Article updated on Aug 10, 2024
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Toni Husbands Staff Writer Toni Husbands is a staff writer with CNET Money who enjoys exploring topics that promote financial wellness. She began writing about personal finance to document her experience paying off $107,000 of debt, which is detailed in her book, The Great Debt Dump. Previously, she contributed as a freelance writer for websites, including CreditCards.com, Centsai and Wisebread. She was also a regular contributor to Business AM TV, and her work has been featured on Yahoo News. Being a part-time real estate investor and amateur gardener also brings her joy.
Liliana Hall Associate Writer Liliana Hall is a writer for CNET Money covering banking, credit cards and mortgages. Previously, she wrote about personal credit for Bankrate and CreditCards.com. She is passionate about providing accessible content to enhance financial literacy. She graduated from the University of Texas at Austin with a bachelor's degree in journalism, and has worked in the newsrooms of KUT and the Austin Chronicle. When not working, she is probably paddle boarding, hopping on a flight or reading for her book club.
Edited by
Danni Santana has spent seven years as an editor and business journalist covering industries like sports, retail, restaurants, and now personal finance. Most recently he worked as a retail editor at Business Insider. He is a graduate of the Craig Newmark Graduate School of Journalism at CUNY. His biggest loves outside of the newsroom include, running, cooking, playing video games and collecting sneakers.
Reviewed by
Bola Sokunbi, CFEI Certified Financial Education Instructor and founder of Clever Girl Finance Bola Sokunbi is a Certified Financial Education Instructor and founder of Clever Girl Finance, one of the largest personal finance platforms for women in the US. Clever Girl Finance has earned the Distinguished Personal Finance Content designation from the National Financial Educators Council (NFEC), affirming its commitment and competency in providing high-quality financial education that aligns with industry best practices and research-based education principles. Sokunbi and Clever Girl Finance have been featured by several websites, podcasts and media outlets, including CNBC, Forbes, Essence, Black Enterprise and Good Morning America. She is also the bestselling author of Choosing To Prosper and the three-part Clever Girl Finance Book Series.
Article updated on Aug 10, 2024
Written by Toni Husbands Staff Writer Toni Husbands is a staff writer with CNET Money who enjoys exploring topics that promote financial wellness. She began writing about personal finance to document her experience paying off $107,000 of debt, which is detailed in her book, The Great Debt Dump. Previously, she contributed as a freelance writer for websites, including CreditCards.com, Centsai and Wisebread. She was also a regular contributor to Business AM TV, and her work has been featured on Yahoo News. Being a part-time real estate investor and amateur gardener also brings her joy. Liliana Hall Associate Writer Liliana Hall is a writer for CNET Money covering banking, credit cards and mortgages. Previously, she wrote about personal credit for Bankrate and CreditCards.com. She is passionate about providing accessible content to enhance financial literacy. She graduated from the University of Texas at Austin with a bachelor's degree in journalism, and has worked in the newsrooms of KUT and the Austin Chronicle. When not working, she is probably paddle boarding, hopping on a flight or reading for her book club.
Edited by Danni Santana has spent seven years as an editor and business journalist covering industries like sports, retail, restaurants, and now personal finance. Most recently he worked as a retail editor at Business Insider. He is a graduate of the Craig Newmark Graduate School of Journalism at CUNY. His biggest loves outside of the newsroom include, running, cooking, playing video games and collecting sneakers.
Reviewed by Bola Sokunbi, CFEI Certified Financial Education Instructor and founder of Clever Girl Finance Bola Sokunbi is a Certified Financial Education Instructor and founder of Clever Girl Finance, one of the largest personal finance platforms for women in the US. Clever Girl Finance has earned the Distinguished Personal Finance Content designation from the National Financial Educators Council (NFEC), affirming its commitment and competency in providing high-quality financial education that aligns with industry best practices and research-based education principles. Sokunbi and Clever Girl Finance have been featured by several websites, podcasts and media outlets, including CNBC, Forbes, Essence, Black Enterprise and Good Morning America. She is also the bestselling author of Choosing To Prosper and the three-part Clever Girl Finance Book Series.
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Certificate of Deposit (CD)
A type of savings account in which a lump-sum deposit accrues interest at a fixed rate for a fixed term, usually with an early withdrawal penalty.
Checking
The core bank account used for financial transactions. Account holders use it to deposit money and withdraw funds as needed.
Savings
A deposit account issued by banks and credit unions used to deposit money and earn a small amount of interest. Typically insured for up to $250,000 per account owner.
Money Market Account (MMA)
Similar to a savings account but with the added feature of checking-writing privileges and debit card to access cash, with some limitations.
