GOBankingRates

10 Best High-Yield Checking Accounts of August 2022

RyanJLane / Getty Images

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 0%
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 0%
First Internet Bank Interest Checking $100 $10 $500 0%
Axos Bank Rewards Checking $50 $0 $0 Up to %
BancorpSouth Performance Checking $50 $15 $0 Up to %
Presidential Bank Advantage Checking $500 $5 $500 %

Earn Perks With A New Checking Account

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:

Drawbacks:

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. 

Earn Perks With A New Checking Account

Benefits:

Drawbacks:

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:

Drawbacks:

Fees: $0 

Minimum Deposit: $100 

How To Open an Account: You can apply online for a LendingClub Bank account in less than three minutes. 

Earn Perks With A New Checking Account

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:

Drawbacks:

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:

Earn Perks With A New Checking Account

Drawbacks: 

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:

Drawbacks:

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.

Earn Perks With A New Checking Account

Benefits: 

Drawbacks: 

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: 

Drawbacks:

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. 

Earn Perks With A New Checking Account

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:

Drawbacks:

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:

Drawbacks:

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:

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?

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.