Bank5 Connect High-Interest Checking: Best for a high interest rate

Established in 2013, Bank5 Connect offers a range of deposit accounts, including checking, savings, and CDs, with competitive APYs and low fees. It prides itself on providing exceptional customer service, with a U.S.-based support team available seven days a week by phone, chat, or video call.

Bank5 Connect's High-Interest Checking account offers a competitive 2.70% APY on balances of $100 or more, delivering a significantly higher yield than traditional checking accounts and even surpassing the rates of many savings accounts.

It takes just $10 to open an account with no monthly maintenance fees and cash back rewards on debit card purchases, which provide an additional way to earn money on everyday spending. Additionally, users can access thousands of ATMs nationwide at no cost and receive up to $15 in monthly reimbursements for out-of-network ATM fees.

A minimum balance of $100 is required to earn the highest APY, so if your account dips lower than that on a frequent basis you may want to look for an alternative. Also, there's a $1 fee to receive paper statements, as the account is designed to be used exclusively online or via a mobile app. Users wanting the option to visit a physical branch should look elsewhere.

Learn more: Read our Bank5 Connect review.

Upgrade is a fintech company founded in 2016 by Renaud Laplanche, who previously founded LendingClub. While not a traditional bank, it partners with FDIC-insured institutions like Cross River Bank to offer banking and lending products. Upgrade provides a range of financial services, including personal loans, credit cards, and deposit accounts.

Upgrade Rewards Checking provides up to 2% cash back on everyday expenses such as convenience store purchases, gas station visits, restaurant bills, and utility payments, as well as 1% cash back on all other eligible debit card purchases. Additionally, the account comes with no monthly fees, no minimum balance requirements, and no overdraft fees, making it an accessible option for a wide range of customers.

Users can enjoy early access to direct deposits, potentially receiving paychecks up to two days earlier than they would at traditional banks. The account also offers a user-friendly mobile app for easy account management and a nationwide network of over 55,000 fee-free ATMs. For those looking to do all their banking at one institution, Upgrade provides the option to pair the checking account with a high-yield savings account, allowing customers to earn competitive interest rates on their savings while managing their day-to-day expenses.

This institution operates exclusively online, so there are no in-person branches you can visit. While using an Allpoint ATM is fee-free with this account, there's a $2.50 fee for using out-of-network locations. Additionally, there's no way to deposit cash directly.

Learn more: Read our Upgrade Bank review.

American Express, a multinational financial corporation founded in 1850, offers far more than just the credit cards it's known for. Through its online banking division, American Express National Bank, the company provides high-yield savings accounts, CDs, and a rewards checking account.

For those who already have an American Express credit card and would like to consolidate their banking relationship, this checking account offers a seamless way to integrate spending, saving, and rewards within the Amex ecosystem. The account comes with no monthly fees or minimum balance requirements, plus a 1.00% APY on your balance. Perhaps most notably, the account offers the unique opportunity to earn Membership Rewards points on debit card purchases, with cardholders earning 1 point for every $2 spent on eligible transactions.

Users have access to a network of over 37,000 fee-free ATMs nationwide, ensuring easy access to cash when needed. The account also comes with all the typical online and mobile banking capabilities, including mobile check deposit and easy fund transfers. Additional perks such as purchase protection for eligible debit card purchases and 24/7 customer service could make this account more appealing for frequent travelers or those who work odd hours.

You must be an established American Express cardholder for at least 35 days before opening this account.

Learn more: Read our American Express National Bank review.

Founded in 2008, Betterment is primarily known as an online investment platform and robo-advisor, but has expanded to include banking products: a Cash Reserve account (a high-yield savings account) and Betterment Checking. While its banking products offer attractive features like high yields and low fees, they lack some traditional banking services such as cash deposits and in-person branch access.

One of Betterment Checking's standout features is the absence of common fees: There are no monthly maintenance fees, no minimum balance requirements, and no overdraft fees. This policy extends to ATM usage, with Betterment reimbursing all ATM fees worldwide, which could make it an excellent choice for frequent travelers. The account also provides an opportunity to save on everyday expenses, with a debit card offering cash back rewards at thousands of popular retailers.

For those who already use Betterment for investing, the checking account can seamlessly connect to investment accounts so you can manage many aspects of your finances in one place. The account also offers robust security features such as the ability to lock your card and change your PIN directly from the Betterment app.

Unlike some of the other accounts on this list, the Betterment Checking account doesn't earn any interest. Plus, there's no way to deposit cash and the daily ATM and debit card limits are relatively low.

Learn more: Read our Betterment review.

As a federally chartered bank and a certified Community Development Financial Institution (CDFI), Quontic is committed to serving diverse communities and providing financial solutions to underserved markets. It offers a range of digital banking products, including high-yield savings accounts, checking accounts with competitive cash back or interest rates, and CDs.

With this account, you can earn 1% cash back on eligible debit card purchases (up to $50 per month). This means you can earn up to $600 in cash back rewards annually just by using your debit card for everyday purchases. Unlike many rewards credit cards, there's no need to worry about interest charges or annual fees.

In addition to the cash back rewards, the Quontic Cash Rewards Checking account stands out for its lack of monthly maintenance fees and minimum balance requirements (though it does require $100 to open the account). There's also no overdraft fee, which can provide peace of mind for those who occasionally cut it close with their account balance. Quontic offers access to over 90,000 surcharge-free ATMs nationwide, making it easy to withdraw cash when needed.

The 1% cash back bonus on debit card purchases maxes out at $50 per statement cycle, so people looking to maximize those rewards should consider an account without a cap. Additionally, this checking account doesn't earn any interest on balances.

Learn more: Read our Quontic Bank review.

A joint checking account is just like a regular checking, except that two or more account owners have equal privileges. For example, every account owner can make deposits and withdrawals as well as write checks.

You don't need permission from the other person to make changes to the account. Also, the other account owner shares all the money you deposit into the account.

Many married couples today keep separate personal accounts for discretionary spending, but also open a joint checking account that they can use to pay for shared expenses such as utilities or mortgage payments. It can also be a good solution for parents with teenagers who want to have their first taste of financial responsibility but still need a bit of oversight. On the flip side of the age spectrum, if you have an older family member, a joint checking account can be a useful way to help them pay their bills and manage their expenses without taking complete control of their finances.

Joint checking accounts can be useful for many situations, but they also have a few drawbacks. Carefully consider the pros and cons of joint checking accounts before committing to one.

Before deciding on a joint checking account, there are a few features you'll want to consider. In particular, look for banks offering accounts with the following:

Opening a joint checking account isn't very different from opening an individual checking account. Each bank is different, but here's how the process generally works:

Joint checking accounts aren't your only option for sharing finances with another person. Here are a few alternatives that might work better depending on your scenario:

We looked at dozens of the top available checking accounts and weighed them based on what features could be most helpful to those looking for a joint checking account, including APY, service fees, and cash back opportunities: