Best Checking Accounts
Based on In-Depth Reviews
- 200+Hours of research
- 40+Sources used
- 20Companies vetted
- 3Features reviewed
- 10Top
Picks
- Online banking has lower fees and higher interest rates
- Some banks have a minimum balance and withdrawal limits
- Choose a bank that offers ATM or service fee refunds
- Test the website to determine its user-friendliness
How we analyzed the best Checking Accounts
Our list of the best Checking Accounts
- Additional Companies:
- Discover®️ Cashback Debit Account
- Bank of America
- Barclays Bank Savings Account
- Discover™ Online Savings Account
- SoFi
- CIT Bank
- SoFi High Yield Savings
- CIT Bank Platinum Savings
- Upgrade Checking Account
- Capital One
- Chase Bank
- Ally Bank
- U.S. Bank
- Bank of Internet
- Wells Fargo
- Alliant Credit Union
- Citibank Priority Account
- Bank5 Connect
- PNC Virtual Wallet Pro
- EverBank
- USAA Checking Accounts
- Charles Schwab
- nbkc Everything Account
- Simple
- BBVA Free Checking
- Axos Bank
- Huntington Personal Checking
- PenFed
- BBVA Premium Checking
- Lending Club
- Varo
- M&T Bank
- Acorns
- Level
- Wealthfront
- BMO Bank
- PNC Virtual Wallet Student
- PNC Virtual Wallet®
- Lili
- Current
- Quontic
- Empower Finance
Discover’s Disclaimers:
¹ See Deposit Account Agreement for details on transaction eligibility, limitations and terms.
² Early Pay is automatically available to checking, savings (excluding IRA savings) and money market customers who receive qualifying ACH direct deposits. At Discover’s discretion, and dependent on the timing of receipt of the direct deposit instructions, Discover may make funds from these qualifying direct deposits available to you up to 2 days early. See their Deposit Account Agreement for more information.
* Balance+ is a no-fee overdraft coverage that applies to your debit card transactions. It is not available to cover checks, ATM/Cash withdrawals, or other electronic payments, such as Zelle®. Repayment is due immediately. Balance+ is provided at our discretion, and we may decline to cover any debit card transaction, for example, if we suspect the transaction is fraudulent. Please review the agreement as other terms and conditions apply.
SoFi Disclaimers:
1. APY disclosures: SoFi members with Direct Deposit or $5,000 or more in Qualifying Deposits during the 30-Day Evaluation Period can earn 4.50% annual percentage yield (APY) on savings balances (including Vaults) and 0.50% APY on checking balances. There is no minimum Direct Deposit amount required to qualify for the stated interest rate. Members without either Direct Deposit or Qualifying Deposits, during the 30-Day Evaluation Period will earn 1.20% APY on savings balances (including Vaults) and 0.50% APY on checking balances. Only SoFi members with direct deposit are eligible for other SoFi Plus benefits. Interest rates are variable and subject to change at any time. These rates are current as of 8/27/2024. There is no minimum balance requirement. Additional information can be found at http://www.sofi.com/legal/banking-rate-sheet.
2. Up to $300 Bonus Tiered Disclosure: New and existing Checking and Savings members who have not previously enrolled in Direct Deposit with SoFi are eligible to earn a cash bonus when they set up Direct Deposit of at least $1,000 during the Direct Deposit Bonus Period. Cash bonus will be based on the total amount of Direct Deposit. Direct Deposit Promotion begins on 12/7/2023 and will be available through 12/31/24. Full terms at sofi.com/banking. SoFi Checking and Savings is offered through SoFi Bank, N.A., Member FDIC.
3. Additional FDIC Insurance: SoFi Bank is a member FDIC and does not provide more than $250,000 of FDIC insurance per legal category of account ownership, as described in the FDIC's regulations. Any additional FDIC insurance is provided by the SoFi Insured Deposit Program. Deposits may be insured up to $2M through participation in the program. See full terms at sofi.com/banking/fdic/terms/. See list of participating banks at SoFi.com/banking/fdic/receivingbanks.
