9 Best High-Yield Checking Accounts in November 2022 - MagnifyMoney

9 Best High-Yield Checking Accounts in November 2022

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High-yield checking accounts are designed to provide bank customers and credit union members with solid interest rates on the accounts they use for everyday purchases. Typically, to earn those top-line annual percentage yield (APY) numbers, there are some requirements — often a minimum number of debit card purchases per month.

MagnifyMoney has compiled the nine best high-yield checking accounts from hundreds of financial institutions tracked by DepositAccounts. Our work has been featured by outlets such as The New York Times, The Washington Post and Business Insider, and our team of financial experts has years of experience covering deposit accounts and other banking topics.

9 top high-yield checking accounts in November 2022

InstitutionAccount nameAPYMonthly requirements to earn highest APY
Consumers Credit UnionRewards Checking5.00% APY on balances up to $10,000; 0.20% APY on balances from $10,000.01 to $25,000; 0.10% on balances over $25,00012 debit card purchases; direct deposits of at least $500; $1,000 or more spent in CCU credit card purchases; e-Documents
La Capitol Federal Credit UnionChoice Checking4.25% APY on balances up to $3,000; 2.00% APY on balances over $3,000 and up to $10,000; 0.10% APY on balances over $10,00015 non-ATM debit card transactions
Genisys Credit UnionGenius High Yield Checking5.25% APY on balances up to $7,500; 0.05% APY on balances over $7,50010 debit card purchases of at least $5; eStatements
Elements FinancialHigh Yield Interest Checking Special5.00% APY on balances up to $20,000; 0.10% APY on balances over $20,00015 qualifying transactions
T-MobileMoney4.00% APY on balances up to and including $3,000; 2.50% APY on balances over $3,00010 qualifying purchases with card and/or personal payments; enrollment in a T-Mobile postpaid wireless plan; T-Mobile ID registered for perks
Signature Federal Credit UnionHigh-Yield Checking 3.50% APY on balances up to $20,000$1,000 in direct deposits; 15 online or in-person debit card purchases; eStatements
Liberty Federal Credit UnionVertical Checking3.45% APY on balances up to $20,00015 debit card purchases; at least one direct deposit and one online or mobile banking log-in; electronic statements
Department of Commerce Federal Credit UnionPerformance Checking3.50% APY on balances up to $20,000; 3.50% APY on balances over $15,00012 debit card purchases and spending of $100; one or more direct deposits; 1 online banking or mobile log-in; e-statements
Market USA Federal Credit UnionVIP Checking Platinum Tier4.00% APY on first $15,000; 0.01% APY on balances over $15,00012 debit card purchases of $5 or more; direct deposits totaling at least $500; 3 bill payments of at least $20 each; e-statements

Consumers Credit Union Rewards Checking — 5.00% APY

Rewards Checking - Tier A Consumers Credit Union offers membership to those who pay a one-time fee of $5 to their sponsor, the Consumers Cooperative Association, and deposit — and maintain — $5 in a Membership Share/Savings Account. They’re based in Illinois and offer tiered APY amounts on their Rewards Checking account.
  • APY: For balances up to $10,000, you can earn 3.00% APY if you receive eDocuments, make at least 12 debit card purchases per month and have deposits — direct, mobile check or ACH — totaling $500 or more per month; you can earn 4.00% APY if you complete those requirements and spend at least $500 on a CCU credit card per month; you can earn 5.00% APY if you complete the lowest tier’s requirements and spend at least $1,000 on a CCU credit card per month. Balances from $10,000.01 to $25,000 earn 0.20% APY; balances over $25,000 earn 0.10% APY. If you don’t meet activity requirements, the APY is 0.01% on all balances.
  • Minimum amount to open: $5
  • Fees: None
  • Customer experience: Consumers Credit Union has some branches in the north Chicago suburbs, but for members outside the area, there are CO-OP Shared Branch locations and surcharge-free ATMs throughout the country.


on Consumers Credit Union (IL)’s secure website

NCUA Insured

La Capitol Federal Credit Union Choice Checking — 4.25% APY

All Access Advantage Checking La Capitol is a credit union based in Louisiana, but people from outside the state can become a member by joining the Louisiana Association for Personal Financial Achievement (ACHIEVE). Their Choice Checking account offers 4.25% on balances up to $3,000.
  • APY: To receive the top-line APY, you must have 15 or more non-ATM debit transactions posted before the end of the statement period. Balances up to $3,000 earn a 4.25% APY; balances over $3,000 and up to $10,000 earn 2.00%; and balances over $10,000 earn 0.10%. If the required debit transactions are not completed, the APY for the entire balance in a statement period is 0.10%.
  • Minimum amount to open: $50
  • Fees: You’ll be charged $2 per month if you opt for paper statements. If your average daily balance dips below $1,000, you will be charged a low balance fee of $8, but that fee is waived if you complete 15 debit card transactions and they post in that month.
  • Customer experience: La Capitol Federal Credit Union offers online and mobile banking for members, as well as 24/7 support. La Capitol has a few physical branches in Louisiana and also participates in the CO-OP Shared Branch network, which provides members with branch and ATM access at some other credit unions.


