ElitePersonalFinance found the best checking accounts of December 2025

One of the best ways to keep your cash safe is through checking accounts. Not limited to traditional banks, today’s checking accounts are loaded with perks such as fee-free ATMs, early direct deposit options, and even high-yield interest on balances no matter how large or small.

Whether you’re looking for an online-only bank like Axos or an in-person bank like Capital One, the proper checking account can help break your everyday spending habits.

Let ElitePersonalFinance guide you through the best checking account options with a complete list of recommendations of today’s leading banks, offering generous fee structures, nationwide ATM networks, intuitive mobile apps, and easy-to-use financial tools that make tracking spending a breeze.

Why You Should Trust ElitePersonalFinance Guides?

At ElitePersonalFinance, one of the cornerstones of how you manage your money is your checking account. Unlike how your savings accounts earn interest, checking accounts are fluid accounts that allow you to make ACH transfers, pay bills, make purchases, and manage all your day-to-day expenses. Alongside a debit card and online access, many of today’s best checking accounts offer additional perks, such as no overdraft fees and reimbursements for ATM fees out of network.

With trusted names like Ally, Capital One, and Chase leading the way, now is an excellent time to open a checking account.

Keep reading and let ElitePersonalFinance introduce you to everything you need to know about checking accounts, including our top picks, key features to look out for, and which type of checking account is best for your finances.

SuperMoney

A one-stop marketplace for banks, SuperMoney aggregates legitimate checking account offers from banks and credit unions, allowing users to make side-by-side comparisons of account features such as fees, rewards, and ATM access. It eliminates the need to visit multiple sites and consolidates all information in one place.

From here, users can learn which checking accounts best fit their financial needs. Whether you’re looking for a simple account with no fees or a feature-rich option with cashback rewards, SuperMoney is our go-to resource for quickly learning about these options.

Additionally, SuperMoney aggregates by category, so you can also see similar write-ups for rewards checking accounts, checking account bonus offers, and even checking accounts for teens. It is very transparent with insights into most viewed partners and more. Plus, it offers a helpful resource section that covers everything from account basics to how to choose the right bank.

All in all, SuperMoney is our favorite tool for comparing legit checking account offers from banks, credit unions, and fintechs.

What We Like:

• Available in all states
• Multiple checking account options in one dashboard
• Aggregates checking account type by category
• Filters for features like free checking, rewards, and fees
• Many offer no minimum balance requirements

What We Don’t Like:

• Not a direct provider; connects you to partners
• Meeting balance or activity thresholds
• Terms and fees vary between providers
• The application cannot be completed on the site itself

Eligibility & Next Steps:

• Apply SuperMoney filters to review the available checking account options
• Complete your application through the partner website
  Approval times vary by institution

Terms: SuperMoney is an online financial comparison platform that allows you to compare checking account offers from various banks and credit unions. APYs offered depend on account balance tiers and eligibility, with no monthly maintenance or minimum balance requirements applying to most. Actual yield on any SuperMoney checking account depends on several factors, such as balance tiers, the amount you spend, and any available promotions.

Raisin

Popular for its high-yield savings and CDs aggregated data, Raisin also empowers users by allowing easy comparison of multiple checking account options using a simple and easy-to-use interface. Please verify that these accounts are originated by federally insured partner banks and credit unions, accessible through a single login to open and manage your account, with all transactions handled through the platform.

One of the best things about Raisin is that it updates you on ongoing new sign-up bonuses (sometimes after $1,000) and promotional APYs on high-yield savings accounts.

All checking accounts through the Raisin marketplace include FDIC or NCUA protection (depending on the partner institution), with a first-hand look into fee structures, rewards, balance requirements, and more—an international way to avoid visiting multiple partner banks and manage your accounts in one secure place.

Note that Raisin is different from SuperMoney in that Raisin is a banking marketplace, whereas SuperMoney is a comparison marketplace. Unlike Raisin, SuperMoney does not allow you to hold accounts (with redirection to the bank or credit union website instead). Additionally, SuperMoney has its sibling covering other financial products, including loans, credit cards, and insurance.

All in all, look to Raisin if you want an easy platform to consolidate all of your banking.

What We Like:

• Compare multiple checking account offers
• Single login to track all accounts
• Information in one dashboard, including overdraft, ATM fees, and monthly maintenance fees
• Filters for checking account features, e.g., mobile banking
• Strong privacy and compliance standards

What We Don’t Like:

• Must visit the partner side to apply
• Not as wide a selection as savings and certificates of deposit
• Must visit the partner institution to open a checking account directly
• Partner bank’s site manages transfers and deposits

Eligibility & Next Steps:

• At least 18 years old
• U.S. citizen or permanent resident
• Valid government-issued ID
• Completed the application through the website

Terms: Raisin Checking is an online marketplace that allows you to compare checking account offers. APYs offered depend on account balance tiers and eligibility, with no monthly maintenance or minimum balance requirements for most accounts. Actual yield on any Raisin checking account depends on several factors, such as balance tiers, the amount you spend, and any available promotions.

Discover Bank

Discover Bank offers a no-fee checking account program that allows you to earn 1% cash back on up to $3,000 in debit card purchases every month. Plus, you can also get paid up to two days early with direct deposit, a feature that competing accounts like Chase Total Checking and Bank of America’s Advantage Plus do not have.

With Discover, no fees means no fees. Never see a monthly fee, insufficient funds fee, official bank check fee, or even expedited delivery for your replacement debit card. Even check reorders are free. At worst, there’s a $30 service charge for outgoing wire transfers from your checking account (which all competitors charge).

Along with access to more than 60,000 free ATMs and a helpful ATM finder on its website, it’s all about the user experience. Other services include protection, no-fee overdraft services, and more.

