Intro
(Updated 6/12/25)
Let’s be honest—most checking accounts are dead weight. They’re great for writing checks and paying bills, but when it comes to earning interest? Forget it. Your money just sits there twiddling its thumbs.
But what if those idle dollars could actually pull their weight—earning high interest—without giving up the convenience you need?
If you’ve been wondering how to make that happen, you’re in the right place. In this guide, we’ll walk through the best ways to earn interest on idle checking balances so your cash works harder for you.
We’re talking high-yield checking accounts, innovative financial products, and smart strategies that let you keep full access to your money while keeping it growing.
Ready to turn that lazy balance into a money-making machine? Let’s dive in.
Best Ways to Earn Interest on Idle Checking Balances
One of the best things you can do for your financial health is make sure your extra cash isn’t just sitting around.
Every dollar should be earning something for you—even when it’s not tied up in long-term investments.
Here’s the problem: the average checking account balance is $16,891, according to the 2022 Survey of Consumer Finances (SCF).
That’s a big chunk of change… and for most people, it’s sitting in an account earning practically zero interest. Meanwhile, inflation is quietly nibbling away at its value.
Sure, savings accounts can help a little—but let’s be real: they’re not perfect.
They often require juggling funds between accounts just to make sure your bills don’t bounce. And because of that, most of us can’t park all our cash in savings, even if we wanted to.
The good news? Things have changed. Today, there are financial products that give you the best of both worlds—the flexibility of a checking account and the high interest rates of a savings account.
Let’s dive in and check out the best options to make your money work harder without losing the convenience you need.
Wealthfront Cash Account
First up: the Wealthfront Cash Account. (Currently paying 4.50% APY for three months with this referral link—then a solid 4.00% after that)
Now, technically this isn’t a high-yield checking account—but it comes pretty darn close.
You get many of the same features you’d expect from a checking account, plus one of the best interest rates out there. And honestly? It’s super simple and pleasant to use.
After digging deep into all the options, this is the account I personally chose for my own checking funds—and I’ve been thrilled with it.
Transfers in and out? Lightning fast. And the interest on idle cash? Chef’s kiss.
Of course, there are a couple of drawbacks: no physical branch for cash deposits and no traditional checkbook.
That said, Wealthfront does let you send checks on your behalf, which covers most situations.
My workaround? I keep my old brick-and-mortar checking account for those rare times I need to deposit cash or write a physical check.
The rest of my liquid cash lives in Wealthfront, where it’s earning real interest every single day.
The Pros:
- Earn interest at 4.00%/yr (4.50% for 3 mos if referral link used)
- Extremely simple, intuitive interface (arguably better than SoFi)
- No maintenance/transfer fees
- Free unlimited same-day transfers (including wires)
- Can connect other accounts and see their balances
- Automated transfer of funds to investing accounts
- Early access to direct deposits
- Bill pay ability
- Up to $8M FDIC insurance
- Debit card allows cash withdrawals
- Free unlimited ATM access at 19K in network locations
- Fee reimbursement at all nationwide ATMs (2x/month)
- Compatible with most other payment apps
The Cons:
- No physical checks, but can instruct them to send a check
- Online account – no way to make loose cash deposits
- No overdraft protection – transactions will be declined
SoFi Checking & Savings Accounts
Next up: SoFi Checking & Savings (Earn a $300 welcome bonus with this link after $5K in direct deposits!)
Here’s how the bonus works: set up at least $5,000 in direct deposits within 25 days of your first deposit, and make sure that first deposit happens by January 31, 2026 before the promo ends.
Easy enough, right?
When you join SoFi, you actually get two accounts—checking and savings—rolled into one experience.
The savings side is where the magic happens, offering up to 3.80% APY. To qualify, you’ll need at least one direct deposit each month (even a small one counts).
Now, while that juicy 3.80% rate only applies to savings, SoFi has a clever workaround: their free overdraft protection links your checking and savings together.
That means you can stash nearly all your funds in the savings account earning interest, and if your checking runs low, money moves over automatically!
They’ve also added another nifty feature: you can pay bills directly from your savings account.
So if you don’t use ATMs or write checks often, you could realistically manage everything straight from savings.
While interest rates at SoFi are lower than Wealthfront and come with extra strings, SoFi accounts provide a few features Wealthfront does not: physical checks and a limited ability to make cash deposits, making it a solid alternative.
The Pros:
- $300 new account bonus (link) after $5K or more in total direct deposits
- Earn interest at 3.80%/yr on Savings funds with a monthly direct deposit set up
- Easy to use interface
- No maintenance/transfer fees (except for outgoing wires)
- No minimum balance fees
- Physical checks available
- Overdraft protection and coverage up to $50
- Early access to direct deposits
- Bill pay ability
- Up to $2M FDIC insurance
- Debit card allows cash withdrawals
- Great ATM access
The Cons:
- Cash deposits only at Green Dot branches for a $4.95 fee
- Lower interest rate than other options
Fidelity Brokerage & CMA Accounts
Fidelity gives you two solid options that work a lot like high-yield checking accounts: the Fidelity Brokerage Account and the Fidelity Cash Management Account (CMA).
