Best Checking Account Interest Rates
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Best Checking Account Rates
APY tiers explained
- Capped checking accounts pay higher interest rate up to certain amount, called the cap. Once you go beyond the capped amount, the interest rate drops. For example: 4.09% on the first $10,000, and 0.20% on anything above.
- Minimum balance checking accounts charge a low (or no) interest rate unless your balance is higher than a set amount. For example, accounts with less than $10,000 may not get interest, but accounts with higher balances will get:
- 0.10% for $10,000 to $25,000.
- 0.20% for $25,000 to $50,000.
- 0.30% for more than $50,000.
Banking during COVID-19
Other factors to consider when comparing checking accounts rates
- Maintenance fees. Many checking accounts don't require a maintenance fee. Others will waive the fee if you maintain a certain balance or include a direct deposit. If you aren’t able to waive the fee, then a higher APY may not pay off for you.
- Online banking tools. Some banks are more tech-savvy than others. If a high functioning app and good online banking tools are important to you, make sure your bank keeps up with technology.
- ATM fees. If you need to use an ATM, fees can build up. No matter how high the checking interest rate, you'll lose money instead of gaining. If ATM usage is important for you, look for a bank that offers no ATM fees.
- Overdraft protection. Overdraft fees are usually high. Even with a checking account offering a high APY, pay attention to options for overdraft protection. Is there a cap on how much they’ll charge per day? Can you connect a savings account to protect yourself from fees if you overdraw your account.
- Customer service. You'll need a bank close by if you prefer to handle your banking in person. If you bank online, check out the bank’s website features. If you choose an online-only account, can you access a representative if needed?
Frequently Asked Questions
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