The checking account with the highest interest rate is offered by Boeing Employees Credit Union with an annual percentage yield of 4.07 percent, according to Bankrate's 2014 High-Yield Checking Survey. Consumers Credit Union offers 3.09 percent, and Great Lakes Credit Union and Lake Michigan Credit Union both offer 3 percent.
High-yield checking accounts can make good cash investments, offering much higher yields than the average 0.29 percent return on one-year certificates of deposit. However, account holders must meet all of the requirements of the account, such as enrolling in electronic statements or making a minimum number of debit transactions per month. Without these fulfilled requirements, the interest rate drops, says Bankrate.