With a catch, this checking account offers an 8% APY.

Horizon Federal Credit Union, based in Pennsylvania, provides a checking account with an 8% annual percentage yield (APY), which is higher than most high-yield savings accounts and other checking accounts.

Although only residents of specific Pennsylvania counties are eligible for this account, you don't have to settle for a low-interest checking account. Explore further to discover high-yield checking accounts that can help your money grow.

How to get a checking account earning 8% APY

To open a Horizon Advantage Checking Account, you must meet certain qualifications, but you will earn a high rate of interest once you do.

To become a member of Horizon Federal, you must either live or work in one of the specified Pennsylvania counties.

• Bradford
• Centre
• Clinton
• Columbia
• Lycoming
• Montour
• Northumberland
• Potter
• Sullivan
• Tioga
• Union Counties

In order to receive the account's 8% APY, you must register for direct deposit, enroll in e-statements, and make at least 15 debit card purchases per month. It's important to note that the 8% APY applies only to balances up to $25,000, with any amount above that limit earning only 0.25%.

Other checking accounts that earn you high APYs

You may not be eligible for this account due to geographical limitations, but you don't have to settle for a checking account with no interest. There are several interest-bearing checking accounts available that offer around 5.00% APY on your balance.

The All America Bank® Ultimate Rewards Checking Account provides a 0.25% APY if you don't meet the requirements, which include making at least 10 monthly debit card transactions and receiving electronic statements.

The Presidential Bank Advantage Checking account offers a 4.62% APY on up to $25,000 (3.62% APY thereafter) or 0.10% APY if you don't meet the requirements, which include a monthly direct deposit of at least $500 and at least 7 electronic withdrawals from the account every month.

Why trust CNBC Select?

Our goal at CNBC Select is to deliver top-notch service journalism and in-depth consumer advice to our readers, enabling them to make well-informed decisions when it comes to their finances. Each of our personal finance articles is the result of thorough reporting by our team of expert writers and editors, who possess extensive knowledge of financial products. While CNBC Select does earn a commission from affiliate partners on many offers and links, we create all our content independently, without any input from our commercial team or external third parties. We uphold the highest journalistic standards and ethics in everything we do.

Stay up to date with CNBC Select's comprehensive coverage of credit cards, banking, and money by following us on TikTok, Facebook, Instagram, and Twitter.