Brian McKay
Brian McKay
Co-Founder & Lead Data Architect- Automated Online Rate Data Aggregation
- Location-Based Rate Tables
- Bank & Credit Union Health Safety Ratings
- Bank & Credit Union Star Ratings
- Finance Calculators
Average High-Yield Checking Rates Fall to 2.069% and Rewards Checking Rates to 2.019%
High-yield checking rates fell 0.012 points to 2.069% and rewards checking rates fell 0.040 points to 2.019% between October 22 and October 28. Business checking rates rose 0.018 points to 0.403%.
High-yield checking accounts pay an average 2.069%, down 0.012 points since October 22, and rewards checking rates fell 0.040 points to 2.019%, the first decline in either category after three straight gains. Free checking account rates fell 0.037 points to 0.723%, while business checking rates rose 0.018 points to 0.403% and credit union checking rates rose 0.018 points to 0.253%.
Key takeaways
- Rewards checking rates fell 0.040 points to 2.019%, the largest change of the five categories, and high-yield checking rates fell 0.012 points to 2.069%.
- Free checking rates fell 0.037 points to 0.723%, from 0.760% on October 22.
- Business checking rates rose 0.018 points to 0.403% after two straight declines, and credit union checking rates rose 0.018 points to 0.253%.
- On a $10,000 balance, the 2.069% high-yield checking average pays about $206.90 a year, against $72.30 at the 0.723% free checking average; high-yield accounts usually carry activity requirements.
Rewards checking rates fell 0.040 points to 2.019%
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, 1.697% on October 14, 2.059% on October 22 and 2.019% on October 28. High-yield checking rates averaged 1.581%, 1.611%, 1.695%, 2.081% and 2.069% on the same dates. The October 28 averages cover 300 institutions and 449 rates for rewards checking and 609 institutions and 1,114 rates for high-yield checking. Accounts in both categories often carry activity requirements such as a minimum number of debit transactions or a direct deposit.
Free checking rates averaged 0.769% on October 14, 0.760% on October 22 and 0.723% on October 28, on 1,858 institutions and 4,091 rates. Business checking rates averaged 0.464% on October 6, 0.420% on October 14 and 0.385% on October 22, then rose to 0.403% on 489 institutions and 1,146 rates. Credit union checking rates rose to 0.253%, from 0.235% on October 22 and 0.230% on October 14, on 297 institutions and 395 rates.
Change since October 22, by checking category (percentage points)
This report's averages, October 22 to October 28. Green bars rose; red bars fell.
How each checking category moved from October 22 to October 28
| Account Category | October 22 APY | October 28 APY | Change Since October 22 |
|---|---|---|---|
| High-Yield Checking ▼Rate-focused accounts, often with activity requirements | 2.081% | 2.069% | ▼ -0.012 |
| Rewards Checking ▼Debit-use & direct-deposit accounts | 2.059% | 2.019% | ▼ -0.040 |
| Free Checking ▼Broad no-fee market | 0.760% | 0.723% | ▼ -0.037 |
| Business Checking ▲Business & commercial accounts | 0.385% | 0.403% | ▲ +0.018 |
| Credit Union Checking ▲Share draft accounts | 0.235% | 0.253% | ▲ +0.018 |
| Compare live offers: high-yield checking accounts · credit union checking · 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 22 to October 28, 2026. Category averages reflect products matching MonitorBankRates.com's checking classification. Source: MonitorBankRates.com. | |||
The FOMC statement on October 28 and checking account rates
At its October 28 meeting the Federal Open Market Committee left its target range at 3.75% to 4.00%, and its statement said inflation "remains elevated." High-yield checking rates averaged 1.874% on September 16, the day of the quarter-point increase, and 2.069% on October 28, 42 days later. Checking rates are variable, so banks can change them after a Fed meeting or between meetings; whether and when is each bank's decision.
Interest on a $10,000 checking balance at the October 28 averages
On a $10,000 balance, the 2.069% high-yield checking average pays about $206.90 a year, the 2.019% rewards checking average about $201.90, and the 0.723% free checking average about $72.30. Business checking at 0.403% pays about $40.30 and credit union checking at 0.253% about $25.30. High-yield and rewards 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 savings goal calculator works out the monthly deposit needed to reach a target, and the budget calculator sets monthly income against expenses; both start from today's average rates, computed daily from more than 8,000 banks and credit unions, and state figures can be loaded. What a checking account is covers the basics, Illinois checking rates lists offers in that state, and category history is on our checking rate trends page.
Checking averages on October 28
High-yield checking rates average 2.069%, rewards checking 2.019%, and free checking 0.723%. 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 28, 2026, the latest collection ran October 27, 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.