Annual Percentage Yield (APY)
A CD’s interest rate that represents the return from the compounded interest you’ll earn in 12 months on your deposit. The higher the APY, the faster your money grows.
Estimated earnings
An estimated calculation usually associated with determining how much you’ll receive from an interest-bearing account.
I’d never given much thought to my checking account before because I assumed they were all the same. And that was a missed opportunity because some checking accounts stand out from the crowd with competitive annual percentage yields on balances that otherwise are earning next to nothing.
If you’re like me and don’t give checking accounts much thought, read on to learn more about the ones we recommend.
Comparing the best checking accounts
The following checking accounts offer perks such as competitive APYs, attractive new account bonuses and no monthly fees.
| Bank | Account | APY | Branch access | Overdraft fee | Foreign transaction fee | Monthly fee | Minimum opening deposit |
| Axos | Rewards Checking | Up to 3.30% | No | None | None | $0 | $50 |
| NBKC Bank | Everything Account | 1.75% | Limited (four branches) | None | None | $0 | $0 |
| Quontic | High Interest Checking | Up to 1.10% | No | None | $0 | $0 | $100 |
| SoFi | Checking and Savings | 0.50% | No | None | None | $0 | $0 |
| Schwab Bank | High Yield Investor Checking | 0.45% | No (361 brokerage branches) | None | None | $0 | $0 |
| Laurel Road | Loyalty Checking | 0.01% | No | $20 | None | $0 | $0 |
| Capital One | 360 Checking | 0.10% | Yes | None | None | $0 | $0 |
| Chase | Total Checking | 0% | Yes, 4,700 branches | $34 | 3% | $12 | $0 |
Best checking accounts of 2024
Charles Schwab Bank
Best checking account for growing investors
- 4.2/5
- 4.5/5
- 0.45%
- $0
4.7/5
We score checking accounts based on Lorem ipsum dolor sit amet, consectetur adipiscing elit. Nullam vitae magna sodales, dictum neque eget.
Customer satisfaction
Overdraft protection
APY APY = Annual Percentage Yield.
Min. deposit to open
- Only-online checking account
- No monthly fees, overdraft fees, minimum balance or spending requirements
- Unlimited rebates of non-network ATM fees
- No cash deposits accepted
Schwab Bank High Yield Investor Checking is a great option for investors looking to combine multiple accounts into one platform. The checking account requires a linked Schwab One brokerage account, which costs nothing and has no balance requirements. Schwab’s checking account allows scheduling automatic transfers to your brokerage account, a simple way for new investors to put extra money to work. It supports Zelle for personal payments and doesn’t charge anything for foreign transactions -- a great bonus for travelers using international ATMs.
Monthly fee: None
Out-of-network ATM fees: None
Out-of-network ATM reimbursements: Unlimited
In-network ATMs: Visa/Visa Plus Alliance
Direct deposit funds available early: No
Mobile check deposit: Yes
Cash deposits: No
- Only-online checking account
- No monthly fees, overdraft fees, minimum balance or spending requirements
- Unlimited rebates of non-network ATM fees
- No cash deposits accepted
Schwab Bank High Yield Investor Checking is a great option for investors looking to combine multiple accounts into one platform. The checking account requires a linked Schwab One brokerage account, which costs nothing and has no balance requirements. Schwab’s checking account allows scheduling automatic transfers to your brokerage account, a simple way for new investors to put extra money to work. It supports Zelle for personal payments and doesn’t charge anything for foreign transactions -- a great bonus for travelers using international ATMs.
Monthly fee: None
Out-of-network ATM fees: None
Out-of-network ATM reimbursements: Unlimited
In-network ATMs: Visa/Visa Plus Alliance
Direct deposit funds available early: No
Mobile check deposit: Yes
Cash deposits: No
Axos Bank
Best digital checking account
- 2.4/5
- 0.40-3.30% depending on usage and other Axos accounts
- $50
3.8/5
We score checking accounts based on Lorem ipsum dolor sit amet, consectetur adipiscing elit. Nullam vitae magna sodales, dictum neque eget.
Customer satisfaction
APY APY = Annual Percentage Yield.
Min. deposit to open
- No monthly fees or minimum balance requirements
- $1,500 in monthly direct deposits required to qualify for 0.40% APY
- A minimum of 10 debit card purchases per month required to qualify for 0.30% APY
- A personal loan and investment accounts required to earn the highest APY
- Accepts cash deposits through ATMs
You can earn up to 3.30% APY with Axos Bank’s Rewards Checking account. However, to earn the highest APY, you must meet certain requirements. You’ll earn:
- 0.40% for direct deposits totaling $1,500 or more
- 0.30% for debit card spending
- 0.99% for having at least $2,500 in an Axos Managed Portfolios Account
- 0.99% for having at least $2,500 in an Axos Invest Self Directed Trading Account
- 0.60% for making payments on a loan with your checking account (see here for more details)
Meet all of these requirements and you’ll earn the full 3.30%. Meet some and you’ll earn the total combined APY for those requirements.
