How do banks offer high-yield checking accounts?

Banks use high-yield checking accounts to bring in new customers. In exchange for those high rates, they often ask you to meet certain requirements, like setting up direct deposits or making a minimum number of transactions. They make up the difference through other services -- think loans, credit cards, and fees from customers who don't follow the rules.

Can you lose money in a high-yield checking account?

Not from market fluctuations like you could with investments, but fees can chip away at your balance. If you don't meet the account's activity requirements or get hit with overdraft fees, you could end up losing some of your hard-earned interest.

How often do interest rates change?

All the time. High-yield checking accounts have variable rates, meaning banks can adjust them based on market conditions. Some banks keep rates steady, while others tweak them more often. Always check the latest APY before signing up

Best High Interest Checking Accounts for Growing Your Money

Your checking account is where all the action happens: your paycheck lands, your bills get paid, and it's where you keep the cash you need day to day. But let's be real, most checking accounts don't do much else. That's where high-yield checking accounts come in. They offer the same convenience as a regular checking account, but with the added perk of earning interest, letting your money grow while you go about your business.

We've done the legwork to find the best high-yield checking accounts so you can make the most of your money without losing any of the easy access you need. Find your perfect match below.

Why trust The Motley Fool

Our team of experts assessed 100+ banking institutions
We evaluate all banking institutions across the same 4 key criteria: annual percentage yield (APY), brand reputation, fees and minimum requirements, and additional perks
Our bank ratings are never influenced by our advertising partners
We strictly feature products that offer federal insurance and high customer satisfaction, keeping our recommendations unbiased

Our top high-yield bank account picks

Best for hybrid checking and savings: SoFi Checking and Savings (Member FDIC)

Earn 0.50% APY on checking and up to 3.80%² APY on savings with no fees, including no overdraft or maintenance fees. Enjoy free withdrawals at over 55,000 ATMs, access to your paycheck up to two days early, and cash back on debit card purchases.

Best yield on total checking account balance: Quontic High Interest Checking

Earn up to 1.10% APY on your entire balance with just 10 debit card purchases per month. There are no monthly maintenance fees or overdraft fees, and you'll have access to 90,000+ fee-free ATMs. A low $100 minimum deposit opens the account, and with just $1 in your account, you'll earn interest.

Best high-yield checking accounts

Best for hybrid checking and savings: SoFi Checking and Savings

Ratings Methodology

Rates as of Apr 03, 2025

SoFi Checking and Savings

Open Account for SoFi Checking and Savings

On SoFi's Secure Website.

Member FDIC.

Rating image, 4.50 out of 5 stars.

4.50/5

Rating image, 4.50 out of 5 stars.

4.50/5

Open Account for SoFi Checking and Savings

On SoFi's Secure Website.

APY

0.50%

Min. To Earn APY

$0

Pros/Cons

Competitive APY
FDIC insured (up to $3M with opt-in to SoFi Insured Deposit Program)⁴
Welcome bonus up to $300¹
No monthly service or overdraft fees³
Early access to direct deposits⁶
Savings and investing tools
Wide range of financial products
Cash back on debit card purchases at select retailers

Combo account only; no stand-alone savings or checking
Overdraft protection⁷ tied to monthly deposit minimum
No local branches or in-person support

Bottom Line

With no fees or minimums and tools designed to maximize your savings, the combo account is a good fit for individuals who want to do most of their banking in one place online. The account offers flexibility to access or move funds, especially if your employer's payroll system allows you to access the bank's early direct deposit benefit.

Disclosure

SoFi disclosure:

¹ New and existing Checking and Savings members who have not previously enrolled in Direct Deposit with SoFi are eligible to earn a cash bonus of either $50 (with at least $1,000 total Direct Deposits received during the Direct Deposit Bonus Period) OR $300 (with at least $5,000 total Direct Deposits received during the Direct Deposit Bonus Period). Cash bonus will be based on the total amount of Direct Deposit. Direct Deposit Promotion begins on 12/7/2023 and will be available through 1/31/26. See full bonus and annual percentage yield (APY) terms at sofi.com/banking#1.

