rates. 
• 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. 
• Alliant High-Interest Checking: 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.
• Ally Interest Checking Account: Ally pays higher rates than many banks, but its highest-tier APY isn’t competitive with those on our list.
• Bethpage FCU Free Checking: The interest rate isn’t quite as good as rates with our top picks, and there’s no free overdraft protection.
• Blue Extreme Checking: You can earn a high rate depending on your membership level. There’s an intricate point system determining which level you’re at.
• 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.
• Cheese Account: You may like this account if you’re an immigrant or Asian American, or want to support Asian American communities. It pays a decent rate, but it’s stronger as a cash-back checking account.
• CIT Bank eChecking: CIT’s rates aren’t quite as good as what you can get with our top choices.
• 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.
• One account: One only pays its highest rate on your Auto Save bucket, and you’re only allowed to put up to 10% of your paychecks into Auto Save. But if you don’t usually save more than 10%, you could get a great rate.
• PenFed Access America Checking: PenFed is a strong credit union overall, but you’ll earn better rates with our top picks.
• 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.
• Redneck Bank Rewards Checkin’ Account The interest rate is pretty good, but you’ll need at least $500 to open an account.
• 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.

Are these institutions trustworthy?

We’ve looked at the Better Business scores for each of our top picks. The BBB assesses businesses by looking at responses to customer complaints, honesty in advertising, and transparency about business practices.

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

Juno currently has an NR (“No Rating”) grade because its complaints are being handled by another BBB profile. Its partner bank, Evolve Bank & Trust, is currently having its profile updated by the BBB and doesn’t have a rating. 

Evolve Bank & Trust has been involved in a recent public scandal. 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. 

SoFi is another institution on our list that has been involved in a recent public controversy. 

In 2019, the Federal Trade Commission ordered SoFi to stop running advertisements that falsely stated customers could save more money by refinancing than they actually could.

Methodology: How did you choose 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, 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.

Frequently asked questions

What is a high-yield checking account?

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.

How does a high-yield checking account work?

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.

Some accounts also pay tiered interest rates. Let’s say an account pays 1.00% APY on balances up to $25,000, then 0.25% APY on balances over $25,000. If you have a $30,000 balance, you’d earn 1.00% APY on the first $25,000, then 0.25% APY on the remaining $5,000.

What is annual percentage yield (APY)?

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.

Experts’ advice on choosing the best checking account

Insider

To learn more about what makes a good checking account and how to choose the best fit, four experts weighed in:

We’re focusing on what will make a high-yield checking account the most useful, including rates, fees, and accessibility. 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:

“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 make a list of the top three to five things you want out of a checking account. Is it a great mobile app, 24/7 customer support, no ATM fees? Then research the best banks for those features.”

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:

“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.”

Laura Grace Tarpley, Personal Finance Insider:

“Look at interest rates and how often interest compounds. The more often an institution compounds interest, the more money you’ll earn. Many credit unions pay higher rates than banks. But they only compound interest monthly, whereas banks compound daily. Do the math to figure out where you’ll earn the most.”

How can someone determine whether a banking institution is the right fit for them?

Mykail James, CFEI:

“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.”

Laura Grace Tarpley, Personal Finance Insider:

“I would look for the bank that charges you the least in fees. This means either no monthly fees, or you qualify to waive the monthly fees. If you never overdraw from your account, then a bank’s overdraft fees won’t matter much to you. But if you occasionally overdraw, then I’d look at the fees or overdraft protection options.”

Laura Grace Tarpley, CEPF

Personal Finance Reviews Editor

Laura Grace Tarpley (she/her) is a personal finance reviews editor at Insider. She edits articles about mortgage rates, refinance rates, lenders, bank accounts, wealth building, and borrowing and savings tips for Personal Finance Insider. She was a writer and editor for Insider’s “The Road to Home” series, which won a Silver award from the National Associate of Real Estate Editors. She is also a Certified Educator in Personal Finance (CEPF).
She has written about personal finance for over six years. Before joining the Insider team, she was a freelance finance writer for companies like SoFi and The Penny Hoarder, as well as an editor at FluentU. You can reach Laura Grace at ltarpley@insider.com.
Learn more about how Personal Finance Insider chooses, rates, and covers financial products and services »

Read more
Read less

Sophia Acevedo, CEPF

Junior Banking Reporter