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You are here: Home / Banking / 12 Best Checking Accounts of 2022

12 Best Checking Accounts of 2022

January 1, 2022 by Rob Berger

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.

Best Checking Accounts
In this article
 [hide]
  • Editor’s Picks
  • How to Find the Best Checking Account
  • Online Checking Accounts
    • BBVA
    • Aspiration
    • Chime
    • Capital One
    • Axos
    • Varo
    • T-Mobile Money
  • Traditional Checking Accounts
    • Citibank
    • Chase
    • PNC Bank
    • U.S. Bank
  • FAQs

Editor’s Picks

Axos Bank Rewards Checking

Axos Bank Rewards Checking
Open an Account
  • Opening Deposit: $50
  • Minimum Balance: $0
  • Monthly Fee: $0
  • ATM Fee: $0
  • Available: Nationwide
  • Interest Rate: 1.25% APY (with qualifying banking activities)

OnJuno Basic Checking

OnJuno Basic Checking
Open an Account
  • Opening Deposit: $0
  • Minimum Balance: $0
  • Monthly Fee: $0
  • ATM Fee: $0
  • Available: Nationwide
  • Interest Rate: 1.20% APY Bonus Rate on balances up to $5,000 ($30,000 with direct deposit)

In addition to the above two, Emprise Bank’s High Interest Checking Account (read our review) is worth considering. It currently pays 1.75% APY (always subject to change) on the first $10,000. Certain banking activities are required to qualify for this rate, including direct deposit and at least 12 debit card transactions each statement cycle. Get more details here.

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 Accounts

I prefer traditional banking for my checking account. But there are several online only options that offer excellent checking accounts. These accounts usually charge no fees, many offer excellent interest rates, and they offer useful mobile apps and tools.

BBVA

BBVA, while a traditional brink and mortar bank, also offers an excellent online checking account. You can open an account with just $25 and there is no monthly service fee. There are no ATM fees at over 64,000 locations, a free debit card and an award-winning mobile app.

BBVA BBVA
Open an Account
  • 64,000 fee-free ATMs nationwide
  • Free–no monthly service charge
  • Free BBVA Visa debit card
  • Award-winning mobile app
  • Cash back rewards
  • $25 minimum to open checking account
  • Member FDIC

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.

Aspiration Aspiration
Open an Account
  • 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 savings accounts. It also pays an excellent APY on savings. Chime is a financial technology company, not a bank. Banking services provided by, and debit card issued by, The Bancorp Bank or Stride Bank, N.A.; Members FDIC.

Chime Chime
Open an Account
  • 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 instantly to friends
  • Chime Visa® Debit Card
  • 0.50% APY
  • No monthly fees.
  • No minimum balance requirements.
  • 60,000+ fee-free MoneyPass® and Visa® Plus Alliance ATMs.

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.

About Rob Berger

Rob Berger is the founder of allCards.com. He's written about personal finance and investing since 2007 and is the author of the highly acclaimed book, Retire Before Mom and Dad. He is a former litigation attorney in the securities field and the Founding Editor of Forbes Advisor.

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Rob Berger founded allcards.com in 2008 to help consumers make data-driven decisions about credit cards and banking. A retired trial attorney, he’s written about credit cards, banking and personal finance since 2007, and is the author of Retire Before Mom and Dad. He currently serves as the Deputy Editor of Forbes Money Advisor.

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