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Key Takeaways
- Right now, mph.bank is offering an eye-popping 5.00% APY on its checking account—matching the highest-paying savings accounts.
- Unlike high-yield checking accounts that require 12-15 debit card purchases, mph offers its high APY with just a qualifying direct deposit.
- Even if you want to keep your existing checking account, this offer provides a great place to park savings for a nation-leading return.
- Can’t set up direct deposit? No problem—we have plenty of alternatives to help you earn 4.30% or more on your savings.
The full article continues below these offers from our partners.
This Checking APY Matches the Best High-Yield Savings Accounts—With Just One Requirement
It’s rare to find an account that works as both a top-tier checking and high-yield savings account, but mph.bank’s “Free Account” offers just that. As a checking account, it delivers an impressive rate without the usual debit card requirements found with other high-yield checking accounts. Plus, it can serve as a high-paying savings option, offering a nation-leading rate for your surplus funds while you continue using your current checking account.
Not surprisingly, earning an annual percentage yield (APY) as high as 5.00% comes with a condition, but it’s a simple one. To earn 5.00% APY each month, you’ll need to have at least $2,000 in direct deposits hit your account. Note that the $2,000 minimum can come in one deposit or multiple smaller deposits throughout the month.
For instance, if you get paid biweekly and your paycheck deposit is at least $1,000, you’ll qualify for the 5.00% APY that month. But don’t worry if you happen to miss the direct deposit requirement one month—you can still qualify in the following statement cycle.
Like most online banks, electronic transfers between accounts at different banks and credit unions are free and easy to set up. So, if you don’t want to keep your paycheck deposited at mph.bank, you can easily transfer the money to another account. This means you could continue using your current checking account and simply treat the mph.bank account as a savings bucket.
As with many high-yield checking accounts, there’s a balance cap for earning the 5.00% rate. However, the generous $50,000 limit is well above the typical caps of $10,000 or $15,000. Other perks include Zelle and mobile check deposit, no minimum opening deposit or ongoing balance requirements, and no monthly fees, making it a truly free account.
Important
While mph.bank is an online-only bank, it is owned and operated by Liberty Savings Bank, a brick-and-mortar institution established in 1984. Liberty Savings Bank and its mph.bank online division are FDIC insured.
Can’t Do Direct Deposit? Here Are Some Great Alternatives
If direct deposit isn’t an option for you, or if your monthly deposits won’t consistently meet mph.bank’s $2,000 threshold, don’t worry. We have lots of other high-yield options for you.
For those who regularly use a debit card, consider checking out our roundup of the best high-interest checking accounts. Some of these accounts offer even higher rates than mph.bank’s 5.00%. The catch? You’ll need to make 12–15 debit card purchases each month to qualify. And be sure to watch for balance caps to ensure your full balance earns the high APY.
If you’re looking for an account with no direct deposit or debit requirements, you can earn 4.30% to 5.00% APY with today’s top high-yield savings accounts. While a few have specific requirements, many options in our ranking come with no strings attached.
Finally, if you can set aside some savings for the future, consider a CD. Unlike savings or checking accounts, which can have their rates lowered at any time, the rate you lock in with a CD is guaranteed until the CD matures. Right now, the best nationwide CDs are paying from 4.28% to 4.55% on CD terms of 3 months to 5 years.
Daily Rankings of the Best CDs and Savings Accounts
We update these rankings every business day to give you the best deposit rates available:
Important
Note that the “top rates” quoted here are the highest nationally available rates Investopedia has identified in its daily rate research on hundreds of banks and credit unions. This is much different than the national average, which includes all banks offering a CD with that term, including many large banks that pay a pittance in interest. Thus, the national averages are always quite low, while the top rates you can unearth by shopping around are often 5, 10, or even 15 times higher.
How We Find the Best Savings and CD Rates
Every business day, Investopedia tracks the rate data of more than 200 banks and credit unions that offer CDs and savings accounts to customers nationwide and determines daily rankings of the top-paying accounts. To qualify for our lists, the institution must be federally insured (FDIC for banks, NCUA for credit unions), and the account’s minimum initial deposit must not exceed $25,000. It also cannot specify a maximum deposit amount that’s below $5,000.
Banks must be available in at least 40 states to qualify as nationally available. And while some credit unions require you to donate to a specific charity or association to become a member if you don’t meet other eligibility criteria (e.g., you don’t live in a certain area or work in a certain kind of job), we exclude credit unions whose donation requirement is $40 or more. For more about how we choose the best rates, read our full methodology.
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