Axos provides unlimited reimbursements on non-network ATM fees, which is a plus. This account doesn’t charge monthly maintenance fees or overdraft fees, and there are no minimum monthly balance requirements.
You can earn a welcome bonus of up to $500 in the first six months when you open a new Rewards Checking account using the RC500 promo code and have at least $1,500 in qualifying direct deposits each statement cycle. You’ll also have to maintain an average daily balance of at least $3,000 for the first six months the account is open to qualify. You must submit an application for an Axos Bank Rewards Checking account by August 31, 2024.
Monthly fee: None
Overdraft fee: None
Out-of-network ATM fees: None
Out-of-network ATM reimbursements: Unlimited
In-network ATMs: 91,000 (MoneyPass)
Direct deposit funds available early: Yes
Mobile check deposit: Yes; $10,000 daily limit; $50,000 monthly limit
Cash deposits: Yes; MoneyPass ATMs and Green Dot Network
- No monthly fees or minimum balance requirements
- $1,500 in monthly direct deposits required to qualify for 0.40% APY
- A minimum of 10 debit card purchases per month required to qualify for 0.30% APY
- A personal loan and investment accounts required to earn the highest APY
- Accepts cash deposits through ATMs
You can earn up to 3.30% APY with Axos Bank’s Rewards Checking account. However, to earn the highest APY, you must meet certain requirements. You’ll earn:
- 0.40% for direct deposits totaling $1,500 or more
- 0.30% for debit card spending
- 0.99% for having at least $2,500 in an Axos Managed Portfolios Account
- 0.99% for having at least $2,500 in an Axos Invest Self Directed Trading Account
- 0.60% for making payments on a loan with your checking account (see here for more details)
Meet all of these requirements and you’ll earn the full 3.30%. Meet some and you’ll earn the total combined APY for those requirements.
Axos provides unlimited reimbursements on non-network ATM fees, which is a plus. This account doesn’t charge monthly maintenance fees or overdraft fees, and there are no minimum monthly balance requirements.
You can earn a welcome bonus of up to $500 in the first six months when you open a new Rewards Checking account using the RC500 promo code and have at least $1,500 in qualifying direct deposits each statement cycle. You’ll also have to maintain an average daily balance of at least $3,000 for the first six months the account is open to qualify. You must submit an application for an Axos Bank Rewards Checking account by August 31, 2024.
Monthly fee: None
Overdraft fee: None
Out-of-network ATM fees: None
Out-of-network ATM reimbursements: Unlimited
In-network ATMs: 91,000 (MoneyPass)
Direct deposit funds available early: Yes
Mobile check deposit: Yes; $10,000 daily limit; $50,000 monthly limit
Cash deposits: Yes; MoneyPass ATMs and Green Dot Network
NBKC Bank
Best fee-free checking account
- 2.3/5
- 1.75%
- $0
3.9/5
We score checking accounts based on Lorem ipsum dolor sit amet, consectetur adipiscing elit. Nullam vitae magna sodales, dictum neque eget.
Customer satisfaction
APY APY = Annual Percentage Yield.
Min. deposit to open
- Primarily an online bank, with branches in Kansas City, Missouri
- No minimum balance requirements or monthly fees
- Up to $12 in non-network ATM fee reimbursements per month
- Goal setting and tracking features
NBKC is primarily an online bank with branches limited to the Kansas City area. Its interest-bearing Everything checking account earns 1.75% APY, and there’s no minimum balance required to open an account. This account has no overdraft or insufficient funds fees, monthly maintenance fees, non-network ATM fees or foreign transaction fees.
You’ll have access to a network of over 37,000 ATMs with MoneyPass. NBKC will reimburse you up to $12 a month in fees for out-of-network ATMs.
Monthly fee: None
Overdraft fee: None
Out-of-network ATM fees: None
Out-of-network ATM reimbursements: $12 per month
In-network ATMs: 37,000 (MoneyPass)
Direct deposit funds available early: Yes
Mobile check deposit: Yes
Cash deposits: MoneyPass ATMs
- Primarily an online bank, with branches in Kansas City, Missouri
- No minimum balance requirements or monthly fees
- Up to $12 in non-network ATM fee reimbursements per month
- Goal setting and tracking features
NBKC is primarily an online bank with branches limited to the Kansas City area. Its interest-bearing Everything checking account earns 1.75% APY, and there’s no minimum balance required to open an account. This account has no overdraft or insufficient funds fees, monthly maintenance fees, non-network ATM fees or foreign transaction fees.
