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10 best high-yield online checking accounts for December 2024 (up to 7.00% APY)
If you have money sitting in a checking account, why not earn interest on your balance? Although the national average interest rate for an interest-bearing checking account is just 0.08%, many online financial institutions offer high-yield checking accounts with rates of 1.00% APY or higher. These accounts can help your money grow, and may offer other perks like ATM fee reimbursement or rewards on debit card purchases.
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10 best high-yield online checking accounts
To help you find the best possible rates and account options, our team compared approximately 20 high-yield online checking accounts offered by federally insured financial institutions and narrowed them down to the top 10.
Interest rates, fees, and requirements are accurate as of the publish date. Please verify account details directly with the financial institution.
Primis Bank Novus Checking: 6.00% APY
Account details:
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Minimum opening deposit: $1
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Minimum balance to earn highest APY: No minimum balance requirement
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Monthly fee: $0
Primis Bank’s Novus checking account scored the top spot on our list for having a $1 minimum opening deposit, no monthly fees, and a generous 6.00% APY.
To earn this rate, you’ll need to establish a direct deposit of at least $1,200 into your Novus account within 60 days of account opening. Once the bank confirms you’ve established the required direct deposit, you will begin earning the preferred rate on balances up to $100,000 at the beginning of the next statement cycle. This rate is available for up to a maximum of six consecutive months as long as requirements are met.
At the end of the six-month preferred rate period, you’ll earn the base rate of 5.00% APY. If you fail to meet the requirements for the preferred rate, you’ll still earn that 5.00% base rate. Interest is compounded daily, and there are no monthly maintenance fees associated with this account.
Connexus Credit Union Xtraordinary Checking Account: 1.75% APY
Account details:
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Minimum opening deposit: $0
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Minimum balance to earn highest APY: No minimum balance requirement
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Monthly fee: $0
Connexus Credit Union’s Xtraordinary checking account currently boasts 1.75% APY on balances up to $25,000 with no minimum opening deposit, no monthly fee, and no minimum balance requirements to earn interest or keep your account open.
Account balances over $25,000 earn 0.25% APY when qualifications are met. Dividends are compounded and paid monthly.
To earn the highest advertised rate, you’ll need to meet certain requirements. This includes subscribing to eStatements and either making a minimum of 15 debit card purchases per month or spending at least $400 in debit card purchases per month.
Anyone in the U.S. is eligible to become a member of Connexus Credit Union through a one-time $5 donation. You may also be eligible for a membership if you meet certain criteria.
Read our full review of Connexus Credit Union
Genisys Credit Union Genius High-Yield Rewards Checking Account: 6.75% APY
Account details:
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Minimum opening deposit: $0
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Minimum balance to earn highest APY: No minimum balance requirement
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Monthly fee: $0
Genisys Credit Union’s Genius High-Yield Rewards checking account offers one of the highest rates on our list at 6.75% APY. The catch: This rate is only available on balances up to $7,500. Balances above $7,500 earn 0.05% APY.
This account has no minimum balance requirements or monthly fees, but there are requirements you must meet to earn the highest advertised rate. You must enroll in eStatements and use your Genisys Debit Mastercard® at least 10 times per month for purchases of $5.00 or more, excluding ATMs.
As an added bonus, this account gives customers the chance to earn rewards. Every time you sign for transactions using your Genisys Rewards Debit Mastercard®, you automatically earn one point for every $2 you spend. Points can be redeemed for travel, merchandise, gift cards, and more.
Anyone can join Genisys Credit Union by meeting one of the following eligibility requirements:
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Live, work, worship, own a business, or attend school in Michigan, Minnesota, or Pennsylvania
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Be related to a current member
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Become a member of the Arthritis Foundation or the Paint Creek Center for the Arts
Primis Bank Premium Checking: 4.50% APY
Account details:
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Minimum opening deposit: $1
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Minimum balance to earn highest APY: $1
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Monthly fee: $0
Primis Bank made our list for a second time with its Premium checking account. This high-yield checking account offers 4.50% APY on all balances. There are no monthly maintenance fees and no overdraft fees.
The Premium checking account also comes with several perks, including early direct deposit and ATM fee reimbursement.
Axos Rewards Checking: 3.30% APY
Account details:
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Minimum opening deposit: $50
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Minimum balance to earn highest APY: No minimum balance requirement
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Monthly fee: $0
The Rewards checking account from Axos Bank currently offers 3.30% APY with no monthly maintenance fees or minimum balance requirements. However, customers who hope to qualify for this APY will need to meet specific requirements, including having a certain amount of direct deposits per month, maintaining an average daily balance of $2,500 in an Axos Invest account, using a debit card to make Axos loan payments, and more.
Read our full review of Axos Bank
Consumers Credit Union Rewards Checking: 5.00% APY
Account details:
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Minimum opening deposit: $5
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Minimum balance to earn highest APY: No minimum balance requirement
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Monthly fee: $0
Consumers Credit Union is currently offering a Rewards checking account with a rate of up to 5.00% APY on balances of $10,000 or less when you meet certain requirements.
The requirements to earn the disclosed APY are as follows:
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Earn 3.00% APY on up to $10,000 by making at least 12 monthly debit card purchases, having electronic transactions (direct deposit, ACH transfer, or mobile check deposit) of at least $500 per month and receiving e-statements.
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Earn 4.00% APY on up to $10,000 by making $500 in Consumers Credit Union credit card purchases monthly plus all the previous requirements.
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Earn 5.00% APY on up to $10,000 by making an additional $500 in credit card purchases monthly (for a total of $1,000), plus all the previous requirements.
Balances above $10,000 earn 0.10% or 0.20% APY, depending on the exact balance amount. If you don’t complete the initial requirements in any month, you’ll earn a 0.01% APY on all balances.
There are no monthly maintenance fees associated with this account and Consumers Credit Union offers unlimited reimbursement for ATM fees.
Anyone can join this credit union by joining the Consumers Cooperative Association, which allows you to qualify for Consumers Credit Union (CCU) membership. There are no obligations except a one-time $5.00 membership fee, which CCU will reimburse in most cases.
NBKC Everything Account: 1.75% APY
Account details:
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Minimum opening deposit: $0
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Minimum balance to earn highest APY: $0.01
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Monthly fee: $0
NBKC Bank offers a combination high-yield checking and savings account that earns 1.75% APY.
With NBKC, customers have access to a network of more than 37,000 fee-free ATMs and up to $12 per month in fee reimbursements for out-of-network ATMs. This account also allows customers can set up autopay for their regular bills, create savings goals for future expenses, and track their progress and spending along the way.
Read our full review of NBKC Bank
OnPath Federal Credit Union Rewards High-Yield Checking: 7% APY
Account details:
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Minimum opening deposit: $25
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Minimum balance to earn highest APY: No minimum balance requirement
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Monthly fee: $0
OnPath Federal Credit Union is currently offering a rewards high-yield checking account with 7% APY on average daily balances up to $10,000. Balances over $10,000 earn .50% APY. To qualify for the highest advertise rate, you must meet the following requirements:
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Log into online or mobile banking one or more times per qualification cycle
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Be enrolled in and receive e-statements for the statement cycle
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Have at least 15 debit card purchases post and settle within the qualification cycle
If these requirements aren’t met, all balances will earn 0.01% APY.
To become a member of OnPath FCU, you must meet one of the following requirements:
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Live, work, worship, volunteer, or go to school in an eligible field of membership community
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Be an immediate family member of an existing member
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Currently work for or have retired from a company that works with OnPath
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If none of these options apply, you can join the credit union by making a one-time $5 donation to the OnPath Foundation
Lake Michigan Credit Union Max Checking: 3.00% APY
Account details:
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Minimum opening deposit: $0
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Minimum balance to earn highest APY: No minimum balance requirement
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Monthly fee: $0
Lake Michigan Credit Union’s Max Checking account offers a competitive 3.00% APY on balances of up to $15,000. There are no monthly fees for this account and no minimum balance requirements to earn the stated APY. However, you must meet a list of requirements to earn the highest advertised rate, including:
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Direct deposit or ACH deposit into Max Checking
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Minimum of 10 posted debit or credit card purchases
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Minimum of 4 logins to online or mobile banking
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Enrolled in eStatements
To become a member of LMCU, you must meet one of the following requirements:
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Live, work, worship, or attend post-secondary school in Michigan's lower peninsula or Florida
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Be an immediate family member of a current LMCU member (mother, father, sister, brother, son, daughter, grandmother, grandfather, or spouse)
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Donate at least $5 to the Amyotrophic Lateral Sclerosis (ALS) Association of Michigan
Hope Credit Union Rewards Checking: 5.12% APY
Account details:
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Minimum opening deposit: $0
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Minimum balance to earn highest APY: No minimum balance requirement
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Monthly fee: $0
Hope Credit Union’s Rewards checking account offers an impressive 5.12% APY on balances up to $10,000 as long as the following criteria are met each month:
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Have 12 debit card transactions post to and clear your account
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Log onto Hope CU’s digital banking on your phone or computer at least once
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Sign up for and receive e-statements
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Have at least one direct deposit or automatic payment (ACH) clear your account
Balances over $10,000 earn 0.50% APY. If you don’t meet the above requirements in a given month, you’ll earn 0.10% APY on all balances.
Becoming a member of Hope Credit Union is simple; membership is open to anyone who joins Hope Enterprise Corporation. You can become a member of both organizations by completing the membership application.
Learn more about online high-yield checking accounts
High-yield online checking accounts work the same as traditional checking accounts; the major difference is that high-yield checking accounts pay higher rates than the national average. And these accounts are typically offered by online banks and credit unions.
Additionally, to earn the highest rate available, you may need to meet certain requirements, such as setting up direct deposit or making a minimum number of debit transactions each month.
Learn more about how high-yield online checking accounts work and whether one is right for you.
