by 
The Curious Bag
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Some banks and credit unions offer checking accounts that will pay you interest on the money you have in your account. High yield checking accounts will pay you a higher interest rate than other types of checking accounts.
Interest Rate
In 2008 one bank was paying 6.1 percent on its high yield checking accounts. Although rates will not always be that high, high yield checking accounts generally pay more interest than regular checking accounts.
Free Account
High yield checking accounts are usually free to open and do not have any fees.
Minimum Balance
Unlike some other types of checking accounts, high yield checking accounts do not usually require a minimum balance.
Benefits Offered
Banks offer a number of benefits for customers who choose high yield checking accounts. Some standard benefits include free debit cards, free phone access to the account and free online bill pay.
Requirements
High yield checking accounts have monthly requirements to keep the account open. Requirements can include a minimal number of debit card purchases, direct deposits, use of online bill pay and online access to the account.
Source:
High-Yield Checking: A Good Bet
High-Yield Checking Account: An Outstanding Yield Plus ATM Fee Rebates
Holding the Line on High-Yield Checking
Resource:
Institute of International Bankers
Federal Reserve Board of Governors
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