You’ll have access to a network of over 37,000 ATMs with MoneyPass. NBKC will reimburse you up to $12 a month in fees for out-of-network ATMs.
Monthly fee: None
Overdraft fee: None
Out-of-network ATM fees: None
Out-of-network ATM reimbursements: $12 per month
In-network ATMs: 37,000 (MoneyPass)
Direct deposit funds available early: Yes
Mobile check deposit: Yes
Cash deposits: MoneyPass ATMs
Quontic Bank
Highest APY for online checking accounts
- 2.7/5
- Up to 1.10%
- $100
2.9/5
We score checking accounts based on Lorem ipsum dolor sit amet, consectetur adipiscing elit. Nullam vitae magna sodales, dictum neque eget.
Customer satisfaction
APY APY = Annual Percentage Yield.
Min. deposit to open
- No minimum balance requirements, overdraft, monthly or non-network ATM fees
- Online-only bank with three checking account options
- 10 debit card transactions of at least $10 per month are required to earn the highest APY
- Contactless wearable payment ring available for all checking accounts
Quontic’s high interest checking offers the highest APY of its three checking account options: You can earn up to 1.10% APY on balances when you complete 10 debit card transactions of $10 or more during a monthly statement cycle. If you can’t make 10 qualifying transactions during the month, the APY drops to 0.01%. This checking account supports Zelle for personal payments and offers mobile check deposits via iOS or Android.
With Quontic’s wearable payment ring, you can access the money in your checking account without carrying around your debit card. Pay Ring transactions count toward the monthly total needed to earn the highest APY and are secured with a four-digit PIN. The Pay Ring is accepted anywhere contactless payments are accepted.
Monthly fee: None
Overdraft fee: None
Out-of-network ATM fees: None
Out-of-network ATM reimbursements: No
In-network ATMs: 90,000 (Allpoint)
Direct deposit funds available early: No
Mobile check deposit: Yes
Cash deposits: No
- No minimum balance requirements, overdraft, monthly or non-network ATM fees
- Online-only bank with three checking account options
- 10 debit card transactions of at least $10 per month are required to earn the highest APY
- Contactless wearable payment ring available for all checking accounts
Quontic’s high interest checking offers the highest APY of its three checking account options: You can earn up to 1.10% APY on balances when you complete 10 debit card transactions of $10 or more during a monthly statement cycle. If you can’t make 10 qualifying transactions during the month, the APY drops to 0.01%. This checking account supports Zelle for personal payments and offers mobile check deposits via iOS or Android.
With Quontic’s wearable payment ring, you can access the money in your checking account without carrying around your debit card. Pay Ring transactions count toward the monthly total needed to earn the highest APY and are secured with a four-digit PIN. The Pay Ring is accepted anywhere contactless payments are accepted.
Monthly fee: None
Overdraft fee: None
Out-of-network ATM fees: None
Out-of-network ATM reimbursements: No
In-network ATMs: 90,000 (Allpoint)
Direct deposit funds available early: No
Mobile check deposit: Yes
Cash deposits: No
SoFi Bank
Best combined checking and savings account
- 4.1/5
- 0.50%
- $0
4.4/5
We score checking accounts based on Lorem ipsum dolor sit amet, consectetur adipiscing elit. Nullam vitae magna sodales, dictum neque eget.
Customer satisfaction
APY APY = Annual Percentage Yield.
Min. deposit to open
- No monthly fees, minimum balance requirements or overdraft fees
- New-account bonus of $50 or $300 depending on direct deposit amount
- Extended deposit insurance up to $2 million
- 55,000 surcharge-free ATMs
SoFi’s checking account automatically comes with a savings account, so you can’t open one without the other. You’ll earn 0.50% APY on your checking account balance and up to 4.60% APY on your savings balance with qualifying direct deposits.
SoFi’s checking account doesn’t charge a monthly maintenance fee or require a minimum deposit. However, SoFi is an online-only bank, so you’ll need to be comfortable managing your account online.
You can earn a new account bonus of $50 or $300 when you set up a monthly direct deposit into your account. Deposits of $1,000 to $4,999.99 earn $50, and deposits of $5,000 or more earn $300. The promotion is valid through December 31, 2024. You can also receive your paycheck up to two days early when you set up direct deposit.
You can receive up to 15% cash back at local merchants when you pay with your SoFi debit card. Roundups on debit card purchases can help you automatically grow your savings. The account also offers no-fee overdraft protection when you set up qualifying direct deposits.
