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 high annual percentage yields. But there are exceptions to the rule. Some checking accounts manage to provide traditional services such as bill pay and ATM access while still paying high rates of interest.
For 2022, ten standout checking accounts combine extensive services with high APYs. This list is a good place to start if you’re looking for the best available high-interest checking accounts.
Best High-Yield Checking Accounts at A Glance
Here’s a quick overview of the best high-interest checking accounts of 2022:
| Bank | Account | Minimum Deposit | Service Fee | Minimum Balance | APY |
|---|---|---|---|---|---|
| La Capitol Federal Credit Union | Choice Checking | $50 | $8 | $0 | |
| Consumers Credit Union | Rewards Checking | $5 | $0 | $0 | |
| LendingClub Bank | Rewards Checking | $25 | $0 | $0 | Up to |
| MidFirst Bank | eChecking | $100 | $10 | $0 | Up to |
| FNBO Direct | Online Checking Account | $1 | $0 | $0.01 | |
| Bank5 Connect | High-Interest Checking Account | $10 | $0 | $0 | |
| First Internet Bank | Interest Checking | $100 | $10 | $500 | |
| Axos Bank | Rewards Checking | $50 | $0 | $0 | Up to |
| BancorpSouth | Performance Checking | $50 | $15 | $0 | Up to |
| Presidential Bank | Advantage Checking | $500 | $5 | $500 |
Best High-Yield Checking Accounts of 2022
All of the best high-yield checking accounts of 2022 have their strong points, but they’re different in terms of individual features and benefits. Here’s a quick look at the characteristics of each account.
1. La Capitol Federal Credit Union: Choice Checking
Why Consumers Like It: Earn the top interest rate of all the high-yield checking accounts reviewed alongside perks such as reimbursed ATM withdrawals and relationship rates on savings.
Benefits:
- APY of
- Up to $25 per month in ATM fee refunds
- Avoid fees by making 15 debit card swipes per month or maintaining an average daily balance of $1,000
Drawbacks:
- Higher balance than average required to avoid fees
- Access only available to select Louisiana residents and students
Fees: $8
Minimum Deposit: $50
How To Open an Account: You can apply online in just a few steps.
2. Consumers Credit Union: Rewards Checking
Why Consumers Like It: The simplicity of earning the most out of your balance with CCU’s high-interest checking account without funds being eaten away in fees is the biggest positive. There are no account minimums, ATM charges or monthly maintenance fees whatsoever to worry about.
Benefits:
- Earn up to APY
- Direct deposits up to two days earlier
- No monthly maintenance fees or minimum balance requirements
- Unlimited reimbursements on ATM charges
Drawbacks:
- Requires joining one of CCU’s sponsor partnerships to access membership to the credit union
- To earn the highest level of APY, you must spend at least $1,000 in CCU Visa credit card purchases per month
Fees: $0
Minimum Deposit: $5
How To Open an Account: You can apply online to become a member and open an account.
3. LendingClub Bank: Rewards Checking
Why Consumers Like It: A great APY paired with ATM fee rebates puts LendingClub Bank’s Rewards Checking account near the top of the list when it comes to high-interest checking accounts.
Benefits:
- Earn 1% cash back on qualified purchases if you have at least $2,500 in monthly direct deposits or an average daily account balance of $2,500
- Earn up to APY
- Free ATM transactions
- Free first order of checks
Drawbacks:
- High balance of $2,500 required to earn the lowest APY
- $25 nonsufficient funds and returned item fee
Fees: $0
Minimum Deposit: $100
How To Open an Account: You can apply online for a LendingClub Bank account in less than three minutes.
4. FNBO Direct: Online Checking Account
Why Consumers Like It: FNBO Direct‘s online checking account has no monthly fees, a high APY and plenty of freebies, from online banking and stop payments to bill pay.
Benefits:
- No monthly fees
- Access to more than 2 million ATMs with no FNBO fees
- Free incoming wires
- Free person-to-person payments with PopMoney
- High APY
- Free debit card fraud monitoring
Drawbacks:
- No paper checks available
- $20 overdraft fee, up to four times per day
Fees: $0
Minimum Deposit: $1
How To Open an Account: You can apply online for an FNBO Direct account in about 10 to 15 minutes. You’ll need a Social Security number or tax ID number, your driver’s license or state ID, employment information, information about any outstanding loans or mortgages, and current bank account and routing numbers for funding purposes.
5. Bank5 Connect: High-Interest Checking Account
Why Consumers Like It: The Bank5 Connect high-interest checking account pays a respectable APY on all balances, rebates up to $15 in monthly out-of-network ATM fees and doesn’t charge any monthly maintenance fees.
Benefits:
- Relatively high APY on all balances
- No monthly maintenance fees
- Free in-network ATMs and up to $15 in out-of-network fee reimbursements per month
- Free first order of basic checks
- Purchase Rewards program
Drawbacks:
- $1 fee per month for paper statements
- $100 minimum to earn interest
Fees: $0
Minimum Deposit: $10
How To Open an Account: If you have a Social Security number, valid ID and previous home address, you can open a Bank5 Connect account online in about 10 minutes. You’ll also need to provide a source of funding.
6. MidFirst Bank: eChecking
Why Consumers Like It: 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 $10 monthly fee.
Benefits:
- High APY on balances up to $20,000
- Free online bill pay
- Free mobile check deposits
Drawbacks:
- $34 overdraft fee
- To avoid the monthly fee of $10, you need either a $500 minimum balance or $250 in monthly direct deposits
- Low APY on balances of $20,000 or more
Fees: $10
Minimum Deposit: $100
How To Open an Account: To open a MidFirst eChecking account, you must schedule an appointment with a bank officer. You can also contact the bank directly at 888-MIDFIRST.
