The “best checking account” can mean different things to different people. Overall, you want to maximize banking services and minimize fees. Good checking accounts either nix fees or provide reasonable options to waive them, such as when you sign up to receive e-statements. Great checking accounts provide a competitive annual percentage yield and new account bonus. Such features aren’t common among most checking accounts but help stand out from the competition.
CNET’s picks for top checking accounts
The following checking accounts rose above the competition by offering the most competitive APYs available or a significant new account bonus. We also favored accounts that eliminated monthly fees entirely or provided reasonable steps to waive the fee. Easy accessibility nationwide, whether online-only or at physical branches, was also a factor for the bank to be considered as a top pick.
| Bank/Institution | Account | APY | Branch access | Overdraft fee | Foreign transaction fee | Monthly fee | Minimum opening deposit |
| Axos | Rewards checking | 0.40% to 3.30% | No | $25 | None | None | $50 |
| NBKC Bank | Everything Account | 1.50% | Limited (four branches) | None | None | None | None |
| Quontic | High Interest Checking | 1.10% | No | None | None | None | $100 |
| Schwab Bank | High Yield Investor Checking | 0.45% | No (361 brokerage branches) | $34 | None | None | None |
| Chase | Total Checking | 0% | Yes, 4,800 branches | $34 | 3% | $12 | None |
Featured checking account offers
Axos Bank
Read Axos Bank Review- APY
- 0.40%-3.30%, depending on usage and other Axos accounts
- Min. deposit to open
- $50
- No monthly fees or minimum balance requirements
- $1,500 in monthly direct deposits required to qualify for 0.40% APY
- A minimum of 10 debit card purchases per month required to qualify for 0.30% APY
- A personal loan and investment accounts required to earn the highest APY
- Accepts cash deposits through ATMs
The steps required to earn the highest APY on the Axos’ Rewards Checking make sense if you have an established relationship with the bank and intend to use its lending or investment services. Otherwise, your account won’t qualify for the highest APY available. In that case, a 0.70% APY is less compelling than other options on this list. Axos provides unlimited reimbursements on non-network ATM fees, which is a plus.
Monthly fee: None
Out-of-network ATM fees: None
Out-of-network ATM reimbursements: Unlimited
In-network ATMs: 91,000 (MoneyPass)
Direct deposit funds available early: Yes
Mobile check deposit: Yes; $10,000 daily limit; $50,000 monthly limit
Cash deposits: Yes; MoneyPass ATMs and Green Dot Network
NBKC Bank
- APY
- 1.50%
- Min. deposit to open
- $0
- Primarily an online banking account with branches in Kansas City, Mo.
- No minimum balance requirements or monthly fees
- Up to $12 in non-network ATM fee reimbursements per month
- Goal setting and tracking features
The Everything checking account from NBKC offers a decent rate with no strings attached -- no minimum balance required to open an account or spending requirements. This account boasts no overdraft or insufficient funds fees, monthly maintenance fees, non-network ATM fees or foreign transaction fees and gives users early access to paychecks.
Monthly fee: None
Out-of-network ATM fees: None
Out-of-network ATM reimbursements: $12 per month
In-network ATMs: 37,000 (MoneyPass)
Direct deposit funds available early: Yes
Mobile check deposit: Yes
Cash deposits: MoneyPass ATMs
Quontic Bank
Read Quontic Bank Review- APY
- 1.10%
- Min. deposit to open
- $100
- No monthly fees, minimum balance requirements, overdraft or non-network ATM fees
- Online-only bank with three checking account options
- Ten debit card transactions of at least $10 per month are required to earn the highest APY.
Quontic’s High Interest checking account offers the highest APY available on balances up to $150,000 when you complete 10 debit card transactions of more than $10 each during a monthly billing cycle. This checking account supports Zelle for personal payments and offers mobile check deposits via iOS or Android.
Monthly fee: None
Out-of-network ATM fees: None
Out-of-network ATM reimbursements: No
In-network ATMs: 90,000 (Allpoint)
Direct deposit funds available early: No
Mobile check deposit: Yes
Cash deposits: No
Charles Schwab Bank
- APY
- 0.45%
- Min. deposit to open
- $0
- Only-online checking account
- No monthly fees, overdraft fees, minimum balance or spending requirements
- Unlimited rebates of non-network ATM fees
- No cash deposits accepted
Schwab Bank High Yield Investor Checking is a great option for investors looking to combine multiple accounts into one platform. The checking account requires a linked Schwab One brokerage account, which costs nothing and has no balance requirements. Schwab’s checking account allows scheduling automatic transfers to your brokerage account, a simple way for new investors to put extra money to work. It supports Zelle for personal payments and doesn’t charge anything for foreign transactions -- a great bonus for travelers using international ATMs.