Monthly fee: None
Out-of-network ATM reimbursements: No
In-network ATMs: 55,000 (Allpoint)
Direct deposit funds available early: Yes
Mobile check deposit: Yes
Cash deposits: Yes ($4.95 fee)
- No monthly fees, minimum balance requirements or overdraft fees
- New-account bonus of $50 or $300 depending on direct deposit amount
- Extended deposit insurance up to $2 million
- 55,000 surcharge-free ATMs
SoFi’s checking account automatically comes with a savings account, so you can’t open one without the other. You’ll earn 0.50% APY on your checking account balance and up to 4.60% APY on your savings balance with qualifying direct deposits.
SoFi’s checking account doesn’t charge a monthly maintenance fee or require a minimum deposit. However, SoFi is an online-only bank, so you’ll need to be comfortable managing your account online.
You can earn a new account bonus of $50 or $300 when you set up a monthly direct deposit into your account. Deposits of $1,000 to $4,999.99 earn $50, and deposits of $5,000 or more earn $300. The promotion is valid through December 31, 2024. You can also receive your paycheck up to two days early when you set up direct deposit.
You can receive up to 15% cash back at local merchants when you pay with your SoFi debit card. Roundups on debit card purchases can help you automatically grow your savings. The account also offers no-fee overdraft protection when you set up qualifying direct deposits.
Monthly fee: None
Out-of-network ATM reimbursements: No
In-network ATMs: 55,000 (Allpoint)
Direct deposit funds available early: Yes
Mobile check deposit: Yes
Cash deposits: Yes ($4.95 fee)
Laurel Road
Best rewards checking account
- 2.5/5
- 0.01%
- $0
3.5/5
We score checking accounts based on Lorem ipsum dolor sit amet, consectetur adipiscing elit. Nullam vitae magna sodales, dictum neque eget.
Customer satisfaction
APY APY = Annual Percentage Yield.
Min. deposit to open
- Online-only checking account
- No monthly fees or minimum balance requirements
- No overdraft charges on accounts overdrawn up to $20
- $300 new account bonus with direct deposit of $2,500 or more
- $20 monthly cash reward with qualifying direct deposit for first 12 months
- Doesn’t accept cash deposits at ATMs
Laurel Road is an online-only subsidiary of KeyBank that rewards you for maintaining a checking account. It offers three accounts: Loyalty Checking, Freedom Plus Checking and Linked Checking.
Loyalty Checking rewards your account with a $20 monthly payment in the first 12 months if you have a direct deposit of $2,500 or more per statement cycle. Beyond the first year, you’ll continue to earn $10 per month. Linked Checking provides rate discounts on any student loans refinanced through Laurel Road.
The Loyalty Checking account offers a $300 new-account bonus if you make at least $2,500 in direct deposits in the first 60 days. There’s no minimum deposit to open either account and no monthly fees. The 0.01% APY is paltry, but it’s better than nothing. This offer expires August 30, 2024.
And with both accounts, you’ll have access to more than 40,000 fee-free ATMs through the KeyBank or Allpoint Networks.
Monthly fee: $0
Overdraft fee: $20 on overdrafts over $20
Requirements to avoid monthly fee: None
Out-of-network ATM fees: $3 per domestic out-of-network transaction, $5 per international out-of-network transaction
Out-of-network ATM reimbursements: None
In-network ATMs: 40,000
Direct deposit funds available early: No
Mobile check deposit: Yes
Cash deposits: No
- Online-only checking account
- No monthly fees or minimum balance requirements
- No overdraft charges on accounts overdrawn up to $20
- $300 new account bonus with direct deposit of $2,500 or more
- $20 monthly cash reward with qualifying direct deposit for first 12 months
- Doesn’t accept cash deposits at ATMs
Laurel Road is an online-only subsidiary of KeyBank that rewards you for maintaining a checking account. It offers three accounts: Loyalty Checking, Freedom Plus Checking and Linked Checking.
Loyalty Checking rewards your account with a $20 monthly payment in the first 12 months if you have a direct deposit of $2,500 or more per statement cycle. Beyond the first year, you’ll continue to earn $10 per month. Linked Checking provides rate discounts on any student loans refinanced through Laurel Road.
The Loyalty Checking account offers a $300 new-account bonus if you make at least $2,500 in direct deposits in the first 60 days. There’s no minimum deposit to open either account and no monthly fees. The 0.01% APY is paltry, but it’s better than nothing. This offer expires August 30, 2024.
And with both accounts, you’ll have access to more than 40,000 fee-free ATMs through the KeyBank or Allpoint Networks.
