Best High-Interest Checking Accounts for December 2024—Up to 6.25%

Holding enough money in a checking account to cover your bills and then stashing any surplus cash in a savings account is the traditional model for boosting the bank interest you can earn. But for those willing to regularly use a debit card, significantly higher earnings are available from high-interest checking accounts.

Best High-Yield Checking Accounts

Best High-Interest Checking Accounts for December 2024—Up to 6.25%

• 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%
• Consumers Credit Union – 5.00% APY
• Orion Federal Credit Union – 5.00% APY
• Presidential Bank – 4.62% APY
• Signature Federal Credit Union – 4.00% APY
• These accounts, sometimes called rewards checking, offer a trade-off: If you meet a handful of requirements in any given statement cycle, the bank or credit union will pay you an interest rate for that month that is well beyond what even the best savings accounts offer.

Still, the requirements aren’t difficult for many consumers, and the payoff can be quite lucrative. Indeed, our ranking of the best high-interest checking accounts that are available nationwide all pay at least 4.00%, with the top-paying account reaching as high as a 6.25% annual percentage yield (APY)The catch is that you need to follow all of the requirements to the letter, and if you miss even one, you’ll be paid little or no interest for that month.

Compare that to high-yield savings accounts, where the best are paying better than 5.00% APY right now, while the national average rate is only 0.43% for savings accounts and 0.08% for checking accounts (FDIC rates are as of November 2024; they are released monthly).

Note that all of the high-interest checking accounts listed here require signing up for electronic statements, and most also stipulate that you enroll in online or mobile banking. Additionally, credit unions are significant players in the high-interest checking account arena, populating the majority of our ranking slots.

But don’t let the name or location of a credit union fool you into thinking you can’t bank with them. Many credit unions—and all of the ones we’ve included in our rankings here—offer a pathway for anyone in the country to join, usually for a modest fee or donation.

Below you’ll find the top checking account rates available from our partners, followed by our complete ranking of the best checking account rates nationwide.

La Capitol Federal Credit Union – 6.25% APY

With its limited balance threshold, it’s best for customers who keep relatively minimal funds on hand.

• Maximum balance for top APY: 6.25% APY on up to $10,000. Balances above $10,000 earn 0.72% APY.
• Debit card transactions required per month: 15.
• Direct deposit required? No.
• ACH required? No.
• Bill payments required? No.
• APY if qualifications not met: 0.01% APY on full balance for that month.
• ATM fee reimbursement: Up to $25 per month.
• Monthly maintenance fee: If you meet the monthly debit transaction requirement and keep your average daily balance above $1,000 for the month, there is no fee. Otherwise, an $8 low balance fee will apply.
• Paper statement fee: For any months not enrolled in e-statements or under the age of 24, $2 will be assessed, but the fee is waived for those under 17 and those over 60.
• Minimum opening deposit: $50.

• Credit Union of New Jersey – 6.00% APY

  For those who like to keep more than $10,000 in a checking account, Credit Union of New Jersey boasts the top rate.3.

  • Maximum balance for top APY: 6.00% APY on balances up to $25,000 and 0.75% APY on portion of balance greater than $25,000.
  • Debit card transactions required per month: 12.
  • Direct deposit required? At least one direct deposit, ACH credit, ACH payment, or bill pay transaction.
  • ACH required? At least one direct deposit, ACH credit, ACH payment, or bill pay transaction.
  • Bill payments required? At least one direct deposit, ACH credit, ACH payment, or bill pay transaction.
  • Other requirements: Electronic statements.
  • APY if qualifications not met: 0.01%.
  • ATM fee reimbursement: Up to $25 nationwide per statement period, up to $4.99 international per statement period.
  • Monthly maintenance fee: None.
  • Minimum opening deposit: $5.

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