Monthly fee: None
Out-of-network ATM fees: None
Out-of-network ATM reimbursements: Unlimited
In-network ATMs: Visa/Visa Plus Alliance
Direct deposit funds available early: No
Mobile check deposit: Yes
Cash deposits: No
Chase
Read Chase Review- APY
- 0%
- Min. deposit to open
- $0
- 4,800 branches available nationwide, excluding North Dakota and West Virginia
- $200 new account bonus with direct deposit
- No minimum deposit required
Selecting the best checking account for those who want the option of banking services at a physical branch involves weighing the best account terms against the number and location of brick-and-mortar bank offices.
Chase has more than 4,800 offices in 48 states. While the checking account doesn’t earn interest, it offers a $200 new account bonus when you open an account and set up direct deposit.
Monthly fee: $12
Requirements to avoid monthly fee: Monthly direct deposit of at least $500, or $1,500 daily balance, or $5,000 combined average balance
Out-of-network ATM fees: $3 per out-of-network transaction
Out-of-network ATM reimbursements: None
In-network ATMs: 16,000 ATMs, more than 4,800 branches
Direct deposit funds available early: No
Mobile check deposit: Yes
Cash deposits: Branches and ATMs
How to choose the best checking account
Before selecting a checking account, familiarize yourself with all of the fees required for various services. A checklist of features to consider includes:
- APY: The annual percentage yield is the interest rate you earn on your deposit over a year, which includes compounded interest.
- Minimum balance: The minimum amount you’re required to deposit when opening the account and the minimum amount required to avoid monthly service fees.
- ATM fees: These are charges an account holder will incur to access money through an ATM. Some banks participate in a network of surcharge-free ATMs and provide locators to find the nearest free ATM.
- Monthly fees: These are regular charges applied to an account. Sometimes the fees are imposed if balances fall below a certain threshold. Many free checking accounts don’t charge any fees.
- Foreign transaction fees: Generally, a percentage of the transaction when purchases are initiated in physical locations outside of the US. For those who travel internationally, accounts with foreign transaction fees can add up quickly.
- Overdraft fees: Fees charged if a purchase exceeds the available balance in the account.
Make a note of how much interest a checking account pays. When opening a new account, also consider bank account bonuses or other available rewards to help you decide on the best option.
Which is better: An online or brick-and-mortar checking account?
It depends on which banking features you value most. Many big banks that operate physical branches don’t offer competitive rates on checking accounts, but they do offer attractive bank bonuses for new accounts. Online checking accounts can be opened from anywhere and can offer higher yields on deposit accounts because they don’t have the overhead required to run physical branches, but they lack the in-person customer service option. In either case, compare all fees associated with the checking account and minimum balances required to determine the option that best suits your needs.
What is a checking account bonus?
Some banks offer a financial incentive to open a new account. These banks can pay big cash bonuses to attract new customers ranging from a few hundred dollars to $500. Many of these bonuses, however, require you to jump through several hoops before you receive your bonus. For instance, you may be required to make a direct deposit of at least $1,000 for three months before receiving the bonus. A new account bonus is an effective way to improve the annual percentage yield that an account earns, at least in the first initial year the account is opened.
What is a debit card?
A debit card is issued by the bank that’s linked to a checking account allowing the owner to make electronic purchases and deposit or withdraw money from ATMs. Debit cards have a spending limit that’s tied to the balance available in the checking account. When using a debit card for purchases, funds are withdrawn from the account in real time so there’s no interest added to the purchase as with credit card purchases.
What’s the difference between a checking and savings account?
Checking accounts are designed to be used for managing routine transactions associated with daily life, such as to pay for monthly bills, routine purchases and entertainment expenses.
A savings account should be used to store money in order to reach financial goals or to save for unexpected expenses. The number of transactions on a savings account are generally less than that of a checking account because the money in a savings account is generally used for unexpected emergencies or longer-term savings goals like a vacation.
How to open a checking account
Opening a checking account is a straightforward process. It’s the same whether you’re opening an account online or in person.
- Complete the application process at your bank or credit union. Many financial institutions have features that allow you to complete the application process online. A customer service representative may take the information and complete the application for you if you visit a physical branch to open an account.
- Provide a government issued form of ID to verify your identity, such as a state-issued driver’s license or passport.
- Deposit at least the required minimum amount to fund your account.
The bottom line
A checking account is a deposit account used to manage routine financial needs such as paying monthly bills or purchasing products and services. However, not all checking accounts are created equally. These accounts can vary in the number, and amount, of fees incurred, services offered or the amount of interest earned. Most checking accounts don’t earn substantial APYs if any at all.
If you’re in the market for a new checking account, pay close attention to fees charged, if any. Small fees add up over time and can diminish the growth potential of your money’s growth potential. For accounts advertising attractive rates, make sure there aren’t any unreasonable requirements to qualify for the highest APY. A checking account should be easy to own, allowing you to manage and add to your basic financial needs.