In short, Discover Bank offers an excellent fee-free and rewards-focused checking account program. Along with extensive ATM access and early direct deposit, it’s built for your everyday spend.

What We Like:

• 1% cash back on debit card purchases
• Access to 60,000+ fee-free ATMs nationwide
• No insufficient funds, monthly, or check reorder fees
• Only direct deposit up to two days
  Free expedited debit card delivery
• Intuitive mobile app

What We Don’t Like:

• No in-person branches
• $3,000 cap on cash back in monthly debit card spend
• $30 outgoing wire transfers
• Limited perks outside of no fees

Eligibility & Next Steps:

• At least 18 years old
• U.S. citizen or permanent resident
• Valid government-issued ID
• Completed application through the Discover Bank website

Terms: Discover Bank Checking is a checking account. Discover Cashback Debit offers 1% cash back on up to $3,000 in debit card purchases each month. There are no monthly maintenance fees and no minimum balance requirement to open an account. For example, if you spend $2,500 in debit card purchases in a month, you would earn $25 in cashback rewards. Actual cashback rewards on any Discover Bank checking account are subject to change based on your spending and applicable categories.

American Express Rewards Checking

One of the most popular issuers around, American Express offers a lucrative checking account that allows you to earn Membership Rewards points for every $2 spent on purchases made using your debit card. You can use them for a variety of things, such as statement credits, airline tickets, and even Amazon gift cards.

One of the best aspects of American Express checking is that it comes with no monthly fees and no minimum balance requirements, along with exceptional 24/7 customer service. The intuitive mobile app also makes it easy to do everything, from transferring funds to tracking spending.

However, one downside is that there’s limited ATM access compared to other recommendations on our list. Additionally, there are no physical branches, so you must be comfortable with entirely online customer support. If you can stomach these two, then American Express Rewards Checking is a winner in our book.

What We Like:

• Outstanding reputation
• Earn Membership Rewards points when using your card
• Intuitive and easy-to-use mobile app
• No monthly maintenance fees
• No minimum balance requirements

What We Don’t Like:

• No in-person support or physical branches
• Not the best ATM access
• Amex credit cards offer higher rewards redemption
• International ATM reimbursements are not 100% covered

Eligibility & Next Steps:

• At least 18 years old
• U.S. citizen or permanent resident
• Valid government-issued ID
• Completed application through the American Express website

Terms: American Express Rewards Checking is a checking account that offers Membership Rewards points for every eligible dollar spent on debit card purchases. For example, if you spend $2,500 in eligible debit card purchases in a month, you would earn a set number of Membership Rewards points. There are no monthly maintenance fees and no minimum balance requirement to open an account. Rewards on American Express Rewards Checking accounts are subject to change based on your spending and applicable categories.

AXOS ONE Checking

One of the major players in digital-first banking, AXOS One Checking offers a variety of perks. Most notably, customers can take advantage of no fees, which means no monthly maintenance, overdraft, or other types of fees. Plus, it also has a direct deposit program that allows you to get paid up to two days early, which Discover and Capital One (two of our other recommendations) also offer.

Additionally, there are unlimited domestic ATM reimbursements, which means you can use out-of-network ATMs without having to worry about fees, mainly used by avid travelers. The mobile app is also spot on, featuring built-in budgeting tools to help you track your spending.

Note, like Ally and SoFi, AXOS is an online bank, which means it does not have any physical locations. If you’re looking for in-person support, it’s best to visit the bigger players, such as Capital One or Wells Fargo.

All in all, AXOS One offers a robust checking account program that combines no fees, unlimited domestic ATM fee reimbursements, and the ability to get paid up to 2 days early.

What We Like:

• Generous with fees
• Built-in budgeting tools through the mobile app
• Unlimited domestic ATM fee reimbursements
• Ability to get paid up to 2 days early

What We Don’t Like:

• Ally and SoFi offer slightly better customer service
• Not as many perks as competitors
• No in-person support or physical branches
• No debit card rewards program

Eligibility & Next Steps:

• At least 18 years old
• U.S. citizen or permanent resident
• Valid government-issued ID
• Completed application through the AXOS Bank website

Terms: Axos Rewards Checking is a checking account. It offers 3.30% Annual Percentage Yield (APY) as long as you meet direct deposit and debit spend criteria. For example, if you maintain a qualifying balance of $10,000 and keep your account active, you could earn up to $330 in interest in a year. There are no monthly maintenance fees and no minimum balance requirement to open an account. Rates on AXOS ONE Checking accounts are subject to change based on your spending and applicable categories.

Capital One Checking

Capital One’s 360 Checking Program offers a transparent and straightforward approach with no fees, no minimum balance requirements, and no overdraft fees. It also has an extensive ATM network with more than 70,000 fee-free ATMs (e.g., MoneyPass and Allpoint ATMs, which are also available at Target, Walgreens, and other participating retailers).

Additionally, Capital One offers an early paycheck program, which allows you to receive funds up to two days earlier, making it an excellent resource for unexpected expenses. If your account becomes overdrawn, you have several options, including Auto, which is a type of free savings transfer to cover overdrafts, and no fees on approved transactions.

However, one downside to Capital One checking is the lack of a rewards program, so you’re not incentivized to make purchases using your debit card.

All in all, Capital One offers a straightforward checking account program that values simplicity over rewards.

What We Like:

• No monthly fees, no minimum balances
• Access to more than 70,000 fee-free ATMs
• Early paycheck program pays out up to two days early
• Excellent overdraft protection
• Intuitive mobile app

What We Don’t Like:

• No rewards program
  Limited in-person branch access
• Lack of budgeting tools and apps compared to Ally

Eligibility & Next Steps:

• At least 18 years old
• U.S. citizen or permanent resident
• Valid government-issued ID
• Completed application through the Capital One website

Terms: Capital One 360 Checking is a checking account. It offers access to over 70,000 fee-free ATMs nationwide, in-branch services, and mobile banking. There is no rewards program. For example, if you spend $2,500 in debit card purchases in a month, you do not earn any rewards. There are no monthly maintenance fees and no minimum balance requirement to open a Capital One Checking account.

SoFi Checking

SoFi is one of the leading digital banks, offering an online checking account that allows you to earn 0.5% APY on your balance. There are no monthly account fees or overdraft fees, and you can qualify to receive payments up to two days early. Additionally, it offers a bonus of up to $300 when you set up direct deposit.

SoFi is also a leader in security features, offering real-time alerts, two-factor authentication, card controls, and additional FDIC insurance of up to $3 million, depending on your eligibility. Mobile deposit is straightforward; snap a picture of your check and deposit it instantly.

The SoFi checking account interface is world-class, making it easy to check your balance and view your statements. Even if the debit card shows $0 for liability, it also offers access to more than 55,000 fee-free ATMs through its app network. As with all of our recommendations, deposits are insured up to $250,000 per member.

What We Like:

• Earns 0.50% APY on checking balances
• No monthly account or overdraft fees
• Early direct deposit up to two days sooner
• Up to $300 bonus promo
• Access to 55,000+ fee-free Allpoint ATMs

What We Don’t Like:

• No physical branches available
• Slower customer service during peak hours
• Eligibility requirements for expanded FDIC insurance
• Lower APY compared to high-yield savings accounts

Eligibility & Next Steps:

• At least 18 years old
• U.S. citizen or permanent resident
• Valid government-issued ID
• Completed application through the SoFi website

Terms: SoFi Checking is a checking account. It offers up to 0.50% APY on checking balances, provided you set up the correct deposit. For example, if you maintain $5,000 in your checking balance with direct deposit, you could earn up to $25 in interest in a year. There are no monthly maintenance fees and no minimum balance requirement to open an account. Rates on SoFi Checking accounts are subject to change based on several factors, including direct deposit activity and account balances.

Ally Bank

Ally Bank’s Spending Account program is a winner across the board, offering a modest 0.10% APY on balances under $50,000 and 0.25% on balances of $15,000 or more. It provides a comprehensive list of no-fee features, including monthly maintenance, overdraft protection, daily balance, and standard or expedited transfers.

Additionally, like Capital One, it offers an extensive 75,000+ ATM network program, allowing customers to receive reimbursement for non-compatible ATM fees, which can amount to $10 per statement.

Where Ally Bank really shines is with its intuitive mobile app, which allows you to track your cash flow (showing spending across different categories) as well as digital envelopes to manage your bills and expenses. It also offers free credit scoring, providing one of the most well-rounded checking account programs we’ve encountered.

All in all, Ally Bank performs exceptionally well as a digital-only bank.

What We Like:

• No monthly maintenance or overdraft fees
• 75,000+ fee-free ATMs nationwide access
• Non-compatible ATM reimbursements up to $10 per statement
• Highly intuitive mobile app

What We Don’t Like:

• Often cluttered homepage
• No in-person support at physical branches
• APYs are lower than what you’ll find in savings accounts
• No debit card rewards

Eligibility & Next Steps:

• At least 18 years old
• U.S. citizen or permanent resident
• Valid government-issued ID
• Completed application through the Ally website

​​Terms: Ally Bank Interest Checking is a checking account. It offers an Annual Percentage Yield (APY) of up to 0.25%, depending on your balance. For example, if you maintain an average balance of $5,000, you could earn up to $12.50 in interest over one year. There are no monthly maintenance fees and no minimum balance requirement to open an account. Rates on Ally Bank checking accounts are subject to change based on several factors, including direct deposit activity and account balances. Fees may be incurred for overdrafts, wire transfers, or ATM use outside of the network.

Bask Bank

Bask Bank is a rising star, offering a 1% APY with rewards of up to $100 for opening a new account. There are no monthly account fees or minimum deposit requirements, making it an excellent option for everyday banking. Plus, new sign-ups (as of this writing) can earn up to $300 towards the everyday banking program, as long as you have minimum qualifying deposits of at least $3,000 a month and 10 or more monthly purchases for a $500 minimum.

Additionally, your Bask debit card provides access to over 55,000 fee-free Allpoint ATMs. However, it is limited to online banking only, with no physical branch access, which means you won’t have the same level of in-person support as traditional banks like Bank of America or Wells Fargo.

Bask Bank offers a highly intuitive mobile app that streamlines all your money management in one place.

What We Like:

• 1% APY
• Access to 55,000 fee-free Allpoint ATMs
• Large free ATM network
• Refunds on ATM surcharges

What We Don’t Like:

• Account may be closed if unfunded for 15 business days
• No early direct deposit option

Eligibility & Next Steps:

• At least 18 years old
• U.S. citizen or permanent resident
• Valid government-issued ID
• Meet the monthly deposit and transaction requirements for promos
  Completed application through the Bask Bank website

Terms: Bask Bank Interest Checking is a checking account. It offers an Annual Percentage Yield (APY) of up to 0.25%, depending on your balance. For example, if you maintain an average balance of $20,000, you could earn up to $50 in interest over one year. There is no minimum balance requirement to open or maintain the account. Rates on Bask Bank checking accounts are subject to change based on several factors, including direct deposit activity and account balances. Fees may be incurred for overdrafts, wire transfers, or ATM use outside of the network.

What Is a Checking Account?

