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High-yield earnings don't have to be limited to your savings accounts. Your checking account can earn interest at rates competitive to high-yield online savings accounts. And while the average checking account rate has seen a general decline over the years (reaching 1.35% in 1998 and dipping to 0.06% in 2019), there are still a number of accounts today with standout interest rates. These high rates, paired with low fees, allow you to save even more money all around and not just in a traditional savings account.
All rates are current as of 7/06/2020
The best national checking accounts
How we chose the best national checking accounts
Gone are the days when your checking account was just a place to hold and spend your money — the best checking accounts will grow your money at the best rates, offer low fees and provide the best access to your money. To find the best checking accounts, we considered the following criteria:
- High interest rate: We looked for those with the best APY offerings available nationwide, including those from our partners.
- No monthly fee and low minimums: We then looked for the accounts with low fees and minimum balance requirements, to ensure wider customer availability.
- Accessibility of funds: In addition to an account that saves you money, we also checked for ease of online, mobile and ATM access.
#1 Simple Bank
Simple, an internet only bank, started in 2009 as a way to simplify the banking experience by eliminating fees and helping you budget your money more easily. Now, the Simple Checking Account has grown to offer the highest checking account rate in the industry, furthering your opportunity to save money. There is no minimum deposit required, nor is there a monthly fee.
To earn interest, you’ll need to create a Savings Goal within a Simple Protected Goals Account (a savings account to prevent accidental spending). Your Savings Goal can be anything you want to save towards, like a car or a house. Savings Goal balances $10,000 and over earn at the the advertised APY, while balances under $10,000 will earn interest a slightly lower rate.
Simple is an online bank with a mobile app optimized for on-the-go banking. You’ll have access to over 40,000 fee-free Allpoint® ATMs, too. — and if you ever have to pay an ATM surcharge, Simple will refund the fee for you. Simple Bank’s banking services are provided by BBVA.
MIN TO EARN: $10,000Learn More
It’s easy to get started with Aspiration’s Save & Spend with only a $10 deposit. Earn interest on the Save component with an end-of-day balance of $10,000 or more for at least one day per month. You can also earn interest by making at least one deposit of $1 or more into your Aspiration Account, or at least one $1 investment into any investment account from a linked, external bank account.
The Spend part of the account earns unlimited cash back rewards when you use your Aspiration debit card for purchases. You can earn 0.1%, 0.5% or 5% cash back, depending on the business and its social and environmental impact.
Through Aspiration’s Pay What Is Fair system, you can choose your monthly account fee, even if that’s $0. Aspiration accountholders can use Allpoint ATMs for free.
Aspiration Financial, LLC was founded in 2017. It is an SEC-registered broker-dealer and a member of FINRA/SIPC. FDIC insurance is provided on your Spend & Save deposits through partner banks, disclosed on your Aspiration account statements.
MIN TO EARN: $10Learn More
#3 Paramount Bank
Open a Paramount Bank High-Interest Checking Account with just $100 to start earning at its 1.70% APY. There’s no monthly service fee so your savings can grow undisturbed. The account includes a Visa debit card which you can use at ATMs, even foreign ATMs, for free, in addition to virtual banking online and on mobile.
Paramount Bank is a new player in the competitive deposit rates space. Founded in 1970 and based in Hazelwood, Mo., Paramount Bank offers its top accounts to customers all over the country.
MIN TO OPEN: $100Learn More
#4 FNBO Direct
Another online venture, FNBO Direct’s Online Checking Account has no monthly service fees or paper checks. Still, you can physically access your money with the linked FNBO Direct Visa debit card at over 2 million ATM locations for free. The account includes free debit card fraud monitoring, incoming wires and stop payments. You’ll need at least $1 to open the account and $0.01 to start earning interest.
FNBO Direct is the online banking branch of First National Bank of Omaha.
MIN TO EARN: $1Learn More
#5 First Internet Bank
Truly the first FDIC-insured bank to operate entirely online, First Internet Bank offers straightforward and competitive accounts, including its online Interest Checking account. It requires at least $100 to open, and at least a $500 balance to waive the $10 monthly fee. There is no balance requirement to earn interest.
The account includes free incoming wire transfers and your first box of checks. You can also use your debit card at any ATM for free, plus surcharge rebates up to $10 per month. First Internet Bank is accessible online, as well as on its mobile app and over the phone.
MIN TO EARN: $100Learn More
Ken’s methodology for choosing the top checking accounts
As I was deciding on my top five checking accounts, I became disappointed in the rates from the standard checking accounts. The few internet banks that do offer checking accounts have not been raising their checking account rates as interest rates have been rising in the last couple of years. These include Ally Bank, FNBO Direct, Bank5 Connect, and Alliant Credit Union. Thus, I decided to focus on high-yield reward checking accounts that are nationally available.
High-yield reward checking accounts offer a high interest rate on balances up to some cap if certain monthly activity requirements are met. The primary activity requirement is debit card usage. To qualify for the high yield, between 10 to 20 debit card purchases are typically required. If the monthly activity requirements are not met, only a low base rate is earned for the month.
Most reward checking accounts, and all Kasasa Cash accounts, are free checking accounts that have no monthly service fee even if the monthly activity requirements are not met. In my top checking account picks, I decided to not only focus on interest rates, but also monthly service fees. I excluded any checking accounts that have monthly service fees.
Not only is a high interest rate important, but the high rate should not be limited to only a small balance. All reward checking accounts have balance caps. Only balances under the cap are eligible for the high yield. The portion of the balance over the cap earns a much smaller yield. Reward checking caps range in size from $5k to $50k. I decided to require a cap to be at least $25k.