on La Capitol Federal Credit Union’s secure website

NCUA Insured

Genisys Credit Union Genius High Yield Checking — 5.25% APY

Genius Checking Genisys Credit Union offers membership to all Michigan residents and some residents of Minnesota and Pennsylvania. People outside those geographic areas can join with a donation to one of the charitable foundations partnered with Genisys. Their Genius Checking High Yield account pays high interest rates if you elect eStatements and use your Genisys debit card.
  • APY: You can earn 5.25% APY on balances up to $7,500 if you enroll in eStatements and use your debit card at least 10 times per month for purchases of at least $5 each. Balances over $7,500 earn 0.05% APY. No APY is earned if those requirements aren’t met.
  • Minimum amount to open: $5
  • Fees: You will incur an ATM fee of $1.25 per transaction once you exceed the six free transactions per month at non-Genisys CO-OP ATMs.
  • Customer experience: Genisys has physical branch locations in Michigan, Minnesota and Pennsylvania. They’re a part of the CO-OP family of branches and ATMs, so you can access your money nationwide. Genisys also has online chat support and mobile banking services.


on Genisys Credit Union’s secure website

NCUA Insured

Elements Financial High Interest Checking Special — 5.00% APY

High Interest Checking Special - New Members Membership in Elements Financial is wide open. You only need to open a checking or savings account or apply for a loan or credit card and opt to open a savings account on your application. The credit union even funds the account with $5. Elements was founded in 1930 and partners with 150 companies to provide credit union benefits to over 100,000 employees.

Their High Interest Checking special is the account we’re highlighting, which doubles their regular checking rate. It’s available for new account holders, for balances up to $20,000, for 12 months from the account opening date. With the account you get unlimited transactions, a Visa debit card, your first 40 checks free and no monthly service fee if you enroll in electronic statements.

  • APY: If you are a new account holder, you will earn 5.00% APY on balances up to $20,000 and 0.10% on anything over that threshold if you make 15 qualifying transactions per month, which are defined as debit card purchases, checks, bill payments, ATM withdrawals and ACH withdrawals only. If you fall short of 15, you’ll earn that month. On the first day of the month after your 12 months are up, your account will be converted to their regular high-yield checking rate.
  • Minimum amount to open: None
  • Fees: There is no monthly fee if you opt for electronic statements, but each overdraft will set you back up to $32 unless you link another Elements account.
  • Customer experience: Elements has five brick-and-mortar locations in Indiana but serves all 50 states through the CO-OP Shared Branch network and Allpoint ATMs.


on Elements Financial’s secure website

NCUA Insured

T-Mobile Money — 4.00% APY

Checking Account - Qualifying T-Mobile is a large wireless provider that’s expanded into banking services — and anyone can sign up for their high-yield checking account. T-Mobile Money, a relatively simple account designed to earn interest, is the only checking account they offer.
  • APY: All customers earn 2.50% APY on all balances, but you can earn up to 4.00% APY on balances up to and including $3,000 if you meet certain conditions. You must enroll in a qualifying postpaid T-Mobile wireless plan, register for perks with your T-Mobile ID and make at least 10 qualifying T-Mobile Money card purchases and/or personal payments to friends that must post before the last business day of the month. Balances above $3,000 have a blended APY if you meet these requirements.
  • Minimum amount to open: $0
  • Fees: There are no monthly or overdraft fees, but there are some fees from ATM providers for out-of-network ATMs and from Mastercard for foreign transactions.
  • Customer experience: T-Mobile does not offer banking services at their store locations; all banking services must be conducted online or in their app. They offer online and phone support. Deposits can be made with participating merchants like Walgreens, CVS and Walmart, but each store charges a fee. Your other options include cashier’s checks, money orders and electronic transfers.


on T-Mobile MONEY’s secure website

Member FDIC

Signature Federal Credit Union Choice Checking — 3.50% APY

High Yield Checking Signature Federal Credit Union has been around since 1970, with headquarters in Virginia, but they present themselves as a nationwide bank. Account services are available through nationwide networks that Signature participates in. Membership couldn’t be easier. Choose to join the American Consumer Council — at no cost to you — and you’re eligible for membership with Signature FCU.
  • APY: To earn 3.50% APY, you’ll need to have 15 online or in-person debit-card purchases post that month, receive $1,000 or more in direct deposits and sign up for eStatements. Balances above $20,000 do not earn interest.
  • Minimum amount to open: $0
  • Fees: No monthly fees or fees on in-network ATM transactions
  • Customer experience: Signature is part of the CO-OP Shared Branch and Culiance networks. You can also request one standard checkbook per year for free.


on Signature Federal Credit Union’s secure website

NCUA Insured

Liberty Federal Credit Union Vertical Checking — 3.45% APY

Vertical Checking (Qualifying)Liberty Federal Credit Union (formerly Evansville Teachers Federal Credit Union) was founded in Indiana and merged with a credit union serving educational groups in Kentucky. You can join Liberty through one of the employee groups and organizations affiliated with them, many of which are based in Indiana, or with a $5 donation to the Mater Dei Friends & Alumni Association. Their Vertical Checking account has a much higher threshold for earning, relative to most of the other accounts in this top 10: You can get the 3.45% APY on balances up to $20,000.