7. First Internet Bank: Interest Checking
Why Consumers Like It: Up to $10 in monthly ATM fee reimbursements and a high APY make First Internet Bank‘s Interest Checking account a compelling option.
Benefits:
- High APY for all deposits
- Up to $10 in ATM fee reimbursements monthly
- Free online and mobile bill pay
- Free first order of checks
Drawbacks:
- High $10 monthly fee without $500 average daily balance
Fees: $10
Minimum Deposit: $100
How To Open an Account: Customers can open a First Internet Bank checking account online. You must be a legal U.S. resident and at least 18 years of age. You also need to have a valid Social Security number and government-issued ID.
8. Axos Bank: Rewards Checking
Why Consumers Like It: Axos has a solid online banking experience and a lucrative rate for anyone looking to earn interest on their checking account balance. Best of all, the fees most banks charge simply for having an account are non-existent with Axos.
Benefits:
- Up to APY
- No monthly maintenance fees
- Unlimited ATM reimbursements
Drawbacks:
- Earning the maximum rate of APY requires having a personal loan, direct deposits and trading or investing through Axos
Fees: $0
Minimum Deposit: $50
How To Open an Account: The online application process is simple as long as you have your personal details such as home address and Social Security number ready.
9. BancorpSouth: Performance Checking
Why Consumers Like It: BancorpSouth’s Performance Checking offers a top-tier APY if you meet certain requirements. You also get ATM fee reimbursements and helpful online tools.
Benefits:
- Top-tier APY available
- Unlimited check writing
- Up to five ATM fee reimbursements per period
- Online budgeting tool
Drawbacks:
- Top APY requires qualifying activities, including a minimum of 12 debit card purchase transactions, enrollment in online statements, and a direct credit or debit
- Top APY only applies on first $30,000 deposited
Fees: $15
Minimum Deposit: $50
How To Open an Account: You must be a U.S. citizen or resident alien to open an account online with BancorpSouth. The process takes about 10 minutes and requires a Social Security number, previous home address, valid driver’s license and U.S. checking or savings account information.
10. Presidential Bank: Advantage Checking
Why Consumers Like It: Having up to $25,000 in your checking account could earn you the top tier of APY, making it a great option for consumers unable or unwilling to join one of the credit unions offering high-yield checking accounts.
Benefits:
- Earn APY on balances of up to $25,000
- Up to $8 per month in ATM fee reimbursements
- Free initial check order
Drawbacks:
- Free check writing limited to only the first three per month and $3 per check thereafter
- High opening deposit requirement of $500
Fees: $5
Minimum Deposit: $500
How To Open an Account: You can apply online and fund your new account with an ACH.
Do All Checking Accounts Pay Interest?
Checking accounts are meant for day-to-day banking, so deposited funds don’t normally remain in the account for very long. That’s why many banks don’t pay interest on regular checking accounts. If they do, rates are usually pretty low.
But because the financial services industry is very competitive, some banks offer high checking account rates to lure business away from competitors. That’s one of the primary motivations for many banks on this list.
Tips for Choosing the Best Checking Account
There’s no single checking account that’s the absolute best for all people. While banks have some leeway as to the types of features and benefits they can offer, no bank can afford to give away everything to customers. As a result, some banks might offer lower fees or higher APYs while others might offer free services. Before deciding on a bank or checking account, it’s important to understand what your banking needs are and to match those needs with the right bank.
That being said, there are some touchstone categories that most checking account holders consider important when comparing different banks. The best checking accounts tend to have some combination of the following:
- Low maintenance fees
- High APY
- No overdraft fees
- No ATM fees
- Reimbursement of third-party ATM fees
- Free and unlimited checking
- Mobile check deposit
- Free and easy transfer capabilities
- Free bill pay
How Are Banks Able To Offer High-Interest Checking?
Banks offer high APYs for a simple reason: to lure customers away from other financial institutions. Any interest that a bank pays out to customers has to come out of its profit, so banks must calculate how much they can afford to pay to customers and still remain profitable. High-interest checking accounts are often found at online banks, which have lower costs due to their lack of physical locations.
Final Take
The best high-yield checking account for you is the one that best meets your overall banking needs. Whether you prioritize a bank with no fees, one with ATM fee rebates or one with the highest APY available, chances are that one of the banks listed above can fit the bill.
High-Yield Checking Account FAQ
- What bank pays the highest interest rate for checking accounts?
- You'll find that in most cases, credit unions pay the highest interest on checking accounts. La Capitol Credit Union and Consumers Credit Union currently pay the highest rates.
- Are high-yield checking accounts worth it?
- High yield checking accounts are worth it if you regularly keep a cash balance. However, it's important to keep an eye on the fees or the earnings won't be worth it.
- Are high-yield checking accounts safe?
- Most accounts in the U.S are backed by the federal government. To ensure your account is safe, look for your financial institution's FDIC or NCUA coverage.
- What is the highest paying high-yield savings account?
- To learn more, look at the GOBankingRates roundup of best high-yield savings accounts.
John Csiszar 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 Aug. 16, 2022.
Editorial Note: This content is not provided by any entity covered in this article. Any opinions, analyses, reviews, ratings or recommendations expressed in this article are those of the author alone and have not been reviewed, approved or otherwise endorsed by any entity named in this article.
Lending Club: Rates from 5.99% to 35.96%* APR. Best APR is available to borrowers with excellent credit.