A good checking account is the lifeblood of a personal finance system. It’s where paychecks get deposited and serves as our spending account. In this article we’ll look at some of the best checking accounts available today.
August 2022 Updates
Here we track important updates to the top checking accounts that we’ve tracked over the past 30 days.
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Featured Checking Accounts from Our Sponsors
APY: 1.00% + Savings Account
Account Types: Checking, optional savings, secured credit builder credit card
Fees: No monthly maintenance fees, no minimum balance requirements.
Get paid early: Up to 2 days early^ with direct deposit
Fee-Free overdraft: Fee-free overdraft up to $200* for eligible members
ATMs: 60,000+ fee-free~ ATM locations
+The Annual Percentage Yield (“APY”) for the Chime Savings Account is variable and may change at any time. The disclosed APY is effective as of June 1, 2022. No minimum balance required. Must have $0.01 in savings to earn interest.
^Early access to direct deposit funds depends on the timing of the submission of the payment file from the payer. We generally make these funds available on the day the payment file is received, which may be up to 2 days earlier than the scheduled payment date.
*Chime SpotMe is an optional, no fee service that requires a single deposit of $200 or more in qualifying direct deposits to the Chime Checking Account each month. All qualifying members will be allowed to overdraw their account up to $20 on debit card purchases and cash withdrawals initially, but may be later eligible for a higher limit of up to $200 or more based on member’s Chime Account history, direct deposit frequency and amount, spending activity and other risk-based factors. Your limit will be displayed to you within the Chime mobile app. You will receive notice of any changes to your limit. Your limit may change at any time, at Chime’s discretion. Although there are no overdraft fees, there may be out-of-network or third party fees associated with ATM transactions. SpotMe won’t cover non-debit card transactions, including ACH transfers, Pay Anyone transfers, or Chime Checkbook transactions. See Terms and Conditions.
~Out-of-network ATM withdrawal fees may apply except at MoneyPass ATMs in a 7-Eleven, or any Allpoint or Visa Plus Alliance ATM.
APY: 1.10% when you make at least 10 qualifying debit card point of sale transactions of $10 or more per statement cycle.
Account Types: Checking, savings, CDs and money market accounts
ATMs: 90,000+ surcharge-free ATM locations
APY: Up to 1.25% Rewards Checking and up to 0.61% High-Yield Savings
Signup Bonus: Use promo code “Summer” when you apply for a Rewards Checking account by 9/30/22. Then have qualifying direct deposit(s) that total at least $1,500.00 to earn a $100 welcome bonus
Account Types: Checking, savings, CDs, money market, personal, business
Fees: No monthly maintenance fees
ATMs: 91,000 free ATM locations & unlimited domestic ATM reimbursements
List of Checking Accounts
| Total Qualifying Direct Deposit amount in 30-day Evaluation Period | Cash Bonus |
|---|---|
| $1,000 - $1,999 | $50 |
| $2,000-$4,999 | $100 |
| $5,000 or more | $300 |
- $200: Minimum Deposit of $10,000
- $500: Minimum Deposit of $30,000
- $1,000: Minimum Deposit of $75,000
- $1,500: Minimum Deposit of $200,000
- $2,000: Minimum Deposit of $300,000
How to Find the Best Checking Account
To find the best checking account for your specific needs, consider the following factors:
- Fees
- Mobile check deposit
- Mobile app and website that are easy to use
- Overdraft protection
- Free ATMs
Based on these and other factors, here are my top picks for the best checking accounts.
Online Checking Account
Aspiration
Aspiration offers two levels of accounts, one free and one for a small monthly fee. It also pays one of the highest rates on savings and supports our planet with various green initiatives.
- Unlimited fee-free ATM withdrawals at Allpoint ATMs
- Up to 10% cash back on debit card purchases
- Deposits are fossil fuel-free
- Plant a tree with every roundup
- Up to 1.00% APY
- Earn a $100 bonus when you spend $1,000 (see details here).
Chime
Chime is one of several Fintech companies that offers an excellent mobile app, Visa® debit card, and FDIC-insured checking and optional savings accounts through its banking partners. A Chime Checking account is required to be eligible for a savings account. It also pays an excellent APY on savings.
- Get paid up to 2 days early^ with direct deposit
- Track your account balances and daily transactions with the Chime mobile app
- Get daily balance notifications and instant transaction alerts
- Send money instantly1 to friends
- Chime Visa® Debit Card
- 1.00%+ APY
- No monthly fees
- No minimum balance requirements
- 60,000+ fee-free~ MoneyPass® and Visa® Plus Alliance ATMs
Banking services provided by, and debit card issued by, The Bancorp Bank or Stride Bank, N.A.; Members FDIC.
+TThe Annual Percentage Yield (“APY”) for the Chime Savings Account is variable and may change at any time. The disclosed APY is effective as of July 13th, 2022. No minimum balance required. Must have $0.01 in savings to earn interest.
^Early access to direct deposit funds depends on the timing of the submission of the payment file from the payer. We generally make these funds available on the day the payment file is received, which may be up to 2 days earlier than the scheduled payment date.
~Out-of-network ATM withdrawal fees may apply except at MoneyPass ATMs in a 7-Eleven, or any Allpoint or Visa Plus Alliance ATM.
