Earn More While Keeping Full Access to Your Money
Your checking account should do more than hold your money. With MyPoint's High-Yield Checking Account, you can earn competitive dividends on qualifying balances while enjoying the flexibility and convenience of an everyday checking account.
Whether you're building an emergency fund, maintaining higher account balances, or simply looking for a smarter place to keep your money, High-Yield Checking helps your money work harder without locking it away.
Why Choose High-Yield Checking?
Earn
Dividends that rise with your balance
Earn 2.25% to 3.25% APY* on average daily balances of $15,000 or more, and your tier's rate applies to your entire balance. Balances under $15,000 earn 0.00% APY.
Save
$0 monthly service fee
Keep more of what you earn. There's no monthly maintenance fee, a $25 minimum opening deposit, and a minimum balance above $0 to keep the account open.
Access
Your money stays available
Make purchases, pay bills, withdraw cash, and transfer funds whenever you need. There's no term and no early withdrawal penalty.
Protected
Federally insured by the NCUA
Your deposits are federally insured by the NCUA up to $250,000 per member, per ownership category.
Why Let Your Money Sit Idle?
Many checking accounts focus solely on convenience. While convenience matters, your money deserves the opportunity to grow, too.
With High-Yield Checking, you don't have to choose between accessibility and earnings. You get the convenience of everyday banking alongside competitive dividend rates that help your hard-earned money work harder.
Which Checking Account Fits You Best?
| Features |
MyFreedom Checking
Basic everyday checking
$0/month*
|
MyVIP Checking
Premium perks & local savings
$10/month
|
High-Yield Checking
Earn while you spend
$0/month
|
|---|---|---|---|
| Cost and earnings | |||
| Service fee | *Free with e-Statement | $10 per month | $0 per month |
| Interest on your checking balance | — | ✓ |
✓
Up to 3.25% APY*
|
| Get paid one day early with Direct Deposit | ✓ | ✓ | ✓ |
| Everyday perks | |||
| One free box of corporate image checks per year | — | ✓ | — |
| Free cashier's checks | — | ✓ | — |
| Free notary | — | ✓ | — |
| Shop local, save local with MyPerks savings, powered by BaZing | — | ✓ | — |
| Health Savings Card | — | ✓ | — |
| Protection benefits | |||
| ID theft assistance1,2 | ✓ | ✓ | — |
| Personal identity theft benefit1,2 | $1,000 | $10,000 | — |
| Buyer's Protection & Extended Warranty1,2 | $2,500 during first 90 days | $2,500 during first 180 days | — |
| Cell phone protection1,2 | — | $600 per claim ($1,200 per year) | — |
| Roadside assistance | — | $80 | — |
| Accidental death coverage2 | — | $25,000 | — |
| Learn more | Learn more | Apply Now | |
The Difference
If you regularly maintain higher balances in your checking account, High-Yield Checking can help you earn more without changing how you bank. Your money remains available for everyday expenses while earning competitive dividend rates based on your balance tier.
Built for Everyday Banking
High-Yield Checking is a great option for:
- Members who maintain higher checking balances
- Emergency fund savings that need to remain accessible
- Cash reserves for upcoming purchases
- Households and businesses looking to maximize earnings on everyday funds
- Anyone who wants their checking account to work harder
There is no long-term commitment, and your funds remain available whenever you need them.
Frequently Asked Questions
about High-Yield Checking
What is MyPoint High-Yield Checking?
High-Yield Checking is a MyPoint checking account that pays dividends on qualifying balances while keeping your money available for everyday banking. It has no monthly service fee, a minimum opening deposit of $25, and no long-term commitment, and you can earn up to 3.25% APY* depending on your balance.
What are the High-Yield Checking rates and balance tiers?
High-Yield Checking pays tiered rates based on your average daily balance: 2.25% APY* from $15,000 to $29,999.99, 2.50% APY* from $30,000 to $49,999.99, 2.75% APY* from $50,000 to $74,999.99, and 3.25% APY* at $75,000 or more. The rate for your tier applies to your entire balance, not just the part in that tier. Balances under $15,000 earn 0.00% APY. Rates are variable and can change at any time.
Is there a minimum opening deposit or minimum balance?
Yes. There is a $25 minimum opening deposit and a minimum balance above $0 required to keep the account open. To earn dividends, though, your average daily balance needs to reach $15,000. Balances below that earn 0.00% APY, and higher balances move you into higher-rate tiers.
Do I need direct deposit or other activity to earn dividends, and is there a maximum balance?
