Article updated on Sep 04, 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.
Dashia is a staff editor for CNET Money who covers all angles of personal finance, including credit cards and banking. From reviews to news coverage, she aims to help readers make more informed decisions about their money. Dashia was previously a staff writer at NextAdvisor, where she covered credit cards, taxes, banking B2B payments. She has also written about safety, home automation, technology and fintech.
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
Kelly is an editor for CNET Money focusing on banking. She has over 10 years of experience in personal finance and previously wrote for CBS MoneyWatch covering banking, investing, insurance and home equity products. She is passionate about arming consumers with the tools they need to take control of their financial lives. In her free time, she enjoys binging podcasts, scouring thrift stores for unique home décor and spoiling the heck out of her dogs.
Reviewed by
Shang Saavedra Personal finance coach and CEO of Save My Cents Shang Saavedra is the founder and CEO of Save My Cents, a personal finance education platform that helps Americans learn how mental health and financial wealth are connected, and how to use the power of an abundance mindset to unlock more wealth. Shang finished saving for her retirement by the age of 31, and now lives a work optional life in Southern California with her husband, two boys, and two cats. She teaches Americans the key habits and behaviors needed to become less fearful of money, and how to live life with joy. Her insights have been published by numerous national publications. Shang received her bachelor's degree in economics from Harvard and her MBA from the University of Chicago Booth School of Business.
Article updated on Sep 04, 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. Dashia is a staff editor for CNET Money who covers all angles of personal finance, including credit cards and banking. From reviews to news coverage, she aims to help readers make more informed decisions about their money. Dashia was previously a staff writer at NextAdvisor, where she covered credit cards, taxes, banking B2B payments. She has also written about safety, home automation, technology and fintech. 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 Kelly is an editor for CNET Money focusing on banking. She has over 10 years of experience in personal finance and previously wrote for CBS MoneyWatch covering banking, investing, insurance and home equity products. She is passionate about arming consumers with the tools they need to take control of their financial lives. In her free time, she enjoys binging podcasts, scouring thrift stores for unique home décor and spoiling the heck out of her dogs.
Reviewed by Shang Saavedra Personal finance coach and CEO of Save My Cents Shang Saavedra is the founder and CEO of Save My Cents, a personal finance education platform that helps Americans learn how mental health and financial wealth are connected, and how to use the power of an abundance mindset to unlock more wealth. Shang finished saving for her retirement by the age of 31, and now lives a work optional life in Southern California with her husband, two boys, and two cats. She teaches Americans the key habits and behaviors needed to become less fearful of money, and how to live life with joy. Her insights have been published by numerous national publications. Shang received her bachelor's degree in economics from Harvard and her MBA from the University of Chicago Booth School of Business.
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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.
Online checking accounts offer innovative products and services along with 24/7 access to your account -- an attractive feature if you’re comfortable managing your money in an all-digital environment. Whether you take advantage of round-ups to automate savings transfers or appreciate access to your paycheck up to two days early, an online bank has a variety of tools to help it stand out from the brick-and-mortar alternatives.
Checking accounts rarely garner much attention, but potentially earning a competitive annual percentage yield, or APY, on your balance in a world where the biggest banks often pay rates near 0% makes it worth giving these checking accounts a look.
Our highest-rated online checking account: Alliant Credit Union
Alliant offers a checking account that offers a competitive APY on the entire balance with no additional requirements. You won’t pay a monthly fee and there are no minimum balance requirements. We also like the extensive ATM network and the out-of-network ATM fee reimbursement policy -- you’ll be covered up to $20 per month.