Monthly fee: $0
Overdraft fee: $20 on overdrafts over $20
Requirements to avoid monthly fee: None
Out-of-network ATM fees: $3 per domestic out-of-network transaction, $5 per international out-of-network transaction
Out-of-network ATM reimbursements: None
In-network ATMs: 40,000
Direct deposit funds available early: No
Mobile check deposit: Yes
Cash deposits: No
Capital One Bank
Best online checking account with in-person banking options
- 4.8/5
- 0.10%
- $0
4.6/5
We score checking accounts based on Lorem ipsum dolor sit amet, consectetur adipiscing elit. Nullam vitae magna sodales, dictum neque eget.
Customer satisfaction
APY APY = Annual Percentage Yield.
Min. deposit to open
- Online and in-person checking account access
- No monthly maintenance fees or minimum deposits
- No overdraft fees on transactions that Capital One accepts
Capital One’s 360 Checking account doesn’t have a minimum deposit or monthly maintenance fee. Plus, you can get your paycheck up to two days earlier and deposit cash to your account at CVS locations. If you overdraw your account, you can transfer funds from your savings account. Capital One also can decline the transaction but will not charge overdraft fees on approved transactions.
You’ll earn 0.10% on your entire balance. Capital One has many cafes and branches for in-person banking access, but you can also manage your account online or via the app.
Overdraft fee: None
Out-of-network ATM fees: None
Out-of-network ATM reimbursements: No
In-network ATMs: 70,000
Direct deposit funds available early: Yes
Mobile check deposit: Yes
Cash deposits: Yes
- Online and in-person checking account access
- No monthly maintenance fees or minimum deposits
- No overdraft fees on transactions that Capital One accepts
Capital One’s 360 Checking account doesn’t have a minimum deposit or monthly maintenance fee. Plus, you can get your paycheck up to two days earlier and deposit cash to your account at CVS locations. If you overdraw your account, you can transfer funds from your savings account. Capital One also can decline the transaction but will not charge overdraft fees on approved transactions.
You’ll earn 0.10% on your entire balance. Capital One has many cafes and branches for in-person banking access, but you can also manage your account online or via the app.
Overdraft fee: None
Out-of-network ATM fees: None
Out-of-network ATM reimbursements: No
In-network ATMs: 70,000
Direct deposit funds available early: Yes
Mobile check deposit: Yes
Cash deposits: Yes
Chase
An in-person option to consider
- 0%
- $0
APY APY = Annual Percentage Yield.
Min. deposit to open
- 4,800 branches available nationwide, excluding North Dakota and West Virginia
- $300 new-account bonus with direct deposit
- No minimum deposit required
- No overdraft fees charged on accounts overdrawn by $50 or less
- $12 monthly service fee, but can be waived
Chase has more than 4,700 offices in 48 states. Its Total Checking account does charge a $12 monthly fee, but it can be waived if you meet the requirements. And its overdraft fee is waived if your account is overdrawn by $50 or less, or if your account is overdrawn by more than $50 but you deposit money to bring your balance up so that it’s overdrawn by $50 or less by the end of the next business day. However, Chase charges a $34 overdraft fee if you’re overdrawn by more than $50 (maximum of three fees per business day).
Unlike other checking accounts on our list, you won’t earn interest. But you can earn up to $300 as a welcome bonus by making direct deposits totaling at least $500 within 90 days of opening the account.
If you prefer access to in-person banking services with plenty of branch locations, a big bank like Chase may be worth considering. Compared with our best checking accounts, you won’t earn a competitive APY on your money. But the convenience of this checking account may outweigh some of these benefits. Just watch out for monthly service and overdraft fees.
Note: We chose Chase over other big banks for this list since it offers a large number of branches across the country and has a $50 overdraft fee buffer. While PNC has a lower monthly fee for its checking account, the bank’s slightly higher overdraft fee and fewer national branch locations held it back from making this list. And though Wells Fargo has a similar number of branches and a lower monthly fee, it doesn’t have the $50 buffer for overdraft fees that Chase offers.
If you live near a Capital One branch and want to bank in person, you may want to consider Capital One’s free checking account over Chase.
Overdraft fee: $34 on overdrafts over $50, max of 3 per business day
Out-of-network ATM fees: $3
Out-of-network ATM reimbursements: No
In-network ATMs: 16,000
Direct deposit funds available early: Yes
Mobile check deposit: Yes
Cash deposits: Yes
- 4,800 branches available nationwide, excluding North Dakota and West Virginia
- $300 new-account bonus with direct deposit
- No minimum deposit required
- No overdraft fees charged on accounts overdrawn by $50 or less
- $12 monthly service fee, but can be waived
Chase has more than 4,700 offices in 48 states. Its Total Checking account does charge a $12 monthly fee, but it can be waived if you meet the requirements. And its overdraft fee is waived if your account is overdrawn by $50 or less, or if your account is overdrawn by more than $50 but you deposit money to bring your balance up so that it’s overdrawn by $50 or less by the end of the next business day. However, Chase charges a $34 overdraft fee if you’re overdrawn by more than $50 (maximum of three fees per business day).
