Checking accounts that earn money, or high-interest yielding checking accounts, offer incredible money-earning options to consumers who meet certain requirements. High-interest yielding accounts earn you money by compounding a certain amount of interest based on the money you have in your checking account.
The percentage of interest you earn back is called the annual percentage yield (APY) and can range from just .10 percent to 4 percent depending on the card. Check out the checking accounts below and find out how much you can earn with a high-interest yield checking account.
Axos Bank Rewards Checking account offers up to 1.25 annual percentage yield (APY) on all accounts under $150,000. This account works off of a tired system to achieve the full 1.25 percent yield.
This system includes meeting the following key requirements:
- Deposit $1,000 or more a month into your account
- Make 10 debit card transactions in a month over $3
- Make an additional 5 transactions in a month over $3
Every time one of these is fulfilled, you will gain .4166 percent of your full account yield and if you fulfill the requirements in every tier every month, you will receive the full 1.25 percent.
This may not seem high, but is actually a competitive rate when paired with the Axos’ lack of fees. There are no monthly fees, no fees for opening an Axos rewards account and no overdraft fees. There is only a deposit minimum of $50, but not fees for falling below that amount after your account is open.
Additionally, all domestic ATM transactions are reimbursed, so you will never have to worry about ATM fees even if Axos does not have their own physical locations. Axos also has a mobile-friendly website where you can easily manage your account, set up automatic payments and monitor your account for free.
The greatest drawback to the Axos bank Rewards Checking account is probably the tiered system, which is manageable, but may be tedious to complete for some users every month especially if you are not used to using your debit card frequently.