Keep in mind that checking account interest rates are variable and subject to change. Anything above 0.70% APY, 10 times the average, can be considered competitive for a checking account today. What qualifies as a good rate depends on the current interest rate environment. Right now, a high-yield checking account can earn 3.00% APY or more. High-yield checking accounts offer more competitive rates than traditional checking accounts and beat the national average by a significant margin. This rate is up from 0.06% in April 2023. As of November 2023, interest checking accounts earn 0.07% APY on average across all banks analyzed by the FDIC. What Is a Good Interest Rate for a Checking Account?Ī good interest rate for a checking account is higher than the national average. What Is the Average Interest Rate on a Checking Account?
