Key Takeaways

  • Genisys Credit Union’s 6.75% checking account stands out not just for its stellar rate, but for easier-than-usual requirements to qualify.
  • With the Fed expected to cut rates soon, earning more on your cash now can help your savings outpace inflation and hold onto real value.
  • Even if this account’s requirements aren’t for you, plenty of other high-yield options can help your money beat rising prices.

The full article continues below these offers from our partners.

Why This Account Stands Out—and How It Works

High-yield checking accounts often pay more than even the best savings accounts because they ask you to do a bit more in return. Instead of parking your money and forgetting about it, you typically need to meet some monthly conditions to qualify for the high APY. In other words, you really do have to earn your earnings.

But not all offers are created equal, and Genisys Credit Union’s high-yield checking account is a standout example. Offering a higher return than most accounts, it also asks less in return—making it a double win. Instead of the 6.00% rate that previously topped our ranking of the best high-yield checking accounts, Genisys is paying a market-leading 6.75% APY. Compared with the top high-yield savings account rate of about 5.00%, that’s a meaningful earnings boost.

Why This Matters for You

With the Federal Reserve expected to cut rates soon, earning more on your cash isn’t just a nice bonus. With inflation running 2.9%, it’s how you keep your savings growing faster and protect your money’s real value.

To qualify for Genisys’ 6.75% rate, you’ll need to become a regular debit card user—but Genisys makes it easier than most. Here are its simple requirements:

  • Make at least 10 debit card transactions of $5 or more each month (most competitors require 12 to 15)
  • Enroll in electronic statements

If you don’t meet the debit card requirement, you won’t earn anything that month. But when your cycle renews, you can qualify again the next month. Genisys also caps the balance eligible for the 6.75% rate at $7,500. Any amount above that earns 0.05%, so it’s best not to keep much more than $7,500 in the account.

Smart strategy

If you’re happy with your current checking setup, you don’t have to switch entirely. Many savers use high-yield checking accounts like this as an ultra-high-yield savings account—keeping their main checking elsewhere while using this one to earn extra on cash they already have.

Other Ways To Earn a High Yield on Your Cash

With the Fed expected to cut interest rates this month, and maybe again in December, it’s a good time to earn an inflation-beating return on your savings—whether or not you want to deal with debit card requirements.

Among the other high-yield checking accounts in our roundup, two stand out for not requiring debit transactions at all. PenAir Credit Union pays 5.05% APY on up to $10,000 if you set up a $250 monthly ACH deposit, while Presidential Bank offers 4.62% APY on balances up to $25,000 if you have $500 in direct deposit and make at least seven electronic withdrawals each month.

Another option is to simply go with a high-yield savings account instead. The top two offers in our ranking of the best savings accounts pay 5.00% APY—from Varo Bank and AdelFi—though both come with several requirements and only pay their top rate on balances up to $5,000. For the highest yield on a no-strings savings account, Pibank currently leads with 4.60% APY and no balance cap.

Also worth a look

For savings you won’t need for a bit, a CD lets you lock in one of today’s high yields for months or even years—no matter how many times the Fed cuts rates. Check today’s best CDs to compare the latest options.

Daily Rankings of the Best CDs and Savings Accounts

We update these rankings every business day to give you the best deposit rates available:

Important

Note that the “top rates” quoted here are the highest nationally available rates Investopedia has identified in its daily rate research on hundreds of banks and credit unions. This is much different than the national average, which includes all banks offering a CD with that term, including many large banks that pay a pittance in interest. Thus, the national averages are always quite low, while the top rates you can unearth by shopping around are often 5, 10, or even 15 times higher.

How We Find the Best Savings and CD Rates

Every business day, Investopedia tracks the rate data of more than 200 banks and credit unions that offer CDs and savings accounts to customers nationwide and determines daily rankings of the top-paying accounts. To qualify for our lists, the institution must be federally insured (FDIC for banks, NCUA for credit unions), and the account’s minimum initial deposit must not exceed $25,000. It also cannot specify a maximum deposit amount that’s below $5,000.

Banks must be available in at least 40 states to qualify as nationally available. And while some credit unions require you to donate to a specific charity or association to become a member if you don’t meet other eligibility criteria (e.g., you don’t live in a certain area or work in a certain kind of job), we exclude credit unions whose donation requirement is $40 or more. For more about how we choose the best rates, read our full methodology.

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