Offered by banks and credit unions, checking accounts provide easy access to your money to cover typical expenses, from one-time payments to recurring utility bill transfers. On my cash holding accounts, our recommended checking accounts come with numerous perks, including a digital-first approach, rewards programs, and budgeting tools to help you manage your expenses effectively.

Today, checking accounts are offered by virtually every financial institution, including regional banks, fintech companies (e.g., SoFi), and traditional big players such as Chase, Wells Fargo, and Bank of America. Traditional banks offer in-person access/free ATMs, as well as integration with an ecosystem. In fintech-driven accounts, the focus is on low- to no-cost, easy-to-use apps and an authentic digital experience.

Many checking accounts featured on Raisin and SuperMoney even allow you to earn interest or cash back on debit card purchases, paying immediate dividends.

Plus, all funds held in a checking account are fully liquid with no withdrawal restrictions or limits.

Over the past decade, checking accounts have been extended to include automatic features such as a roundup of purchases, transaction alerts, and instant transfers between linked checking and savings accounts. Many rewards checking accounts even allow you to earn 0.5% APY, which translates to $12.50 on a $2,500 balance every year, compounded by cash back opportunities.

Additionally, aggregators like Raisin and SuperMoney enable you to compare and apply for multiple checking accounts using a simple interface.

In addition to FDIC or NCUA protection of up to $250,000, a checking account is protected against bankruptcy or disruption.

All in all, checking accounts provide easy access to park and spend your money, making managing your daily finances a more straightforward affair.

How Does a Checking Account Work?

A checking account is your go-to source for everyday spending, providing a safe place to park your cash, allowing you to do everything from making purchases to conducting automatic transfers. Unlike savings accounts, which have limits on withdrawals, checking accounts can be accessed multiple times a day. For example, with an Ally Bank checking account, you can pay your bills using ACH transfers, pay for your favorite Amazon purchases, and set up recurring automatic payments for your Shopify or Netflix subscription in real-time.

With banks competing for customers, today’s checking accounts offer additional digital tools to enhance your money management experience. With all our recommendations, expect several real-time notifications, instant balance tracking, and built-in budgeting tools that allow you to monitor your spending effectively. Additionally, keep in mind that FDIC and NCUA insurance rules protect your balances up to $250,000 per depositor per bank, giving you peace of mind knowing that your funds are in safe hands.

In short, the best checking accounts offer day-to-day access to your money, along with additional tools to facilitate everything from bill payments to transfers, ensuring your money management remains in top shape.

What Are the Different Types of Checking Accounts?

From traditional checking accounts to rewards checking accounts, here are four types of checking accounts you can explore:

Traditional Checking Accounts

Especially popular among big-name banks like Chase and Bank of America, traditional checking accounts are typically associated with in-person banking access and complimentary digital apps. They provide a debit card, online bill pay options, and direct deposit. One downside to a traditional checking account is its monthly maintenance fees, which usually range between $12 and $15, unless you maintain a balance or set up direct deposit through your employer.

In short, it’s one of the best options for everyday banking needs if you’re not a stickler for rewards, yield, or cash back opportunities and prefer in-person service.

High-Yield Checking Accounts

Popular options include Bread Savings and Axos Bank, which allow you to earn interest on your checking balance, typically yielding a 1% APY.

Unlike traditional banks, they usually come with no monthly maintenance fees and have additional digital tools, incorporating everything from built-in dashboards to automated transfers. If you want to do more than park your cash while enjoying modest returns and liquidity, a high-yield checking account is an excellent option.

Rewards Checking Accounts

Especially true of American Express Rewards Checking or Discover Bank, rewards checking accounts allow you to earn cash back or points on all of your purchases. Points can be converted into statement credits, gift cards to Amazon, miles, or similar programs that allow you to do more with your money.

However, keep in mind that there are restrictions, such as the amount you can actually cash back, as well as spending requirements that you must meet. Plus, rewards checking accounts are not known for their robust ATM networks.

In short, consider a rewards checking account if you prioritize earning benefits over simply keeping your cash safe.

Hybrid Checking Accounts

Popular with Capital One, hybrid checking accounts have an online focus and some personal support at branches, allowing you to take advantage of both worlds. It’s a nice alternative to digital-only banks like Ally Bank, which require all transactions to be conducted online. Features typically included with hybrid accounts include budgeting tools, real-time alerts, and transaction tracking, although you may need to be more distant from physical branches.

In short, traditional, high-yield, rewards, and hybrid checking accounts are four options you can consider, each with its own benefits and drawbacks.

Pros and Cons of Checking Accounts

Pros

Easy Cash Flow Management

Legit checking accounts offer day-to-day management of your funds to take care of everything from medical bills to Netflix subscriptions. Unlike savings accounts, there are no limits to monthly withdrawals, making it best for frequent transactions. For example, suppose you have a $12,000 balance at a Raisin or SuperMoney bank checking account. In that case, you can do everything from paying bills via ACH to making your typical debit card purchase instantly.

No or Low Fees

Today, many leading fintech platforms offer little to no monthly maintenance fees. Additionally, legacy banks like Chase and Wells Fargo provide monthly maintenance fees, which can be waived if you set up a recurring direct deposit or maintain a minimum average balance. For example, Chime and Axos Bank are known for their fee-free access, allowing you to avoid paying fees that cut into your balance.

Perks Beyond Parking Your Money

Many of our preferred checking accounts offer much more than a place to simply park your money. Expect any combination of automatic bill pay and budgeting tools that track your spending habits. For example, the Capital One, SoFi, and Discover mobile apps enable you to track spending across various categories, such as restaurants and utilities. Others even allow you to set savings goals linked to a separate account, converting your checking account into a one-stop shop to track your financial health.

