Nortpointe Bank checking account rate
Northpointe Bank

For many of us, letting money sit in a checking account is no better than hiding it under a mattress. Either way, it’s not generating any interest.

Even if your bank pays interest on your deposits, you’re probably barely earning anything. The average annual checking account yield is 0.06 percent APY, according to a recent Bankrate survey.

The checking accounts with the best rates, however, pay as much as 5 percent APY. While there’s usually a balance cap limiting the amount of interest you earn, you can still walk away with a sizable amount of cash to invest or transfer to a savings account.

Compare the best checking account rates and find the one that’s the right fit for you.

Bank APY Balance cap
Northpointe Bank
5.00% $10,000
First Financial Credit Union 5.00% $2,500
La Capitol Federal Credit Union 4.25% $5,000
One American Bank 3.50% $10,000
Consumers Credit Union 3.09% $10,000
Lake Michigan Credit Union 3.00% $15,000
Signature Federal Credit Union 3.00% $15,000
Evansville Teachers Federal Credit Union 3.00% $15,000
Great Lakes Credit Union 3.00% $10,000
CapEd Credit Union 2.50% $10,000

Checking accounts with the best rates

Northpointe Bank offers the best deal for checking account holders trying to earn interest. Its UltimateAccount:

  • Pays 5 percent APY on balances up to $10,000.
  • Refunds up to $10 in ATM fees per month.
  • Requires a $100 minimum deposit.

High balances pay 0.10 percent in simple interest. Northpointe Bank has been around for 17 years and is based in Grand Rapids, Michigan.

First Financial Credit Union offers the same 5 percent yield through its High 5 Checking account, which:

  • Has a $2,500 balance cap.
  • Has no minimum balance requirements.
  • Refunds up to $10 in ATM fees per month.

High balances pay 0.10 percent APY. The credit union is headquartered in Chicago. Membership is open to anyone who makes a donation to a nonprofit (SitStayRead or Resources for Community Living).

Next on the list is La Capitol Federal Credit Union with its All Access Advantage checking account, which:

  • Pays 4.25 percent APY on balances up to $5,000.
  • Refunds up to $25 in ATM fees per month when you opt for eStatements.
  • Requires a $50 minimum deposit.

High balances pay 0.15 percent APY. The credit union is based in Baton Rouge, Louisiana. Membership is open to anyone who pays a $20 fee and joins the Louisiana Association for Personal Financial Achievement.

One American Bank’s Kasasa Cash checking account also pays a high yield: 3.50 percent APY. The balance cap is $10,000 and high balances pay 0.25 percent APY.

Earning the highest checking account yield

Before you choose an interest-bearing checking account, pay attention to the requirements you must meet to earn the highest yield. You may need to set up direct deposit, enroll in eStatements and/or make a certain number of debit card purchases each month.

While savings account rates have increased in recent months, interest-bearing checking account rates have remained stagnant. Still, the best checking account rates are more than three times higher than the best savings account rates.

If you can’t meet the criteria to qualify for one of the best checking account rates, consider opening a high-yield CD instead.

Promoted Stories