Chime’s Disclaimers:
⁹ The Annual Percentage Yield ("APY") for the Chime Savings Account is variable and may change at any time. The disclosed APY is effective as of August 14, 2024. No minimum balance required. Must have $0.01 in savings to earn interest.
¹⁰ SpotMe/Fee-Free Overdraft SpotMe® for Credit Builder is an optional, no interest/no fee overdraft line of credit tied to the Secured Deposit Account. SpotMe on Debit is an optional, no fee service attached to your Chime Checking Account (individually or collectively, “SpotMe”). Eligibility for SpotMe requires $200 or more in qualifying direct deposits to your Chime Checking Account each month.
¹¹ Early Payday/Get Paid Up to Two Days Early Early access to direct deposit funds depends on the timing of the submission of the payment file from the payer. Chime generally makes these funds available on the day the payment file is received, which may be up to 2 days earlier than the scheduled payment date.
+ The Annual Percentage Yield ("APY") for the Chime Savings Account is variable and may change at any time. The disclosed APY is effective as of August 15, 2024. No minimum balance required. Must have $0.01 in savings to earn interest.
Upgrade’s Disclaimers:
¹² Rewards Checking Plus customers who set up monthly direct deposits of $1,000 or more earn 2% cash back on common everyday expenses at convenience stores, drugstores, restaurants and bars - including deliveries - and gas stations, as well as recurring payments on utilities and monthly subscriptions including phone, cable, TV and other streaming services, and 1% cash back on all other debit card purchases. 2% cash back is limited to $500 in rewards per calendar year; after $500, customers earn 1% cash back on all eligible debit card purchases for the remainder of the year. Rewards Checking Plus accounts with less than $1,000 in monthly direct deposits 60 days after account opening will earn 1% cash back on common everyday expenses and 0.50% cash back on all other eligible debit card purchases. Some limitations apply. Please refer to the applicable Upgrade VISA® Debit Card Agreement and Disclosures for more information.
¹³ The 1.5% Annual Percentage Yield (APY) for the Performance Savings account is effective as of June 1, 2023. The APY for the Performance Savings account is variable and may change at any time. Active Accounts qualify for 5.21% APY with monthly $1000 direct deposit. The APY for Active Accounts is effective as of February 26, 2024, is variable, and may change at any time. Please refer to the applicable Cross River Bank Performance Savings Deposit Account Agreement and Truth in Savings Disclosure.
¹⁴ With Upgrade Shopping powered by Dosh® you accrue cash back on qualifying purchases at participating merchants. For the current list of participating merchants and offers available to you, go to Upgrade Shopping on your account dashboard. Participating merchants and offer terms may be changed from time to time without notice. For full cash back shopping terms, please review the Upgrade Shopping Program Terms and Conditions and Upgrade Shopping Powered by Dosh Terms of Service and Dosh Privacy Policy.
¹⁵ The interest rate on a new loan or credit line through Upgrade may be lower than would otherwise be applicable without this discount, as long as you have an active Rewards Checking Plus account as described here. Other terms and conditions may apply. Please refer to the applicable Truth-in-Lending Disclosure and Loan Agreement.
* Early direct deposit requires set up of recurring electronic direct deposit from your employer, payroll, or benefits provider and is limited to direct deposits under $5000. Early access to direct deposit funds depends on the timing in which we receive notice of impending direct deposit, which is generally up to two days before the scheduled deposit date.
* There are no overdraft fees or annual fees. Optional out-of-network ATM withdrawals are subject to a fee of $2.50, plus any third-party fees. Debit card transactions with merchants outside the U.S. or in a foreign currency are subject to a 3% fee. Outbound domestic wire transfers are subject to a fee of $20 after your first fee-free transfer per calendar month. Please refer to the applicable Cross River Bank Checking Deposit Account Agreement and Upgrade Visa®️ Debit Card Agreement and Disclosures for more information.
* Active Accounts with a monthly direct deposit of $1000 are eligible for additional benefits on Rewards Checking Plus such as additional cash back rewards and more. See the Active Account page for more information.
Our Top Picks: Checking Accounts Reviews
Account Overview: Chime offers fee-free online banking with features like early direct deposit and automatic savings transfers, prioritizing a simple, low-cost experience. You can also sign up for Chime's high-yield savings account with a 2.00%⁺ APY.
Fees: Chime’s Checking Account has no monthly fees, no minimum balance requirements, and fee-free overdraft up to $200¹⁰ for eligible members.¹¹
Perks & Benefits: Chime provides features like SpotMe®, which allows you to overdraft your account by up to $200¹⁰ with no fees, as long as you have a qualifying direct deposit. The account also offers instant transaction alerts, automatic savings, and the ability to send money to friends and family instantly. It also offers fee-free access to over 60,000 ATMs nationwide, at locations like Walgreens, 7-Eleven, CVS, and more.
Account Overview: Discover’s Cashback Debit account offers a 1% cashback reward on up to $3,000 in monthly debit card purchases¹, making it ideal for everyday spending.
Fees: There are no monthly maintenance fees, no minimum balance requirements, and no fees for domestic ATMs.
Perks & Benefits: Discover’s online checking account is packed with features that make managing your money easier and more secure. Setting up direct deposit allows you to receive your paycheck up to two days early². The account also offers robust fraud protection to keep your funds safe. You can link your debit card to digital wallets like Google Pay™, Apple Pay®, or Samsung Pay™ and earn rewards on eligible purchases. With access to over 60,000 fee-free ATMs, cash withdrawals are always convenient. Plus, you can deposit cash at any Walmart in the U.S. without any fees. The account also lets you send and receive money with Zelle® and provides overdraft protection without additional charges*.
Account Overview: SoFi's Checking and Savings account offers a competitive interest rate of up to 4.50% APY³, 10x the national average rate.⁴
Fees: There are no monthly account fees⁵, no minimum balance requirements, and no-fee overdraft coverage.⁶
Perks & Benefits: SoFi provides access to over 55,000 fee-free ATMs and features a robust mobile app with tools for budgeting and spending. Additionally, SoFi offers 2-day early-paycheck⁷ when you set up direct deposit, and provides up to $2M of additional FDIC insurance through a network of participating banks.⁸
Account Overview: Upgrade’s Rewards Checking Plus account offers 2% cashback¹² on everyday debit purchases such as gas, groceries, and utilities when using the Upgrade debit card. You could also add a Performance Savings account when you open your checking account to earn up to 5.21% APY.¹³
Fees: There are no monthly maintenance fees, no minimum balance requirements, and no fees for domestic ATM usage.
Perks & Benefits: Upgrade’s checking account offers up to 2 days early access to your paycheck with direct deposit*, 10%-20% lower interest rates on new Upgrade loans and cards, and up to 2% cashback on everyday expenses and subscriptions.¹² Make instant transfers between Upgrade checking and savings accounts, and earn up to 10% cash back on debit card purchases at over 10,000 select stores¹⁴ in Upgrade's app. The account also provides access to over 55,000 fee-free ATMs and integrates with Google Pay™ and Apple Pay®.
Cash Management Accounts
An Online Banking and Cash Management Alternative
The traditional way of thinking about banking is to have separate checking, savings, and investment accounts -- your bank handles the first two, and your brokerage firm would deal with the third. But some financial institutions are offering a new product that combines some features of all three: the cash management account. While it's technically a brokerage account, it's designed to enable consumers to handle their cash and make payments, all while earning interest. Offering a consolidated view from which to manage all your cash movements, these FDIC-insured accounts usually include a debit card, checkbook, and online bay pill services, just like a regular checking account. As an added bonus, though, you can also buy and sell shares. By eliminating the need to transfer funds between accounts, cash management accounts not only save time but also give users a clear, one-stop view of their money. Indeed, many consumers use them to bundle multiple investment accounts, thereby streamlining their finances and facilitating the implementation of financial strategies. While these accounts do pay interest, these are oftentimes a bit lower than those you can get with an online bank, though still higher than with a brick-and-mortar institution.
Many of the biggest players in Fintech have begun offering cash management accounts, such as SoFi Money, PNC, Chime, and Betterment. All four offer very reasonable minimum deposits of less than $25, and only PNC has a minimum account balance ($500).
What should I look for in a cash management account?
There are some basics you should make sure are included in your account:
- free debit card
- ATM access
- unlimited check writing
- easy access, either online or via app
Some firms go above and beyond the basics mentioned above to offer add-ons such as ATM rebates (mostly limited to specific networks in the US, though some do offer these worldwide), mobile deposits, account activity alerts, and links to external banks. This last feature is particularly useful since it means you can do even more to manage your money efficiently -- by depositing excess cash in an account with a higher APY, for instance.
What to keep in mind-
While cash management accounts have monthly fees, many have very low ones or eliminate them altogether, so make sure to read the fine print carefully. Since all these accounts are different, there may also be a minimum balance or deposit, or other requirements that can vary between providers. Additionally, keeping money in these accounts may mean limiting your higher-yield investments.
More insight into our methodology
Account Features
Banks have a wide variety of checking accounts available that can help you manage your money; the trick is finding the one that truly meets your financial needs while charging the lowest fees. These fees and features can vary widely so it's important to know what each account can give you (and charge you) before committing to one.
First, it's useful to know the types of checking accounts that are available, which include basic, free, interest-bearing, joint, and accounts for seniors or students. Basic checking accounts allow consumers to pay bills and own a debit card for transactions. Customers have a limited number of checks per cycle, and usually need a qualifying direct deposit transaction or consistent minimum balance in order to avoid maintenance fees. This type of account seldom earns interest. An interest-bearing checking account, on the other hand, typically pays interest once a month, but does assess a monthly maintenance fee and has a minimum balance requirement as well.
Free checking accounts are the most popular option available, and for good reason. Customers who select a free checking account will have no monthly maintenance fee and won't have to worry about keeping a particular minimum balance. Another option is a joint account, with two or more people who share expenses. These can be basic, free, or interest-bearing; it depends on the bank. This type of account is used mostly by couples and families. Finally, senior and student accounts are designed for people who meet the age requirement established by the institution (student accounts are typically for college-age customers). The perks vary by bank and can include free checks, discounts, and better rates on other products offered by the financial institution.
Fees & Restrictions
One of the most important aspects of choosing a checking account is knowing exactly the kind of fees that will be assessed and why.
The most commonly incurred fee is the maintenance fee. Unless they provide a free checking account, most banks will charge an either monthly or yearly maintenance fee. In most cases, this fee is charged if the account holder does not maintain a particular minimum balance in the account and/or does not sign up for direct deposit with the bank. Many online banks and credit unions are now offering accounts that do not charge this fee, however, even when the bank account has a very low balance.
There are other fees that apply even to free checking accounts however. One of them, the overdraft fee, is one that can affect your account in significant ways. First, it's essential to know your bank's policy on overdraft fees as some banks charge exorbitant fees for each overdraft - even if posted in the same day - which can lead many customers to face steep deficits in their accounts that are harder to recover from. If overdrafts are a worry, it's important to look for banks with a lower overdraft fee and a low maximum number of transactions per day that will incur a fee.
There are, of course, a number of other transactions that can also be charged by a bank, such as wire transfers, replacement cards, and obtaining additional checks, among others. It's important to assess your banking habits and see what is truly a deal-breaker when it comes to fees.
Support, Reputation, & Financials
One surefire way to understand how a financial institution works is by reading customer reviews. Potential customers can learn about bank practices and perks, as well as how current customers feel about the attention and care they receive at their bank. Agencies such as the Better Business Bureau (BBB) give customers an outlet to comment about a business, whether or not they are accredited by the organization. The BBB comments include positive, neutral, and negative reviews, and any complaints a company receives. The agency also reports on how quickly customer complaints on their website are handled and resolved.
