This checking account offers 7.5% APY, but there's a catch — how to find the accounts with the highest APYs

Axos Bank Rewards Checking is no longer available for new applications.

The offer mentioned below for the Presidential Bank Advantage Checking account is no longer available.

The chance of earning any sort of return on the money sitting in your checking account is rare — leaving us with all the more reason to be stunned when we came across one offering a return greater than 7% APY.

That's right; you read that correctly. In fact, the Landmark Credit Union® Premium Checking Account currently offers 7.50% APY, but the major catch is the high rate is offered only up to a $500 balance (after, 7.50% to 0.11% APY). Account holders also have to set up electronic statements and direct deposit of at least $250 per month to earn the high APY.

The 7.5% APY on a $500 balance shakes out to $37.50 in interest earnings over a year, which isn't nothing for a checking account but the cap really limits just how much deposit holders can earn, especially if they have a lot more than $500 in their account. It's also worth noting that Landmark is a credit union, meaning membership is required. Landmark Credit Union membership is reserved mostly for those who live in certain parts of Indiana, which is limiting.

Alpena Alcona Area Credit Union is another 7-plus percent APY account we recently came across; this one offering a seven-month CD (so, a savings not a checking) with a 7.19% APY. The account requires just a $500 minimum, but credit union membership is limited to practically just Michigan residents.

For those who don't qualify for the Landmark Credit Union Premium Checking Account or Alpena Alcona Area Credit Union, we have good news. There are other checking accounts out there actually offering solid APYs and higher caps than just $500 — and are easier to qualify for. Below, CNBC Select outlines how to find checking accounts with the highest APYs.

Although your traditional brick-and-mortar checking account won't offer much interest (if any at all), you can often find a solid return on a checking account if you look to online-only banks. Since online-only banks don't have the overhead costs that come with operating physical branches, they can often pass on those savings to customers in the form of higher APYs.

Keep in mind, however, that high-interest deposit accounts will usually have requirements that account holders must meet in order to earn the high APY (setting up direct deposit, making a certain number of withdrawals or debit card purchases each month, opting for paperless billing, etc.), so make sure you know those terms before signing up.

We did some shopping around for you and found the below five accounts to be some of the best options out there. All of the accounts included on this list are NCUA-insured or FDIC-insured up to $250,000 per depositor. 

Best overall

With the All America Bank^® Ultimate Rewards Checking, you get a return above 3%, which is in line with what the top high-yield savings accounts are offering today. The cap amount you can earn the high return on is $15,000, much higher than Landmark's $500.

Runner-up

The Presidential Bank Advantage Checking offers another good rate above 4.5% APY on even a higher balance of up to $25,000.

Best for checking/savings combo

SoFi Checking and Savings offers a much lower checking account APY* than the above two accounts, but we wanted to include it as it's a good option for those looking to do all their banking in one place. For example, account holders who set up direct deposit can earn more on their savings, plus receive their paycheck up to two days earlier automatically.

Best for welcome bonus

The Axos Bank^® Rewards Checking offers an APY up to over 3% through different tiered requirements and the cap is a high $50,000. Plus, Axos routinely offers welcome bonuses for new account holders.

Best for a credit union

While Consumers Credit Union Rewards Checking is from a credit union, it's easy for anyone to join. The current APY offering is up to 5.00% APY with a $10,000 cap.

Though the Landmark Credit Union Premium Checking Account is currently offering a jaw-dropping APY above 7%, it's up to a small cap and many people won't qualify for the credit union membership anyway. If you do qualify, you can open the account and keep $500 in it to earn the high APY and then keep the rest of your checking funds in another high-yield checking like those we outlined above.

Just make sure to keep in mind the above accounts' balance limits on which you can earn their high APYs and know the requirements to earn the high APY ahead of time.

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* New and existing Checking and Savings members who have not previously enrolled in Direct Deposit with SoFi are eligible to earn a cash bonus of either $50 (with at least $1,000 total Eligible Direct Deposits received within 25 calendar days of your first Eligible Direct Deposit of $1 or more) OR $400 (with at least $5,000 total Eligible Direct Deposits received within 25 calendar days of your first Eligible Direct Deposit of $1 or more). Cash bonus amount will be based on the total amount of Eligible Direct Deposit received within 25 calendar days of your first Eligible Direct Deposit of $1 or more. If you have satisfied the Eligible Direct Deposit requirements but have not received a cash bonus in your Checking account, please contact us at 855-456-7634 with the details of your Eligible Direct Deposit. Direct Deposit Promotion begins on 5/15/2026 and will be available through 12/31/26. See full bonus and annual percentage yield (APY) terms at sofi.com/banking/checking-offer/ *SoFi Checking and Savings is offered through SoFi Bank, N.A., Member FDIC. SoFi members with Eligible Direct Deposit can earn up to 3.10% annual percentage yield (APY) on savings balances (including Vaults) and 0.50% APY on checking balances. There is no minimum Eligible Direct Deposit amount required to qualify for the 3.10% APY for savings (including Vaults). Members without Eligible Direct Deposit will earn 1.00% 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 5/28/26. There is no minimum balance requirement. Fees may reduce earnings. Additional information can be found at http://www.sofi.com/legal/banking-rate-sheet. *SoFi Bank is a member FDIC and does not provide more than $250,000 of FDIC insurance per depositor per legal category of account ownership, as described in the FDIC's regulations. Any additional FDIC insurance is provided by the SoFi Insured Deposit Program. Deposits may be insured up to $3M through participation in the program. See full terms at SoFi.com/banking/fdic/sidpterms. See list of participating banks at SoFi.com/banking/fdic/participatingbanks. *Earn up to 4.00% Annual Percentage Yield (APY) on one SoFi Savings account with a 0.90% APY Boost (added to the 3.10% APY as of 5/28/26) 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. *Annual percentage yield (APY) is variable and subject to change at any time. Rates are current as of 5/28/26. 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