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An interest-bearing checking account is like a regular checking account but with a bonus – it earns you a small amount of money (interest) for keeping your money in the account. This means that as you leave your money in the account, it gradually grows a bit.
Just remember, the interest rates are usually low compared to other savings options, so don't expect to get rich from it.
Also, many interest-bearing checking accounts have a minimum balance requirement to earn the advertised interest rate. If your balance falls below this threshold, you may earn little to no interest for that month.
Here are the best interest bearing checking account as of December 2024:
Connexus Xtraordinary Checking
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The Connexus Credit Union Xtraordinary Checking account offers the highest APY for balances up to $25,000 and lower APY for amounts over $25,000.
To earn this rate, you need to meet manageable monthly activity requirements.
Although no minimum deposit is required to open the account, a $5 deposit is needed to establish membership and open a checking account alongside a savings account.
Customers enjoy access to over 67,000 surcharge-free ATMs through Connexus, with up to $25 monthly refunds for out-of-network ATM fees when meeting activity criteria.
The account includes a debit card, online bill pay, and offers overdraft protection when linked to a Connexus savings account.
Quontic High Yield Checking
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Minimum Deposit
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With Quontic High Yield Checking, you can receive a 1.10% APY on your entire balance when you conduct a minimum of 10 eligible debit card purchases of $10 or higher per statement cycle. If you don't meet the requirements for qualifying transactions, your interest and APY will be 0.01%.
Here are the main characteristics of this account:
- No monthly charges.
- A minimum initial deposit of $100 is required.
- Enjoy a higher interest rate by making at least 10 debit card transactions each month.
- An inactivity fee of $5 applies if there are no transactions in one year.
- Cash deposits can only be made through an ATM.
Axos Essentials Checking
Axos Essentials Checking Review
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Current Promotion
APY Checking
The Axos Bank Rewards Checking is an interest bearing account with a tiered system to determine how much you’ll earn on your balance.
You can earn interest on balances up to $50,000, but it usually difficult to achieve the highest rate due to the varied requirements.
The Axos Bank Rewards Checking account offers a range of convenient banking tools, such as online bill payment and a highly-rated mobile app for managing transactions.
They provide a switch kit to help you transfer your account to Axos seamlessly.
While Axos Bank doesn't have its own ATM network, they offer unlimited fee reimbursement for domestic ATMs, making it easy to access your cash without extra charges. However, foreign ATM fees are not reimbursed.
Notably, there's no minimum balance requirement for earning interest, and the account is free of monthly maintenance, overdraft, and insufficient funds fees, making it an attractive option for online checking.
Consumers Credit Union Certificates
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Minimum Deposit
Current Promotion
APY Checking
This account offers a tiered interest rate structure:
3.00% APY: You can earn this rate on balances up to $10,000 by fulfilling these conditions: enroll in eDocuments, make at least 12 monthly debit card purchases, and receive direct deposits, Mobile Check Deposits, or ACH Credits totaling $500 or more.
4.00% APY: If you spend $500 or more monthly on your CCU Visa Credit Card (In addition to 3.00% APY requirements).
5.00% APY: Spend $1,000 or more on your CCU Visa Credit Card each month (In addition to 3.00% APY requirements). .
These rates are applicable to balances up to $10,000. One standout feature is the unlimited reimbursement for ATM fees, allowing you to access your money without worrying about additional charges. With access to over 30,000 ATMs and 5,000 shared branches, you have convenient options for banking.
Their online and mobile banking services provide flexibility and ease in managing your finances. Plus, you may receive your direct deposits up to two days early, giving you quicker access to your funds.
The account allows you to write unlimited checks, offering versatility in managing your payments. Overall, Consumers Credit Union Rewards Checking provides convenient and cost-effective banking solutions for its members.
SoFi Checking Account
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