² SoFi members who enroll in SoFi Plus with Direct Deposit or by paying the SoFi Plus Subscription Fee every 30 days or with $5,000 or more in Qualifying Deposits during the 30-Day Evaluation Period can earn 3.80% annual percentage yield (APY) on savings balances (including Vaults) and 0.50% APY on checking balances. There is no minimum Direct Deposit amount required to qualify for the stated interest rate. Members without either SoFi Plus or Qualifying Deposits, during the 30-Day Evaluation Period will earn 1.00% APY on savings balances (including Vaults) and 0.50% APY on checking balances. Only SoFi Plus members are eligible for other SoFi Plus benefits. Interest rates are variable and subject to change at any time. These rates are current as of 1/24/25. There is no minimum balance requirement. Additional information can be found at http://www.sofi.com/legal/banking-rate-sheet. See the SoFi Plus Terms and Conditions at https://www.sofi.com/terms-of-use/#plus.

³ We do not charge any account, service or maintenance fees for SoFi Checking and Savings. We do charge a transaction fee to process each outgoing wire transfer. SoFi does not charge a fee for incoming wire transfers, however the sending bank may charge a fee. Our fee policy is subject to change at any time. See the SoFi Checking & Savings Fee Sheet for details at sofi.com/legal/banking-fees/.

⁴ SoFi Bank is a member FDIC and does not provide more than $250,000 of FDIC insurance per depositor per legal category of account ownership, as described in the FDIC’s regulations.

Any additional FDIC insurance is provided by the SoFi Insured Deposit Program. Deposits may be insured up to $3M through participation in the program. See full terms at SoFi.com/banking/fdic/sidpterms. See list of participating banks at SoFi.com/banking/fdic/participatingbanks.

⁵ We’ve partnered with Allpoint to provide you with ATM access at any of the 55,000+ ATMs within the Allpoint network. You will not be charged a fee when using an in-network ATM, however, third-party fees incurred when using out-of-network ATMs are not subject to reimbursement. SoFi’s ATM policies are subject to change at our discretion at any time.

⁶ Early access to direct deposit funds is based on the timing in which we receive notice of impending payment from the Federal Reserve, which is typically up to two days before the scheduled payment date, but may vary.

⁷ Overdraft Coverage is limited to $50 on debit card purchases only and is an account benefit available to customers with direct deposits of $1,000 or more during the current 30-day Evaluation Period as determined by SoFi Bank, N.A. The 30-Day Evaluation Period refers to the “Start Date” and “End Date” set forth on the APY Details page of your account, which comprises a period of 30 calendar days (the“30-Day Evaluation Period”). You can access the APY Details page at any time by logging into your SoFi account on the SoFi mobile app or SoFi website and selecting either (i) Banking > Savings > Current APY or (ii) Banking > Checking > Current APY. Members with a prior history of non-repayment of negative balances are ineligible for Overdraft Coverage.

Read Full Review

SoFi Checking and Savings from SoFi® (member FDIC) stands out as a top choice for anyone looking for a high-yield checking account. You'll earn 0.50% APY on your checking balance, and up to 3.80%² APY on your savings balance. This is perfect for those who want their money to grow while keeping it accessible for everyday spending.

What makes this account even more appealing is that there are no fees to worry about, including no overdraft or monthly maintenance fees.³ This means you get to keep more of your money. Accessing your funds is easy with free withdrawals at over 55,000 ATMs across the country.⁵ Plus, with direct deposit, you can access your paycheck up to two days early,⁶ giving you more flexibility.

Along with the high APY on your checking balance, cash back rewards on purchases made with your SoFi® debit card give you even more value. Managing everything is easy through the SoFi® app, where you can track your spending, set goals, and seamlessly move money between your accounts. If you're also interested in investing, the account integrates with SoFi Invest®, making it simple to manage both your checking and investment funds in one place.

Best yield on total checking account balance: Quontic High Interest Checking

Ratings Methodology

Rates as of Apr 03, 2025

2025 Award Winner

Quontic High Interest Checking

Open Account for Quontic High Interest Checking

On Quontic's Secure Website.

Member FDIC.

Rating image, 4.50 out of 5 stars.

4.50/5

Rating image, 4.50 out of 5 stars.

4.50/5

Open Account for Quontic High Interest Checking

On Quontic's Secure Website.

