The 8 Best High-Interest Checking Accounts for December 2024
Best for Overdraft Protection
SoFi® Checking and Savings
- Free ATMs via Allpoint
- Overdraft protection
Up to 4.00%*
APY
Best for Overall Perks
Axos Rewards Checking
- Access to 24/7 chat
- Free debit card
Up to 3.30%
APY
Best for Cash Back
Discover Checking
- Earn cash back rewards
- Get paid early
1%
Cash back
When you think of interest-generating bank accounts, your mind likely goes to savings. After all, that’s your reward for building an emergency fund or socking away money for a future expense, right? A regular, end-of-month deposit into your savings account, courtesy of your bank.
The good news: You can also earn interest with select checking accounts.
What Is a High-Interest Checking Account?
A high-interest, or high-yield, checking account offers a higher interest rate (annual percentage yield, or APY) on your money. Unlike a traditional checking account, you may have to keep a minimum balance in the account at all times and meet other requirements — for instance, pay a monthly fee, make a certain number of debit card purchases or schedule a recurring direct deposit — to earn the higher interest rate.
High-interest checking accounts are a great way to earn more for your money. Whether you bank with a federal credit union, online bank or other type of financial institution, high-yield checking accounts can be a great place to store your cash.
The 8 Best High-Interest Checking Accounts for December 2024
Here’s an overview of high-yield checking accounts, what you need to know when choosing one and the top checking accounts available in the market today.
High-Interest Checking at a Glance
| Name | APY | Monthly Fees | |||
|---|---|---|---|---|---|
SoFi Checking and Savings |
Up to 4.00% |
None |
SEE DETAILS | ||
Axos Rewards Checking |
Up to 3.30% |
None |
SEE DETAILS | ||
Discover Checking |
1% cash back |
None |
SEE DETAILS | ||
Upgrade Rewards Checking Plus |
Up to 2% cash back |
None |
SEE DETAILS | ||
Consumers Credit Union |
3% to 5% |
None |
SEE DETAILS | ||
Ally Interest Checking Account |
0.10% to 0.25% |
None |
SEE DETAILS | ||
Here are the eight best high-interest checking accounts where you can save your money and make a little more at the same time.
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SoFi Checking and Savings
- Fee-free ATM usage via Allpoint
- Overdraft protection
- Up to 4.00% APY
SoFi Banking takes a number of steps to make the transition to online banking easy:
- Through a partnership with Allpoint, account holders won’t pay fees at 55,000 ATMs worldwide.
- Overdraft protection — SoFi members who meet certain criteria and accidentally spend more than they have in their account will be covered up to $50 with no fees.
- SoFi’s website and mobile apps have detailed FAQs, and they make it simple and easy for you to find any information you want.
The Penny Hoarder review of SoFi Checking and Savings (member FDIC).
Axos Rewards Checking
- Access to 24/7 to virtual financial assistant
- Up to 3.30% APY
- Low minimum opening deposit
Here are the guidelines to receive the higher rate from Axos Bank: Receive $1.5K or more monthly deposits (0.40%), use your Axos debit card for 10 (minimum of $3) transactions or sign up for Personal Finance Manager (0.30%), maintain at least $2,500 per month in an Axos Invest Managed Portfolios Account (0.99%), have a daily balance of $2,500 per month in an Axos Invest Self Directed Trading Account (0.99%) and use your Rewards Checking account to make an Axos consumer loan payment in full each month (0.60%).
The Penny Hoarder review of Axos Bank for 2023.
Upgrade Rewards Checking Plus
- No monthly fees
- 4.41% savings account
To start earning 2% cashback today, direct deposit $1,000 into your Upgrade Rewards Checking Plus account each month. Anything short of that will still generate 1% cashback.**
You can also earn 4.41% APY (annual percentage yield) on savings with an Upgrade Premier Savings account. All you have to do is make a deposit (at least $1,000) and let it earn more money for you.***
There are no monthly fees, hidden service charges or overdraft fees for Rewards Checking Plus**** or Premier Savings.*** And no minimum balance requirements to keep your accounts open.