CNET’s picks for the top online checking accounts
Here are our recommendations for the best online checking accounts and expert advice on how to pick the best one for you.
| Bank | APY | Min. deposit to open | Monthly fees | Top feature |
|---|---|---|---|---|
| Axos Bank | Up to 3.30% | $0 | $0 | High APY |
| Zynlo Bank | 2.00% | $10 | $0 | Round up and match |
| Quontic Bank | Up to 1.10% | $100 | $0 | Innovative products |
| SoFi Bank | 0.50% | $0 | $0 | Combined checking and savings account |
| Alliant Credit Union | 0.25% | $25 | $0 | No overdraft fees |
| Ally Bank | Up to 0.25% | $0 | $0 | Innovative digital tools |
| LendingClub | Up to 0.15% | $25 | $0 | 1% cash back |
| CIT Bank | Up to 0.25% | $100 | $0 | Another interest-bearing option |
| Capital One Bank | 0.10% | $0 | $0 | Capital One Cafés |
| Discover | 0% | $0 | $0 | 1% cash back |
| Chime | 0% | $0 | $0 | 24/7 live human support |
Note: Annual percentage yields, or APYs, shown are as of August 29, 2024. APYs may have changed since they were last updated and may vary by region for some products.
More details on the top online checking accounts
Axos Bank
Best online checking account with a high APY
- 2.4/5
- Up to 3.30%
- $0
- $0
- High APY
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
Monthly fees
Top feature
Axos Bank has five online checking account options: essential, rewards, cashback, golden checking and first checking. None of the accounts charge monthly maintenance fees or overdraft fees. Plus, you’ll get unlimited ATM fee reimbursements -- depending on the checking account you choose.
You can earn up to 3.30% APY with the rewards checking account, but you have to meet a number of requirements to earn the highest yield. For example, you must receive monthly direct deposits totaling $1,500 or more to earn 0.40%, and you must maintain an average daily balance of $2,500 per month in an Axos Managed Portfolio Invest account to earn an additional 1.00%. Unless you plan to use Axos’ investment services, this account might not yield the most rewarding rates.
- ATM fees: Unlimited ATM fee reimbursements
- Monthly fees: $0
- Foreign transaction fees: 1%
- Overdraft fees: $0
Axos Bank has five online checking account options: essential, rewards, cashback, golden checking and first checking. None of the accounts charge monthly maintenance fees or overdraft fees. Plus, you’ll get unlimited ATM fee reimbursements -- depending on the checking account you choose.
You can earn up to 3.30% APY with the rewards checking account, but you have to meet a number of requirements to earn the highest yield. For example, you must receive monthly direct deposits totaling $1,500 or more to earn 0.40%, and you must maintain an average daily balance of $2,500 per month in an Axos Managed Portfolio Invest account to earn an additional 1.00%. Unless you plan to use Axos’ investment services, this account might not yield the most rewarding rates.
- ATM fees: Unlimited ATM fee reimbursements
- Monthly fees: $0
- Foreign transaction fees: 1%
- Overdraft fees: $0
Zynlo Bank
Competitive APY applies to the entire balance
- 1.8/5
- 2.00%
- $10
- $0
- Round up and match
3.3/5
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
Monthly fees
Top feature
Zynlo Bank, backed by PeoplesBank, has an impressive checking account yield that applies to all balance levels. There’s no minimum required to open the account and no monthly fees.
If you open a savings account, all debit card purchases are rounded to the nearest dollar, and the difference is deposited in your savings account. Zynlo matches these round-ups for the first 100 days. Beyond the first 100 days, round-ups are matched 100% if you maintain an average daily balance of $5,000 or more. Otherwise, the match drops to 25%.
You have access to over 55,000 fee-free ATMs through the Allpoint network, and you can reach a customer service representative 24/7.
Zynlo offers extended insurance to cover your entire account. All balances beyond the $250,000 FDIC limits are insured by Zynlo Bank in cases of bank failure.
- Monthly fees: $0
- Overdraft fees: $0
Zynlo Bank, backed by PeoplesBank, has an impressive checking account yield that applies to all balance levels. There’s no minimum required to open the account and no monthly fees.
