MagnifyMoney 
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.
| Institution | Account name | APY | Monthly requirements to earn highest APY |
|---|---|---|---|
| Consumers Credit Union | Rewards Checking | 5.00% APY on balances up to $10,000; 0.20% APY on balances from $10,000.01 to $25,000; 0.10% on balances over $25,000 | 12 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 Union | Choice Checking | 4.25% 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 $10,000 | 15 non-ATM debit card transactions |
| Genisys Credit Union | Genius High Yield Checking | 5.25% APY on balances up to $7,500; 0.05% APY on balances over $7,500 | 10 debit card purchases of at least $5; eStatements |
| Elements Financial | High Yield Interest Checking Special | 5.00% APY on balances up to $20,000; 0.10% APY on balances over $20,000 | 15 qualifying transactions |
| T-Mobile | Money | 4.00% APY on balances up to and including $3,000; 2.50% APY on balances over $3,000 | 10 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 Union | High-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 Union | Vertical Checking | 3.45% APY on balances up to $20,000 | 15 debit card purchases; at least one direct deposit and one online or mobile banking log-in; electronic statements |
| Department of Commerce Federal Credit Union | Performance Checking | 3.50% APY on balances up to $20,000; 3.50% APY on balances over $15,000 | 12 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 Union | VIP Checking Platinum Tier | 4.00% APY on first $15,000; 0.01% APY on balances over $15,000 | 12 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 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.
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.
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.
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.
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.
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.
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.
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.
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.
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.
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.
Alex Cook
