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Brian McKay

Co-Founder & Lead Data Architect

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Brian is the Co-Founder of MonitorBankRates.com. For over 18 years, he has utilized his background in enterprise infrastructure to engineer proprietary systems that track rates from over 8,000 financial institutions.

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| September 22, 2026 | 5 min read

High-Yield Checking Rates Fall to 1.682% in the First Report Since the Fed Raised Rates

High-yield checking rates fell 0.192 points to 1.682% in the first checking report since the Federal Reserve raised its benchmark rate a quarter point on September 16. Rewards and free checking rates also eased; credit union and business checking edged up.

The Federal Reserve raised its benchmark rate a quarter point to 3.75% to 4.00% on September 16, and this is our first checking report collected after that decision. High-yield checking accounts pay an average 1.682%, down 0.192 points from September 16, and rewards checking rates fell 0.098 points to 1.598%. Among everyday accounts, free checking account rates eased 0.041 points to 0.820%, while credit union checking rose to 0.251% and business checking to 0.442%.

High-yield checking rates fell after two reports of gains

Checking rates by account category, national average APY since late March

Average APYs from MonitorBankRates.com's nightly collection, the same series this report's figures come from, updated daily.

High-yield checking rates fell 0.192 points to 1.682% after rising 0.219 points across the two prior reports, putting the average back below the 1.833% it carried in early August. Rewards checking rates fell 0.098 points to 1.598%. High-yield and rewards checking accounts often carry activity requirements such as a minimum number of debit transactions or a direct deposit, and banks reprice them more often than other deposit accounts; the high-yield average has moved by more than 0.15 points in three of the last four reports.

Free checking rates eased 0.041 points to 0.820%. Credit union checking rose 0.014 points to 0.251%, and business checking rose 0.013 points to 0.442%. A high-yield checking account pays about 0.862 points more than a free checking account, roughly $86 a year on a $10,000 balance.

Change since September 16, by checking category (percentage points)

This report's averages, September 16 to September 22. Green bars rose; red bars fell.

Checking rates compared: September 16 vs. September 22

Checking rates after the Fed's quarter-point 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. The figures in this report were collected September 22, six days after the announcement; the three largest checking categories were lower over that stretch, and credit union and business checking were higher. Most checking rates have changed little after past Fed decisions. Checking rates are variable, so banks can change them after a Fed move; whether and when is each bank's decision.

Activity requirements come with the higher rates

An average high-yield checking account pays about $86 a year more than an average free account on a $10,000 balance, and usually has requirements attached, like a minimum number of debit transactions or a direct deposit each month. Checking account fees can exceed what a balance earns, so fees and requirements count alongside the rate. The savings goal calculator calculates the monthly deposit needed to reach a savings goal, and the credit card payoff calculator defaults to the live MonitorBankRates average card rate; 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, anyone comparing local options can line up Michigan checking rates against these national averages, and category history is on our checking rate trends page.

The bottom line for checking account holders

High-yield checking rates average 1.682%, rewards checking 1.598%, and free checking 0.820% in the first checking report since the Federal Reserve raised its benchmark rate. 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.