If you open a savings account, all debit card purchases are rounded to the nearest dollar, and the difference is deposited in your savings account. Zynlo matches these round-ups for the first 100 days. Beyond the first 100 days, round-ups are matched 100% if you maintain an average daily balance of $5,000 or more. Otherwise, the match drops to 25%.
You have access to over 55,000 fee-free ATMs through the Allpoint network, and you can reach a customer service representative 24/7.
Zynlo offers extended insurance to cover your entire account. All balances beyond the $250,000 FDIC limits are insured by Zynlo Bank in cases of bank failure.
- Monthly fees: $0
- Overdraft fees: $0
Quontic Bank
Best for innovative features
- 2.7/5
- Up to 1.10%
- $100
- $0
- Innovative products
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
Monthly fees
Top feature
Quontic Bank offers three checking accounts that let you earn your choice of bitcoin, cash back or interest. The cash rewards checking offers 1% cash back on all eligible debit card purchases up to an aggregate total of $50 per statement cycle. This account might be ideal if you plan to use your debit card to pay for everything. But if you want to deposit a lump sum of cash and park it, you can earn up to 1.10% APY with Quontic’s high-interest checking account. We also like that the Quontic ring lets you make contactless purchases with a tap of your finger.
The cash rewards checking account requires a $100 minimum deposit, but it doesn’t charge monthly maintenance or overdraft fees. You’ll need to make at least 10 qualifying debit card purchases of $10 or more per month to earn the highest APY. Otherwise, the rate drops to 0.01%.
- ATM fees: No fees when using the 90,000+ Allpoint ATM network.
- Monthly fees: $0
- Foreign transaction fees: $0
- Overdraft fees: $0
Quontic Bank offers three checking accounts that let you earn your choice of bitcoin, cash back or interest. The cash rewards checking offers 1% cash back on all eligible debit card purchases up to an aggregate total of $50 per statement cycle. This account might be ideal if you plan to use your debit card to pay for everything. But if you want to deposit a lump sum of cash and park it, you can earn up to 1.10% APY with Quontic’s high-interest checking account. We also like that the Quontic ring lets you make contactless purchases with a tap of your finger.
The cash rewards checking account requires a $100 minimum deposit, but it doesn’t charge monthly maintenance or overdraft fees. You’ll need to make at least 10 qualifying debit card purchases of $10 or more per month to earn the highest APY. Otherwise, the rate drops to 0.01%.
- ATM fees: No fees when using the 90,000+ Allpoint ATM network.
- Monthly fees: $0
- Foreign transaction fees: $0
- Overdraft fees: $0
SoFi Bank
Best for combined checking and savings account
- 4.1/5
- 0.50%
- $0
- $0
- Combined checking and savings account
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
Monthly fees
Top feature
SoFi is a neobank -- a newer bank that operates exclusively online -- that offers competitive APYs on its checking and savings account, plus opportunities to earn rewards with your debit card.
When you sign up for an online checking account, you’ll automatically get a high-yield savings account, too. We also like that you’ll have early direct deposit, cash-back rewards from select merchants when you use your SoFi debit card and overdraft protection. And if you set up direct deposit, you can earn either a $50 or $300 bonus when you deposit between $1,000 and $5,000 or more during the promotional period.
You can deposit cash for free into your SoFi checking account through Allpoint ATMs, but it will cost you $4.95 to do so at GreenDot locations. And you’ll only get overdraft protection for up to $50 -- but you’ll need monthly direct deposits of at least $1,000 to qualify. Other banks on this list offer free overdraft protection.
- ATM fees: 55,000-plus fee-free ATMs through the Allpoint network
- Monthly fees: $0
- Foreign transaction fees: 2%
- Overdraft fees: $0
SoFi is a neobank -- a newer bank that operates exclusively online -- that offers competitive APYs on its checking and savings account, plus opportunities to earn rewards with your debit card.