#1 Heritage Bank
We’ve been tracking Heritage Bank’s reward checking account, now called the eCentive Account, since 2009. The rates and balance caps have changed quite a bit since that time. A large rate hike occurred in April 2018 when the rate increased to 3.03% APY on balances up to $25k. The eCentive Account continues to offer one of the best reward checking rates for balances up to $25k.
To qualify for the top rate each month, the customer must make at least 10 debit card purchases, have at least one direct deposit or automatic payment (ACH) and receive monthly eStatements. Meeting these requirements also entitles the customer to receive automatic refunds up to $25 per month for domestic ATM fees charged by other ATM owners. There is no monthly service charge.
MIN TO OPEN: $100Learn More
#2 Main Street Bank
Michigan-based Main Street Bank has been offering its Kasasa Cash reward checking account since 2015. In 2019, the rate increased to 3.00% APY on balances up to $30k.
To qualify for the top rate each month, the customer must make at least 10 debit card purchases, log into online banking, and have at least one direct deposit, one ACH, or one bill pay transaction. In addition, the customer must receive eStatements. Meeting these requirements also entitles the customer to receive unlimited reimbursements (up to $4 per single transaction) for domestic ATM fees charged by other ATM owners. As with all Kasasa accounts, there is no monthly service charge.
MIN TO OPEN: $100Learn More
#3 Georgia Banking Company
Georgia Banking Company launched its Kasasa Cash reward checking account in April 2017. In October 2018, the rate increased to 2.95% APY on balances up to $25k, but it decreased its rate to 2.00% in October 2019.
The Kasasa Cash Account has only two monthly qualifications to earn the top rate. The first is making 12 debit card purchases, and the second is receiving eStatements. Meeting these qualifications will also entitle the customer to receive unlimited refunds on ATM withdrawal fees, nationwide. As with all Kasasa accounts, there is no monthly service charge.
MIN TO OPEN: $100Learn More
#4 Bellco Credit Union
MBellco Credit Union’s reward checking account is called Boost Interest Checking, and it was launched in 2015 offering a 2.25% APY on balances up to $25k.
To qualify for the top rate each month, the account requires 15 debit card purchases, at least one direct deposit transaction, and logging into online or mobile banking. There is no monthly service fee. The credit union does not offer refunds on ATM withdrawal fees. However, members have access to over 33,000 surcharge free ATMs nationwide through the CO-OP and MoneyPass networks.
MIN TO OPEN: $0Learn More
MemoryBank EarnMore Checking Account is the only standard checking account on my list. Unlike reward checking accounts, a standard checking account has no monthly activity requirements to qualify for a high yield. The EarnMore Checking Account actually started out as a reward checking account when MemoryBank began in late 2016. However, in early 2018, the requirements were eliminated. With the current EarnMore Checking Account, customers can earn 0.90% APY for balances up to $250k without having to complete any requirements.
The EarnMore Checking Account has no monthly maintenance fees. MemoryBank does not offer refunds on ATM withdrawal fees, but customers have access to 92,000 surcharge-free ATMs nationwide through major ATM networks.
MIN TO OPEN: $50Learn More
High-yield checking account rates
A high-yield checking account is most likely going to be a rewards checking account. These checking accounts will offer extremely high rates as long as you satisfy certain monthly requirements. If you’re able to meet these requirements, you’ll be rewarded with a high rate, ATM fee reimbursements, and more. Below is a sample of high-yield checking accounts. If you’d like a more comprehensive list, please see Ken’s Bank Account Survey.
|Consumers Credit Union||4.09% (up to $10k)|
0.20% ($10k - $25k)
|Free Rewards Checking (High)||Learn More|
|La Capitol Federal Credit Union||4.25% (up to $3k)|
2.00% ($3k - $10k)
|Choice Checking||Learn More|
|Evansville Teachers FCU||3.30% (up to $20k)||Vertical Checking||Learn More|
|Western Vista FCU||3.25% (up to $15k)|
|Panorama Checking||Learn More|
|Market USA FCU||3.01% (up to $15k)|
|VIP Checking Platinum Tier||Learn More|
|Lake Michigan Credit Union||3.00% ($1- $15k)||Max Checking||Learn More|
|Garden Savings FCU||3.00% (up to $15k)|
|Platinum Checking||Learn More|
|INOVA FCU||3.00% (up to $15k)|
|Shield Checking||Learn More|
|2.96% ||RewardChecking||Learn More|
|T-Mobile Money||4.00% (up to $3k)|
|Checking Account||Learn More|
The best checking accounts largely come from online banks, which easily meet each of our above requirements. There was a brick-and-mortar standout in nbkc bank. On the whole, however, if you’re really trying to boost your savings, or simply want to earn some easy money, an online checking account is the way to go.
If you’re not quite convinced to switch to an online checking account, check out the competition from brick-and-mortar banks below. In addition to low rates, you’ll often face a monthly fee, a feature you generally don’t have to worry about with online banks.
|Brick-and-Mortar Bank||APY||Monthly fee|
|Bank of America Advantage Relationship Banking||0.01%||$25|
|Chase Premier Plus Checking||0.01%||$25|
|Citibank Account Package||0.03%||$25|
|PNC Bank Virtual Wallet||0.01%||$7|
|Wells Fargo Preferred Checking||0.01%||$15|
Make your money work for you by avoiding low-earning accounts like these. If you’re still holding onto brick-and-mortar banks for their locations, consider the best checking accounts listed above. They all offer widespread fee-free ATM networks, in addition to convenient online and mobile banking features.
The rates and fees mentioned in this article are accurate as of the date of publishing.