An online bank is now paying up to 5.30% APY on its checking account (2023)

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• The Redneck Bank Rewards Checking Account pays a high APY if you fulfill certain monthly criteria.
• If you complete the monthly activities, you'll earn 5.30% APY on balances up to $15,000, and 0.50% APY on amounts over $15,000.
• A couple other online banks and banking platforms also have high-yield checking accounts with 5.00% APY or more.

Redneck Bank, an online division of All America Bank, is now offering a bonus rate of up to 5.30% APY (Annual Percentage Yield) on the Redneck Bank Rewards Checking Account.

To qualify for the bonus rate, you'll have to make 10 qualifying debit card transactions per monthly statement cycle and receive online bank statements. Qualifying transactions include debit card purchases, but not ATM or ACH transactions.

Once you meet the monthly requirements, you'll earn 5.30% APY on account balances up to $15,000. Any amount over $15,000 will earn 0.50% APY.

If you don't meet the requirements to earn the bonus rate, the Redneck Bank Rewards Checking Account has a standard rate of 0.25% APY for any account balance.

You'll need a minimum opening deposit of $500, and there are zero minimum balance requirements or monthly service fees. Interest is compounded and deposited into the account monthly. The Redneck Bank Rewards Checking has a limit of two accounts per person.

You may also like: Learn how to earn 4.20% APY with SoFi.

Other high-interest checking accounts paying 5.00% APY

If you're interested in opening a high-yield checking account but don't qualify for the bonus rate at Redneck Bank, rest assured that other financial institutions also offer high rates right now.

Here are two places that have high-interest checking accounts paying up to 5.00% APY. Additional options can be found in our best high-yield checking accounts guide.

Consumers Credit Union Free Rewards Checking Account: Up to 5.00% APY

The Consumers Credit Union Free Rewards Checking Account pays up to 5.00% APY on balances up to $10,000. The checking account has a tiered interest rate, so you'll need to perform certain activities to earn a higher APY. Here's how the tiered interest rate works:

• Earn 3.00% APY on balances up to $10,000 when you sign up to receive eDocuments, make 12 debit card purchases per month, and receive $500 per month in direct deposits, mobile check deposits, or transfers from other banks.
• Earn 4.00% APY on balances up to $10,000 when you meet the qualifications to earn 3.00% APY andspend $500 per month with your Consumers Credit Union credit card.
• Earn 5.00% APY on balances up to $10,000 when you meet the qualifications to earn 3.00% APY andspend $1,000 per month with your Consumers Credit Union credit card.
• Earn 0.20% APY on balances between $10,000.01 and $25,000 when you receive eDocuments, make 12 debit card purchases per month, and receive $500 per month in direct deposits, mobile check deposits, or transfers from other banks.
• Earn0.10%APY on balances of $25,000.01 and more when you receive eDocuments, make 12 debit card purchases per month, and receive $500 per month in direct deposits, mobile check deposits, or transfers from other banks.

If you do not meet any of the requirements listed above, you'll only earn 0.01% APY. To open the checking account, you must be a member of Consumers Credit Union.

Consumers Credit Union has branches near Chicago, Illinois, but anyone can become a member by paying a one-time $5 membership fee to join the Consumers Cooperative Association. All members also have to open the Consumers Credit Union Membership Share Savings Account with at least $5.

The Consumers Credit Union Free Rewards Checking Account has a $5 minimum opening deposit and zero monthly service fees. Consumer Credit Union bank accounts are federally insured by the NCUA.

Juno Checking Account: Up to 5.00% APY

With a Juno checking account, you could earn a 5.00% yearly bonus on the first $50,000 in your account, and 4.00% on balances from $50,000 to $250,000. Interest will be deposited to your account on the tenth day of the following month.

Juno has two account options: Basic and Metal. The Juno Metal Checking Account has higher limits for yearly cash back, crypto purchases, and other perks than the Basic Checking Account — but you'll need to maintain a qualifying direct deposit of $250 or more per month or connect your Web3 Wallet so Juno can review your on-chain activity.

Juno doesn't charge monthly service fees and has zero minimum balance requirements.

Juno is an online banking platform partnered with Evolve Bank and Trust. The checking account is FDIC-insured for up to $250,000 for individual bank accounts. Juno does not offer joint checking accounts.

Learn more: Compare the best interest earning accounts.

About Redneck Bank

Redneck Bank is an online-only institution with an interest-earning checking account. It also has a money market account that pays up to 5.05% APY. You can open a Redneck Bank account from anywhere in the US, and your money is federally insured by the FDIC for up to $250,000 per depositor per category.

Customers have access to free ATMs in Oklahoma. The bank also refunds up to $25 in ATM fees per month if you fulfill the requirements for the bonus rate.

The bank's customer support is available Monday through Friday from 8 a.m. to 5 p.m. CT.