Upgrade has a TrustPilot rating of “Excellent” with about 40,000 reviews giving them 4.3/5 stars, and a 4.9 rating on the Apple App Store.
Consumers Credit Union
- Free nationwide checking
- Anyone can join CCU
- Can bank online or in person
Consumers Credit Union knows plenty of people still write checks so it allows unlimited check writing. Plus, there is a feature to get paid a day early when you have direct deposit and your employer has provided the requested information.
Ally Interest Checking Account
- 40,000 fee-free ATMs
- No overdraft fees
- Super-transparent fees
Overall, Ally is an online-only bank with a pretty good high-yield checking account and no overdraft fees. Another perk is Ally’s super-transparent fees — for example, there’s no gray area over what an outgoing domestic wire will run you ($20).
The Penny Hoarder review of Ally Bank.
NBKC Everything Checking Account
- 24/7 mobile banking
- Up to $12 monthly ATM-fee reimbursement
- No foreign transaction fees
The NBKC Everything Checking Account offers other perks, too:
- Access to over 37,000 ATMs. Keep in mind that the mega-banks, like Wells Fargo and Bank of America, have less than 20,000 in-network ATMs. Plus, NBKC will reimburse you up to $12 monthly to refund those pesky, out-of-network ATM fees.
- 24/7 mobile banking.
- The ability to set up auto-pay for recurring bills.
Quontic High Interest Checking
- Over 90,000 fee-free ATMs
- 24/7 banking
- You can open an account in three minutes
You need to fund your Quontic account with $100 to get started. To take advantage of the higher interest rate, members need to make at least 10 qualifying point-of-sale transactions of $10 or more per statement cycle.
Why You Should Consider High-Yield Checking Accounts
We’ll be honest — you won’t be raking in the dough. The national average for interest checking accounts is a not-so-hot 0.08% annual percentage yield (APY), according to the FDIC.
However, if you can earn something versus nothing for keeping your money in a checking account, we think it’s worth exploring. Any secure account where you can safely store and grow your money is a win in our book.
Who Can Get a High-Yield Checking Account?
The short answer? Anyone 18 years old and up. To open any account in the U.S., you typically need the following:
- Be age 18 and older
- A U.S. citizen
- Your social security number
- A government-issued ID
Certain accounts might suit different individuals better. For instance, a super-organized person who can meet some banks’ regular requirements to earn a higher interest rate might fare better with one type of account than someone who’s more of a “set it and forget it” type who will be fine with a lower rate and fewer requirements.
Regardless, anyone can benefit from a high-interest checking account.
How Banks Offer Higher Interest Rates
Banks offer attractive rates to incentivize people to open accounts with and keep their money with them. Some companies are able to offer even higher rates than their competitors. For example, online-only banks typically have an edge here. They have less overhead than their brick-and-mortar counterparts and can pass these savings (in the form of higher interest rates) on to consumers.
What to Look for When Opening a High-Interest Checking Account
You want to have a lay of the land before you sign on the (digital) dotted line for a new bank account. Here are some key items you want to review before going with a high-interest checking account:
- The APY
- Minimum to open the account
- Monthly maintenance fee
- ATM fee
- Rewards or perks
- Minimum deposit requirement
- Direct deposit requirement
- Daily balance requirement
- Number of debit card transactions you need to hit
Rates can change, so make sure you review your account offerings compared to others on the market from time to time to ensure you have the best setup for you.
How to Choose a High-Interest Checking Account
If you’re thinking about moving to a high-interest checking account, take a few things into consideration.
- Look for accounts that won’t negate those interest earnings by charging you fees. However, if you carry a high balance, it may be worth paying a small monthly fee to get a better interest rate. Do the math.
