Earn more on your money with the best high-yield checking accounts of August 2024
A high-yield checking account can significantly increase your funds while giving you an easy way to access your money when you need it. With so many banks and credit unions vying for your money, it can be difficult to sort through all your checking account options. We’ve done the heavy lifting for you and come up with our list of the 10 best high-yield checking accounts based on factors such as annual percentage yield (APY), fees, and customer support. You can find our full methodology here.
The 10 best high-yield checking accounts of August 2024
A high-yield checking account works similarly to a standard checking account, except you’ll get better rates on your money held in the account. To qualify for these rates, you usually have to meet specific requirements, such as a minimum number of debit card transactions per month, direct deposits, or maintaining a minimum balance. Here’s a look at our 10 best high-yield checking account options.
Minimum deposit requirements, fees, and other numbers in our list are up to date as of August 7, 2024, and are subject to change.
1. Hope Credit Union: HOPE Rewards Checking
Hope Credit Union is a Deep South-based credit union offering checking, savings, personal loans, home equity loans, money market accounts (MMAs), individual retirement accounts (IRAs), credit cards, and more. It has 23 branch locations across Alabama, Arkansas, Louisiana, Mississippi, and Tennessee.
Why we picked it
When you bank at a credit union instead of a bank, you’re usually going to find better rates and fees because credit unions answer to their members rather than shareholders. Hope Credit Union is no different—when you get a HOPE Rewards Checking account, enjoy rates up to 5.12% APY on balances less than $10,000. For balances over that, you’ll get 0.50% APY.
Each month, dividends are deposited right into your account. In addition to earning a great APY, you won’t pay any monthly service fees or have any minimum balance requirements. Each month, you also get up to $20 in ATM fees reimbursed.
What to consider before opening
Before opening an account at Hope Credit Union, there are requirements that must be met to earn the top APY offered.
Each month, you must:
- Have 12 debit card transactions post and clear your account
- Log into your account at least once via mobile or desktop
- Receive e-statements
- Have one automated clearing house (ACH) or direct deposit post and clear your account
If you can’t meet these requirements, another alternative may be suited better.
See more Hope CU checking accounts
2. Primis: Primis Premium Checking
Headquartered in Virginia, Primis Bank is one of the few banks open 24/7/365. It offers checking, savings, mortgages, credit cards, auto loans, boat loans, home equity line of credit (HELOC), and personal loans.
Why we picked it
We love to see an innovative bank, and Primis is no different. It’s open 24/7/365, so if you’re banking at 2 a.m. and need to get in touch, a representative is a phone call away.
Not only can you open your account with $1, but you’re also earning a healthy 5.07% APY on your money. You won’t pay any overdraft fees, ATMs are free to use, you won’t be charged for stop payments or cashier’s checks, and you can get paid up to two days early. Do you need an incoming wire? It’s free. How about notary services? That’s free, too. Plus, it’ll give you your first 40-pack of checks for free.
What to consider before opening
To qualify for a boost on your Primis Novus checking account, you must set up a direct deposit of at least $1,200 within 60 days of opening your account. You must maintain this direct deposit to earn that rate. Once your six months are up, you no longer earn that boost. Otherwise, the Primis Premium account has no balance or direct deposit requirements nor does the Primis Perks checking account.
See more Primis checking accounts
Learn more: Read our Primis Bank review
3. All America Bank: Ultimate Rewards Checking
Led by the Huckaby family across multiple generations, All America Bank has served Oklahomans since their grandfather started banking in 1927. It offers checking, savings, certificates of deposit (CDs), IRAs, and credit cards.