Any "High" interest checking accounts out there without all the hastle?

[TheAnonOne]

Generally to keep life simple, I keep my "e-fund" and my checking together. Unfortunately this means I have been earning basically 0% on 10-20k for a few years now. I bank at a major bank so, getting 1/10th of 1% is common.

I have looked around and basically all checking accounts require some amount of debit transactions to earn anything over 1%. I churn cards pretty often and when I have a card I am working on, I don't use my 'core' card (which earns 2% instantly anyway).

I am not looking for the maximum rate at any cost. I am looking for the best "easy" option. I will have direct deposit and that's about it.

Maybe nothing exists that fits this model, figured I would ask anyway.

[Ready2Save27]

I’m not aware of any checking accounts with high interest rates, but have you considered a high yield savings account? Ally offers about 1.7% interest right now, very few fees (and clearly states those they do have), and is pretty convenient/simple in my opinion. They may lower/raise that rate over time based on the Fed’s rate, but it is one of the highest out there. Transactions generally take a couple of days (moving money to another bank, buying stocks, etc.) and you are limited to 6 transactions per month. If you are okay with those limitations, it’s a great option.

Maybe others can add more insight

[daverobev]

I am a fan of Alliant; very easy to move money into and out of a high interest savings acct.

https://www.alliantcreditunion.org/rates

Probably not market leading rates, but not bad.

[OtherJen]

I see someone else has recommended a high-yield savings account. Our E-fund is in an Ally account. In addition to actually collecting noticeable interest, it is relatively convenient (linked to our main bank accounts at another institution for easy transfers) but not so much so that the money could ever be spent thoughtlessly. It’s been a good solution.

[Dragonswan]

Comenity Direct has an HSA rate of 1.9% while Ally's current rate is 1.6%.  Both are good options without fees and such.  Both allow transferring to another bank account so it's easy enough to access in an emergency but hard enough to make you think twice about whether or not it really is an emergency.

[chemistk]

I'll toss another suggestion in for keeping E-Fund $$ and other savings that needs to stay liquid in a High Interest savings. Currently, our E-Fund and house down payment savings are all sitting in Ally. If I need $$, it can be delivered to my bank in 1-2 days depending on when I initiate the transaction.

If I need to leverage my E-Fund, I can use a credit card immediately since most have limits higher than I would need. If I need cash...I haven't really been able to come up with a circumstance where it's advantageous to have thousands of dollars immediately accessible in cash. I'd rather take the cash advance fee any day over the loss of a couple points of interest.

[JLee]

T-Mobile Money has 4% up to $3k and 1% thereafter. https://www.t-mobilemoney.com/en/home.html

[frugaliknowit]

I used to use a high yield checking with the hassles, used to chase introductory offers on savings accounts, no more.  I just use Vanguard Prime Money Market and link it to my checking account.  This way I always "get the market".

[ditheca]

I use a high yield checking account (3.2%) which requires 10 debit transactions a month, but I also set up four recurring charitable donations of $1 - $2 a week.

The whole thing is on auto pilot, I'm turning a small profit, and a bit of charity is happening.  Triple win.

[Rosy]

T-Mobile Money has 4% up to $3k and 1% thereafter. https://www.t-mobilemoney.com/en/home.html

Sweet deal - thanks @JLee :) - just what I was looking for! Let's hope I qualify since I am already a T-Mobile customer.

This January I opened a 3.5% annual CD for $3K (their max limit) which is part of my EF - at NFCU. It was the best I could find at the time.

My next step was to save up another $4K (their max limit) in the Holiday Club account @2% at MidFloridaCU since they only charge one $5 fee if you take out the money - but that T-Mobile checking is twice the interest and no fees for early WD, so it is a much better deal.

Capital One has a savings account at 1.7% APY and you can open a checking account with a debit card with them. No minimums and no hassles - when I want to use the savings I just do an instant transfer over to my checking - voila or you can send it straight to one of your other checking accounts.

MidFloridaCU's investment checking has been paying 1% interest on balances up to $10K for years - also no hassles, but you do have to keep $1K minimum balance in the account.

Those 10-12 debit card charges seem like too much trouble to me, but I might consider it depending on the funds involved and if I can reduce at least some of the hassle. Not a fan though.
I do like your idea of charitable donations @ditheca - I may revisit once I have enough funds again to make it worth my while, there are always Amazon gc's or purchases to the rescue of course. I'm just not a big spender, so ten or twelve purchases would take some thought.
Mushtashian problems for sure:).