7 Best High-Yield Checking Accounts That Pay You Interest – Rates for 2022

June 18, 2022June 22, 2022 monfinance bank, checking account, interest, rates

Prevailing interest rates — most importantly, the federal funds rate set by the Federal Reserve Bank of the United States — have been low by historical standards since the global financial crisis of the late 2000s.

Borrowers are the natural beneficiaries of low interest rates, so repeatedly low rates are welcome news for homebuyers and other borrowers eager for cheap financing. They’re not so great, however, for deposit account holders seeking reasonable returns on cash parked with their bank or credit union of choice.

Virtually all financial institutions tie deposit account yields to prevailing benchmark rates, so declines in key interest rate benchmarks show up in deposit account yields in short order.

But it’s not quite a race to the bottom. An impressive number of online banks offer relatively high yields on savings accounts, money market accounts, and even checking accounts.

Chime offers an online checking account without monthly fees. Get paid two days early when you sign up for direct deposit and watch your savings grow automatically with their 0.50% APY savings account.

And everyone needs a checking account. Why not choose one with a yield that rivals the best high-yield savings accounts?

Best High-Yield Checking Accounts

Many of these high-yield checking accounts are on our roundups of the best free checking accounts and best checking accounts with monthly maintenance fees. If you hate monthly service fees, know that most banks happily waive those fees when you meet minimum balance or monthly transaction requirements.

Because actual yields and account terms are subject to change at the institutions’ discretion, often without warning, check this list frequently and use each institution’s account disclosures to confirm specific details.

1. Citi Elevate Checking

Earn Up to 0.25% APY, Depending on Balance

Citi’s Elevate Checking is an online checking account available in many states. Clocking in at 20 times the national checking average, its yield is the star of the show.

Other key features include no minimum to open, no monthly fees with a qualifying minimum balance, unlimited waived and reimbursed ATM fees, and a robust suite of online banking tools (including person-to-person (P2P) payments and mobile check deposits) that empower you to manage your money on the go.

And don’t miss the handy Spending Insights tool, which provides granular detail on your spending patterns.

Yield: 0.05% annual percentage yield (APY) on balances up to $9,999; 0.10% APY on balances from $10,000 to $24,999; and 0.25% APY on balances above $25,000.
Minimum Deposit and Balance Requirements: There’s no minimum opening deposit. To waive the $15 monthly maintenance fee, you need to maintain an average monthly balance of $5,000.
Account Opening Bonus: None.
Mobile Features: Citibank has a mobile-friendly website.
Rewards and Incentives: Enjoy unlimited ATM fee waivers and reimbursements worldwide.
Possible Fees: See account disclosures for more details about fees on this account.

2. Wealthfront Cash Account

Earn Up to 0.85% APY on All Balances

Wealthfront pairs a low-cost investment management solution with an excellent high-yield checking account, the Cash Account.

The Wealthfront Cash Account has a virtually nonexistent minimum opening deposit, high yields on all balances, no account fees, and a great lineup of value-added features, including Self-Driving Money™.

Self-Driving Money™ is a powerful money management automation tool that effortlessly allocates deposits among near-term expenses, variable-term savings goals, and longer-term investment objectives, all while making sure your emergency fund is topped up and you’ve got enough left over to enjoy life.

Minimum Deposit and Balance Requirements: The minimum opening deposit is $1. There’s no ongoing maintenance fee.
Yield: Currently 0.85% APY on all balances.
Rewards and Incentives: Get paid up to two days early with direct deposit, enjoy seamless mobile check deposit for one-off deposits and recurring payments, and put your money to work in the market within minutes when you use your Cash Account to invest in a Wealthfront Investment Account. Plus, get FDIC insurance on balances up to $1 million (standard coverage tops out at $250,000), free in-network ATM access, and the ability to pay friends with apps like Cash App, Venmo, PayPal, and others.
Possible Fees: Wealthfront doesn’t charge any account fees or overdraft fees. See disclosures for a complete accounting of possible fees.

See our Wealthfront review for more information.

3. Signature Federal Credit Union High-Yield Checking

Earn Up to 1.50% APY With Qualifying Activities

Signature Federal Credit Union might not be as well-known as banking giants like Citi and Chase, but its high-yield checking account is definitely worth going out on a limb for.

Meet the qualifying activity requirements each month, and you can earn 1.50% APY on balances up to $20,000, many times higher than the national checking account average.

Perks like free checks only increase the account’s appeal.

Yield: Earn 1.50% APY on balances up to $20,000 in statement cycles during which you do the following: receive a total of $1,000 in direct deposits, complete at least 10 debit card transactions that post during the statement cycle, and enroll (or remain enrolled) in electronic statements. Balances above $20,000 have much lower yields.
Minimum Deposit and Balance Requirements: There’s no ongoing minimum balance requirement, but you must make a token share deposit to open your first account.
Account Opening Bonus: None.
Mobile Features: Signature Federal Credit Union has a mobile-friendly website.
Rewards and Incentives: Get one free book of standard checks each year.
Possible Fees: Outgoing wires, cashier’s checks.

4. Go2bank

Earn Up to 7% Cash Back When You Buy eGift Cards in the App¹; 1.00% APY² paid quarterly on Savings Up to $5,000

With an impressive yield on savings (1.00% APY on savings up to $5,000) and up to 7% cash back on eligible electronic gift card purchases in the app, Go2bank is a user-friendly online bank account to watch.