APY

up to 1.10%

Min. To Earn APY

$1

Pros/Cons

High checking APY
One of the highest APY for CDs and savings account
No monthly fees, overdraft, or NSF fees
Comes with a debit card
Large fee-free ATM network
Quontic Pay Ring: the nation's first wearable payment ring

Must meet monthly transaction requirements to earn higher interest tier
Limited CD terms
No physical branches

Bottom Line

Quontic is an online bank with over 90,000 fee-free ATM locations. There are no monthly or overdraft fees. Interest is compounded daily and deposited into your account each month based on your account daily balance and satisfying the point-of-sale eligible transactions requirements per statement cycle.

Disclosure

10 debit card point of sale transactions of $10 or more per statement cycle required to earn the maximum APY. If the qualifying activity requirement is not fulfilled, the interest rate paid on the entire balance will be 0.01% APY.

Read Full Review

The Quontic High Interest Checking account stands out because it pays up to 1.10% APY on your entire balance, not just a small portion like some other accounts. To earn that rate, you'll need to make at least 10 debit card purchases per month, which is pretty reasonable for most people. Opening an account is easy, with just a $100 minimum deposit, and you only need to keep $1 in the account to qualify for interest.

There are no monthly maintenance fees or overdraft fees, which is a huge plus. You also get a free debit card and access to a massive network of more than 90,000 fee-free ATMs. The only catch? Quontic is an online-only bank, so if you like walking into a branch to handle your banking, this one might not be the best fit. But if you're comfortable managing your money digitally, it's a great way to earn solid interest on your checking account balance.

Best for Axos investment account customers: Axos Bank Rewards Checking

Ratings Methodology

Rates as of Apr 03, 2025

Axos Bank Rewards Checking

Read Review

Member FDIC.

Rating image, 4.25 out of 5 stars.

4.25/5

Rating image, 4.25 out of 5 stars.

4.25/5

Read Review

APY

0.40% (up to 3.30%)

Min. To Earn APY

Monthly direct deposits totaling at least $1,500

Pros/Cons

High checking account APY
Unlimited ATM fee reimbursements
No monthly maintenance, NSF, or overdraft fees
No monthly balance requirements
Cash back checking option

Must meet certain requirements to earn the highest interest tier
Low savings and CD APYs compared to competitors

Bottom Line

Axos Bank is an online-only bank, and it offers unlimited domestic ATM reimbursements. There are zero monthly maintenance fees, zero overdraft or NSF fees, and zero monthly balance requirements.

Disclosure

Rewards Checking disclosure:

To be eligible to earn all or a portion of the cash incentive as part of the promotional offer "RC500," an application for a Rewards Checking account must be submitted between 06/20/2024 at 12:00 am PT and 07/31/24 at 11:59 pm PT.

Axos Bank reserves the right to limit each primary account holder to one (1) checking account promotional offer per year. Promotional terms and conditions are subject to change or removal without notice. Incentive may be taxable and reported on IRS Form 1099-MISC. Consult your tax advisor. After initial requirements above are met, the amount of incentive earned will depend on meeting the additional requirements outlined below:

Rewards Checking bonus up to $500: You must be approved for your new Rewards Checking account and fund it within 60 days of account opening. An incentive of up to $500 can be earned during the first six (6) statement cycles, starting in the statement cycle thirty (30) days after the account is opened. A statement cycle is a calendar month consisting of at least one day your account was open during that month. You can earn a maximum of five (5) payouts during the six (6) statement cycles, and the incentive will be deposited into the qualifying account within 15 business days following the end of the statement cycle in which the requirements were met.

$100 will be earned for each statement cycle, up to $500, when you meet two requirements during that statement cycle: 1) your Rewards Checking account receives qualifying direct deposits at least $1,500.00 in total, and 2) the average daily balance in your Rewards Checking account is at least $3,000.

Your Rewards Checking account must remain open and in good standing at the time the incentive is paid to be eligible.

A direct deposit is an electronic deposit of your paycheck or government benefits, such as Social Security, Disability etc. Other deposits (i.e., online banking transfers, ATM and mobile check deposits, etc.) or person-to-person payments are not considered a direct deposit. Account transactions may take one or more business days from the transaction date to post to the account.