FAQs
Not always, but it can be difficult to pay bills or get approved for credit accounts without one. It may be helpful to think of a checking account as one part of a multifaceted personal financial system. Though it may require some management on your end, there are benefits to using an array of tools, with each serving a primary function: a checking account for receiving money and paying bills, a credit card for spending (and earning rewards or cash-back incentives) and a savings account for storing short-term savings or an emergency fund -- with investment and brokerage accounts driving long-term savings goals such as college and retirement.
No. Some banks may pass off fees as the normal costs of doing business, but with all of the free checking options available, you should avoid fee-heavy accounts. There are plenty of free checking options that will give you the tools you need to receive income and make payments, in addition to other benefits including mobile banking, without incurring any regular charges in the form of a monthly service fee.
For most people, the answer is one. Even if you can earn a little extra money by combining rewards or interest, it’s usually not worth the time and hassle. Your personal checking account should be simple and easy to manage, and should offer overdraft protection and mobile banking. If you run a business, you should look into opening a separate business checking account, which is different from a standard checking account.
An increasing number of financial institutions are online-only (like some of the banks profiled above), without their own branches or ATM networks. Given this, an online bank will partner with established networks like MoneyPass or Allpoint, which place ATM locations in popular retail establishments such as pharmacies, grocery stores and convenience stores. People with an online checking account can use a “Find a nearby ATM” feature on their bank’s website or mobile app before making an ATM withdrawal to insure they won’t incur an ATM fee if their financial institution does not offer ATM fee rebates.
You’ll first need to transfer any existing balances to a new account. You’ll then need to contact your specific financial institution to determine the process required to close the account. Before closing your account, make sure that the account has been opened long enough to avoid any fees for early closure, especially if you received any new account bonuses.
The cost varies based on the minimum deposit required to open an account. The banks on our list have minimum deposit requirements ranging from zero to $100. An account may also have minimum balance requirements to maintain once the account is opened. Be aware of any fees charged if your balance falls below a minimum amount before establishing a new account. If so, you should consider accounts that don’t charge monthly fees.
Overdraft protection is a service offered by banks and credit unions to cover the cost of transactions that exceed an account’s available balance. Banks can charge a monthly or per-transaction fee for this service. Some banks that offer no-fee checking accounts will include overdraft protection at no additional cost. Others waive one overdraft fee per year as an overdraft forgiveness service.
An overdraft protection service can be valuable as the average overdraft fee of $30 per transaction can add up quickly.
Methodology
More than two dozen options were examined across a broad range of categories in both traditional and online-only banks in order to determine these picks for the best checking account. As with any financial account, a handful of key features rise above the rest: ATM and branch availability, overdraft protection, fees, bank bonus enticements and reimbursements, minimum deposit requirements and just how simple it is to move money in and out of an account -- whether by direct deposit, mobile deposit or old-school cash deposit. Interest rate isn’t really a factor with a standard checking account (more on that below).
Each financial institution’s online banking capabilities were taken into consideration. We also looked at some new, trendy features, such as banks making funds available a few days early to customers who’ve signed up to receive their paycheck via direct deposit.
We paid close attention to bank account fees. Even if a bank touts a “free checking account,” that might not be the whole truth. If you’re considering a new checking account, scrutinize the fee schedule, which will reveal how much a bank charges for a “monthly maintenance fee,” using an out-of-network ATM, falling below a minimum balance requirement or spending more than you have in the account (resulting in an overdraft fee). You don’t want to get hit with a $4 fee just for making an ATM withdrawal at the wrong machine for your bank account.
Though some fees may apply only in certain conditions -- you haven’t set up direct deposit or you want to receive monthly paper statements, for example -- such waivers should be carefully scrutinized. You won’t want to be in a position where missing your minimum deposit by a couple of bucks or keeping an account balance that’s slightly too low racks up a “monthly maintenance fee.”
We’re also a bit dubious about checking accounts that feature cash-back and rewards incentives. Though a 1% cash-back account could be moderately lucrative, this type of account may obligate you to hit a monthly spending threshold or maintain a certain minimum balance. If earning cash back or rewards is your priority, you’re better off using a cash-back credit card, the best of which offer significantly higher rates. And if you tend to maintain a high account balance in your checking account, consider putting some of that cash into a savings account, CD or money market with a higher annual percentage yield.
Checking accounts researched
- LendingClub Rewards Checking
- NBKC Bank Everything Account
- Chase Total Checking®
- Consumers Credit Union Rewards Checking
- Alliant Credit Union High-Rate Checking
- Chime Spending Account
- Axos Essential Checking
- Connexus Credit Union Xtraordinary Checking
- Simple Simple Account
- CIT Bank eChecking
- Wells Fargo Everyday Checking
- Bank of America Advantage Plus Banking
- Discover Cashback Debit
- Capital One 360 Checking
- Aspiration
- PNC Virtual Wallet with performance spend
- Betterment
- Fidelity Cash Management Account
- HSBC Choice Checking
- TD Checking
- Current Bank
- Varo Checking Account
- Wealthfront Cash Account
- Novo
- BlueVine Business Checking
- Ally Bank
More personal finance advice
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.
