If you're open to using a debit card frequently, opting for high-interest checking accounts could be a lucrative choice, offering significantly higher returns than conventional accounts. The highest return available currently is from Genisys Credit Union's account, offering an impressive 6.75% APY, provided certain monthly obligations are met.
Rewards checking accounts can yield high returns in exchange for adhering to a few preset conditions every statement cycle. Miss a single requisite, and your interest more or less evaporates for that month.
Notably, every high-interest checking account listed here needs you to sign up for electronic statements, almost always along with online or mobile banking enrollment. To a large extent, credit unions contribute to the high-interest checking account market, taking up most of the slots in our top picks. A key point: you can do business with many of these credit unions, regardless of your location or the credit union’s name, for a modest fee or donation.
A brand called Kasasa assists many banks and credit unions by providing them with checking account infrastructure. Kasasa accounts offer various types of rewards and carry no fees.
Note that your local credit unions might pay as high as or even higher than the best national options we could find, or they could come with more manageable requirements. While the national leaders listed above would be hard for most markets to beat, it's worth weighing the local and regional options available to you prior to making your choice.
Opting for a high-interest checking account requires a fair bit of strategizing to earn the reward. Such accounts cannot be left on autopilot and have to be managed actively to obtain maximum interest. Conducting a detailed study of your routine checking account usage and analyzing behavior changes you could feasibly adapt to can guide you to the rewards checking account that suits you best.
Once you've picked an account, invest some time in dialoguing with a customer service representative of the institution to clarify important rules regarding qualifying transactions, account requirements and monthly qualification calendar.
Remember - to keep the high interest flowing, stick to the eligibility rules, meet the preset minimums, and keep regular tabs on your account balance. And if your balance tips over the maximum allowable limit for high APY, transfer the excess into a high-yield savings account to continue earning high interest.