The Axos Bank Rewards Checking account offers 0.40% (up to 3.30%) APY, but there's a catch: you'll need to jump through a few hoops to get the max rate. The base rate is unimpressive, but you can unlock higher rates by meeting certain requirements, like setting up direct deposits, using your debit card frequently, and maintaining multiple Axos accounts. This account is a great fit for those who already have an Axos Managed Portfolios Account, an Axos Self-Directed Trading Account, or an Axos consumer loan since those can help boost your APY.

That said, earning the full max APY isn't easy unless you're fully committed to the Axos ecosystem. If you're just looking for a high-interest checking account without extra requirements, this one might not be the best option. But if you're already using Axos for investing or lending, it could be a solid way to maximize your earnings.

Best cash account: Wealthfront Cash Account

Ratings Methodology

Rates as of Apr 03, 2025

Wealthfront Cash Account

Read Review

Member FDIC.

Rating image, 5.00 out of 5 stars.

5.00/5

Rating image, 5.00 out of 5 stars.

5.00/5

Read Review

APY

4.00%

Min. To Earn APY

$0

Pros/Cons

High APY
Fee-free cash withdrawals at 19,000 ATMs
Two-day early direct deposit for paychecks
Automated saving and investing tools
Complimentary debit card
No transaction limits
FDIC protection

No branches
No ATM fee reimbursement

Bottom Line

Wealthfront is a robo-advisor that has partnered with other banks to offer banking services and offers up to $1 million in FDIC insurance. There are no account fees or overdraft fees, and you can get instant transfers to your investment portfolio.

The Wealthfront Cash Account is a top choice if you're looking for the best of both worlds: high yield and flexible banking features. With a 4.00% APY on your entire balance, it stands out as a high-yield option while still offering easy access to your funds. You get the convenience of a debit card, online bill pay, check writing, and unlimited transfers -- all without the typical fees you'd find at traditional banks.

If you're already using Wealthfront for investing, this account integrates seamlessly with your brokerage account, allowing you to move funds between them effortlessly. While it's not designed for large, frequent transactions due to daily limits on withdrawals, it's perfect for anyone looking to earn interest on their cash while enjoying the flexibility of a checking account. No monthly fees make it even more appealing for growing your money.

Best for ATM fee reimbursement: Consumers Credit Union Rewards Checking

Ratings Methodology

Rates as of Apr 03, 2025

Consumers Credit Union Rewards Checking

Federally insured by NCUA.

Rating image, 3.50 out of 5 stars.

3.50/5

Rating image, 3.50 out of 5 stars.

3.50/5

APY

up to 5.00%

Min. To Earn APY

$0

Pros/Cons

Above-average APY
Unlimited reimbursement for any and all ATM fees
Unlimited check writing
Early direct deposit
Online and mobile banking tools

High APY comes with strings attached
Only balances up to $10,000 earn high APY
Need to be a member

Bottom Line

Consumers Credit Union is a credit union based out of Chicago; however, anyone can qualify for membership. The bank offers unlimited reimbursement for all ATM fees. There are no monthly fees, no minimum deposit and balance requirements, and customers can get paid two days early with early direct deposit.

The Consumers Credit Union Rewards Checking account is a great pick if you want unlimited ATM fee reimbursements -- perfect if you're always on the go and don't want to hunt for in-network ATMs. It also offers a high APY, up to 5.00% on balances up to $10,000, but there are some hoops to jump through. Balances between $10,000 and $25,000 earn a much lower 0.20% APY, and anything over $25,000 only gets 0.10% APY.

To unlock the best APYs, you'll need to be an active user. For 3.00% APY, you have to sign up for eDocuments, make at least 12 debit card purchases per month, and have $500 or more in direct deposits, mobile check deposits, or ACH credits. Want the max APY%? You'll also need to spend at least $1,000 per month on a Consumers Credit Union Visa credit card. If you're already using your checking account frequently and can meet these requirements, this account gives you a hard-to-beat mix of fee-free ATM access and solid interest rates.

Best for discounts on mortgages and auto loans: Liberty Federal Credit Union Vertical Checking

Ratings Methodology

Rates as of Apr 03, 2025

Liberty Federal Credit Union Vertical Checking

Federally insured by NCUA.

Rating image, 4.00 out of 5 stars.

4.00/5

Rating image, 4.00 out of 5 stars.

