Earn up to 5.05% APY with these top interest-bearing checking accounts

Editor's Note: APYs listed in this article are up-to-date as of the time of publication. They may fluctuate (up or down) as the Fed rate changes. CNBC Select will update as changes are made public.

Almost everyone has a checking account to deposit paychecks and cash for monthly expenses. Checking accounts stand out for being easily accessible, but, unlike savings accounts, checking accounts generally don't accrue interest. It's the most common banking product, yet most account holders don't earn anything on their money.

For this reason, CNBC Select set out to find the few checking accounts that do offer its users a return — and the highest one at that. Typically, high-interest deposit accounts have requirements that account holders must meet to earn the high APY. We selected those that offered the highest APYs, while also considering the accounts' requirements, monthly fees, minimum deposits and minimum balances.

If you want to maximize that money sitting in your checking account, these accounts are for you. (See our methodology for more information on how we chose the best high-yield checking accounts.)

The All America Bank Ultimate Rewards Checking stands out for offering one of the highest returns on your checking balance. Account holders can earn 5.05% APY on up to $15,000 (after, 0.50% APY) by meeting the below two requirements:

1. Make at least 10 debit card purchases monthly
2. Receive bank statements electronically

Those who don't meet the above requirements will earn 0.25% APY.

The Presidential Bank Advantage Checking account is a close runner-up in terms of a high interest rate. Account holders can earn 4.625% APY on up to a $25,000 balance (after, 3.625%) by meeting the below two requirements:

1. Have a direct deposit of $500 or more each month (from payroll, pension, social security or annuity)
2. Make at least 7 electronic withdrawals monthly (including ATM, POS, ACH and bill payments)

Those who don't meet the above requirements will earn 0.10% APY.

With the SoFi Checking and Savings account, you can do all your banking in one place and get rewarded. SoFi members who set up direct deposit can earn 4.60% APY* on their savings and Vaults balances and 0.50% APY on their checking balances.

Those who don't have direct deposit will earn 1.20% APY on savings and Vault balances and 0.50% APY on checking balances.

Though the 0.50% APY is lower than other interest-bearing checking accounts on this list, the requirement to earn interest is easier to achieve. Plus, SoFi has more perks than others that may make it worth it if you're not solely focused on earning the highest return possible.

These perks include the following:

• Receive your paycheck up to two days earlier automatically when you set up direct deposit
• Have your deposits insured up to $2 million
• A welcome bonus of up to $300 when you set up direct deposit

Account holders of the Axos Bank Rewards Checking can work their way to earning up to a 3.30% APY. This option requires a few more hoops to jump through, but here are the steps:

1. Set up monthly direct deposit of $1,500 or more = 0.40% APY
2. Make 10 debit card transactions per month (minimum $3 per transaction) or sign up for Personal Finance Manager (PFM) "Account Aggregation" = an additional 0.30% APY
3. Maintain an average daily balance of $2,500 per month in an Axos Invest Managed Portfolios account = an additional 0.99%% APY
4. Maintain an average daily balance of $2,500 per month in an Axos Invest Self-Directed Trading account = an additional 0.99% APY
5. Add a monthly loan payment (mortgage, personal or auto loans) using your Rewards Checking account = an additional 0.60% APY

Direct deposit is required to unlock the rest of the interest-earning tiers, and account holders that do not meet the above requirements will not earn interest.

Axos Bank makes it easy to earn extra cash. New Rewards Checking account holders can earn a $300 welcome bonus with promotional code "AXOS300" (expires June 30, 2024). To earn the welcome bonus you must deposit New-to-Axos bank funds into your new Rewards Checking account within 30 days of account opening, have qualifying direct deposits that total at least $5,000 each calendar month during the first seven calendar months your account is open and maintain a minimum average daily balance of $7,000 in your Rewards Checking account.

The Consumers Credit Union Rewards Checking allows its members to earn 5.00% APY on balances up to $10,000 if they meet the below requirements:

1. Receive bank statements electronically
2. Make at least 12 debit card purchases each month
3. Set up direct deposits, mobile check deposits or ACH credits totaling $500 or more monthly
4. Spend $1,000 or more in CCU Visa credit card purchases each month (no minimum number of transactions)

Those who don't meet the above requirements will earn 0.01% APY.

Consumers Credit Union (CCU) requires membership, but it's fairly easy to apply. Interested applicants just have to join the Consumers Cooperative Association, which allows them to qualify for CCU membership. There is a one-time $5 membership fee, which CCU reimburses.

Interest-bearing checking accounts can be hard to come by, especially ones that offer a return comparable to high-yield savings. If you're shopping around for a new place to park your everyday cash, consider one of these accounts that can keep your funds accessible while giving you a little bang for your buck along the way.

At CNBC Select, our mission is to provide our readers with high-quality service journalism and comprehensive consumer advice so they can make informed decisions with their money. Every checking account review is based on rigorous reporting by our team of expert writers and editors with extensive knowledge of banking products. While CNBC Select earns a commission from affiliate partners on many offers and links, we create all our content without input from our commercial team or any outside third parties, and we pride ourselves on our journalistic standards and ethics. See our methodology for more information on how we choose the best checking accounts.

To determine which checking accounts offer the best return on your money, CNBC Select analyzed dozens of U.S. checking accounts offered by online and brick-and-mortar banks, including large credit unions. We narrowed down our ranking by only considering those checking accounts that offer an above-average APY and manageable ways to earn the high return.

We also favored those accounts with zero monthly maintenance fees (or a simple way to waive them) and low minimum balance and minimum deposit requirements.

All of the accounts included on this list are FDIC- or NCUA-insured up to $250,000. Note that the rates and fee structures for checking accounts are not guaranteed forever; they are subject to change without notice and they often fluctuate in accordance with the Fed rate. Your earnings depend on any associated fees and the balance you have in your checking account. To open an account, most banks and institutions require a deposit of new money, meaning you can't transfer the money you already had in an account at that bank.

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* SoFi members with direct deposit can earn up to 4.60% annual percentage yield (APY) on savings balances (including Vaults) and 0.50% APY on checking balances. There is no minimum direct deposit amount required to qualify for the 4.60% APY for savings. Members without direct deposit will earn up to 1.20% annual percentage yield (APY) on savings balances (including Vaults) and 0.50% APY on checking balances. Interest rates are variable and subject to change at any time. These rates are current as of 12/12/23. There is no minimum balance requirement. Additional information can be found at http://www.sofi.com/legal/banking-rate-sheet.