FDIC/NCUA Insurance

Thanks to FDIC or NCUA protection, checking accounts are insured up to $250,000 per depositor at the institution, providing peace of mind knowing that funds are not at risk in the event of bankruptcy or severe economic conditions. It’s a much better alternative to keeping cash in a mattress or safe while allowing easy access to funds (unlimited withdrawals and transfers).

Rewards and Interest Options

Today, some checking accounts offer a modest APY on balances and cash back rewards on your debit card purchases. For example, a $10,000 balance in a high-yield online checking account at 0.5% APY can help you save $50 a year, compounded with cash back across several spending categories, so that you enjoy modest savings growth in the meantime.

Cons

Earns Close to Nothing

While some high-yield and online checking accounts offer APYs, most checking accounts do not provide any interest, which means your balance is subject to inflation. If your Bank of America checking account pays 0.0% APY, then you’re earning just $1 a year on a $10,000 balance. If you’re interested in earning yield, we highly recommend certificates of deposit, high-yield savings accounts, or money market accounts.

Fees

Although digital banking has promised no fees, many checking accounts still come with them. These fees include monthly maintenance, out-of-network ATM, wire transfer, and overdraft fees that can quickly add up if you’re not careful. For example, legacy banks such as Bank of America allow you to easily pay up to $35 per overdraft, with consecutive ones within two or three days that may or may not be waived by making a phone call.

No In-Person Access

Online-only banks do not offer physical branches for in-person service. That means cash deposits could be tough; however, you could rely on partner ATMs, which may charge fees. Additionally, you may prefer not to use chat or phone support for more urgent matters. It’s always easier to walk into a Bank of America branch for a cashier’s check than to use an online-only platform like Ally or Axos.

What Features Should You Look for in a Checking Account?

When evaluating checking accounts, it’s essential to understand that not all are the same.

Bye Bye Fees

Always look for accounts that minimize expenses and do not charge monthly maintenance fees, overdraft charges, or any other fees that could reduce your balance. That’s why we’re big fans of Axos and their fee-free mandate. Fortunately, legacy banks like Chase and Wells Fargo do waive service fees under certain conditions, such as setting up a recurring direct deposit to your employer or meeting minimum balance requirements.

Mobile Banking

Over the past few years, mobile banking has made it significantly easier to manage finances. Now you can do everything from setting up instant transaction alerts to mobile check deposits directly through an app instead of visiting the bank. Additionally, Capital One is known for its enhanced options, such as the ability to view spending categories and set up savings, making it a one-stop shop for your finances.

Wide Bank Access

We prioritized banks that offer thousands of branches and ATM locations nationwide, many of which are available at no charge. If you rely on an online bank, be aware that it typically has fewer physical branches. However, they more than compensate with third-party ATM fee reimbursement and fee-free ATM networks (popular with Axos and Discover). It’s all about understanding whether you prefer digital convenience or in-person support.

Overdraft Protection

Sometimes, an automatic payment is made to pay a bill, or you swipe your debit card before your direct deposit is credited to your account. Without overdraft protection, you can be charged upwards of $30 for this mishap. Consider our recommended banks, such as Ally and Capital One, which offer free overdraft protection, allowing you to reverse course quickly.

All in all, the absence of (at least most) fees, mobile banking, wide bank access, and overdraft protection are many criteria you should use to evaluate checking accounts.

How to Open a Checking Account

Here’s a step-by-step guide on how to open and use a checking account.

Comparison Shop

The first step is to comparison shop across a mix of traditional banks and digital-first banks. For example, Bask Bank offers a robust rewards program and access to 55,000 fee-free Allpoint ATMs. In contrast, Discover Bank distinguishes itself from the pack by offering 1% cash back on up to $3,000 in purchases every month on your debit card.

At the same time, you should also use sites like SuperMoney to conduct side-by-side comparisons of each bank regarding monthly maintenance fees, cash rewards, and ATM access. Plus, you should pay attention to yield as well. For example, Bread Savings offers higher yields to compensate for a higher minimum balance, whereas Marcus by Goldman Sachs provides stabilized rates regardless of macroeconomic conditions.

Prefer in-person support? Then you’re better off with legacy banks like Wells Fargo and Bank of America, which offer a larger ecosystem of financial products, such as auto loans and mortgages.

Get Documentation in Place

No matter whether it’s Marcus by Goldman Sachs, Barclays, or Bask Bank, you need to gather all of your supporting documentation together, such as government-issued photo ID, proof of residency, proof of address, and your Social Security number.

One of the best things about digital-first banks like Ally is that you can upload these documents electronically, which allows near-instant identity verification. However, if you apply for a credit union checking account, you’ll need to go through the membership process and make a small deposit.

If all of your documentation is in place, you can get approved in as little as 5 minutes.

Fill Out an Application

After you have all the documentation in place, the next step is to complete an application. Online banks can have you in the door within 10 minutes. Choose your account type and enter all your personally identifiable information before agreeing to the various disclosures and submitting your application. Don’t forget about in-person assistance for traditional banks, and note that credit unions require that you complete membership enrollment first.

The amounts are different depending on the bank. For example, Bread Savings requires a higher minimum.

Add Money to Your Account

After you’ve completed an application and obtained approval, it’s time to fund your account. Requirements vary depending on the bank. For example, Discover Bank has a minimum deposit requirement, whereas Bread Savings requires a $1,500 deposit, which may be a significant amount for some individuals. In turn, CIT Bank and PenFed FCU hit the middle ground with $1,000 minimums.

There are several ways to fund your account, including direct bank transfers, cash deposits, and mobile check deposits. Keep in mind that digital banks only allow electronic transfers. For greater flexibility, consider a traditional bank, such as Capital One, Bank of America, or Wells Fargo, where you can access your account in person.