When you sign up for an online checking account, you’ll automatically get a high-yield savings account, too. We also like that you’ll have early direct deposit, cash-back rewards from select merchants when you use your SoFi debit card and overdraft protection. And if you set up direct deposit, you can earn either a $50 or $300 bonus when you deposit between $1,000 and $5,000 or more during the promotional period.
You can deposit cash for free into your SoFi checking account through Allpoint ATMs, but it will cost you $4.95 to do so at GreenDot locations. And you’ll only get overdraft protection for up to $50 -- but you’ll need monthly direct deposits of at least $1,000 to qualify. Other banks on this list offer free overdraft protection.
- ATM fees: 55,000-plus fee-free ATMs through the Allpoint network
- Monthly fees: $0
- Foreign transaction fees: 2%
- Overdraft fees: $0
Alliant Credit Union
Best online credit union checking account
- 5/5
- 0.25%
- $25
- $0
- No overdraft fees
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
APY APY = Annual Percentage Yield.
Min. deposit to open
Monthly fees
Top feature
Alliant is an NCUA-insured online credit union that offers two checking accounts: a high-yield checking account and a teen checking account. There are no monthly fees or minimum balance requirements, and both accounts offer a 0.25% APY.
Alliant has a network of over 80,000 fee-free ATMs, but you can be reimbursed for up to $20 in out-of-network ATM fees. The downside is that you can’t open a teen checking account online -- you’ll need to submit a PDF application, which can take up to 14 business days to process.
- ATM fees: $20/month in ATM fee rebates
- Monthly fees: $0
- Foreign transaction fees: 1%
- Overdraft fees: $0
Alliant is an NCUA-insured online credit union that offers two checking accounts: a high-yield checking account and a teen checking account. There are no monthly fees or minimum balance requirements, and both accounts offer a 0.25% APY.
Alliant has a network of over 80,000 fee-free ATMs, but you can be reimbursed for up to $20 in out-of-network ATM fees. The downside is that you can’t open a teen checking account online -- you’ll need to submit a PDF application, which can take up to 14 business days to process.
- ATM fees: $20/month in ATM fee rebates
- Monthly fees: $0
- Foreign transaction fees: 1%
- Overdraft fees: $0
Ally Bank
Best online checking account with innovative savings tools
- 4.3/5
- Up to 0.25%
- $0
- $0
- Innovative digital tools
4.5/5
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
Monthly fees
Top feature
Ally has a popular online checking account option -- known as the spending account -- with no minimum deposit requirements, monthly maintenance fees or overdraft fees. We like that you can get your paycheck up to two days sooner with early direct deposit. Its Round ups saving feature rounds each transaction up to the nearest dollar, which is auto-deposited into your Ally high-yield savings account once you’ve accrued at least $5. It also comes with 24/7 customer service and a fee-free network of more than 43,000 ATMs with a $10-a-month ATM fee reimbursement.
On the downside, Ally doesn’t accept cash deposits. If you’re paid regularly in cash, you might fare better with a SoFi or LendingClub online checking account. And, the APY is paid according to tiered balance levels. Balances over $15,000 earn the highest APY available.
- ATM fees: $10/month in ATM fee reimbursement
- Monthly fees: $0
- Foreign transaction fees: 1%
- Overdraft fees: $0
Ally has a popular online checking account option -- known as the spending account -- with no minimum deposit requirements, monthly maintenance fees or overdraft fees. We like that you can get your paycheck up to two days sooner with early direct deposit. Its Round ups saving feature rounds each transaction up to the nearest dollar, which is auto-deposited into your Ally high-yield savings account once you’ve accrued at least $5. It also comes with 24/7 customer service and a fee-free network of more than 43,000 ATMs with a $10-a-month ATM fee reimbursement.
On the downside, Ally doesn’t accept cash deposits. If you’re paid regularly in cash, you might fare better with a SoFi or LendingClub online checking account. And, the APY is paid according to tiered balance levels. Balances over $15,000 earn the highest APY available.