No to both. You don't need direct deposit or a certain number of debit card transactions to earn dividends, and there is no maximum balance. Your dividends depend only on which balance tier your average daily balance falls into.
How much could I earn with High-Yield Checking?
Your tier's rate applies to your entire average daily balance. If your balance and today's rates stay the same for a year, $15,000 at 2.25% APY earns about $337.50, $50,000 at 2.75% APY earns about $1,375, and $75,000 at 3.25% APY earns about $2,437.50. A balance under $15,000 earns $0. These are hypothetical examples. Rates are variable and can change, so your actual earnings may differ.
How are High-Yield Checking dividends calculated and paid?
Dividends are based on your average daily balance and the rate for the tier it falls in. They are calculated and paid monthly, and they're deposited automatically into your account.
What's the difference between the dividend rate and the APY?
The dividend rate is the annual rate before compounding. The APY, or Annual Percentage Yield, is what you earn over a full year once compounding is included. Because dividends are paid monthly, the APY is slightly higher than the dividend rate. For example, the $75,000 and up tier has a 3.20% dividend rate and a 3.25% APY*.
Can the High-Yield Checking rate change?
Yes. Dividend rates and APYs are variable and can change at any time. Because your tier depends on your average daily balance, a change in your balance can also change the rate you earn. Current rates are shown in the rate table at the top of this page.
Does High-Yield Checking have a monthly service fee?
No. High-Yield Checking has no monthly service fee. For other account fees, see our Membership Account Agreement and Disclosure.
Is my money locked up like it is in a CD?
No. High-Yield Checking has no term, so your money stays available for purchases, bill payments, transfers, and ATM withdrawals whenever you need it. There's no long-term commitment and no early withdrawal penalty.
Should I choose High-Yield Checking or a MyTerm CD?
Choose High-Yield Checking if you need your money available and keep $15,000 or more in the account. Choose a MyTerm CD if you can set money aside for 9 to 60 months and want a fixed rate. MyTerm pays 4.25% APY* on any term, but early withdrawal penalties apply and it's for new money only.
Can I use a debit card, online banking, and the mobile app with this account?
Yes. You can use your debit card for purchases and ATM transactions, just like a traditional checking account. You can also manage your account with MyPoint Online Banking and the MyPoint Mobile App.
Can I set up direct deposit with High-Yield Checking?
Yes. You can set up direct deposit for payroll, retirement benefits, and other recurring payments. With direct deposit, you can also get paid one day early. Direct deposit is optional and isn't required to earn dividends.
How is High-Yield Checking different from MyFreedom and MyVIP Checking?
High-Yield Checking earns tiered dividends on your balance and has a $0 monthly fee. MyFreedom is basic everyday checking with a $0 monthly fee when you use e-Statements, and it doesn't earn interest. MyVIP costs $10 a month and adds perks like free cashier's checks, free notary, cell phone protection, and roadside assistance. High-Yield Checking doesn't include those perks. See all MyPoint checking accounts.
Is there a business version of High-Yield Checking?
Yes. MyPoint offers a separate business version of High-Yield Checking for business members. See our business accounts or contact us to get started.
Is my money insured in High-Yield Checking?
Yes. Deposits are federally insured by the National Credit Union Administration (NCUA) up to $250,000 per member, per ownership category. Because there is no maximum balance, ask us how ownership categories work if you plan to keep more than $250,000 in your accounts. Learn more about NCUA share insurance coverage.
Who can open High-Yield Checking, and how do I apply?
High-Yield Checking is available to eligible MyPoint members. If you're not a member yet, we can help you get started. To open an account, apply online, call us at 1-888-495-3400, or schedule an appointment. You can also read more about MyPoint membership.
Are High-Yield Checking dividends taxable?
Dividends you earn are generally taxable income. Talk with a tax advisor about how they apply to your situation.
Make Your Everyday Money Work Harder
Earn up to 3.25% APY* on qualifying balances while keeping the flexibility to spend, save, transfer, and withdraw your money whenever you need to.
Open a High-Yield Checking Account Today
Apply NowHave questions about our high-yield bank accounts?
Rates effective
*APY = Annual Percentage Yield. Annual Percentage Yields are anticipated rates and are accurate as of . See our Membership Account Agreement and Disclosure for more information. All dividend rates are subject to change at any time.
1 Cell phone protection, buyer's protection and extended warranty, and personal identity theft benefit are subject to additional terms and conditions.
2 Insurance products are not a deposit, not federally insured, not an obligation or guarantee by the credit union, its affiliates, or any government agency.
