High Yield Reward Checking Account Rates

Written by

Gina Pogol

Edited by

Kristin Marino

Looking for the best rewards checking or interest checking account? The list below may help. While rewards and interest checking accounts aren’t as common as they were a few years ago, there are still a number of checking products today that offer competitive interest rates — and possibly some other perks too.

Checking Account Bonus Offers

Some banks may offer a checking account bonus in the form of cash back or preferred bank rates. Banks typically have requirements, such as a minimum opening balance or other obligations, before you are able to earn a checking account bonus. Other banks offer bank promotions, including the chance to earn a free mobile device, so be on the lookout for the best checking accounts that also provide perks.

Banks and credit unions listed in the rate table below are insured up to $250,000 per depositor by the Federal Deposit Insurance Corporation (FDIC) or National Credit Union Administration (NCUA).

Compare Checking Accounts & Find the Best Offers

Find a variety of checking account promotions in the table below and get the best bank deals.

What Is a High-Yield Rewards Checking Account?

A high-yield rewards checking account is a type of banking account that offers a higher interest rate compared to traditional checking accounts.

These accounts are designed to incentivize customers to maintain certain qualifying activities, such as a minimum balance, direct deposits, debit card usage, or online bill payments. In return for meeting these requirements, the account holder earns a higher interest rate on their deposits.

Higher Interest Rates

The interest rates offered on high-yield rewards checking accounts are typically higher than those offered on standard checking accounts or even traditional savings accounts. This can allow customers to earn more money on their deposits while still having the flexibility and convenience of a checking account.

Rewards for Signing Up or Using Your Account

In addition to the higher interest rates, some high-yield rewards checking accounts also offer additional perks or rewards, such as cashback on certain purchases, ATM fee reimbursements, or other benefits.

These features can vary depending on the financial institution and the specific account terms.

Requirements and Limitations

It’s important to note that high-yield rewards checking accounts often come with specific requirements and limitations.

These can include maintaining a minimum balance, making a certain number of monthly debit card transactions, or meeting other qualifying criteria.

If the account holder fails to meet these requirements, they may not earn the higher interest rate or be subject to fees.

Bottom Line

Before opening a high-yield rewards checking account, it’s advisable to carefully review the terms and conditions, including any qualifying criteria, fees, and limitations, to ensure they align with your financial needs and habits.