Unlike other checking accounts on our list, you won’t earn interest. But you can earn up to $300 as a welcome bonus by making direct deposits totaling at least $500 within 90 days of opening the account.
If you prefer access to in-person banking services with plenty of branch locations, a big bank like Chase may be worth considering. Compared with our best checking accounts, you won’t earn a competitive APY on your money. But the convenience of this checking account may outweigh some of these benefits. Just watch out for monthly service and overdraft fees.
Note: We chose Chase over other big banks for this list since it offers a large number of branches across the country and has a $50 overdraft fee buffer. While PNC has a lower monthly fee for its checking account, the bank’s slightly higher overdraft fee and fewer national branch locations held it back from making this list. And though Wells Fargo has a similar number of branches and a lower monthly fee, it doesn’t have the $50 buffer for overdraft fees that Chase offers.
If you live near a Capital One branch and want to bank in person, you may want to consider Capital One’s free checking account over Chase.
Overdraft fee: $34 on overdrafts over $50, max of 3 per business day
Out-of-network ATM fees: $3
Out-of-network ATM reimbursements: No
In-network ATMs: 16,000
Direct deposit funds available early: Yes
Mobile check deposit: Yes
Cash deposits: Yes
How to choose the best checking account
Before selecting a checking account, familiarize yourself with all the fees a bank charges for its products and services. Even a “free” checking account may charge fees for specific services. You don’t want to get hit with a $4 fee for making an ATM withdrawal at the wrong machine.
To maximize any rewards and perks as a new checking account holder, look for any interest-earning opportunities that can help you earn more money or get rewards for everyday purchases. Some banks make you jump through hoops to qualify for a higher APY or a welcome bonus, so keep an eye out for any requirements.
Although a 1% cash-back account could be moderately lucrative, this type of account may require you to hit a monthly spending threshold or maintain a certain minimum balance. If you tend to maintain a high account balance in your checking account, consider putting some of that cash into a savings account, CD or money market with a higher APY.
What to look for in a checking account
Before you commit to a new checking account, consider the following:
The annual percentage yield is the interest rate you earn on your deposit over a year, which includes compounded interest.
The minimum amount you’re required to deposit when opening the account and the minimum amount required to avoid monthly service fees.
- ATM fees: These are charges an account holder may incur to access money through an ATM. Some banks and credit unions participate in a network of surcharge-free ATMs and provide locators to find the nearest free ATM.
- Monthly fees: These are regular charges applied to an account. Sometimes the fees are imposed if balances fall below a certain threshold. Many free checking accounts don’t charge any fees.
- Foreign transaction fees: These fees are charged by the bank when you use your debit card to make a purchase outside the US or use a foreign ATM network. If you often travel internationally, foreign transaction fees can add up quickly. Not every bank charges a foreign transaction fee when you use your debit card overseas.
- Overdraft fees: Fees charged if a purchase exceeds the available balance in the account.
Some banks offer a monetary incentive to open a new account. These cash bonuses (some up to $300) attract new customers but require you to meet certain criteria, such as a minimum amount of direct deposits.
Most checking accounts come with a debit card that lets you make electronic purchases and deposit and withdraw money from ATMs. The limit is the balance available in the checking account. Overspending can lead to overdraft fees.
The difference between a checking and savings account
Checking accounts are designed to manage daily transactions, such as paying monthly bills, routine purchases and entertainment expenses. Since money is regularly withdrawn and deposited into the account, banks usually offer a debit card for transactions but don’t offer as high of an APY as savings accounts.
A savings account is an interest-bearing deposit account you can use to set aside money you don’t need access to immediately. Generally, the money in a savings account is for unexpected emergencies or longer-term savings goals like a down payment on a home or a vacation. Checking accounts are transactional and require everyday access, but a savings account typically limits how many monthly withdrawals or transactions you can make. Savings accounts cannot have more than six transfers or withdrawals per month, according to the Federal Reserve. Although the rule was lifted in 2020, some banks still maintain the limit.
How to open a checking account
Opening a checking account is a straightforward process. It’s the same whether you’re opening an account online or in person at a physical branch.
Fill out an application. Many financial institutions have an online application process, or you can work with a customer service representative at a physical branch if your bank offers one.
Verify your identity. You’ll need to provide personal information, including your Social Security number or Individual Taxpayer Identification Number and a government-issued ID, such as a state-issued driver’s license or passport.