- Keep an eye on minimum balance requirements. We focused on accounts that don’t require a minimum balance, but if you know that you’ll consistently have at least $1,000 in your account at all times, you may want to shop around a bit more. There may be a great deal out there.
- Look at the requirements. Maybe you don’t use your debit card that much or you don’t want to have a direct deposit. Choose an account that fits with the way you like to use your account.
- Keep ATMs in mind if you use them. It’s 2024, and you shouldn’t have to pay those fees. There are too many banks that are willing to cover those for you.
- Look for accounts with a mobile app. If you do a lot of banking on your phone, make sure the bank you choose has a solid banking app. Once you find the checking account that checks all the right boxes for you and how you like to use your account, sign up and start earning money on your money already.
- Think outside the box. If your primary bank doesn’t offer a high-yield checking account (or the rates or monthly fees are a no-go), see what else is available. Consider all your options for opening a checking account — whether it’s a brick-and-mortar bank, credit union, digital-only service or other institution altogether, it quite literally pays to open an account with a bank that will reward you for having an account with them.
Frequently Asked Questions (FAQ) About High-Interest Checking Accounts
Here, we’ve answered popular questions about high-interest checking accounts.
Right now, Consumers Credit Union (a credit union) and SoFi (an online-only financial institution) offer two of the highest APY rates on the market, at 3% (starting for the former, and up to 4.00% for the latter). However, rates change all the time, so it’s essential to check every so often to see which places offer the best numbers. While digital-first organizations tend to offer the highest APY, regional banks and credit unions near you might also offer solid rates.
APY rates vary at different credit unions, banks and financial institutions (they can vary by location, too). Make sure an account meets other needs you may have instead of solely chasing a high APY. Take for instance, Axos Bank at 3.30% APY — you’ll need to match particular requirements to hit that number. If you can’t meet those qualifications the higher APY won’t matter much if you won’t reliably be able to earn it.
Many traditional brick-and-mortar and digital-only banks, financial institutions and credit unions offer high-interest checking accounts to members. Our list of the six best high-interest checking accounts should get you started. Those financial institutions include Axos, Ally, Quontic, Consumers Credit Union, SoFi and NBKC.
This depends on a variety of factors. Let’s use an example: If you open a high-yield savings account with $1,000 at an estimated interest rate of 0.50% (that compounds annually) and don’t contribute one more dollar all year, you’ll end the next 12 months with $1,005.
you’ll end up with $1,305.97 in one year. Again, your results will depend on your own situation. You can always explore other finance products, such as savings accounts, money market accounts and CDs, if they offer more favorable terms for you.
How We Picked the 8 Best Checking Accounts That Pay Interest
Our methodology for this list is simple: According to the FDIC, the average interest rate for interest-bearing checking accounts is currently 0.08%. So, we looked for accounts that came in around that range or, ideally, were higher. (Note: APY fluctuates over time, so a lower rate now could rise in the future.)
Beyond the interest rate, we looked at what else the account brings to the table. We gave preference to ones that don’t have maintenance fees or require minimum balances and that offer ATM fee reimbursement.
Contributor Kathleen Garvin (@itskgarvin) is a personal finance writer based in St. Petersburg, Florida, and former editor and marketer at The Penny Hoarder. She owns a content-writing business and her work has appeared in U.S. News, Clark.com and Well Kept Wallet.
* SoFi® Checking and Savings (member FDIC):
1. Up to $300 Bonus Tiered Disclosure
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 1/31/2026. Full terms at sofi.com/banking. SoFi Checking and Savings is offered through SoFi Bank, N.A., Member FDIC.
SoFi members with Direct Deposit can earn 4.00% 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 4.00% APY for savings (including Vaults). Members without Direct Deposit will earn 1.20% APY on savings balances (including Vaults) and 0.50% APY on checking balances. Interest rates are variable and subject to change at any time. These rates are current as of 12/3/2024. There is no minimum balance requirement. Additional information can be found at http://www.sofi.com/legal/banking-rate-sheet.