Don’t Forget About Direct Deposit and Bill Pay

Once you’ve added money to your account, set up direct deposit and automate bill payments across various categories, including utilities, mortgages, and auto payments. Some checking accounts offer early paychecks, allowing you to get paid up to 2 days early (Discover Bank), whereas almost all of them enable automated payments for recurring expenses.

Not only does setting up direct deposit and bill pay save time, but it also establishes your account as the primary source for all your financial transactions.

Activate Debit Card

Once you’ve opened an account, the next step is to receive a debit card. All of our recommendations integrate the debit cards into expansive ATM networks. For example, Bank of America allows access to over 55,000 fee-free ATMs (Allpoint). Larger brick-and-mortar banks like Capital One offer greater flexibility by linking debit cards to both physical and online branches and ATMs across the country.

In turn, digital-only providers like CIT Bank offer mobile wallet-compatible debit cards, which make purchasing online a breeze.

Whether you’re withdrawing cash or shopping for your favorite items, debit cards provide real-time access to your funds. If you’re a big cash person, then you want access to an expansive ATM network. Looking for rewards instead? Discover Bank’s 1% cash back program on debit purchases may make more sense.

Monitor Your Account

To stay on top of your account, you need to monitor it correctly. Modern digital-first banks, such as Barclays, Bread Savings, and Discover, offer user-friendly apps that enable you to manage various tasks, from setting up budget alerts to tracking spending across multiple categories. Plus, there are fraud prevention and overdraft limit notifications. Suppose you prefer to work with a traditional bank. In that case, Capital One offers in-person support alongside one of the best mobile apps, allowing you to enjoy the benefits of both digital and in-branch customer support.

One of our favorite apps is from Limelight Bank, which offers one of the most intuitive and transparent account dashboards, allowing you to review every transaction with confidence. We encourage you to regularly monitor your account to understand your spending habits better and plan more effectively for the future.

Watch Out for Fees

To maximize the value of your checking account, we recommend that you thoroughly understand the fees associated with it. Every provider has different fees. For example, Discover Bank has eliminated overdraft charges, insufficient funds fees, and other expenses that competitors charge.

In turn, Bask Bank and Capital One do not charge any monthly maintenance fees, making them a good fit for customers with lower incomes. Please note that our other recommendations, Bread Savings and CIT Bank, require higher minimum balances to avoid excessive charges. This allows you to use the funds comfortably as long as you meet the thresholds.

How to Choose the Best Checking Account

Here is a step-by-step guide on how to choose the best checking account:

What is Your Need?

The first step in finding the correct checking account for you is to understand what you need it for. If you’re heavily focused on a simple interface and minimal fees, then Discover Bank and Ask Bank are good options.

However, if physical branch access is what you’re looking for, then you should consider Capital One, which allows you the best of both digital and physical branch access.

More interested in rewards than anything else? Then, consider Bread Savings or CIT Bank, which offer higher APY opportunities for higher balances. For the most personalized service around, PenFed Credit Union may be a good option, especially if you have additional needs within its ecosystem, such as auto and mortgage loans.

Lastly, you may want to consider ATM accessibility. Expect to save a pretty penny if you take advantage of Bask Bank’s Allpoint network or Discover’s 60,000-plus ATMs.

Look at Minimum Balance Requirements

Another factor to consider when selecting the best checking account is checking for minimum balance requirements. There’s a $0 minimum balance requirement at Bask Bank, Capital One, and Discover.

In turn, CIT Bank and Bread Savings request higher minimum balances of up to $1,500, whereas PenFed Credit Union demands smart opening deposits with its Member First approach.

If you live paycheck to paycheck, then Discover or Bask Bank may be more amenable. However, with balances of $5,000 or more, you should consider taking advantage of CIT Bank’s higher interest rates. By reviewing account minimums, you can determine which bank best suits your specific income and spending habits.

ATM and Branch Access

When it comes to checking accounts, it’s all about accessibility. Digital institutions like Discover and Bank of America have expansive ATM networks so that you are not charged any fees when you need cash the most. Likewise, Capital One incorporates a hybrid approach that combines physical branches with nationwide ATMs.

Keep in mind that online-only banks like Marcus, Barclays, and Bread Savings do not have any branches, so you’re at a disadvantage if you need personalized in-person service. For that, you’re off to a good start with an option like PenFed Credit Union, if one is available in your area.

Interest Rates and Rewards

Please note that I’ll review accounts and focus on any outstanding interest. If you’re interested in the highest APY possible, then we consider Bread Savings and CIT Bank.

However, if you’re looking for more rewards, consider Discover and Bank of America, which offer generous cash back on debit card purchases, so you’re rewarded for spending your money.

Evaluate Security Features

Another thing to look out for when choosing the correct checking account is security features. All of the major players, such as Capital One and Discover, offer a comprehensive suite of security options, including two-factor authentication and real-time alerts for fraudulent transactions. In turn, digital banks are known more for their biometric logins and encrypted platforms, which ensure that all of your personally identifiable information remains safe.

Although not explicitly tied to security, let’s not forget about FDIC or NCUA coverage, which should be a baseline requirement to protect your funds in the event of bankruptcy or other disruption.

Don’t Be Afraid to Reassess

With increased competitiveness in the banking space, features are continually being offered to checking accounts, such as rewards or fee-free services. For example, Barclays, Marcus, and Bread Savings are known for regularly updating their APIs, so it’s best to check back periodically.

By reassessing your account at least once a year, you can maximize your benefits.

All in all, it is essential to regularly review your options to ensure your goals stay aligned with the checking account you have.

How Does Overdraft Protection Work?

When your balance falls below a certain threshold, overdraft protection prevents your checking account from going into the negative, thereby avoiding accrued fees. Banks like Capital One, Ally, and SoFi allow you to link a savings account, a credit line, or a secondary account to ensure you do not go into a negative balance.

