A high-yield checking account is a checking account that offers a higher interest rate or APY than a traditional checking account. It allows you to earn more on eligible balances while still using your account for everyday spending.

A high-yield savings account offers a higher APY than many traditional savings accounts, allowing your money to earn more interest while you save. It's a popular option for emergency funds, short-term goals and money you don't need to spend immediately.

If you regularly keep money in your checking account, a high-yield checking account may help you earn more on money that would otherwise be sitting idle. The right account depends on its APY, balance requirements, fees and other account requirements.

The biggest difference is how you typically use the accounts. Checking accounts are designed for everyday spending and transactions, while savings accounts are generally designed for setting money aside and earning interest over time. A combination of both can help you manage spending while working toward your savings goals.

Absolutely! Using both can be a simple way to separate money for everyday expenses from money you're saving for future goals. With Skyla, you can pair Simply Prosper Checking with Purpose Savings to help make your money work harder.

Look for accounts with competitive APYs and understand any balance requirements, fees or other qualifications. Then consider keeping your everyday spending money in a high-yield checking account and moving money you're saving toward specific goals into a high-yield savings account.

¹APY = Annual Percentage Yield. Rates are subject to change. Please review our current rate list. Rates as of 08/01/2026. Fees may reduce earnings. Some restrictions apply. To receive the highest interest rate, members must meet required monthly activity. Please review the Truth-in-Savings for information. Only one Simply Prosper account per primary member

²APY = Annual Percentage Yield. Rates are subject to change. Please review our current rate list. Rates as of 08/01/2026. Fees may reduce earnings. Some restrictions apply. To receive rate, members must meet the required monthly activity. Balances between $0.00 - $1,000.00 will earn 4.889%APR/5.00% APY. Balances between $1,000.01 - $10,000.00 will earn 3.928%APR/4.10% - 5.00% APY. Balances above $10,000.01 will earn .10%APR/.50% - 4.10% APY and non-qualifying accounts will earn .10%APR/.10%APY. Please review the Truth-in-Savings for information. Only one Purpose Savings account per primary member.

³ Otherwise receive a $2 paper statement fee / month. 

⁴Other FI surcharges may still apply.

⁵Lowest Money Market Rate is 1.00% APY as of 08/01/2026. Rates are subject to change. Please review our current rate list.