Brian McKay
Brian McKay
Co-Founder & Lead Data Architect- Automated Online Rate Data Aggregation
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Rewards and High-Yield Checking Rates Rise to 1.697% and 1.695%
Rewards checking rates rose 0.115 points to 1.697% and high-yield checking rates rose 0.084 points to 1.695% between October 6 and October 14. Business checking rates fell 0.044 points to 0.420%.
Rewards checking rates rose 0.115 points to 1.697% between October 6 and October 14, the largest change of the five categories. High-yield checking accounts pay an average 1.695%, up 0.084 points, and free checking account rates rose 0.012 points to 0.769%. Business checking rates fell 0.044 points to 0.420% and credit union checking rates fell 0.013 points to 0.230%.
Key takeaways
- Rewards checking rates rose 0.115 points to 1.697%, the largest change of the five categories, after 1.538% on September 29 and 1.582% on October 6.
- High-yield checking rates rose 0.084 points to 1.695%, after 1.581% on September 29 and 1.611% on October 6.
- Free checking rates rose 0.012 points to 0.769%; business checking rates fell 0.044 points to 0.420% and credit union checking rates fell 0.013 points to 0.230%.
- On a $10,000 balance, the 1.695% high-yield checking average pays about $169.50 a year, against $76.90 at the 0.769% free checking average; high-yield accounts usually carry activity requirements.
Rewards checking rates rose 0.115 points to 1.697%
Checking rates by account category, national average APY since April 13
Average APYs from MonitorBankRates.com's nightly collection, the same series this report's figures come from, updated daily.
Rewards checking rates averaged 1.538% on September 29, 1.582% on October 6 and 1.697% this week. High-yield checking rates averaged 1.874% on September 16, 1.581% on September 29, 1.611% on October 6 and 1.695% this week. High-yield and rewards checking accounts often carry activity requirements such as a minimum number of debit transactions or a direct deposit.
Free checking rates rose 0.012 points to 0.769%, from 0.757%. Business checking rates fell 0.044 points to 0.420%, after 0.434% on September 29 and 0.464% on October 6, and credit union checking rates fell 0.013 points to 0.230%.
Change since October 6, by checking category (percentage points)
This report's averages, October 6 to October 14. Green bars rose; red bars fell.
Checking rates this week: October 6 vs. October 14
| Account Category | October 6 APY | October 14 APY | Change Since October 6 |
|---|---|---|---|
| Rewards Checking ▲Debit-use & direct-deposit accounts | 1.582% | 1.697% | ▲ +0.115 |
| High-Yield Checking ▲Rate-focused accounts, often with activity requirements | 1.611% | 1.695% | ▲ +0.084 |
| Free Checking ▲Broad no-fee market | 0.757% | 0.769% | ▲ +0.012 |
| Business Checking ▼Business & commercial accounts | 0.464% | 0.420% | ▼ -0.044 |
| Credit Union Checking ▼Share draft accounts | 0.243% | 0.230% | ▼ -0.013 |
| More on checking accounts: credit union checking · what a checking account is · compare checking rates | |||
| All APYs are national averages of what real licensed institutions are actually offering to depositors, not promotional teaser rates or rate aggregator estimates. This comparison runs October 6 to October 14, 2026. Category averages reflect products matching MonitorBankRates.com's checking classification. Source: MonitorBankRates.com. | |||
Checking rates 28 days after the Fed's increase
The Federal Reserve raised its benchmark rate to 3.75% to 4.00% on Wednesday, September 16, its first increase since 2023, by a 12 to 0 vote, and the benchmark has been at that level since. The figures in this report are dated October 14, 28 days after the announcement. Checking rates are variable, so banks can change them after a Fed move; whether and when is each bank's decision.
What a $10,000 balance earns at the October 14 checking averages
On a $10,000 balance, the 1.695% high-yield checking average pays about $169.50 a year and the 0.769% free checking average pays about $76.90. High-yield accounts usually have requirements attached, like a minimum number of debit transactions or a direct deposit each month, and checking account fees can exceed what a balance earns. The budget calculator sets monthly income against expenses to show what is left over, and the savings goal calculator works out the monthly deposit needed to reach a target; both use rate data computed daily from more than 8,000 banks and credit unions. Our guide on why you should have savings and checking accounts covers how the two account types are used, Texas checking rates lists offers in that state, and category history is on our checking rate trends page.
Checking account averages on October 14
Rewards checking rates average 1.697%, high-yield checking 1.695%, and free checking 0.769%. The rate an individual account pays depends on the institution and on meeting any activity requirements, and monthly fees can offset interest on smaller balances.
Data Coverage & Methodology
All APYs in this report are calculated from rates collected directly from institution websites by MonitorBankRates.com's proprietary systems, tracking what real licensed institutions are actually offering to depositors, not promotional teaser rates or rate aggregator estimates.
As of October 14, 2026, the latest collection ran October 14, 2026. Category counts overlap because an institution can offer accounts in more than one category.
This report is for general information and is not financial advice. The APY any account holder receives depends on the institution, balance, and account requirements; confirm current offers with institutions before making decisions.