4.00/5

APY

3.50%

Min. To Earn APY

$25 to open

Pros/Cons

High APY
No monthly maintenance fees
$15 reimbursement for ATM fees

No APY paid out over $20,000
$25 minimum deposit required to open an account

Bottom Line

There are thousands of ways to be eligible for Liberty Federal Credit Union. The credit union offers a high APY that is compounded monthly.

The Liberty Federal Credit Union Vertical Checking account stands out for its high APY (3.50%) and built-in discounts on mortgages and auto loans. If you're a member looking to finance a home or car, you'll automatically get 1/8th percent off mortgage rates and 1/4th percent off auto loans, which could add up to serious savings over time.

To earn the 3.50% APY, you'll need to stay active with the account. That means making at least 15 debit card purchases per month, logging into online or mobile banking at least once per month, setting up one monthly direct deposit, and enrolling in electronic statements. The APY applies to balances up to $20,000, and you only need a $25 deposit to open the account. If you're already handling your banking digitally and can meet the requirements, this account offers a strong mix of high interest and lending perks.

How we rate checking accounts

At Motley Fool Money, we rate checking accounts on a five-star scale (1 = poor, 5 = best). We evaluate all checking accounts across four main criteria: brand and reputation, annual percentage yield (APY), fees and minimum requirements, and perks that really make a difference -- think branch access, additional linked account integrations, and welcome offers.

Our scores are weighted as:

Brand and reputation: 40%
APY: 30%
Fees and minimums: 15%
Other perks: 15%

Our aim is to maintain a balanced list featuring top-scoring products from reputable brands offering standout features. Learn more about how Motley Fool Money rates bank accounts.

How we rate checking accounts

At Motley Fool Money, we rate checking accounts on a five-star scale (1 = poor, 5 = best). We evaluate all checking accounts across four main criteria: brand and reputation, annual percentage yield (APY), fees and minimum requirements, and perks that really make a difference -- think branch access, additional linked account integrations, and welcome offers.

Our scores are weighted as:

Brand and reputation: 40%
APY: 30%
Fees and minimums: 15%
Other perks: 15%

Our aim is to maintain a balanced list featuring top-scoring products from reputable brands offering standout features. Learn more about how Motley Fool Money rates bank accounts.

How to choose the best high interest bank account for you

Not all high-yield checking accounts are created equal. Some pack a serious punch with great rates and perks, while others have sneaky fees that eat into your earnings. Here's what to look for when picking the best one:

Annual percentage yield (APY)

APY is the big one -- it's how much interest your money earns while just sitting there. The higher, the better.

But here's the catch: Some banks advertise sky-high rates but only pay them if you meet certain conditions, like making a minimum number of debit card purchases each month. If you miss the mark, your rate could drop to nearly nothing. Always check the requirements before signing up.

Monthly fees

Fees are the enemy of high-interest accounts. Banks aren't in the business of giving away money, so they'll often sneak in ways to take some back. Watch out for:

Maintenance fees: Some banks charge $5 to $15 a month just to keep your account open. Many will waive this if you meet certain requirements, but always check the fine print.
Minimum balance fees: Some accounts require a certain balance to earn interest or avoid fees. Drop below it, and you could get hit with a charge.
Transaction fees: Some banks require you to make a certain number of debit card purchases per month to qualify for the top APY. Miss the target? Your rate could drop or you might get hit with a fee.
ATM fees: If your bank has a limited ATM network, you might be paying out-of-network fees every time you withdraw cash.
Overdraft fees: Some banks charge $30 ore more per overdraft, while others offer free overdraft protection. Huge difference.

A good rule of thumb? The best high-yield checking accounts don't make you work too hard just to avoid fees.

Minimum balance requirement

Some accounts require a certain balance to qualify for that high APY. If you can easily maintain it, great. But if your balance fluctuates, look for an account with no minimums so you don't have to stress about keeping a specific amount in your account.

ATM access

Need cash? Make sure your bank has a strong ATM network. Some online banks reimburse ATM fees, which is a great perk if you travel or don't live near a branch.

Extra perks

Some accounts sweeten the deal with rewards like cash back, early direct deposit, or unlimited ATM fee reimbursements. If the APY is solid and the fees are low, these extras can be the cherry on top.

Who should get a high interest checking account?