Fund your account. Deposit at least the required minimum amount to fund your account.
Set up mobile banking. Download the bank’s mobile app and complete your online banking registration so you can access your account remotely.
FAQs
That depends on which features you value most. Many big banks that operate physical branches don’t offer competitive rates on checking accounts, but many have an attractive bank bonus for new accounts.
Most online-only checking accounts offer higher yields on deposit accounts because they have fewer overhead costs required to run physical branches. Still, they lack the in-person customer service option. In either case, compare all fees associated with the checking account (and the minimum balances required) to determine the option that best suits your needs.
For most people, the answer is one. Even if you can earn a little extra money by combining rewards or interest, it’s usually not worth the time and hassle. Your personal checking account should be simple and easy to manage and should offer overdraft protection and mobile banking.
If you run a business, you should look into opening a separate business checking account, which is different from a standard checking account.
Not always, but it can be difficult to pay bills or get approved for credit accounts without one. It may be helpful to think of a checking account as one part of a multifaceted personal financial system. For example, you might use your checking account to manage cash flow and pay bills.
First, you’ll need to transfer any existing balances to a new account. Next, contact your bank to determine the process required to close the account. Before you close your existing account, make sure it has been opened long enough to avoid any fees for early closure, especially if you received any new account bonuses.
The cost varies based on the minimum deposit required to open an account. The financial institutions on our list have minimum deposit requirements ranging from zero to $100. An account may also have minimum balance requirements to maintain once the account is opened.
Be aware of any fees charged if your balance falls below a minimum amount before establishing a new account. If you don’t think you can meet this minimum, you should consider accounts that don’t charge monthly fees.
Overdraft protection is a service banks and credit unions offer to cover the cost of transactions exceeding an account’s available balance. Banks can charge a monthly or per-transaction fee for this service. Some banks that offer no-fee checking accounts include overdraft protection at no additional cost. Others waive one overdraft fee per year as a standard overdraft policy.
An overdraft protection service can be valuable as the average overdraft fee of nearly $30 per transaction can add up quickly.
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Methodology
More than two dozen options were examined across a broad range of categories in both traditional and online-only banks, credit unions and neobanks to determine these picks for the best checking account. As with any financial account, a handful of key features rise above the rest: ATM and branch availability, overdraft protection, fees, bank bonus enticements and reimbursements, minimum deposit requirements, and just how simple it is to move money in and out of an account -- whether by direct deposit, mobile deposit or old-school cash deposit.
Each financial institution’s online banking capabilities were taken into consideration. We also looked at some new, trendy features, such as whether a financial institution makes funds available a few days early to customers who’ve signed up to receive their paycheck via direct deposit.
The banks, credit unions and neobanks we reviewed include LendingClub Rewards Checking, NBKC Bank Everything Account, Chase Total Checking®, Consumers Credit Union Rewards Checking, Alliant Credit Union High-Rate Checking, Chime Spending Account, Axos Essential Checking, Connexus Credit Union Xtraordinary Checking, Simple Simple Account, CIT Bank eChecking, Wells Fargo Everyday Checking, Bank of America Advantage Plus Banking, Discover Cashback Debit, Capital One 360 Checking, Aspiration, PNC Virtual Wallet with performance spend, Betterment, Fidelity Cash Management Account, HSBC Choice Checking, TD Checking, Current Bank, Varo Checking Account, Wealthfront Cash Account, Novo, BlueVine Business Checking, Ally Bank and SoFi.
The editorial content on this page is based solely on objective, independent assessments by our writers and is not influenced by advertising or partnerships. It has not been provided or commissioned by any third party. However, we may receive compensation when you click on links to products or services offered by our partners.
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Written by
Toni Husbands
Staff Writer
Toni Husbands is a staff writer with CNET Money who enjoys exploring topics that promote financial wellness. She began writing about personal finance to document her experience paying off $107,000 of debt, which is detailed in her book, The Great Debt Dump. Previously, she contributed as a freelance writer for websites, including CreditCards.com, Centsai and Wisebread. She was also a regular contributor to Business AM TV, and her work has been featured on Yahoo News. Being a part-time real estate investor and amateur gardener also brings her joy.
Written by
Liliana Hall
Associate Writer
Liliana Hall is a writer for CNET Money covering banking, credit cards and mortgages. Previously, she wrote about personal credit for Bankrate and CreditCards.com. She is passionate about providing accessible content to enhance financial literacy. She graduated from the University of Texas at Austin with a bachelor's degree in journalism, and has worked in the newsrooms of KUT and the Austin Chronicle. When not working, she is probably paddle boarding, hopping on a flight or reading for her book club.
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