For example, if you spend $2,300 but only have $250 in your checking account, the $2,050 difference can be covered by a linked savings account, so you don’t have the embarrassing situation of a declined transaction at the store. Additionally, thanks to Discover, banks offer no fees on approved transfers, a feature that legacy banks like Chase and Wells Fargo are not known for.

Additionally, overdraft protection can be customized with alerts and adjustable limits, enabling you to manage your spending effectively. Everyone should have enough time to transfer funds or make payments to avoid overdraft, making this feature particularly helpful.

What Are Mobile-First Checking Accounts?

Mobile-first checking accounts are optimized so that you’re managing your money almost entirely online. Some of our favorite mobile apps include SoFi, American Express, and Ally, which enable users to perform a range of tasks, from transferring funds to paying bills, entirely on their mobile phones.

Other perks belong to rewards programs. For example, the American Express Rewards Checking account allows you to track your membership rewards points, enabling you to redeem them for savings credits or cash back in the end. Plus, you’re able to easily manage your money through instant alerts and various debit card controls that work towards fraud prevention as well.

Today, there’s no need to manage your cash needs at physical locations. All of our recommended checking accounts offer access to thousands of ATMs in large ATM networks, such as Allpoint or MoneyPass, which are commonly found at Walmart. Additionally, you can expect 24/7 digital customer service with multiple contact options, including chat, phone, and video.

Can You Earn Rewards or Interest with a Checking Account?

Yes, many of our recommended checking accounts allow you to earn rewards or interest while allowing easy access to your money.

For example, Discover Bank offers 1% cash back on up to $3,000 in debit card purchases per billing cycle. At the same time, the American Express Rewards Checking account helps you rack up rewards points when you spend in specific categories. This makes it easy to earn without requiring much thought. Others offer a yield on account balances, regardless of their size, but at a much lower rate than a traditional high-yield savings account. When it comes to everyday spending, now is the best time to reward it.

Remember, rewards can also come in the form of statement credits. Rack up the required number of points before it can be redeemed as a statement credit. Keep in mind that how your account outperforms standard checking accounts, so you may want the best of both worlds by applying for both.

How to Avoid Common Checking Account Fees

Here are some of the most common checking account fees and how to avoid them:

Monthly Maintenance Fees

Expect to see anywhere from $10 to $15 just for having a checking account. However, this can be waived if you keep a required balance or set up direct deposit through your employer. As a best practice, try to steer clear of online banks like Ally or SoFi, which are known for charging no monthly fees. Be sure to be mindful of any minimum daily or monthly balance your bank requires.

Overdraft Protection

If you spend more than your available balance, banks often charge overdraft fees of up to $35 per transaction, with non-sufficient funds fees applying to payments that are returned due to insufficient funds.

To avoid overdraft fees, we recommend linking your checking account to a savings account for automatic transfers. You may also decline overdraft coverage, so that your account refuses any debit card purchases that result in a negative balance. Be sure to monitor your balance using mobile alerts as well, to avoid overspending.

ATM Fees

ATM fees typically apply to out-of-network transactions; your bank charges anywhere from $3.00, along with a surcharge from the ATM owner. One of our recommendations is to locate in-network ATMs using your bank’s mobile app or rely on banks with extensive, free ATM networks, such as Capital One, Ally, or SoFi. Even something as simple as two out-of-network withdrawals a week could cost you more than $40 a month, so these charges can add up quickly.

You may also decide not to use ATMs in the first place or withdraw cash less often.

Paper Statement Fees

For the simple privilege of mailing paper statements, some banks charge up to $5 a month. That’s why we recommend opting for electronic statements through your bank’s website or using the bank’s mobile app to download and securely store statements.

Foreign Transaction Fees

Banks may charge 1 to 3% when you use your debit card internationally. If you want to avoid foreign transaction fees, consider a Charles Schwab or Capital One account. Another tip is to notify your bank of your upcoming international travel to prevent any account freezes or to have fees waived if your credit is in good standing.

If you don’t do this, you may be spending as much as $30 on every $1,000 spent overseas—money that’s best spent in your pocket.

Inactivity Fees

Suppose you don’t make deposits or withdrawals for a certain amount of time (e.g., 6 months to 1 year), then you may be charged an inactivity fee. One easy way to avoid this is by setting up small recurring transactions (e.g., your Spotify or Netflix subscription) or using the account strictly for bill pay purposes.

If you absolutely do not need the account, feel free to close it to avoid additional penalties.

In short, to avoid fees, choose banks that charge no monthly fees or offer extensive ATM networks, or prepare for success by setting up direct deposit or maintaining a minimum monthly balance. Be sure to use mobile app alerts to track all of your spending as well.

How to Spot Legitimate Checking Account Offers and Avoid Scams

With online banking booming over the last several years, you may be bombarded by an influx of checking account offers on your screens, including social media and your spam inbox. However, the potential for scams is all too real, with millions of fake landing pages and “pennies on the dollar” offers on the internet designed to trap you into a vicious debt cycle.

Here are several strategies to spot legit checking account offers and avoid scams:

Check the Offer’s Source

One of the first things you should do when considering a checking account is to learn where it originates. Always rely on official websites and mobile apps. To quickly verify this, examine the URL. Often, scammers will mimic real banks but change an extra symbol in the URL to make it appear legitimate. This is especially true if you get redirected from an ad.

FDIC or NCUA Insurance is a Must

Every legit checking account must be backed by the FDIC (for banks) or the NCUA (for credit unions), which offers protection up to $250,000 per depositor per bank. Oftentimes, the internet is riddled with fintech companies that provide no assurance of this type of protection.