  • APY: Liberty pays 3.45% APY on balances up to $20,000 if you make 15 or more debit card purchases per month, receive electronic statements, have at least one direct deposit per month and log in to online or mobile banking once a month. The APY will not be paid if the requirements are not met.
  • Minimum amount to open: $25
  • Fees: There are no monthly service fees, and partial ATM fee reimbursements are available if you meet the conditions to earn the 3.45% APY.
  • Customer experience: Liberty has physical branch locations in Indiana, Kentucky and Tennessee, but members can use the Alliance One ATM network for surcharge-free ATM use nationwide. There’s also an online banking platform for members.


on Liberty Federal Credit Union’s secure website

NCUA Insured

Department of Commerce Federal Credit Union Performance Checking — 3.50% APY

Performance Checking Account
Based in the Washington, D.C., area, the Department of Commerce Federal Credit Union has been in business for almost 100 years. With their Performance Checking account, you’ll also earn free online Debit Rewards and have access to a money management tool to track your spending and saving. Membership is open to all U.S. citizens and resident aliens by first joining the American Consumer Council.

  • APY: To earn 3.50% APY, you’ll need to have 12 debit card purchases and spending of $100 or more; log in to mobile or online banking once; receive one direct deposit; and opt for electronic statements. If you don’t meet all of the requirements, you won’t earn interest for that month.
  • Minimum amount to open: $0
  • Fees: No monthly maintenance fees and no minimum balance, but overdrafts will set you back $35 apiece.
  • Customer experience: There are only a couple of physical branches, in the D.C. area, but the DOCFCU is part of the CO-OP Shared Branch network. Customer support is available by phone or e-mail.


on Department Of Commerce Federal Credit Union’s secure website

NCUA Insured

Market USA Federal Credit Union VIP Checking Platinum Tier — 4.00% APY

VIP Free Checking Platinum Tier - Qualifying Market USA is a credit union that has merged with several other credit unions over the past couple of decades. Membership is open to those who make a $5 donation to the Market USA Cares Foundation, which assists charities in areas where Market USA FCU branches are located; you’ll also need to open a savings account and maintain a $5 balance in that account. They offer several checking account types, but the Platinum Tier of their VIP account offers the best APY.

  • APY: To receive the top APY, you must enroll in e-Statements, have monthly direct deposits that total at least $500, make 12 debit card purchases of at least $5 per month and pay three bills of at least $20 each per month using their bill pay service. You’ll earn 4.00% APY on balances up to and including $15,000; balances over that amount earn 0.01% APY.
  • Minimum amount to open: $0
  • Fees: No monthly maintenance fees, though there are some fees for overdrafts and out-of-network ATM use above the 8 free per month.
  • Customer experience: Market USA FCU is part of the National Shared Branch network, which provides members from outside the Washington, D.C., area with banking and ATM services from other credit unions in the network. That means access to almost 30,000 fee-free ATMs and 5,000 shared branches nationwide (in addition to Market USA FCU’s three branches, one of which is in South Carolina). They offer online and mobile banking as well.


on Market USA Federal Credit Union’s secure website

NCUA Insured

Frequently asked questions

A checking account is a type of deposit account offered by financial institutions that’s designed for everyday transactions. There are often no limits on deposits, withdrawals and purchases from checking accounts.

Checking accounts offer more liquidity than other types of deposit accounts like savings accounts and certificates of deposit (CDs). If you need to access money quickly and easily, a checking account is probably your best option.

Yes, you can open a checking account online. Most banks and credit unions allow people to use most or all of their financial services online or over the phone — you don’t need to go to a branch location to open an account.

Many checking accounts do not earn interest, but some high-yield checking or rewards checking accounts do. All of the accounts chosen as best high-yield checking accounts bear interest if you fulfill their requirements.

There are a lot of factors to consider when choosing a bank account, including whether the account pays interest; if there are any monthly fees or minimum balance requirements; if you need in-person banking services at a physical branch; and what other accounts the bank offers.

Yes, online banks are secure, as long as they’re insured by the FDIC (or the NCUA if it’s a credit union). That means your deposits are insured up to $250,000 by the U.S. government.

Methodology: How we chose the best high-yield checking accounts

MagnifyMoney reviewed a list of Federal Deposit Insurance Corporation (FDIC)–insured banks and National Credit Union Administration (NCUA)–insured credit unions sourced from DepositAccounts to find the best high-yield checking accounts. The accounts selected were sorted by the best APY for a balance of $1,000. To merit consideration, those accounts must be available nationwide, have a minimum opening deposit of $100 or less and have low or easily waived monthly fees.