- ATM fees: $10/month in ATM fee reimbursement
- Monthly fees: $0
- Foreign transaction fees: 1%
- Overdraft fees: $0
LendingClub
Best online checking account for cash deposits
- 2.1/5
- Up to 0.15%
- $25
- $0
- 1% cash back
3.7/5
We score checking accounts based on Lorem ipsum dolor sit amet, consectetur adipiscing elit. Nullam vitae magna sodales, dictum neque eget.
Customer satisfaction
APY APY = Annual Percentage Yield.
Min. deposit to open
Monthly fees
Top feature
Unlike other online checking accounts, LendingClub’s rewards checking lets you deposit cash using MoneyPass and NYCE ATMs. There aren’t any ATM fees, and you’ll receive unlimited out-of-network ATM surcharge reimbursements. LendingClub also offers early direct deposit.
You can earn interest on this checking account, but it might be difficult to earn the best APYs available. You can earn 0.10% APY on balances of $2,500 to $99,999.99. Balances of $100,000 or more earn 0.15%. Though this is not the highest yield on this list, you can also earn unlimited 1% cash back on qualified debit card purchases. But you have to maintain an average monthly balance of at least $2,500 or receive at least $2,000 in direct deposits to qualify.
- ATM fees: Unlimited ATM rebates
- Monthly fees: $0
- Foreign transaction fees: 0.90%
- Overdraft fees: $0
Unlike other online checking accounts, LendingClub’s rewards checking lets you deposit cash using MoneyPass and NYCE ATMs. There aren’t any ATM fees, and you’ll receive unlimited out-of-network ATM surcharge reimbursements. LendingClub also offers early direct deposit.
You can earn interest on this checking account, but it might be difficult to earn the best APYs available. You can earn 0.10% APY on balances of $2,500 to $99,999.99. Balances of $100,000 or more earn 0.15%. Though this is not the highest yield on this list, you can also earn unlimited 1% cash back on qualified debit card purchases. But you have to maintain an average monthly balance of at least $2,500 or receive at least $2,000 in direct deposits to qualify.
- ATM fees: Unlimited ATM rebates
- Monthly fees: $0
- Foreign transaction fees: 0.90%
- Overdraft fees: $0
CIT Bank
Another interest-bearing option
- 2.1/5
- Up to 0.25%
- $100
- $0
- Another interest-bearing option
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
Monthly fees
Top feature
CIT Bank, the online division of First Citizens Bank, has an eChecking account that doesn’t charge a monthly maintenance fee or have minimum balance requirements. However, CIT requires a minimum initial deposit of $100 when you open an account -- something most other banks on this list don’t require.
If your balance is more than $25,000, you will earn a 0.25% APY. Below that, the APY is 0.10%. You won’t have to worry about additional charges for services such as wire transfers or certified checks, though. And while CIT doesn’t offer its own ATMs, it doesn’t charge a fee when you use another bank’s ATM. You can get up to $30 in ATM fees reimbursed each month.
- ATM fees: $30 per month out-of-network ATM fee reimbursement
- Monthly fees: $0
- Foreign transaction fees: 1%
- Overdraft fees: $0
CIT Bank, the online division of First Citizens Bank, has an eChecking account that doesn’t charge a monthly maintenance fee or have minimum balance requirements. However, CIT requires a minimum initial deposit of $100 when you open an account -- something most other banks on this list don’t require.
If your balance is more than $25,000, you will earn a 0.25% APY. Below that, the APY is 0.10%. You won’t have to worry about additional charges for services such as wire transfers or certified checks, though. And while CIT doesn’t offer its own ATMs, it doesn’t charge a fee when you use another bank’s ATM. You can get up to $30 in ATM fees reimbursed each month.
