This online account pays a staggering 6.75% — just as the Federal Reserve prepares to cut interest rates

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Why this account stands out, and how it works

High-yield current accounts You often pay more than the best savings accounts because they ask you to do more in return. Instead of keeping your money and forgetting about it, you usually need to meet some monthly requirements to qualify for the high APY. In other words, you really have to do it He wins Your profits.

But not all offers are created equal, and Genisys Credit Union’s high-yield checking account is a prime example. Offering a higher return than most accounts, they also ask for 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 pays a market-leading rate 6.75% annually. Compared to the top rate for high-yield savings accounts of around 5.00%, this is a significant increase in earnings.

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

• Make at least 10 debit card transactions $5 or more each month (most competitors ask $12-$15)
• Register for electronic statements

If you don’t meet the debit card requirements, you won’t earn anything that month. But when your cycle renews, you can qualify again the following month. Genisys also caps the maximum eligible balance for the rate at 6.75% $7500. Any amount above that earns 0.05%, so it’s best not to keep more than $7,500 in the account.

Other ways to make a high return on your money

with The Federal Reserve expects to cut interest rates this monthAnd perhaps back in December, this is a good time to earn an inflation-beating return on your savings — whether you want to deal with debit card requirements or not.

Among the other high-yield checking accounts in our report, two stand out no Transactions require no debit at all. PenAir Credit Union pays 5.05% APY on up to $10,000 if you set up a monthly ACH deposit of $250, 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 High-yield savings account instead of. The top two offerings 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 highest rate on balances up to $5,000. For the highest return on a no-strings-attached savings account, Pibank currently offers a 4.60% APY and no balance cap.

How to Find the Best Savings and CD Rates

Each business day, Investopedia tracks rate data for more than 200 banks and credit unions that offer CDs and savings accounts to customers across the country and determines a daily ranking of the highest-grossing accounts. To qualify for our lists, the institution must be federally insured (FDIC for banks, NCUA for credit unions), and the minimum initial account deposit must not exceed $25,000. It is also not possible to determine A maximum The deposit amount is less than $5,000.

Banks must be available in at least 40 states to be eligible to be available nationwide. While some credit unions require you to donate to a specific charity or association to become a member if you do not meet other eligibility criteria (for example, if you do not live in a certain area or work a certain type of job), we exclude credit unions with donation requirements of $40 or more. To learn more about how to choose the best rates, read our full methodology.