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 top high-yield checking account with a 6.25% annual percentage yield (APY) would produce over $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 federal 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.
If you’re looking for high earnings but don’t have enough to meet an account maximum, selecting a bank account with the highest APY may be the best 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.
Here’s a full comparison of today’s top high-yield checking accounts:
| Bank | APY | Minimum Opening Deposit | Maximum Balance | Special Requirements |
| La Capitol Federal Credit Union - Choice Checking Account | 6.25% | $50 | $10,000 (Funds exceeding $10,000 earn 0.72% APY) | 15 monthly debit card transactions ($5 minimum) |
| Credit Union of New Jersey - 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 |
| Fitness Bank - 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+) |
| Garden Savings Federal Credit Union - 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 |
| Pelican State Credit Union - 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 |
| Orion Federal Credit Union - 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 |
| Consumers Credit Union - 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 |
| Presidential Bank - 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 |
| Signature Federal Credit Union - 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 |
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.
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