{"id":7065528,"date":"2026-09-24T05:59:13","date_gmt":"2026-09-24T05:59:13","guid":{"rendered":"https:\/\/peraltafinancing.com\/business\/finance\/your-checking-account-should-pay-you-interest\/"},"modified":"2026-09-24T05:59:13","modified_gmt":"2026-09-24T05:59:13","slug":"your-checking-account-should-pay-you-interest","status":"publish","type":"post","link":"https:\/\/fivemor.com\/?p=7065528","title":{"rendered":"Your Checking Account Should Pay You Interest"},"content":{"rendered":"


\n<\/p>\n

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Years ago, checking accounts didn\u2019t pay interest. We didn\u2019t expect them to.<\/p>\n

That\u2019s changed.<\/p>\n

Many online banks now pay interest on checking, pay even more on savings, charge no monthly fee, and give you free overdraft protection.<\/p>\n

The interest on checking isn\u2019t going to make you rich. That\u2019s not the point.<\/p>\n

\ud83d\udca1 If a bank is willing to pay you interest on your checking account, it\u2019s usually a sign that they\u2019re going to treat you better everywhere else too.<\/strong><\/p>\n

Compare that with the checking accounts at the four largest U.S. banks:<\/p>\n

\n\n\n\n\n\n\n\n\n
Bank<\/th>\nInterest rate<\/th>\nMinimum balance to avoid monthly fee*<\/th>\nMonthly fee<\/th>\n<\/tr>\n<\/thead>\n
Bank of America<\/strong>
Advantage Plus Banking<\/strong><\/td>\n		0%<\/strong><\/td>\n$1,500 minimum daily balance<\/strong><\/td>\n$12<\/strong><\/td>\n<\/tr>\n
Chase Total Checking<\/strong><\/td>\n0%<\/strong><\/td>\n$1,500 balance at beginning of each day<\/strong><\/td>\n$15<\/strong><\/td>\n<\/tr>\n
Citi Regular Checking<\/strong><\/td>\n0%<\/strong><\/td>\n$30,000 combined average monthly balance<\/strong> to qualify for Citi Priority and have the fee waived<\/td>\n$15<\/strong><\/td>\n<\/tr>\n
Wells Fargo Everyday Checking<\/strong><\/td>\n0%<\/strong><\/td>\n$1,500 minimum daily balance<\/strong><\/td>\n$15<\/strong><\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<\/figure>\n

* <\/em>These aren\u2019t 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.<\/em><\/p>\n

They don\u2019t pay you any interest and require you to keep a minimum balance to avoid a monthly fee. If prevailing interest rates were 4%, they\u2019re essentially charging you $60 a year for a checking account by requiring a $1,500 minimum balance.<\/p>\n

The point is this \u2013 if your checking account isn\u2019t earning interest, it\u2019s time to switch:<\/p>\n

\nTable of Contents<\/summary>\n
    \n
  1. SoFi Checking Account<\/a><\/li>\n
  2. Ally Bank Spending Account<\/a><\/li>\n
  3. Capital One 360 Checking<\/a><\/li>\n
  4. Quontic High Interest Checking<\/a><\/li>\n<\/ol>\n<\/details>\n

    SoFi Checking Account<\/h2>\n
      \n
    • Checking Account Interest Rate \u2013 0.50% APY<\/li>\n
    • Savings Account Interest Rate \u2013 up to 3.30% APY*<\/li>\n
    • Overdraft Protection \u2013 Yes<\/li>\n
    • New Account Bonus \u2013 Yes, $50 or $400<\/a>, details here<\/a><\/li>\n<\/ul>\n

      SoFi\u2019s Checking account pays out 0.50% APY, which is one of the highest rates you\u2019ll see on a checking account. Their savings account also yields up to 3.30% APY*.<\/p>\n

      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\u2019t pull it from your Vaults.<\/p>\n

      \ud83d\udc49 Learn more about SoFi<\/a><\/strong><\/p>\n

      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.<\/em><\/p>\n

      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<\/a><\/em><\/p>\n

      Ally Bank Spending Account<\/h2>\n
        \n
      • Checking Account Interest Rate \u2013 0.25% APY<\/li>\n
      • Savings Account Interest Rate \u2013 <\/li>\n
      • Overdraft Protection \u2013 Yes<\/li>\n
      • New Account Bonus \u2013 Yes, $300<\/a>, details here<\/a><\/li>\n<\/ul>\n

        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.<\/p>\n

        I\u2019ve been using Ally Bank for years and while their interest rates aren\u2019t as competitive as some of the other online banks, the difference has never been big enough to entice me to switch.<\/p>\n

        For a limited time, there is a referral bonus of $300 for new customers.<\/p>\n

        \ud83d\udc49 Learn more about Ally Bank<\/a><\/strong><\/p>\n

        Capital One 360 Checking<\/h2>\n
          \n
        • Checking Account Interest Rate \u2013 0.09% APY<\/li>\n
        • Savings Account Interest Rate \u2013 <\/li>\n
        • Overdraft Protection \u2013 Yes<\/li>\n
        • New Account Bonus \u2013 Yes, up to $1,500<\/a>, details here<\/a><\/li>\n<\/ul>\n

          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 \u2013 Capital One let you.<\/p>\n

          Capital One offers all the features you\u2019d want with a checking account, paying a little bit of interest plus free overdraft protection. Their rates haven\u2019t been nearly as competitive as others but I include them because of their new account bonus<\/a>.<\/p>\n