- ATM fees: $30 per month out-of-network ATM fee reimbursement
- Monthly fees: $0
- Foreign transaction fees: 1%
- Overdraft fees: $0
Capital One Bank
Best online checking account with in-person banking options
- 4.8/5
- 0.10%
- $0
- $0
- Capital One Cafés
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
Monthly fees
Top feature
Capital One’s 360 Checking account doesn’t have a minimum deposit requirement or a monthly maintenance fee, and there are no fees for overdraft protection. Though this account only offers 0.10% APY on all balances, Capital One is an established bank with physical branches and Capital One Cafés in a few states to manage your account. Plus, Capital One has a network of over 70,000 ATMs where you can deposit or withdraw cash fee-free, and you can deposit cash into your account at any CVS store.
Capital One’s 360 Checking account doesn’t have a minimum deposit requirement or a monthly maintenance fee, and there are no fees for overdraft protection. Though this account only offers 0.10% APY on all balances, Capital One is an established bank with physical branches and Capital One Cafés in a few states to manage your account. Plus, Capital One has a network of over 70,000 ATMs where you can deposit or withdraw cash fee-free, and you can deposit cash into your account at any CVS store.
Discover
Best 1% cash-back checking option
- 4.8/5
- 0%
- $0
- $0
- 1% cash back
4.6/5
We score checking accounts based on Lorem ipsum dolor sit amet, consectetur adipiscing elit. Nullam vitae magna sodales, dictum neque eget.
Minimum deposit and fees
APY APY = Annual Percentage Yield.
Min. deposit to open
Monthly fees
Top feature
The Discover Cashback Debit account is a completely free checking account that pays 1% cash back on debit card purchases of up to $3,000 a month. You can get your paycheck up to two days early when you set up direct deposit. You also have access to more than 60,000 fee-free ATMs. But unlike most of the online banks on this list, Discover doesn’t offer ATM reimbursements for out-of-network ATMs.
- ATM fees: 60,000 fee-free ATMs
- Monthly fees: $0
- Foreign transaction fees: 0%
- Overdraft fees: $0
The Discover Cashback Debit account is a completely free checking account that pays 1% cash back on debit card purchases of up to $3,000 a month. You can get your paycheck up to two days early when you set up direct deposit. You also have access to more than 60,000 fee-free ATMs. But unlike most of the online banks on this list, Discover doesn’t offer ATM reimbursements for out-of-network ATMs.
- ATM fees: 60,000 fee-free ATMs
- Monthly fees: $0
- Foreign transaction fees: 0%
- Overdraft fees: $0
Chime
24/7 live human support
- 0%
- $0
- $0
- 24/7 live human support
APY APY = Annual Percentage Yield.
Min. deposit to open
Monthly fees
Top feature
Chime’s checking account doesn’t charge monthly service or overdraft fees, and there’s no minimum deposit required to open an account. Chime includes overdraft protection of up to $200 a month. If you overdraw your account, Chime will apply your next deposit to your negative balance. You can also get your paycheck up to two days early with direct deposit.
You’ll have access to over 60,000 in-network ATMs, but you will incur a fee if you use an out-of-network ATM. You can also deposit cash at any Walgreens location or withdraw cash from such places as 7-Eleven, CVS Pharmacy and Circle K.
Note: On May 7, 2024, the Consumer Financial Protection Bureau issued an order against Chime Financial, Inc. for failing to refund consumers’ remaining balances within 14 days after they closed their checking and/or savings accounts. Chime was ordered to pay a $3.25 million civil money penalty and at least $1.3 million to consumers in redress.
- ATM fees: 60,000 fee-free ATMs
- Monthly fees: $0
- Foreign transaction fees: 0%
- Overdraft fees: $0 (overdraft up to $200 per month)
Chime’s checking account doesn’t charge monthly service or overdraft fees, and there’s no minimum deposit required to open an account. Chime includes overdraft protection of up to $200 a month. If you overdraw your account, Chime will apply your next deposit to your negative balance. You can also get your paycheck up to two days early with direct deposit.