Both accounts share some impressive features—think check writing, debit cards, bill pay, and automatic sweeps of idle cash.
But the devil’s in the details, and that’s where these two accounts differ.
Here’s the breakdown:
Overdraft Protection: Only the CMA offers overdraft protection and alerts.
Interest on Idle Cash: This is where the big difference comes in.
The Brokerage Account wins hands down when it comes to earning interest.
- It automatically sweeps idle cash into your choice of high-yield money market funds, which are redeemed as needed for bill payments.
- The default option is SPAXX, Fidelity’s Government Money Market Fund, currently yielding around 3.94% at time of writing.
The Cash Management Account, on the other hand:
- Defaults to an FDIC-insured position called FCASH, which only pays about 2.21% at time of writing.
- Yes, you can invest in something better like SPAXX, but you’ll have to move the money manually—a bit of a hassle.
Downside? Neither account supports cash deposits. If that matters, keep a small local checking account for those rare situations and move the rest to Fidelity for better returns.
My pick between the two? The Brokerage Account—because I like automation and higher yields without babysitting my money.
If you don’t mind the occasional manual transfer, the CMA still gets you great features plus FDIC insurance.
In summary, either Fidelity account can be a strong alternative to Wealthfront or SoFi if you value flexibility and want to keep idle cash working harder for you.
The Pros:
- Earn interest at 3.94%/yr with SPAXX or other funds
- Automated sweep of funds into interest earning options
- No maintenance/transfer fees
- Early access to direct deposits
- Physical checks available
- Bill pay ability
- Debit card allows cash withdrawals
- Compatible with most mobile payment apps
- Up to $500K SIPC insurance
- FDIC insured up to $5M
- Flexible investing features like margin and options trading
- $0 commission for online US stock, ETF, & option trades
- ATM fees reimbursable nationwide using the Fidelity® Debit Card
The Cons:
- Online accounts – no way to make loose cash deposits
- No overdraft protection – transactions will be declined
Primis High Yield Checking Account
Our final contender is Primis Premium Checking, a true high-yield checking account offering an impressive 4.20% APY on balances.
What makes Primis stand out? It checks most of the boxes from the other options above—plus a few nice extras:
Free pack of checks
Free nationwide ATM usage
Free incoming wires
Refundable outgoing wire fees (and they even throw in an extra $10 credit for your trouble!)
Honestly, there’s a lot to love here. I seriously considered Primis for my own money.
The only thing that gave me pause? Primis is a smaller, lesser-known bank compared to the big names.
But let’s keep that in perspective: “smaller” doesn’t mean small. Primis reportedly had over $3 billion in deposits in 2024.
For comparison, SoFi sits at around $21 billion, and Wealthfront manages over $50 billion in assets.
In summary, if you’re comfortable banking with a regional player that still has solid credibility, Primis Premium Checking offers one of the highest interest rates out there—and a feature set that rivals anyone.
The Pros:
- Earn interest at 4.20% APY
- No maintenance/transfer fees
- No minimum balance requirements
- No transaction limits
- Early access to direct deposits
- No overdraft fees ever
- First 40-pack of Primis checks are free
- Free cashier’s checks and stop payments
- Bill pay ability
- Free/reimbursable ATM fees nationwide
- Free incoming wires
- Refundable originating wires fees (& they give you +$10!)
- Simple, intuitive interface
- Up to $250K FDIC insurance
The Cons:
- Online only account not accessible at Primis branches
- No way to make loose cash deposits
Bottom Line
One of the smartest moves you can make for your financial health? Stop letting cash sit around doing nothing. Every dollar should be earning something for you—even when it’s in a checking account.
Thanks to the innovative financial accounts we covered above, there’s no reason to let your money nap in a traditional checking account earning next to zero.
These accounts give you the best of both worlds—checking account convenience plus high-yield interest rates on idle checking balances that rival the best savings accounts.
Now, if you still need certain old-school features—like the ability to deposit cash—keep your physical bank account around just for those tasks.
But for everything else? Shift your balance to one of these high-yield accounts and start earning real money.
Here’s why this matters: the average checking balance is $16,891, according to the2022 Survey of Consumer Finances. At 4.00% APY, that’s $675/yr in interest a person could get—just for moving your money to a better account!
Some accounts even offer limited-time bonuses, like Wealthfront’s offer of 4.50% APY for 3 months with this referral link.
Bottom line? Stop letting your checking account collect dust. Put that money to work and let it earn for you!
And if you found this helpful, don’t miss out—subscribe in the orange box for more tips on saving, earning, and making every dollar count.
Earnings from High Yield Checking Interest
The math behind the interest you could earn on idle checking balances using Wealthfront:
Earn:
- Avg checking account balance (2022 Survey): $16,891
- Interest rate with a Wealthfront Cash Account: 4.00%/yr
- $16,891 x 4% = $675/yr in interest
Time Required:
- +1 hr to apply for, set up account, & transfer funds
- +1 hr to update direct deposits & bill pay to new account
- =2 hrs
Results:
- $16,891 x 4%
- =$675/yr earned with a Wealthfront Cash Account
- $675 earned / 2 hrs
- =$338/hr earnings rate