Can you open a checking account online?
Online banking is becoming increasingly popular, and as a result, you often don’t need to visit a physical branch to open a new checking account. Many banks and credit unions offer online applications to simplify the process of opening a new account. Learn more about opening a checking account online.
Are high-yield checking accounts worth it?
Savings accounts are not the only deposit accounts that can help you earn interest on your balance. High-yield checking accounts offer an alternative that gives you easy access to your funds while your balance earns compound interest. However, some high-yield checking accounts may come with fees or large minimum balance requirements, so choosing the right account is key. Learn more about whether high-yield checking accounts are worth it.
How much money should you keep in your checking account?
Checking accounts are designed to manage your daily spending and other transactions. As a result, your checking account balance probably fluctuates quite a bit. Still, you may have asked yourself exactly how much money you should keep in your checking account. While there is no hard and fast rule about the exact amount, it is possible to have too much money in a checking account. Learn more about how much money you should keep in your checking account.
How to deposit cash at an online bank
The beauty of online banking is that it can be done from the comfort of your home — or anywhere you have an internet connection. But what about when you need to deposit physical cash into your bank account? Some online banks allow you to deposit cash at ATMs, but not all offer this service. Learn more about how to deposit cash at an online bank.
How to order checks online
Check-writing may not be part of your regular routine, but there are some instances when you may need to pay with a paper check. But what if you’re all out? Buying checks online is often the cheapest and most convenient option. Learn more about how to order checks online.
What is an eCheck, and how does it work?
Electronic checks, or eChecks, are an alternative to paper checks and allow you to send payments faster and more securely. You can use eChecks to pay for loan payments, tax payments, subscriptions, memberships, and more. Learn more about how eChecks work.
How does mobile check deposit work?
The days of driving to the bank to deposit a check in person are just about over. Many banks now offer mobile check deposit services that allow you to deposit checks from your phone, and the process only takes a minute or two. Learn more about mobile check deposit.
Frequently asked questions about online high-yield checking accounts
Is there such a thing as a high-yield checking account?
Yes. Many financial institutions offer high-yield checking accounts with interest rates that are multiple times the national average for interest-bearing checking accounts. Some accounts pay as much as 5% APY or more, though these highest rates may only be available on a portion of your balance.
Which bank pays the highest interest on a checking account?
The highest rate for an online checking account is currently offered by OnPath Federal Credit Union. The Rewards High-Yield Checking account currently offers 7% APY on average daily balances up to $10,000.
What is the easiest checking account to get online?
Many banks and credit unions have simplified the process of applying for a new account by offering online applications. In most cases, you can skip a trip to the branch and open a checking account online or by phone.
What bank pays you to open an account online?
Many banks, including SoFi, Bank of America, BMO Bank, Chase Bank, CitiBank, Discover, and others offer bonuses for opening a new account. Here’s a round-up of bank bonuses available now.
Best high-yield online checking accounts methodology
Our grading system, collected and carefully reviewed by our personal finance experts, comprised nearly 300 data points for close to 20 FDIC- and NCUA-insured checking accounts to develop our list of the top 10 high-yield online checking accounts. We defined “high-yield” as accounts that offer 1.00% APY or greater.
We evaluated these accounts according to several key metrics, including APY, monthly fees, ATM network size and fee reimbursement options, overdraft fees and overdraft protection services, rewards or cashback, early direct deposit, account bonuses, mobile app rating, and customer service contact methods.
Here’s a closer look at the categories we considered:
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APY and minimum balance to earn interest: We gave checking accounts with higher APYs extra points. We also rewarded accounts with low or no minimum balance requirements to earn interest.
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Minimum opening deposit: Checking accounts that are free to open or have a lower opening deposit requirement ranked more favorably.
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Monthly fees: Many checking accounts come with monthly service fees that can eat into your account balance. We ranked accounts that have zero monthly maintenance fees more favorably.
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ATM network size and fee reimbursement: Checking accounts that offer expansive and free ATM networks and/or ATM reimbursement for the use of out-of-network ATMs scored higher in our rankings.
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Overdraft fees and protections: Overdrafts can happen if you’re not closely monitoring your account balance. Luckily, many financial institutions don’t charge fees for overdrafts or offer a safety net in the form of overdraft protection. Checking accounts with zero or low overdraft fees and overdraft protection services earned more points than checking accounts that don’t.
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Rewards, cashback, and bonuses: The checking accounts on our list earned extra points for offering any type of rewards, cashback, or promotional bonuses for new accounts. Promotional bonuses are subject to change, but we awarded points for active bonuses at the time of publication.
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Early direct deposit: Early direct deposit gives checking account customers the ability to access their paychecks earlier than their scheduled payday. We rewarded checking accounts that come with this perk.
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Mobile app rating: Checking accounts with a higher average mobile app rating on the Apple and Google storefronts scored more points than those that did not.
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Customer service contact methods: We rewarded checking accounts that belonged to financial institutions with various customer service contact methods such as phone, email, and chat.