You’ll have access to over 60,000 in-network ATMs, but you will incur a fee if you use an out-of-network ATM. You can also deposit cash at any Walgreens location or withdraw cash from such places as 7-Eleven, CVS Pharmacy and Circle K.
Note: On May 7, 2024, the Consumer Financial Protection Bureau issued an order against Chime Financial, Inc. for failing to refund consumers’ remaining balances within 14 days after they closed their checking and/or savings accounts. Chime was ordered to pay a $3.25 million civil money penalty and at least $1.3 million to consumers in redress.
- ATM fees: 60,000 fee-free ATMs
- Monthly fees: $0
- Foreign transaction fees: 0%
- Overdraft fees: $0 (overdraft up to $200 per month)
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How does an online checking account work?
The primary difference between online and traditional checking accounts comes down to customer service and account management. If you open a checking account at an online-only bank, you’ll manage your account entirely online. If you need to reach a representative for help regarding your account, you won’t be able to interact with a bank teller in person.
Online banks generally offer additional perks because they have fewer overhead costs than brick-and-mortar banks. The best online checking accounts typically have 24/7 customer service support, ATM fee reimbursement and no monthly maintenance fees.
In some cases, you can also earn interest on your balance. The average APY for checking accounts is 0.07%, according to the Federal Deposit Insurance Corporation, but some of the best online checking accounts on our list have yields ranging from 1% to 3%.
Online checking accounts aren’t for everyone, especially if you prefer face-to-face customer service. If you’re used to managing your checking account from your phone or computer without visiting your bank’s physical location, you might find online banking a favorable alternative.
Pros and cons of online checking accounts
Pros
Convenient and easy to access online from anywhere through the web or a mobile app
Fewer fees since online banks typically have lower overhead costs than brick-and-mortar banks
Potential interest earnings that can yield a small return on your balance
More innovative features than traditional banks, such as budgeting assistance and automatic savings features
Cons
Lack of in-person services since most don’t offer physical branches
Potential delays in certain banking services like transfers and deposits
Risk of scams, fraud and identity theft -- though this also exists at brick-and-mortar banks -- with online services
How do I deposit and withdraw money with an online bank?
Depending on the bank you choose, you can typically access your funds at an online bank in one of three ways: mobile check deposits, ATM withdrawals and deposits, and online bank transfers.
If your online bank is affiliated with an ATM network, you can deposit or withdraw cash at select ATMs with your debit card. You typically won’t be charged a fee if you use an in-network ATM. Or you may be charged a fee and the bank will reimburse your account. Axos Bank, for example, offers unlimited out-of-network ATM fee reimbursements.
Online banks typically offer a mobile check deposit tool to deposit checks directly into your online checking account. You’ll have to endorse your check and upload a photo of the front and back.
You can also fund your online checking account by transferring money from an externally linked checking or savings account. If you get paid via direct deposit, you can establish a direct deposit from your employer to your online bank checking account.
Alternatives to an online checking account
Both money market accounts and traditional checking accounts have check-writing privileges and debit card access, but MMAs typically restrict the number of transactions you can make each month. Both types of accounts may earn interest, but experts say you’ll earn more with a money market account. Some of the best MMAs currently offer APYs of more than 5%.
A traditional checking account allows you to manage the account whenever you need to. Although you may not earn as much interest, you’ll have the flexibility to make transactions every day without worrying about strict transaction limits.
“Checking accounts are better suited for everyday transactions, bill payments and direct deposits,” said Jenna Lofton, a certified financial planner at Stock Hitter. “They offer greater flexibility and access to your funds.”
If you don’t plan on touching the money often and would like the option to withdraw funds occasionally, a money market account may be a better fit.
“Money that is just sitting there can earn you more if you open a money market account,” said Bill Ryze, a chartered financial consultant at Fiona. A money market account is optimal if you want to safeguard your short-term savings or emergency fund because the money is separate from your everyday account and transactions are capped, Ryze said.