1Sometimes instant transfers can be delayed. The recipient must use a valid debit card to claim funds. Once you are approved for a Chime Checking Account, see your issuing bank’s Deposit Account Agreement for full Pay Anyone Transfers details. Please see the back of your Chime debit card for your issuing bank. See Terms and Conditions
Capital One
Capital One is a hybrid. It’s a traditional brink- and mortar bank that purchased an online bank (ING Direct) many years ago. It rebranded ING Direct to Capital One360. Today, the bank operates as a single entity, so you get the benefits of physical branches and the features of an online bank.
Here are the details of Capital One 360 Checking:
- No monthly fee
- Mobile app
- 40,000 fee-free ATMs
- No minimums
- Online bill pay
- Mobile check deposit
Axos
Axos is an online bank with a wide range of products and features. It offers both personal and business accounts. Here are the details on its personal checking account:
- 4 types of checking accounts:
- Essential Checking: Basic checking with unlimited ATM fee reimbursements.
- Rewards Checking: Up to 1.25% APY and no maintenance fees. Direct deposit and 15 debit card transactions a month required to earn this rate.
- CashBack Checking: Up to 1.00% cash back on all signature transactions
- Golden Checking (Age 55+): 0.20% APY on all balances, free personal checks, mo maintenances fees.
- Refer-a-friend bonus
Varo
Our final Fintech option, Varo offers checking and savings accounts with no fees and excellent features. Here are the details:
- Free Visa debit card
- No monthly fees
- Open account online
- Manage money on your smartphone
- Get paid up to two days early with direct deposit
- Lock your card with the mobile app
T-Mobile Money
T-Mobile may not be the first name you think of when it comes to checking accounts. Yet T-Mobile offers a checking account with an APY that is incredible. Here are the details:
- Up to 4.00% APY (see below for requirements)
- No account fees
- 55,000 fee-free ATMs
- FDIC insured
So here’s the fine print on the APY:
“How APY works and what it means for you: As a T-Mobile MONEY customer you earn 4.00% annual percentage yield (APY) on balances up to and including $3,000 in your Checking Account per month when: 1) you are enrolled in a qualifying T-Mobile postpaid wireless plan; 2) you have registered for perks with your T-Mobile ID; and 3) at least $200 in qualifying deposits have posted to your Checking Account before the last business day of the month. Deposits posting on or after the last business day of the month count toward the next month’s qualifying deposits. Promotional deposits are not eligible toward the $200 in deposits. If you meet this deposit requirement in a given month we will pay you this benefit in the subsequent month as an added value provided all other requirements are met. This added value is subject to change. Balances above $3,000 in the Checking Account earn 1.00% APY. The APY for this tier will range from 4.00% to 2.79% depending on the balance in the account (calculation based on a $5,000 average daily balance). Customers who do not qualify for the 4.00% APY will earn 1.00% APY on all Checking Account balances for any month(s) in which they do not meet the requirements listed above.”
Traditional Checking Accounts
I prefer to have my checking account at a bank with branches near my home or work (preferably both). They won’t pay much in interest, but you can find checking accounts with minimal fees. And some pay out a nice bonus to new customers.
Here are my top picks:
Citibank
I’ve banked at Citi for three decades. They have branches everywhere, and free ATMs in every 7-Eleven. I’m also a big fan of the Citi Double Cash card.
In terms of checking accounts, here are details:
- Up to $700 signup bonus. Details can be found here.
- No fees for using Citi ATMs and no Citi fees for using non-Citi ATMs
- Earn Citi ThankYou Points
- There is a monthly service fee, but it can be waived with certain banking activity or minimum balances.
- Earn cash by referring friends
Chase
While Chase doesn’t have as many locations as Citi, it’s a great option if branches are available where you live. And its credit cards are some of the best.
- Earn hundreds of dollars in signup bonuses. Get details here.
- Free ATMs at Chase branches.
- A monthly service fee can we waived fairly easily.
- Use the Chase Mobile app to manage accounts, deposit checks and transfer money.
PNC Bank
PNC offers excellent digital tools with its Virtual Wallet. The app brings together accounts for spending, savings and growth.
- Signup bonuses for new customers. Get details here.
- Excellent app–Virtual Wallet
- Track and pay your bills
- Create a budget
- Automate your savings
- Create savings goal
U.S. Bank
U.S. Bank offers several checking packages with signup bonuses.
- Easy Checking account costs just $6.95 a month, and the fee can be waived easily
- U.S. Bank Visa debit card
- Student checking available
- Branches in more than 25 states
FAQs
What is a checking account?
A checking account is a bank deposit account designed to handle your everyday spending. You can set up direct deposit of a paycheck or government benefits check to a checking account. You can write checks from these accounts or use a debit card linked to your account.
Are checking accounts safe?
Yes. Checking accounts are FDIC-insured, which protects up to $250,000 per eligible account.
What are the alternatives to a checking account?
Alternatives include money market accounts and prepaid debit cards. Money market accounts act like a checking and savings account combined. They tend to pay higher interest rates but also come with check writing. Prepaid cards can also serve as a spending account, offering direct deposit, online bill pay and even high-yield savings accounts.
Do checking accounts pay interest?
Some do and some don’t. Those that do pay interest often limit the highest rates to a low balance, such as $1,000 to $3,000.
Do checking accounts pay cash back or other rewards?
Generally no, but there are some exceptions. They do not, however, pay cash back at the level as some credit cards do.
