Best Interest-Bearing Checking Accounts

Written By:

Oct 18, 2023

Joy Wallet is advertiser-supported: we may earn compensation from the products and offers mentioned in this article. However, any expressed opinions are our own and aren't influenced by compensation. To read our full disclosure, click here.

Few would argue that life isn’t much more expensive than it used to be. Rising costs impact us everywhere we turn, so why not hedge some of these increased costs with an interest-bearing checking account?

An interest-bearing checking account combines the features of a traditional checking account we’re all familiar with the ability to earn interest on your deposited funds. While this type of account typically pays a modest interest rate, it allows account holders to grow their balance and maintain easy access to their money for day-to-day transactions.

We’ve reviewed multiple interest-bearing checking account options, some of which offer high-yield interest rates, meaning an interest rate multiple times higher than the national average.

Overview of the best interest-bearing checking accounts

Financial institution	Best for
Axos Bank	Welcome bonus
SoFi	Opening both checking and savings together
Consumers Credit Union	Credit union benefits
Quontic Bank	Digital only banking
Navy Federal Credit Union	Military families
Ally Financial	Serious savers
American Express	Current American Express cardholders

Maximize your rewards with a $1,000 monthly direct deposit

The debit card with up to 2% cash back on purchases

Maximize your rewardsNo monthly fees
It's quick, easy, and free to open an account
Get paid up to 2 days early with direct deposit
No Overdraft Fees
1% cash back on debit purchases

Get Started

The best interest-bearing checking accounts

Axos Bank

If getting an interest-bearing checking account is your goal, is not to be overlooked. Your checking account receives a 0.70 APY simply for opening an account and setting up direct deposit. But suppose you open up another qualifying account, which includes loan payments or investment accounts. In that case, you earn an additional 2.60 percent APY for a whopping 3.30 percent APY total—rivaling most savings accounts or CDs.

No matter which interest rate you can take advantage of, there are no monthly fees or overdraft fees, and it includes unlimited domestic ATM fee reimbursements. You only need $50 to open a checking account, and you can easily set up an account online (or you can visit one of its two physical branches in the U.S.). And right now, they’re offering a lucrative $300 welcome bonus with the promo code SUNNYBONUS, for use by 12/31/2023.

SoFi

is one of the online-only options making our list, and it stands out for several reasons. It offers a 0.50 percent APY on checking account balances but doesn’t stop there. There are no monthly fees, overdraft charges, and minimum balances to maintain–it’s as easy as it gets. While it has no physical branches, you can conduct all your checking account activities easily through the mobile app or online.

New account holders can earn a $250 bonus simply for setting up a direct deposit of $5,000 during 25 days ($50 if you deposit less than this amount). If you really want to amp up your savings, look into SoFi’s high-yield savings accounts, which include a 4.50 percent APY.

Consumers Credit Union

Consumers Credit Union offers membership open to almost anyone; it only takes $5 to join. Consumers Credit Union offers Rewards Checking, and as the name implies, it rewards you with a seriously unbelievable 5.00 percent APY on balances up to $10,000 if you meet the following monthly criteria:

Make 12 debit card transactions
Spend $1000 or more in CCU Visa Credit Card purchases each month
Receive a minimum of $500 in direct deposit during the statement cycle
Enroll in e-documents

Plus, you’ll enjoy multiple other benefits, such as no monthly fees, unlimited ATM fee reimbursement, access to direct deposit up to two days early, and complete online or mobile banking. There’s no minimum balance requirement either. This is by far one of the highest APY interest-bearing checking accounts available, making it worth consideration.

Quontic Bank

is an all-digital banking option, and its high-interest checking is worth noticing. It offers up to a 1.10 percent APY when you make at least 10 qualifying debit card point-of-sale transactions of $10 or more per statement cycle (otherwise, you earn 0.01 percent APY). One of the coolest features of this account is the debit card ring, where you can use a ring you wear on your finger to pay for transactions since all of your payment data is stored in this ring.

This account operates fully online or mobile, making it ideal for anyone who prefers the convenience of digital banking. Although Quontic is a digital bank, you can access the AllPoint® network of ATMs surcharge-free, plus other locations totaling over 90,000 ATMs nationwide.

Navy Federal Credit Union

If you qualify for membership to the Navy Federal Credit Union – open if anyone in your family or household has ties to the armed forces, Department of Defense, or National Guard–you can take advantage of the Flagship Checking option. The higher your balance with this checking account, the higher your APY. It offers three tiers of earnings, including:

$0-$9,999: 0.35 percent APY
$10,000-$24,999: 0.40 percent APY
$25,000 & over: 0.45 percent APY

Plus, Flagship checking account holders won’t have any monthly fees if they maintain an average daily balance of $1,500 or more. You also receive $120 annually in ATM fee reimbursements if you need to use an out-of-network ATM.

Read a full review of Navy Federal Credit Union.