2. APY disclosures
SoFi members with Direct Deposit or $5,000 or more in Qualifying Deposits during the 30-Day Evaluation Period can earn 4.00% 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 Direct Deposit or Qualifying Deposits, during the 30-Day Evaluation Period will earn 1.20% APY on savings balances (including Vaults) and 0.50% APY on checking balances. Only SoFi members with direct deposit are eligible for other SoFi Plus benefits. Interest rates are variable and subject to change at any time. These rates are current as of 12/3/24. There is no minimum balance requirement. Additional information can be found at http://www.sofi.com/legal/banking-rate-sheet.
3. Fee Policy
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. Additional FDIC Insurance
SoFi Bank is a member FDIC and does not provide more than $250,000 of FDIC insurance 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 $2M through participation in the program. See full terms at SoFi.com/banking/fdic/terms. See the list of participating banks at SoFi.com/banking/fdic/receivingbanks
5. ATM Access
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
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
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.
Upgrade Disclaimers:
**Rewards Checking Plus customers who set up monthly direct deposits of $1,000 or more earn 2% cash back on common everyday expenses at convenience stores, drugstores, restaurants and bars – including deliveries – and gas stations, as well as recurring payments on utilities and monthly subscriptions including phone, cable, TV and other streaming services, and 1% cash back on all other debit card purchases. 2% cash back is limited to $500 in rewards per calendar year; after $500, customers earn 1% cash back on all eligible debit card purchases for the remainder of the year. Rewards Checking Plus accounts with less than $1,000 in monthly direct deposits 60 days after account opening will earn 1% cash back on common everyday expenses and 0.50% cash back on all other eligible debit card purchases. Some limitations apply. Please refer to the applicable Upgrade VISA® Debit Card Agreement and Disclosures for more information.
***The Annual Percentage Yield (“APY”) for the Premier Savings account is variable and may change at any time. There is no minimum balance to open your account, but you will only earn the APY on days when the closing balance of your Premiere Savings account is or exceeds $1000. On days where the account closing balance drops below $1000, the APY will be 0%. There are no monthly account fees associated with Premier Savings accounts. Upgrade is a financial technology company, not a bank. Premier Savings accounts are provided by Cross River Bank, Member FDIC
****There are no overdraft fees or annual fees associated with Rewards Checking Plus accounts. Rewards Checking Plus charges no ATM fees, but third-party institutions may charge you a fee if you use their ATM/network or if you use your Upgrade VISA® Debit Card internationally. For Active Accounts, Upgrade will rebate ATM fees charged by another institution for debit card withdrawals in the United States, up to five times per calendar month. To be eligible to receive third-party ATM fee rebates in any calendar month for eligible ATM withdrawals made during that month on a Rewards Checking Plus account, the account must be an Active Account in the prior calendar month. See the Active Account page for more information. As a courtesy to new customers, Upgrade will provide third-party ATM fee rebates for 60 days after account opening regardless of account user status.
Some limitations apply. Please refer to the applicable Cross River Bank Checking Deposit Account Agreement and Upgrade VISA® Debit Card Agreement and Disclosures for more information. 3Early direct deposit requires set up of recurring electronic direct deposit from your employer, payroll, or benefits provider and is limited to direct deposits under $5000. Early access to direct deposit funds depends on the timing in which we receive notice of impending direct APY N/A Minimum deposit to Open $0 Rewards Rate Up to 2% cash back on purchases. Atm Fees $0 Account Fees $0 Overdraft Fees $0 Annual Fees $0 Debit Card Available Yes Mobile Banking Yes for Active accounts Name Rewards Checking Plus deposit, which is generally up to two days before the scheduled deposit date. 4Active Accounts with a monthly direct deposit of $1000 are eligible for additional benefits on Rewards Checking Plus such as additional cash back rewards, ATM fee reimbursement, and more. See the Active Account page for more information.
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