7 Best High-Interest Checking Accounts For 2022

Sep 29, 2022 By Triston Martin

The year 2022 brings new changes to the banking industry as the United States ends a limit on interest rates for savings accounts.

There are many benefits of ending interest rate caps and making banks compete with each other without barriers like these, but that doesn't mean it's easy to find the best checking account for you.

Read on to learn about the 7 best high-interest checking accounts that help maximize your earnings while minimizing your risk in this post!

More than 50 years ago, Congress passed a law called the Truth in Savings Act which made it illegal for financial institutions to advertise higher interest rates than what they offer.

This was a good way to protect customers from being lured into buying a checking account with a higher rate and then switching to something worse.

But now, the law is going away and banks will compete with each other with high-interest rates.

Not only will your savings rates increase when this happens, but your high-interest checking accounts can also have higher interest rates. This means the bank you choose will matter even more in the future than it does today.

What Is A High-Interest Checking Account?

What are the best high-interest checking accounts? Historically, these accounts pay much higher interest than regular savings or money market accounts because they have an element of risk involved.

As risky as a checking account sounds, some banks are willing to pay more for the privilege of having you as their customer. Banks make money by keeping a portion of their customers' deposits in savings accounts and making small interest payments on these deposits.

Sometimes, they don't have enough money to pay you a high rate on your checking account because it's more profitable for them to invest your money in savings from other customers.

Other banks may be willing to pay more if they believe you are less likely to withdraw too much money at once.

For example, a riskier customer may be someone who is self-employed or has irregular income because it's hard for them to make loan payments when they run out of money.

High-interest checking accounts aren't the same as high-yield checking accounts. While they both offer a higher interest rate than regular savings accounts, the high-yield checking account is a subcategory of interest-bearing checking accounts.

A high-interest checking account has a fixed APY (annual percentage yield) while high-yield accounts can be variable depending on market conditions and bank policies.

Another important difference between these types of accounts is that banks don't have as much flexibility in rewarding you for opening a high-yield account.

They either offer competitive interest rates or they don't because being competitive can mean offering less profit from your deposits to the bank. A high-interest account, on the other hand, can have a rate that's hundreds or thousands of times higher than the rates you're used to.

Best High-Interest Checking Account List

Below are the top 7 high-interest checking accounts. You can use this list as a guide for opening your next high-interest checking account or just see how much interest these banks are paying.

1. CIT Bank Money Market Account – 1.94% APY

CIT Bank is a full-service bank with very competitive interest rates and low fees. You need to deposit a minimum of $100 to open an account and start earning interest, which is lower than some other banks on this list.

There's also no monthly fee for using this checking account as long as you have between $500 and $24,999 in your monthly balance. For balances of $25,000 or more, you'll need to pay a monthly fee of either $10 or .05% of the average daily collected balance, whichever is greater.

2. California Community Bank – 1.85% APY

California Community Bank is an all-digital bank that's been in business for more than thirty years. There are no monthly maintenance fees for this checking account as long as you have a daily balance of at least $1,500 or an average daily collected balance of $5,000.

You can also earn additional interest by using the bank's Visa Debit Card to make monthly purchases. The card also comes with free ATM transactions at nearly 30,000 locations nationwide.

3. Ally Bank–1.85% APY

Ally Bank is a full-service bank that offers competitive interest rates and customer service but has lower monthly fees, which may appeal to some customers.

You'll earn interest in this checking account based on the market rate, which may change monthly. The bank requires a minimum of $5,000 to open an account and while there's no monthly fee, you may be charged a fee if your balance dips below $1,000.

4. American Express Personal Savings–1.85% APY

American Express is known for its credit cards but it also offers savings accounts that can help you grow your money.

The high-interest checking option comes with no balance to maintain so you won't be required to deposit a certain amount every month to open an account and start earning interest.

You'll also receive electronic statement transfers and the card comes with a few other perks, like a concierge service and discounts at some stores.

5. Virtual Bank High-Interest Checking–1.7% APY

VirtualBank is an online bank that has been in business for more than 15 years. You'll need to have a minimum of $10,000 to open an account, but it doesn't come with monthly fees or full-service banking features like other banks on this list.

There's also no minimum balance requirement after you open the account and earn interest based on the daily balance you hold.

6. MySavingsDirect–0.25% APY

MySavingsDirect is a full-service online bank that offers competitive interest rates and customer service but doesn't charge monthly fees for this type of checking account or requires you to maintain a certain amount of money in your bank account each month.

You'll earn the interest rate based on the daily balance in your account, plus you'll also receive free ATM transactions at many of the top banks in the country.

7. Nationwide Bank – 1.6% APY

Nationwide Bank is a large bank that serves nearly 12 million customers and nearly 3,000 small businesses.

There's no minimum balance requirement to open this checking account or a monthly fee as long as you have an average collected balance of $1,500 per cycle or maintain an average daily collected balance of $5,000 or more each cycle.

You'll receive one check each month and will be charged a fee if your accounts drop below those listed benchmarks mentioned above.


It can be tough to find the best high-interest checking account. But, it's worth shopping around and finding one that meets your needs. Be sure to compare interest rates, ATM fees, and other features.

If you're looking for a new high-interest checking account, check out our list of the best accounts available.

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