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Many people don’t know that their checking accounts can do more than just hold money. Traditional checking accounts usually don’t pay much or any interest, but high-yield checking accounts can turn passive balances into active earnings by offering competitive annual percentage yields (APYs) without losing the ability to easily access your money. If you’re new to personal finance or want to improve your financial plan, it’s important to know which high-yield checking accounts have the best mix of features, fees, and ease of use.
We’ll look at some of the best high-yield checking accounts on the market today, giving you all the important information you need about each account’s APY, fees, and unique features.
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Top High-Yield Checking Account Options
- Ally Bank Interest Checking Account
- SoFi Checking and Savings
- Chime Spending Account
- Discover Cashback Debit Account
- Marcus by Goldman Sachs High-Yield Online Savings Account
- Capital One 360 Performance Savings
- American Express High-Yield Savings with Linked Checking
- Axos Bank Rewards Checking
- HSBC Premier Checking
- FNBO Direct Online Checking
- TIAA Bank Yield Pledge Checking
- Comparison Table of High-Yield Checking Accounts
- Conclusion
- Frequently Asked Questions
- Recommended Reads
Top High-Yield Checking Account Options
Ally Bank Interest Checking Account
Ally Bank’s Interest Checking Account offers one of the highest yields among online banks. The account charges no monthly maintenance fees and allows customers to manage funds with a user-friendly online platform.
Features
- Competitive APY: Up to 0.25% on balances over $15,000.
- No Monthly Maintenance Fees: Helps retain earnings.
- Mobile and Online Banking: Accessible account management.
SoFi Checking and Savings
SoFi combines high-yield interest rates with convenient cash management features. The account offers an attractive yield with no fees or minimum balance requirements.
Features
- Interest Rate: Up to 4.60% APY on balances with direct deposit.
- No Monthly Fees: Encourages saving.
- Comprehensive App: Integrates budgeting and spending tools.
Chime Spending Account
Chime provides a zero-fee spending account with a competitive APY on eligible balances, alongside benefits like early access to direct deposits.
Features
- 0% Fees: No monthly, overdraft, or minimum balance fees.
- APY: Up to 2.00% on eligible balances.
- App Tools: Budget tracking and automated savings.
Discover Cashback Debit Account
Discover’s Cashback Debit Account delivers both high yield and rewards, offering 1% cash back on up to $3,000 in monthly purchases, in addition to competitive rates.
Features
- Cash Back: Earn up to $30 monthly.
- No Monthly Fees: Avoid unnecessary deductions.
- Nationwide ATM Access: Reimbursements included.
Marcus by Goldman Sachs High-Yield Online Savings Account
Marcus offers a high-yield online savings account with convenient checking-like features, including fast transfers and easy access to funds.
Features
- Interest Rate: 4.40% APY.
- No Minimum Balance: Flexible saving options.
- Seamless Transfers: Quick fund movement.
Capital One 360 Performance Savings
Capital One’s 360 Performance Savings provides strong digital tools, an intuitive app, and a competitive APY.
Features
- APY: 4.25% with no monthly fees.
- Digital Tools: Goal tracking and automatic transfers.
- FDIC Insured: Funds protected up to $250,000.
American Express High-Yield Savings with Linked Checking
American Express offers high-yield savings accounts with linked checking features, providing integrated fund management.
Features
- Interest Rate: 4.25% APY.
- No Fees: Save without hidden costs.
- Simple Integration: Streamline spending and saving.
Axos Bank Rewards Checking
Axos Bank Rewards Checking provides higher yields with active usage incentives, appealing to those who make regular debit transactions.
Features
- APY: Up to 3.30% with qualifying activities.
- Cash Back Options: Additional earning potential.
- Digital Banking: Intuitive mobile access.
HSBC Premier Checking
HSBC Premier is designed for global customers, offering competitive conversion rates, strong yields, and benefits for international transactions.
Features
- Currency Conversion: Favorable rates for travelers.
- Yield Options: Competitive returns on balances.
- Global Support: 24/7 customer assistance.
FNBO Direct Online Checking
FNBO Direct offers simple checking with solid returns, ideal for managing daily expenses while earning interest.
Features
- Interest Rate: 0.15% APY.
- No Monthly Fees: Keeps funds intact.
- Online Access: Easy account management.
TIAA Bank Yield Pledge Checking
TIAA Bank’s Yield Pledge Checking guarantees interest rates among the top 5% of competitive accounts nationwide.
Features
- Guaranteed Competitive Rates: Adjusted regularly.
- No Monthly Fees: Maximizes earnings.
- Established Institution: Reliable financial services.
Comparison Table of High-Yield Checking Accounts
| Bank/Account | APY | Monthly Fees | Notable Features |
|---|---|---|---|
| Ally Bank Interest Checking | Up to 0.25% | None | Online tools, solid yield |
| SoFi Checking and Savings | Up to 4.60% | None | Cash management, modern app |
| Chime Spending Account | Up to 2.00% | None | Early pay, no fees |
| Discover Cashback Debit | 1% cash back | None | Cash rewards, ATM reimbursements |
| Marcus High-Yield Savings | 4.40% | None | Quick transfers, no balance minimums |
| Capital One 360 Performance Savings | 4.25% | None | Digital tools, FDIC insured |
| American Express Linked Checking | 4.25% | None | Integrated savings and checking |
| Axos Bank Rewards Checking | Up to 3.30% | None | Rewards for debit usage |
| HSBC Premier Checking | Varies | May apply | Global transactions, currency benefits |
| FNBO Direct Online Checking | 0.15% | None | Simple, interest-bearing checking |
| TIAA Bank Yield Pledge Checking | Market top 5% | None | Market-linked rates, established bank |
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Conclusion
High-yield checking accounts are a good way to make more money on your everyday balances without making them harder to get to. There are many options for every financial goal, from online banks like Ally and SoFi that make it easy to do business online to international banks like HSBC Premier. When choosing the right account, you need to think about things like APYs, fees, ATM access, mobile tools, and special features like cash back or support for international transactions. People can build better financial habits, make the most of their extra cash, and get closer to long-term financial success by using high-yield checking accounts.
Frequently Asked Questions
What is a high-yield checking account?
A high-yield checking account offers a competitive APY on balances, enabling earnings on funds kept in a checking account rather than a traditional savings account.
How do high-yield checking accounts differ from savings accounts?
High-yield checking accounts typically provide easier access to funds, check-writing privileges, debit card usage, and ATM access, while still offering attractive interest rates.
Are there risks with high-yield checking accounts?
When accounts are FDIC insured, balances up to $250,000 are protected. However, customers should review terms carefully for requirements like qualifying transactions or minimum balances.
Do high-yield checking accounts have monthly fees?
Most top high-yield checking accounts listed have no monthly fees, but some may charge fees if certain requirements (like minimum balances) are not met.
Can high-yield checking accounts replace savings accounts?
For many individuals, high-yield checking accounts can supplement or even replace savings accounts, especially if they offer competitive yields and require frequent liquidity.
Reviewed and edited by Albert Fang.
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Article Title: Best High Yield Checking Accounts
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