Most banks limit how frequently you can make debit card purchases, online transfers and check transactions in a single statement cycle before incurring an excessive transfer fee with an MMA. That means you won’t be able to dip into the money for everyday transactions.
How to choose the best online checking account
There are a few factors to consider when finding the best online checking account:
Check how much the bank charges for transactions and if any monthly charges apply to the account. Also, ask about penalty and overdraft charges. “Always read the small print before agreeing to open an account,” Ryze said.
“You need to choose a bank with 24/7 customer service availability,” Ryze said. Since you can’t get assistance from a physical customer service representative, an online bank with 24/7 customer service can ensure you’ll have help whenever you need it.
Always check the bank’s security measures to protect your personal information and money. “Online banking faces fraud and scams as a main challenge,” Ryze said. “You need to open an online checking account with adequate security and protection measures in place.” Ask about features such as fraud alerts and encryption.
“Some banks have a specific minimum balance for new users, and the money could be subject to some service costs,” Ryze said. “So see if the money you have meets the minimum balance requirements.”
FAQs
When you’re ready to open an online checking account, you’ll need to provide some personal information -- such as your Social Security number or Individual Taxpayer Identification Number, address, phone number and email. You’ll fill out the application and make your initial deposits online. You can also fund your account through a bank transfer, mobile check deposit or ATM deposit, depending on the bank.
It’s best to choose an online bank that’s federally insured, meaning your money will be protected in the event your bank or credit union fails. Make sure your online checking account is insured by either the Federal Deposit Insurance Corporation or the National Credit Union Administration. This protects your money for up to $250,000 per person, per institution.
Online security is a major concern for any banking institution. Make sure you learn about the bank’s security features -- such as two-factor authentication and biometric security features -- to keep your account safe.
That depends. If you’re juggling multiple financial goals or combining finances with a spouse or family member, it might make sense to have more than one checking account. Additionally, some accounts pay a competitive APY up to a certain balance, so it may be helpful to keep any funds over this amount in a separate checking or savings account.
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Methodology
CNET reviewed online checking accounts based on the latest APY information, fees charged and services offered from issuer websites. We evaluated online checking accounts from among more than 50 banks, credit unions and financial companies. We selected the accounts with the highest APY and were insured up to $250,000 from among the organizations we surveyed.
Banks surveyed include Alliant Credit Union, Ally Bank, America First Credit Union, American Express National Bank, Axos Bank, Bank of America, Bank of the West, Bank5 Connect, Barclays, BMO Harris, Bread Savings, BrioDirect, Capital One, CFG Community Bank, Citizens Access, Colorado Federal Savings Bank, Connexus Credit Union, Consumers Credit Union, Credit One Bank, Discover Bank, First Internet Bank of Indiana, First Tech Federal Credit Union, FNBO Direct, GO2bank, Golden 1 Credit Union, HSBC Bank, Huntington Bank, Lake Michigan Credit Union, LendingClub Bank, Live Oak Bank, M&T Bank, Marcus by Goldman Sachs, Merrick Bank, Nationwide (by Axos), Navy Federal Credit Union, NBKC, OneUnited Bank, Pentagon Federal Credit Union, PNC, Popular Direct, PurePoint Financial, Quontic Bank, Rising Bank, Salem Five Direct, Sallie Mae Bank, Santander Bank, SchoolsFirst Federal Credit Union, Synchrony Bank, TAB Bank, TD Bank, TIAA Bank, Truist Bank, U.S. Bank, UFB Direct, Union Bank, USAA Bank, Vio Bank, and Wells Fargo.
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.
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
Dashia Milden
Editor
Dashia is a staff editor for CNET Money who covers all angles of personal finance, including credit cards and banking. From reviews to news coverage, she aims to help readers make more informed decisions about their money. Dashia was previously a staff writer at NextAdvisor, where she covered credit cards, taxes, banking B2B payments. She has also written about safety, home automation, technology and fintech.
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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