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Stop Earning 0% in Your Checking Account. It's Time to Switch to One of These Top Banks

By

澳洲幸运5官方开奖结果体彩网:Krystal Etienne

Published December 04, 2024

A man sits at a desk with a laptop, receipts, and calculator — Xavier Lorenzo / Getty Images

Key Takeaways

The top high-yield checking accounts pay up to 6.25% APY, 78 times more than the national average checking account rate of 0.08%.
That top rate is also higher than the 澳🧜洲幸运5官方开奖结果体彩网:top-paying high-yield saving꧒s account right now, which pays 5.00%.
Switching checking accounts is easier than you might think, and could really pay off in the long run.

A bank account is a modern-day necessity for keeping your funds safe and secure. However, the type of account you open could mean the difference between gaining a few extra cents to earning a few hundred dollars. The average interest rate paid on money in a checking account is just 0.08%, meaning a $1,000 deposit would grow by just 80 cents a year. Instead, putting those same funds in the 澳洲幸运5官方开奖结果体彩网:top high-yield checking account with a 6.25% annual percentage yield (APY🍷) would produce o꧃ver $60 in the same time frame.

But interest rates don’t last forever. Banks adjust their rates to compete against other institutions, and the Federal Reserve is expected to cut the fe🐼deral funds rate again in just two weeks at its December meeting. The fed funds rate influences what banks pay in interest. This means that the rates you see today likely will not be the rates you see next month. If you want to open an account with a competitive interest rate, you may want to act now to take full advantage of the earnings it may generate.

Earn Up to 6.25% APY With a High-Int🐠erest Checking Account

La Capitol Federal Credit Union - 6.25% APY
Credit Union of New Jersey - 6.00% APY
Fitness Bank - 6.00% APY
Garden Savings Federal Credit Union - 5.12% APY
Pelican State Credit Union - 5.01% APY
Orion Federal Credit Union - 5.00% APY
Consumers Credit Union - 5.00% APY
Presidential Bank - 4.62% APY
Signature Federal Credit Union - 4.00% APY

If you’re looking for high ear𝕴nings but don’t have enough to meet an account maximum, selecting a bank account with the highest APY may be the bꦦest way to maximize your earnings. However, if you have the means to max out an account and are willing to meet special requirements such as meeting a monthly spending minimum or averaging 10,000 steps daily, you may find an account with a higher balance maximum more lucrative.

ꦑ Here’s a full comparison of today’s top high-yield checking accounts:

Top-Paying High-Yield Checking Accou📖nts Right Now

Bank	APY	Minimum Opening Deposit	Maximum Balance	Special Requirements
- Choice Checking Account	6.25%	$50	$10,000 (Funds exceeding $10,000 earn 0.72% APY)	15 monthly debit card transactions ($5 minimum)
- Kasasa Cash Checking Account	6.00%	$5	$25,000 (Funds exceeding $25,000 earn 0.75% APY)	1 direct deposit, ACH credit, ACH payment, or bill pay; 12 monthly debit card transactions, and e-statement enrollment
- Elite Checking Account	6.00%	$100	$25,000 (Funds exceeding $25,000 earn 0.25% APY)	15 monthly debit card transactions and an average of 10,000 daily steps (7,500 if age 65+)
- Platinum Rate Rewards Checking Account	5.12%	None	$15,000 (Funds exceeding $15,000 earn 0.15% APY)	Monthly direct deposit or ACH payment 12 monthly debit card transactions ($5 minimum) and e-statement enrollment
- Kasasa Cash Account	5.01%	$25	$20,000 (Funds exceeding $20,000 earn 2.02% APY)	Monthly direct deposit, online bill payment, or ACH payment; 15 monthly debit card transactions; e-statement enrollment; and digital banking enrollment
- Premium Checking Account	5.00%	None	$10,000 (Funds exceeding $10,000 earn up to 4.55% APY)	Monthly electronic deposit minimum of $500 and monthly credit or debit spending minimum of $500
- Rewards Checking Account	5.00%	$5	$10,000 (Funds exceeding $10,000 earn up to 0.20% APY)	Monthly electronic deposit minimum of $500, 12 monthly debit card transactions, e-statement and e-document enrollment, and $1,000 credit card purchase minimum in the first month
- Advantage Checking Account	4.62%	$500	$25,000 (Funds exceeding $25,000 earn 3.62% APY)	Monthly electronic deposit minimum of $500 and 7 monthly electronic withdrawals
- High Yield Checking	4.00%	None stated	$40,000 (Balances above $40,000 earn 0.00% APY)	Monthly direct deposit minimum of $1,000, 15 monthly debit card transactions, and e-statement enrollment

How We Sel🌳ect the Top-Ranked High-Yield Checking Accou🌌nts

To choose the best high-yield checking accounts, we found banks and credit unions that offered checking accounts with the highest annual percentage yields (APYs). To make our list, institutions must be federally insured (by FDIC for banks and NCUA for credit unions). The maximum allowable balance to earn the highest rate must be at least $10,000. And the number of required debit card transactions can not exceed 15.

Article Sources

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