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6 High-Interest Checking Accounts That Let Your Money Grow

Bank Accounts

6 High-Interest Checking Accounts That Let Your Money Grow

You’ve probably always thought that if you want to earn interest on your money, you move it to a savings account. Your checking account is just for paying bills and the like, right? Not anymore. 

With the rise of online-only banks that don’t have the overhead of brick-and-mortar locations, the competition for your checking dollars has gotten fierce. One of the big benefits of this battle is that many banks are now offering interest-yielding checking accounts. And while you may not rake in giant interest rates, you can definitely earn a little something on that money — and why wouldn’t you?

Here are our top six high-interest checking accounts that could help your money grow.

How We Picked the 6 Best Checking Accounts That Pay Interest

Our methodology for this list is pretty simple: According to the FDIC, the average interest rate for interest-bearing checking accounts is currently 0.05%. We’re looking for checking accounts that beat that average.

Beyond the interest rate, we looked at what else the account brings to the table. We gave preference to those accounts that don’t have maintenance fees or high minimum balances and that offer ATM fee reimbursement. 

The 6 Best High-Interest Checking Accounts

Without further adieu, here are the six best high-interest checking accounts where you can use your money and make a little money at the same time.

1. SoFi 

One of the highest interest rates we’ve found for an online checking account is from SoFi Money. That checking account earns you 1.6% APY, or annual percentage yield, which is percent in interest (including compound interest) you’ll earn on your money in a year.

Frankly, that’s practically unheard of. That’s more than 32 times higher than the average interest-bearing checking account. Heck, it’s better than the rate on a lot of savings accounts.

SoFi Money takes a number of steps to make the transition to online banking easy:

  • ATMs: With automatic reimbursement of ATM fees, you can use just about any ATM anywhere for free.
  • Checks: If you occasionally need a physical check — to pay your landlord or whatever — you can get checks from SoFi for free.
  • Website: SoFi’s website and mobile apps have detailed FAQs, and they make it simple and easy for you to find any information you want.

2. NDKC Personal Checking

The NBKC Personal Checking Account offers 1.01% interest on all balances and has no minimum balance requirement. That’s a pretty sweet deal at 20 times the national average. It also features $0 overdraft and non-sufficient funds charges, so if you tend to overextend your money, you won’t get dinged. 

Do you use ATMs? NBKC Personal Checking also offers up to $12 monthly to refund those pesky ATM fees.

This account has a minimum opening deposit of $5, but you’d probably deposit at least that much anyway. 

3. Memory Bank

You may not have heard of Memory Bank. Or maybe you did and you just forgot. (Get it?) Anyhoo, Memory Bank’s EarnMore Checking Account is another great option for a high-interest checking account with 0.90% APY. 

Memory Bank is a great choice for those of us who like the perks of online banking, but also want to know that we can get personal service when we need it. They offer live support by phone, email, or online chat. That can be a great benefit when you just need to ask a quick question, but don’t want to get stuck on an automated phone system for an hour. 

4. Capital One 360

The real beauty of the Capital One 360 Checking Account is the pure ease of its online banking setup. Both the website and the app are remarkably intuitive. Plus, you won’t have any minimum balance or fees to deal with. 

The base APY right now for the Capital One 360 is 0.2%, which is a respectable four times the national average. However, if you manage to save up a little, you’ll earn even more. Balances from $50,000 to $100,000 earn 0.5%. Balances above $100,000 earn 0.75%. 

5. Charles Schwab

OK, when you think Charles Schwab, you probably don’t think about checking accounts. That could change. Its High Yield Investor Checking is a free account that earns 0.15% APY on your balance. 

It also features unlimited ATM fee rebates worldwide. That’s pretty cool if you travel a lot. 

This account has no minimum balance, no minimum opening deposit and no maintenance fees. 

There is one catch: You need to have a Schwab One brokerage account linked to your checking to avoid maintenance fees. It may not be for everybody, but if you already invest, why not take advantage of it? 

6. Ally Interest Checking Account

As the name suggests, you’ll earn interest with the Ally Interest Checking Account. For balances under $15,000, you’ll earn 0.1%, which isn’t all that remarkable. 

But, if you tend to have $15,000 or more on hand, you can earn 0.5%. While 0.5% may not seem like much, that’s 10 times the national average for checking accounts that pay interest. 

Ally’s Interest Checking really makes its mark with the other perks. The account has:

  • No maintenance fees.
  • No minimum balance requirement.
  • No minimum opening deposit.
  • Easy online access.

Another nice perk is that Ally will reimburse you for up to $10 worth of ATM fees charged by other banks per statement cycle. 

How to Choose a High-Interest Checking Account

If you’re thinking about moving to a high-interest checking account, take a few things into consideration.

  • Look for accounts that won’t negate those interest earnings by charging you fees. However, if you will carry a high balance, it may be worth paying a small fee to get a better interest rate. Do the math.
  • Keep an eye on minimum balance requirements. We focused on accounts that don’t require a minimum balance, but if you know that you’ll consistently have at least $1,000 in your account at all times, you may want to shop around a bit more. There may be a great deal out there.
  • Look at the requirements. Maybe you don’t use your debit card that much or you don’t want to have direct deposit. Choose an account that fits with the way you like to use your account.
  • Keep ATMs in mind if you use them. It’s 2019, and you shouldn’t have to pay those fees. There are too many banks that are willing to cover those for you.
  • The app. If you do a lot of banking on your phone, make sure the bank you choose has a solid banking app.

Once you find the checking account that checks all the right boxes for you and how you like to use your account, sign up and start earning money on your money already. 

Tyler Omoth is a freelance writer covering topics from personal finance to career advice and even lawn care. His work has been featured on, and more. He is also the author of over 70 educational books for children and a proud parent of twin toddlers.

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