Go2bank’s benefits are too numerous to name here. Highlights include:

Up to $200 in overdraft protection with opt-in and eligible direct deposit. (Overdrafts paid at Go2bank’s discretion and terms and conditions apply.)
Get paid up to two days early with ASAP Direct Deposit^TM ³.
Deposit cash at participating retail stores (fees and deposit limits may apply).

Plus, avoid the $5 monthly fee with eligible direct deposit.

Minimum Deposit and Balance Requirements: Go2bank doesn’t have minimum opening deposit or ongoing balance requirements.
Yield: Earn 1.00% APY1 on savings up to $5,000.
Mobile Features: Signature Federal Credit Union has a mobile-friendly website.
Rewards and Incentives: Get paid up to two days early with ASAP Direct Deposit^TM ³ and earn as much as 7% cash back on eGift Card purchases made in the app (3% cash back on Amazon gift card purchases)
Possible Fees: Avoid the $5 monthly fee with eligible direct deposit. A $15 fee may apply to each overdraft transaction not repaid within 24 hours of authorization of the first transaction that overdrafts the account. See other simple fees at GO2bank.com.

5. FNBO Direct Online Checking Account

Earn Up to 0.15% APY, Depending on Balance

The FNBO Direct online checking account is a straightforward product that pays an attractive yield on all balances above $0.01 and boasts a negligible minimum opening deposit ($1).

Despite its no-frills appearance, this account has a nice mobile platform that lets you send money directly to friends and family at no charge.

FNBO does have some drawbacks: no reimbursement for out-of-network ATM fees and hefty daily overdraft fees.

Yield: This account yields 0.15% APY on all balances above $0.01, up to $1 million.
Minimum Deposit and Balance Requirements: The minimum opening deposit is $1 and a minimum balance of $0.01 required to earn APY.
Account Opening Bonus: None.
Mobile Features: Pay bills and send money for free using FNBO’s secure app. You can opt in to text alerts for account updates as well.
Rewards and Incentives: FNBO Direct doesn’t charge its own ATM withdrawal fees (at more than 55,000 ATMs in North America). However, it never reimburses ATM withdrawal fees charged by other banks.
Possible Fees: Outgoing wires, cashier’s checks.

6. LendingClub Bank Rewards Checking

Earn 1% Cash Back and Up to 0.15% APY

The Rewards Checking account from LendingClub Bank offers an unlimited 1% cash-back reward on online and signature-based debit card transactions — essentially, a yield on every dollar you spend — and offers traditional interest yields up to 0.15% APY for high-balance accounts.

There’s a bit of a catch, though: a minimum account balance of $2,500 or at least $2,500 in qualifying direct deposits each month to qualify for cash back.

On the bright side, Rewards Checking has no hidden fees and, like some competitors, offers the opportunity to receive direct deposits up to two days early.

Yield: Earn 0.10% APY on the entire balance when your balance is between $2,500 and $99,999. Earn 0.15% APY on the entire balance when your balance is above $100,000.
Minimum Deposit and Balance Requirements: The minimum opening deposit is $100, but there’s no minimum daily balance requirement.
Account Opening Bonus: None.
Mobile Features: LendingClub Bank has a mobile-friendly website.
Rewards and Incentives: Earn unlimited 1% cash back on online and signature-based debit card transactions (select “credit” at the point of sale) in statement cycles when you do at least one of the following: receive total monthly direct deposits into your account from a qualifying source of income (generally, an employer or government benefits provider) of $2,500 or more or maintain an average balance of $2,500 or more in your Rewards Checking account.
Possible Fees: See LendingClub Bank’s account agreements for details about possible account fees.

7. M1 Spend

Earn 1% APY and 1% Cash Back With M1 Plus

M1 Spend is a free cash management account from M1 Finance, a digital banking, investing, and lending platform.

With a debit card that’s accepted by millions of merchants worldwide and zero account minimums, it’s a fine substitute for a traditional checking account, especially if you don’t need lots of bells and whistles.

M1 Spend is free to use, with no monthly maintenance fees — though a $125 annual payment gets you an upgrade to M1 Plus, which earns 1% APY on all M1 Spend balances, 1% cash back on debit card purchases, and up to four ATM fee reimbursements each month.

Yield: Upgrade to M1 Plus to earn 1% APY on all account balances and 1% cash back on all debit card purchases.
Minimum Deposit and Balance Requirements: There’s no minimum opening deposit and no minimum daily balance requirement.
Account Opening Bonus: Earn a bonus worth up to $3,500 when you transfer an existing investment account to your new M1 Finance (M1 Invest) account.
Mobile Features: M1 Finance has a fully functional mobile app and a mobile-friendly website.
Rewards and Incentives: M1 Plus members get four ATM fee reimbursements per month — three more than standard M1 members.
Possible Fees: Third-party ATM fees subject to ATM owner’s discretion.

Final Word

Like mortgage rates and CD yields, checking account yields rise and fall as benchmark interest rates change.

During periods of economic uncertainty, when benchmark rates tend to be more volatile, these changes can occur with disorienting frequency. The yield you expect on that shiny new online checking account might not be the yield you actually receive.

The silver lining is that competition for new checking account customers remains fierce, especially among online banks and smaller brick-and-mortar institutions without household name status.

That means checking account yields will continue to entice new account holders, wherever interest rates go and irrespective of what happens on the savings account front.