as competition escalates for new savings customers many financial institutions are promising high yields simply for becoming a customer and following various transaction requirements and if done correctly the annual percentage yield can reach as much as 5 and add hundreds to your bottom line just for letting your money sit there that said getting in on the action sometimes comes with a fair share of hurdles the highestyield accounts “work great for some consumers but are not a onesizefitsall” says bankrate chief financial analyst greg mcbride plenty of highyield savings accounts in fact pay 3 or so right now with fewer hurdles compare some of the best savings accounts here how to pick the right highyield checking or savings account shopping around for a checking or savings account means finding a bank that fits with your financial lifestyle in terms of digital and mobile capabilities as well as branch and atm access says mcbride you also need to understand what is expected of you to get the higher yield “earning that apy means meeting certain requirements each and every month a certain number of debit card transactions online bill pay direct deposit and estatements if those don’t mesh with your banking lifestyle you’ll likely fall short of the requirements and earn a much more pedestrian yield” he adds mcbride adds that there are several red flags to consider “avoid checking accounts that have balance requirements and monthly fees so you don’t unnecessarily strand money in a lowyielding account just to avoid fees” adding that there are plenty of noninterest options out there that have no fees when it comes to finding accounts with higher rates than the national average maxmyinterest ceo gary zimmerman says to keep in mind that checking accounts by design are used for monthly transactional needs and that they traditionally are not meant for holding large amounts of money compare some of the best savings accounts here zimmerman says it’s critical to find a “checking account that comes with no monthly fee and includes free atm access anywhere” for those who do hold large balances often necessary to meet the requirements of the highyielding options “you should also look for a bank that offers free wire transfers as these fees can add up quickly if you find yourself making lots of investments or funding capital calls” he said adding that “most private banks offer free wire transfers but regular banks often charge upwards of 35 per transfer” the modus operandi of highyield savings accounts on the other hand is typically binary store your money and earn high interest “the higher the rate the faster your money will grow and because of the power of compounding the apy you earn matters a lot” zimmerman says “as long as the account is fdicinsured it really doesn’t matter much which bank you pick” bottom line “there are online savings accounts that are available nationwide with little or no minimum deposit a competitive yield and can be linked to the checking account at your present financial institution this is an option that is literally available to everyone” says mcbride can’t seem to find a highpaying bank account on your own marketwatch picks has searched the internet high and low to bring to you five checking and savings accounts with the highest available interest rates we’ve also listed the various requirements to take advantage of these high rates and linked directly to their account registration pages compare some of the best savings accounts here meet the transaction requirements on consumer credit union’s tiered balance system and earn as much as 5 apy on account holdings of up to 10000 these various requirements include making at least 12 monthly debit card purchases setting up electronic transactions direct deposit ach transfer or mobile check deposit and making 1000 in consumers credit union credit card purchases accounts with more than 10000 earn between 010 or 020 apy if you don’t meet the requirements however account holders earn 001 apy on all balances start with a 2 apy for the first month when joining this account and qualify to earn 5 thereafter on a balance of up to 5000 requirements to earn this apy boost includes receiving four direct deposits totaling 1000 or more and ending the month with a positive balance in both a varo bank account and savings account after meeting those rules accounts over 5000 continue to earn 2 apy   earn up to 100 instant cash loan with varo advance feature ensure you get 15 debit card transactions excluding atm transactions posted to your account before the end of the statement period and earn 425 apy on accounts up to 3000 and between 425 and 267 apy on balances of 300001 to 10000 balances over 10000 or those that have not met the qualifications earn an apy of 010 average account balances may not fall below 1000 during the statement period   atm fee refunds of up to 25 every month   8 balance fee applied if monthly debit transaction requirements are not met or if daily balance average falls below 1000 for the month   members ages 18 to 59 face a 2 fee for not enrolling in estatements enroll in estatements use your genisys debit mastercard 10 times a month for purchases of 5 or more excluding atms and earn 407 apy on balances up to 7500 with the genisys highyield checking account an apy of 005 is applied to balances over that threshold membership is also only available to residents in michigan and to some residents in minnesota and pennsylvania   125 atm fee per transaction after exceeding the six free monthly limit at nongenisys coop atms   membership and physical branch locations are only offered in michigan minnesota and pennsylvania account holders here can earn 4 apy on balances up to 20000 for the first 12 months from the time of opening an account and 010 apy on balances over that amount balances less than 20000 earn an apy of 2   no minimum requirements for opening a new account   no monthly fees when opting for electronic statements   32 overdraft fee unless you link with another elements account   although available nationwide via the coop shared branch network and allpoint atms elements has just five physical locations in the state of indiana   low apy if you surpass the account maximum