With all the tools available today, it's easier than ever for customers looking to research financial institutions before committing to one. Customers can learn about a company's stability from federal and state regulators, as well as rating agencies, all of which offer in-depth looks at financial institutions. One of these regulating agencies, the Consumer Financial Protection Bureau (CFPB) establishes and enforces rules that protect consumers against predatory practices. On the agency’s website, consumers can access tools to help them manage their finances and can submit complaints and see first hand how companies respond.
Helpful information about Checking Accounts
These days, it might be more accurate to think of checking accounts as "spending" accounts. Gone are the days where it was necessary to write checks to pay for services, or where you had to wait in line at a bank to withdraw funds. Although you can still do this of course, debit cards, ATMs, and online banking have made paying with your checking account simpler than ever before. In fact, digital baking has become an essential part of everyday life.
Traditional checking accounts come with various fees, and most don’t gain interest like savings accounts do. Brick-and-mortar banks try to spice things up by offering a variety of perks for their checking accounts, but with the rates they offer, these are hardly enough. However, there is a cheaper alternative to traditional checking that offers better benefits.
Living in a digital age, it’s no surprise that people have embraced online banks. They offer the same benefits traditional banks do, but with some of the most competitive rates available. Online banks can do this because they don’t pay to maintain a physical presence, minimizing their operating costs. For checking accounts, they offer fewer and cheaper fees, along with additional features like increased interest rates, free online bill pay, and 24 hour access. Interest rates earned by online checking accounts are not as high as their online savings counterparts. However, some online banks do offer high promotional APYs, and because most online banks are insured by the Federal Deposit Insurance Corporation (FDIC), you can rest assured that all your funds are safe.
Now, there are some slight drawbacks to online banks. For one, not having a physical location means that all queries will need to be addressed online or by phone. Another drawback is that some online banks don’t offer direct ATM access, which means that customers rely on ATMs from other banks to withdraw funds, which may mean additional fees. However, online banks are aware of these inconveniences, and most take adequate measures to solve them, like having various means of communication (phone, email, live chat) and refunds in the case of ATM fees.
If you feel that online banking is right for you, your first step is to compare all of your available options. First, look for banks that offer high APY rates, but make sure you read their terms and conditions to know if these are promotional rates or if they depend on specific conditions. For example, some banks offer a high APY for a specific amount of time, but drop them afterwards. Others offer high APYs if your account balance is high, but discontinue it if you go below a specific number.
Next, compare the number of standard fees that come with the checking account, their costs, and if they waive options. Some online banks waive maintenance fees if you keep a certain balance, while others waive them if you deposit a specific amount per month. Also, check if there is a minimum balance requirement, if there are any added fees or penalties, and if they limit the amount of cash you can spend or withdraw daily. Keep an eye out for any additional features companies offer, such as free physical checks and debit cards, points or rewards systems, free online banking, and whether or not they have a mobile app.
If you withdraw money often, you should look for online banks that give you easy access to ATMs, or that can reimburse ATM fees. Some online banks are an extension of traditional banks, meaning that their ATMs and banks allow free in-person withdrawals. Other online banks partner with regular banks so that customers have access to their ATMs without fees. Some offer refunds for any fee customers have to pay, while others refund up to a certain amount per month. Always look for banks that have these features, since they guarantee a headache-free experience when withdrawing from your checking account.
FAQs about Checking Accounts
Can I have more than one checking account with my bank?
Can I open checking and savings accounts with different banks?
What is a checking line of credit?
Can I be turned down for a checking account?
What is a high-yield checking account and do I need one?
What should I do with my check after I deposit it online?
Do I need paper checks anymore?
How do I avoid monthly service charges?
Do online checking accounts have ATMs?
Are online checking accounts secure?
Secondly, your money is safe because all major online banks are insured by the Federal Deposit Insurance Corporation (FDIC). This agency was founded during the Great Depression when many banks failed and customers lost the money they had deposited.
Nowadays, if an FDIC-insured bank fails, the agency guarantees that the money in your accounts will be safe. One thing to keep in mind is that only the first $250,000 in any given account is secure. If your balance exceeds this limit, it may be a good idea to check with a financial advisor to find out how you can keep your money secure.