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• The Federal Reserve has cut interest rates by a total of 75 basis points over the past two meetings.
• In response, savings account and CD rates have fallen from past highs.
• High-yield checking accounts still offer rates as high as 8% APY — but they come with a catch.

The The Federal Reserve made another interest rate cut at its November meeting after an even bigger rate cut in September. Its September meeting marked the first time the Fed cut rates in several years. As a result, high-yield savings accounts and CDs have seen their rates drop from previous highs.

Current accounts with high yield we haven’t seen the same rate drop as savings accounts and CDs. In fact, you can get a high-yield checking account that pays up to 8% annual percentage rate (APY) right now. High-yield checking accounts can offer such high rates despite Fed cuts because the rates generally come with strict limits and requirements. However, if you’re interested in opening a primary checking account and have a certain amount of money you don’t mind spending, a high-yield checking account might be a good choice for you.

How to Earn 8% APY on BCU PowerPlus Checking Account

The best rate you can get from a high yield checking account is offered by a anyone can join the credit union: BCU.

The BCU PowerPlus Checking Account comes with a high interest rate of up to 8.00% APY, but only on the first $15,000 in the account and only if you meet strict requirements.

It is a tiered interest account; your current account it can be either Level One or Level Two. Tier 1 accounts earn a base rate of 2.00% APY on the first $15,000, while tier two accounts earn a base rate of 4.00% APY on the first $15,000.

To get a Level One account, you will need to have at least $1,000 of direct deposits and make at least 15 transactions (such as debit card purchases) each month along with enrolling in eStatements. To get a Tier Two account, you’ll need to have at least $3,000 in direct deposits and at least 30 transactions per month along with eStatements. For both Tier One and Tier Two, you’ll earn 0.01% APY on any money over $15,000 you put into your account. If you do not meet these requirements, you will not earn any interest.

If you’re a new member opening an account before December 31, 2024, you’ll be able to double your interest rate on the first $15,000 in your account. This means new Tier 1 members will earn 4.00% APY and Tier 2 members will earn 8.00% APY, the highest tier. However, you will only be able to earn this rate for three months. After that, you will earn the base rate for your account level.

You may only have one BCU PowerPlus Checking account per member. The easiest way to become a BCU member is to subscribe to Life. Money. You., a free program hosted by BCU. You can also join by living in certain parts of Illinois, Wisconsin or Puerto Rico, working for a select group of employees, or being a family member of someone who already banks with credit union.

Other powerful high yield checking account options

If you don’t think you can meet BCU’s strict requirements, or if you don’t want to open a checking account for just three months of high interest, you might consider one of the other high-yield checking accounts that offer excellent rates. I have listed some of the options from the best banks and high-yield checking account lenders, along with their highest APY requirements, to help you choose the right account for you.

Not every savings goal will work well in a high-yield checking account. If you don’t want to accidentally spend your savings or if you don’t want to keep up with strict earning requirements, o high yield savings account it might be a better choice, even if you can’t earn as high a rate. If you want to lock in a high rate for a long time—and don’t mind losing access to funds for a while—a CD might be a good fit, too.