For example, when you open an Ally checking account, it clearly states FDIC coverage and all its security protocols, including two-factor authentication. Don’t fall for bonus offers on landing pages that emphasize sign-on bonuses with no explanation of how deposit insurance works. If you do not see the FDIC or NCUA logo anywhere or if it appears out of place, it’s likely a scam.

Study the Fine Print

Never neglect to read a bank’s fine print. Terms and conditions clearly outline all requirements, including the minimum direct deposit amount required, as well as the terms for qualifying for cash bonuses or rewards programs. Scammers often overlook details and provide no insight into what’s needed.

Watch Out for Upfront Payments or Sensitive Data Requests

Never pay upfront fees to open a checking account. If you are asked for sensitive details, such as your Social Security number or bank PIN, exit the site as quickly as possible. Oftentimes, scammers are in it to steal your identity. Never will a legitimate bank, such as Capital One or Discover, ask for bank passwords or any external information. All sensitive data should be input directly on the official bank site through a secure and verified portal.

How We Picked These Accounts

When compiling our list of the best checking accounts, we took into consideration several features, including but not limited to fees, transparency, interest/rewards, safety/security, and convenience.

Let’s take a deep dive into each criterion and why all of our recommendations fit the bill:

Fees

One of the most important things to look out for with checking accounts is fees. All of our recommendations have little to no costs on legacy fees, such as overdraft, monthly maintenance, and minimum balance fees. Keep in mind that larger institutions, such as Wells Fargo and Bank of America, may charge monthly maintenance fees unless you meet specific criteria, including maintaining a minimum balance or setting up direct deposits through your employer.

That’s why we highly emphasize digital-first banks like Axos and Ally, which are known for their fee-free banking. This means you can say goodbye to debit card replacement costs, insufficient funds fees, and even check reorder fees.

Plus, all of our recommendations are fully transparent about fees. For example, CIT Bank requires a higher minimum balance on average, with thresholds clearly communicated in their various disclosures.

Interest/Rewards Programs

When evaluating the best checking accounts, we also considered interest earnings and rewards programs.

For example, American Express Rewards Checking offers a robust membership rewards program that allows you to earn points on all debit card purchases, which can be redeemed for desirable items like Amazon gift cards and statement credits. In turn, Discover Bank also offers 1% cash back on eligible purchases up to $3,000 per month, allowing you to earn money on everyday purchases, such as groceries or office supplies like pencils.

Others, like Axos Bank, focus on awarding interest rates ranging from 0.50% to 1.00% APY, which is a much more attractive alternative to traditional accounts.

Lastly, let’s not forget about built-in account features that allow you to track spending and set up automated savings transfers, converting your checking account into an all-in-one digital hub that gives you greater control over your spending.

Safety & Security

No legit checking account comes complete without security protocols.

At a minimum, deposits must be FDIC or NCUA insured up to $250,000 per depositor per institution, ensuring your money remains safe in case the bank goes into bankruptcy or experiences a complete economic breakdown. Plus, banks should also implement two-factor authentication and enhance their encryption protocols to ensure the security of your sensitive data.

Let’s not forget about fraud prevention and dispute resolution. For example, three of our recommendations (Axos, Capital One, and Discover Bank) offer real-time transaction alerts and are proactive in preventing unauthorized transactions.

With a nice mix of FDIC/NCUA insurance and encryption protocols for resolving unauthorized transactions, consumers have greater peace of mind knowing their money will not be compromised.

Frequently Asked Questions

Are online checking accounts safe?

All of our recommended online checking accounts are safe because they’re insured by the FDIC or NCUA, which protects your money up to $250,000. Additionally, they have safeguards in place to protect your personally identifiable data, including two-factor authentication and firewalls. Always be cautious when clicking on links in unsolicited emails, as there is a higher likelihood of encountering a scam.

What fees do checking accounts charge?

There are several types of fees associated with accounts, including but not limited to ATM fees, wire transfer fees, monthly maintenance fees, and overdraft fees. However, banks are known to waive specific fees if you meet certain thresholds, such as maintaining a minimum balance or working with your employer to set up direct deposits. Always be mindful of network ATMs as well. Fortunately, our guide covers numerous fee-free or out-of-network ATM reimbursement options.

Can I earn rewards with a checking account?

Yes, it is possible to earn rewards with a checking account. To earn rewards, you must meet a certain spending minimum or complete a specified number of debit card transactions each month. Note that rewards are sometimes only awarded when spending in select categories, so be sure to read your bank’s terms and conditions for full disclosure.

How do I avoid overdraft fees?

One of the best ways to avoid overdraft fees is by setting up alerts for a low balance and signing up for overdraft protection. Overdraft protection works because you can link a checking or savings account to cover any shortfalls. Additionally, you can always opt out of overdraft protection, which allows you to view transactions, but this may not always be convenient when you’re at a store.

How much money do I need to open a checking account?

The amount required to open a checking account varies depending on the bank’s policies. Many of our recommendations have no minimum deposit requirement. It’s a nice alternative to traditional banks like Chase and Wells Fargo, which typically require a small deposit. However, this can be waived if you set up direct deposits or meet other criteria.

How quickly can I access my money with a checking account?

For a checking account, money can be accessed immediately through various methods, including online transfers, ATM withdrawals, and debit card purchases. Please note that significant checks may be subject to temporary holds, but this typically takes no more than a day or two.

Conclusion

When deciding on the top checking account options, you want to prioritize low fees, extensive ATM access, any rewards programs, and the interest that can make your money work for you, not against you. Nowadays, there’s no shortage of legit options, especially with mobile banking from online banks and digital first institutions. By thoughtfully reviewing this guide, you’ll be better able to choose the right checking account for you, no matter what your financial needs are.