A high-yield checking account is perfect if you keep a decent balance in checking and want your money to work for you instead of just sitting there.

That said, don't expect mind-blowing returns -- you'll earn more interest with a high-yield savings account. The tradeoff? A checking account keeps your cash instantly accessible, while a savings account might limit your withdrawals. If you want the best of both worlds, pair a high-yield checking account with a high-yield savings account to maximize your earnings.

Is money in a high-yield checking account safe?

Yep, as long as the bank is FDIC insured, it's safe. That means your deposits are protected up to $250,000 per depositor, per account ownership category. Credit unions? They have similar protection through the NCUA.

Banks we monitor

Here are the 100+ financial institutions we've evaluated in our research:

Alliant, Ally, All America Bank, American First Credit Union, American Express National Bank, Arvest Bank, Aspiration, Axos Bank, B2 Bank, Bank of America, Bank5 Connect, Bank7, Barclays, Bask Bank, Betterment, Bluevine, BMO Bank, Bread Financial, Capital One, Carver Federal Savings Bank, Charles Schwab Bank, Chase, Chime®, CIT, Citibank, Citizens, Citizens Savings Bank, Columbia Bank, Connexus Credit Union, Consumers Credit Union, Copper, Cross River Bank, Customers Bank, Discover® Bank, E*TRADEEdward Jones, EverBank, Fidelity, Fifth Third Bank, First Foundation Bank, First Internet Bank of Indiana, First National Bank, First Tech Federal Credit Union, Flushing Bank, Freedom Bank, Generations Bank, GN Bank, Golden 1 Credit Union, Greenlight, Harborstone Credit Union, HSBC, Huntington Bank, Ivella, Kabbage by American Express, KeyBank, Laurel Road, LendingClub, Liberty Bank, Liberty Federal Credit Union, Marcus by Goldman Sachs, Mercury, Municipal Credit Union, Mutual of Omaha, NASA Federal Credit Union, Nationwide Bank, Navy Federal Credit Union, NBKC Bank, New York Community Bank, Northpointe Bank, Novo, OceanFirst Bank, Old National Bank, ONE Finance, OneUnited Bank, Oxygen, Pacific Western Bank, PNC Bank, Ponce Bank, Popular Direct, Presidential Bank, Prime Alliance Bank, Quontic, Radius, Raisin, Redneck Bank, Regions Bank, Relay, Republic Bank of Chicago, Revolut, Salem Five Bank, Sallie Mae, Santander Bank, SchoolsFirst Federal Credit Union, Simple, SoFi®, Synchrony Bank, TAB Bank, TD Bank, Third Federal, Truist Bank, U.S. Bank, UFB, Upgrade, USAA, Valley Bank, Vanguard, Varo Bank, Vio Bank, Wealthfront, Wells Fargo, Western Alliance Bank, and Zeta.

Sources

FAQs

Banks use high-yield checking accounts to bring in new customers. In exchange for those high rates, they often ask you to meet certain requirements, like setting up direct deposits or making a minimum number of transactions. They make up the difference through other services -- think loans, credit cards, and fees from customers who don't follow the rules.
Not from market fluctuations like you could with investments, but fees can chip away at your balance. If you don't meet the account's activity requirements or get hit with overdraft fees, you could end up losing some of your hard-earned interest.
All the time. High-yield checking accounts have variable rates, meaning banks can adjust them based on market conditions. Some banks keep rates steady, while others tweak them more often. Always check the latest APY before signing up

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Best High Interest Checking Accounts for Growing Your Money With Ease

Our top high-yield bank account picks

Best high-yield checking accounts

Best for hybrid checking and savings: SoFi Checking and Savings

Best yield on total checking account balance: Quontic High Interest Checking

Best for Axos investment account customers: Axos Bank Rewards Checking

Best cash account: Wealthfront Cash Account

Best for ATM fee reimbursement: Consumers Credit Union Rewards Checking

Best for discounts on mortgages and auto loans: Liberty Federal Credit Union Vertical Checking

How to choose the best high interest bank account for you

Annual percentage yield (APY)

Monthly fees

Minimum balance requirement

ATM access

Extra perks

Who should get a high interest checking account?

Is money in a high-yield checking account safe?

Banks we monitor

Sources

FAQs