Some offers on this page are from advertisers who pay us, which may affect which products we write about, but not our recommendations. See our Advertiser Disclosure.

Checking accounts don't usually come with a whole lot of frills. The typical checking account provides a convenient way to receive your paycheck and pay bills and not much more, especially not in the way of interest.

However, there's an alternative that can give you far more interest on your deposits: A high-yield checking account. If you're willing to navigate a few extra restrictions, moving your money from traditional checking to a high-yield checking account could mean earning more from your bank.

A high-yield checking account is similar to a traditional checking account except that it can offer significantly higher interest rates. For regular checking accounts that pay interest, the average annual percentage yield (APY) is just 0.07%, according to the FDIC. But high-yield accounts offer anywhere from 1% to 6% APY, though higher rates may only apply to a portion of your balance.

The features of a high-yield checking account vary from one account to the next, but here's what you can generally expect:

A debit card

Free checks

Highest APY is available under specific conditions

Tiered APY, meaning the highest rate applies to a limited amount of your balance

FDIC or NCUA insurance

The main drawback to high-yield checking accounts is that they often have more rules and restrictions than traditional checking accounts. And if you fail to meet the account requirements, you could lose your high APY or be charged a fee.

High-yield checking accounts can be worth it if the conditions on the account are not too restrictive and the fees are limited.

If you can easily adhere to the bank's requirements for earning the highest APY, without impacting your day-to-day use of the account, the interest can be worth the trouble. Here's what you should consider before opening an account:

As a trade-off for earning higher interest, you'll have to navigate some additional requirements, which could be hard to do. Depending on the account, you might have to meet one or more of the following conditions to qualify for the highest APY:

10-20 transactions must be completed (fully processed) within the statement cycle

Receive at least one direct deposit per month or receive a minimum amount via direct deposit

Maintain a minimum average daily account balance

Use a loan or a credit card from the same bank

Enroll in online banking

Opt into paperless statements

According to the FDIC, banks don't always make it clear how you can earn higher APY on high-yield checking accounts. So before you open an account, look for the requirements and fees in the Truth in Savings Disclosure or on the bank website.

Some high-yield checking accounts have fees that eat into your interest earnings. To avoid those fees and/or earn the highest APY, you might have to meet several activity requirements, such as staying under a certain number of withdrawals each month or maintaining a set minimum balance.

According to the CFPB, the more complex a financial account is, the more likely you are to make a mistake and incur fees. For example, with the Rewards Checking high-yield savings account at Consumer's Credit Union, not only does your APY drop to 0.01% when you fail to meet monthly activity requirements, but you also forfeit your ATM fee reimbursements.

To find an account with fewer fees, less complicated conditions, and possibly even higher APY, you may want to try an online bank.

Read more: 10 best free checking accounts available today

For cash that you don't need day to day, a high-yield savings account (HYSA) is a better choice than a high-yield checking account. HYSAs are similar to traditional savings accounts, except that they pay as much as 4% APY (versus the 0.38% average APY on a regular savings account).

Like high-yield checking accounts, HYSAs are usually FDIC- or NCUA-insured. And online banks tend to offer better features for both account types. But here's what makes HYSAs different:

No debit card

No checks

There may be a monthly limit on free withdrawals

Fewer fees and conditions for earning high APY

APY tiers are less common (you earn the highest rate on the full balance)

These are the best high-yield savings accounts today. We evaluated dozens of accounts to find the 10 best. See our picks based on interest rates, fees, and more.

Typically, high-yield savings accounts are perfectly safe. But you still need to take steps to protect your funds, including banking with a federally insured institution and avoiding fees.

A high-yield savings account has many benefits, but it’s not the best place for your money in every scenario. So, should you open an HYSA? Here’s what to know.

Find out how your checking account interest rate compares to the national average and learn how to maximize your account’s value.

With deposit interest rates falling, you may be wondering if your high-yield savings account (HYSA) is still worth it. Here’s what to know.

Premium checking accounts offer perks such as higher interest rates, ATM fee reimbursement, and more. But those benefits come at a cost. Is premium checking worth it?