Ally Financial

There’s a lot to love about the checking account. There’s no minimum balance requirement and $0 in monthly fees, plus it earns 0.25 percent APY on account balances. Ally Bank does have tiered earnings, which means you earn 0.15 percent if your account balance is less than $15,000, while $15,001 and higher earn 0.25 percent APY.

The checking account features all the conveniences you’d expect from an online-only option, including a user-friendly app and website, mobile deposit, and access to over 43,000 fee-free ATMs. Plus, account holders can receive the round-up option, where every dollar spent on purchases automatically rounds up, and the difference gets deposited into an Ally savings account–another way to save easily.

American Express

The American Express Rewards Checking Account is not to be missed, and it’s available to any current American Express cardholders. It’s packed with features, starting with a more generous 1.0 percent APY, which is 10x the national average. Where this account really shines is how you also earn Membership Rewards® points on eligible debit card purchases. Membership Rewards® points are extremely versatile, allowing redemption for travel rewards, gift cards, statement credits,, and much more.

If the interest rates and Membership Rewards® points aren’t enticing enough, you may love how there are no monthly fees, minimum deposits required, and no fee to open. Plus, your debit card purchases are backed by American Express’ purchase protections, which protect covered purchases from accidental damage or theft for up to 90 days from the purchase date (coverage limits apply).

Maximize your rewards with a $1,000 monthly direct deposit

The debit card with up to 2% cash back on purchases

Maximize your rewardsNo monthly fees
It's quick, easy, and free to open an account
Get paid up to 2 days early with direct deposit
No Overdraft Fees
1% cash back on debit purchases

Get Started

Best interest-bearing checking account summary

Financial institution	Monthly fees	Checking account APY
Axos Financial	None	Up to 3.30% APY
SoFi	None	0.50% APY
Consumers Credit Union	None	Up to 5.00% APY
Quontic Bank	None	Up to 1.10% APY
Navy Federal Credit Union	None with minimum daily balance	Up to 0.45% APY
Ally Bank	None	Up to 0.25% APY
American Express	None	1.0% APY

FAQs

How do I open a high-yield checking account?

The exact process depends on the financial institution, but most offer an online application. You typically must provide your social security number and other personal details like your address. You should also confirm what the minimum opening amount requirement is since most financial institutions require a small deposit for opening an account.

Do savings accounts have higher interest rates than checking accounts?

Typically, you’ll find savings accounts have higher interest rates versus checking accounts, but it’s not always the case. If you’re looking for the highest annual percentage yield possible, your best bet is usually an online bank versus one with numerous physical branches. Online banks often pass on the overhead savings to their customers by offering higher interest rates.

Maximize your rewards with a $1,000 monthly direct deposit

The debit card with up to 2% cash back on purchases

Maximize your rewardsNo monthly fees
It's quick, easy, and free to open an account
Get paid up to 2 days early with direct deposit
No Overdraft Fees
1% cash back on debit purchases

Get Started

The bottom line

An interest-bearing checking account is a fantastic way to take advantage of additional earnings by simply using an account for everyday expenses and transactions. Online-only banks typically offer the most competitive rates, and most of them feature zero monthly fees or overdraft charges, making them a smarter option for everyday spending.

Joy Wallet is an independent publisher and comparison service, not an investment advisor, financial advisor, loan broker, insurance producer, or insurance broker. Its articles, interactive tools and other content are provided to you for free, as self-help tools and for informational purposes only. They are not intended to provide investment advice. Joy Wallet does not and cannot guarantee the accuracy or applicability of any information in regard to your individual circumstances. We encourage you to seek personalized advice from qualified professionals regarding specific investment issues. Featured estimates are based on past market performance, and past performance is not a guarantee of future performance.

Our site doesn’t feature every company or financial product available on the market. We are compensated by our partners, which may influence which products we review and write about (and where those products appear on our site), but it in no way affects our recommendations or advice. Our editorials are grounded on independent research. Our partners cannot pay us to guarantee favorable reviews of their products or services.

We value your privacy. We work with trusted partners to provide relevant advertising based on information about your use of Joy Wallet’s and third-party websites and applications. This includes, but is not limited to, sharing information about your web browsing activities with Meta (Facebook) and Google. All of the web browsing information that is shared is anonymized. To learn more, click on our Privacy Policy link.

Images appearing across JoyWallet are courtesy of shutterstock.com.

Sara Coleman is a former corporate gal turned creative entrepreneur. She began writing professionally several years ago and now contributes to multiple websites, blogs, and magazines. She’s also an avid reader and can’t resist a great historical fiction novel. Sara holds a BA in journalism from the University of Georgia and can be found supporting her Bulldogs every chance she has. She resides in Charlotte, North Carolina, with her wonderfully supportive husband and three children. When she’s not ushering her kids to sports and dance lessons, she can be found creating content for her own website, TheProperPen.com.

Share this article