Years ago, checking accounts didn’t pay interest. We didn’t expect them to.
That’s changed.
Many online banks now pay interest on checking, pay even more on savings, charge no monthly fee, and give you free overdraft protection.
The interest on checking isn’t going to make you rich. That’s not the point.
💡 If a bank is willing to pay you interest on your checking account, it’s usually a sign that they’re going to treat you better everywhere else too.
Compare that with the checking accounts at the four largest U.S. banks:
| Bank | Interest rate | Minimum balance to avoid monthly fee* | Monthly fee |
|---|---|---|---|
| Bank of America Advantage Plus Banking | 0% | $1,500 minimum daily balance | $12 |
| Chase Total Checking | 0% | $1,500 balance at beginning of each day | $15 |
| Citi Regular Checking | 0% | $30,000 combined average monthly balance to qualify for Citi Priority and have the fee waived | $15 |
| Wells Fargo Everyday Checking | 0% | $1,500 minimum daily balance | $15 |
* These aren’t the only ways to avoid the monthly fee. Most of these banks also waive the fee if you meet certain direct-deposit or other requirements.
They don’t pay you any interest and require you to keep a minimum balance to avoid a monthly fee. If prevailing interest rates were 4%, they’re essentially charging you $60 a year for a checking account by requiring a $1,500 minimum balance.
The point is this – if your checking account isn’t earning interest, it’s time to switch:
Table of Contents
SoFi Checking Account
- Checking Account Interest Rate – 0.50% APY
- Savings Account Interest Rate – up to 3.30% APY*
- Overdraft Protection – Yes
- New Account Bonus – Yes, $50 or $400, details here
SoFi’s Checking account pays out 0.50% APY, which is one of the highest rates you’ll see on a checking account. Their savings account also yields up to 3.30% APY*.
SoFi offers free Overdraft Protection which automatically transfers money from your savings account to your checking account to cover an expense that would draw your balance below zero. It pulls from your general savings and won’t pull it from your Vaults.
Earn up to 4.20% Annual Percentage Yield (APY) on one SoFi Savings account with a 0.90% APY Boost (added to the 3.30% APY as of 9/23/26) for up to 6 months. Open your first SoFi Checking and Savings account and receive eligible direct deposits OR qualifying deposits of $5,000 every 31 days by 12/31/26. Rates are variable, subject to change. Terms apply at sofi.com/banking#4. SoFi Bank, N.A. Member FDIC.
Annual percentage yield (APY) is variable and subject to change at any time. Rates are current as of 9/23/26. There is no minimum balance requirement. Fees may reduce earnings. Additional rates and information can be found at https://www.sofi.com/legal/banking-rate-sheet
Ally Bank Spending Account
- Checking Account Interest Rate – 0.25% APY
- Savings Account Interest Rate –
- Overdraft Protection – Yes
- New Account Bonus – Yes, $300, details here
Ally Bank has a checking account that pays 0.25% APY while the savings account pays . They also have free overdraft protection, which means they will transfer money from savings to checking if you ever spend too much.
I’ve been using Ally Bank for years and while their interest rates aren’t as competitive as some of the other online banks, the difference has never been big enough to entice me to switch.
For a limited time, there is a referral bonus of $300 for new customers.
Capital One 360 Checking
- Checking Account Interest Rate – 0.09% APY
- Savings Account Interest Rate –
- Overdraft Protection – Yes
- New Account Bonus – Yes, up to $1,500, details here
Capital One has been around for ages (my account started at ING Direct before Capital One acquired them) and they pioneered many of the features we now expect out of an online bank. In the olden days, it was unheard of that you could open multiple checking and savings accounts at a bank – Capital One let you.
Capital One offers all the features you’d want with a checking account, paying a little bit of interest plus free overdraft protection. Their rates haven’t been nearly as competitive as others but I include them because of their new account bonus.
Quontic High Interest Checking
- Checking Account Interest Rate –
- Savings Account Interest Rate –
- Overdraft Protection – No
- New Account Bonus – No
Quontic Bank offers a high interest checking account with one of the highest interest rates I’ve seen, , but it does require you to have 10 transactions per cycle of $10 or more on their debit card. In that way, it’s more like a rewards checking account than a standard one. They also have a savings account that offers .
