Best Checking Accounts Of September 2024 (2024)

Table of Contents
Discover® Cashback Debit Checking Best Checking Accounts of September 2024 Best Checking Account for Rewards Axos Bank Rewards Checking Best Checking Account for ATM Access PenFed Credit Union Access America Checking Best Checking Account for No Fees Discover® Cashback Debit Checking Best Checking Account for Couples EverBank Yield Pledge Checking Best Checking Account for Checking and Savings NBKC Bank Everything Account Best Checking Account for On-the-Go Convenience Quontic Bank High Interest Checking Best Checking Account for Branch Banking Citibank Access Account Package Best Checking Account for Early Access to Funds Varo Bank Account Best Checking Account for High Interest Connexus Credit Union Xtraordinary Checking Best Checking Account for ATM Reimbursements Alliant Credit Union High-Rate Checking Summary of Best Checking Accounts of 2024 Complete Guide to Checking Accounts What Is a Checking Account? How Does a Checking Account Work? How Much Money Should You Keep in a Checking Account? How Old Do You Have To Be To Open a Checking Account? Types of Checking Accounts Checking Account Fees Checking Account Bonus Offers Pros and Cons of Checking Accounts Pros Cons Do Checking Accounts Earn Interest? How To Choose a Checking Account What Do You Need to Open a Checking Account? How To Open a Checking Account Online How Many Checking Accounts Can I Have? Checking vs. Savings Accounts Recap: Best Checking Accounts of 2024 Methodology Banks We Monitor Frequently Asked Questions (FAQs) What are the best banks for checking accounts? How can I find my checking account number? How can I close a checking account? How much can I overdraft my checking account? What is overdraft protection? Are checking accounts safe? Are checking accounts FDIC-insured? Next Up In Checking References

FEATURED PARTNER OFFER

Discover® Cashback Debit Checking

Best Checking Accounts Of September 2024 (1)

For Ages

18+

Annual Percentage Yield

N/A

Earn 1% cash back on up to $3,000 in debit card purchases each month. See website for details.

Minimum Deposit Requirement

$0

Best Checking Accounts Of September 2024 (2)

Learn More Best Checking Accounts Of September 2024 (3)

On Discover's Website

18+

N/A

Earn 1% cash back on up to $3,000 in debit card purchases each month. See website for details.

$0

Best Checking Accounts of September 2024

We’ve compared 157 checking accounts at 66 nationally available banks and credit unions to find some of the best options available. See below to learn more about why we picked each account, the pros and cons, and to access individual bank reviews.

Annual percentage yields (APYs) and account details are accurate as of August 30, 2024.

Best Checking Account for Rewards

Axos Bank Rewards Checking

4.8

Best Checking Accounts Of September 2024 (5)

Our ratings take into account a product’s features, costs, consumer ratings, security and other category-specific attributes. All ratings are determined solely by our editorial team.

Annual Percentage Yield

Up to 3.30%

on balances up to $50,000

Minimum Deposit Requirement

$0

Monthly Maintenance Fee

$0

Learn More

Read Our Full Review

Up to 3.30%

on balances up to $50,000

$0

$0

Editor's Take

We picked the Axos Bank Rewards Checking account as the best overall bank checking account due to its strong APY and lack of fees. Not only does it pay up to 3.30% APY—a very competitive rate among checking accounts, but Axos occasionally offers a bank account welcome bonus as well.

Why We Like It

We like the Axos Bank Rewards Checking account because it has a low $0 minimum deposit requirement and no minimum balance requirement. And, as with other checking accounts at Axos, Reward Checking has no overdraft or non-sufficient funds fees.

What We Don’t Like

You have to jump through a lot of hoops to earn the listed APY. For instance, you must have another account with Axos, such as an Invest Managed Portfolios Account, an Invest Self Directed Trading Account or a consumer loan.

Who It’s Best For

This account is best for those who can meet some, if not all, of the requirements to earn the high APY. However, even if you earn the minimum tier of 0.30%, that’s still a competitive APY for checking accounts.

Pros & Cons

  • Competitive tiered interest rate structure
  • No monthly, overdraft or NSF fees
  • Unlimited domestic ATM reimbursements
  • No interest on balances over $50,000
  • Stringent monthly requirements to earn higher interest
  • No physical branches
  • No live chat

Details

The Axos Rewards Checking account has interest tiers that allow an account holder to earn up to 3.30% APY. These are the steps required to build the highest APY:

  • 0.40% APY: Receive monthly direct deposits totaling $1,500 or more. This must be met to be eligible to earn any interest during the statement cycle.
  • 0.30% APY: Sign up for personal finance manager (PFM) “account aggregation” (an online banking tool to track all of your accounts in one spot), or use your Axos debit card for a total of 10 transactions per month (minimum $3 per transaction).
  • 1.00% APY: Maintain an average daily balance of $2,500 per month in an Axos Invest Managed Portfolios Account.
  • 1.00% APY: Maintain an average daily balance of $2,500 per month in an Axos Invest Self Directed Trading Account.
  • 0.60% APY: Use your Rewards Checking account to make your full monthly Axos consumer loan payment, which might include a mortgage, personal and auto loans.

Axos offers 24/7 customer service via phone and secure online messaging. The site also has a live chat feature available during regular business hours.

Its mobile banking app, available on the App Store and on Google Play, is highly rated and an excellent tool for the fast-paced lifestyle of a student.

Best Checking Account for ATM Access

PenFed Credit Union Access America Checking

4.7

Best Checking Accounts Of September 2024 (9)

Our ratings take into account a product’s features, costs, consumer ratings, security and other category-specific attributes. All ratings are determined solely by our editorial team.

Annual Percentage Yield

0.15% to 0.35%

Minimum Deposit Requirement

$25

Monthly Maintenance Fee

$10

waivable with monthly direct deposits of $500 or more or daily balance of $500 or more

Learn More

Read Our Full Review

0.15% to 0.35%

$25

$10

waivable with monthly direct deposits of $500 or more or daily balance of $500 or more

Editor's Take

We picked PenFed Credit Union Access America Checking because of its massive ATM network, which includes more than 85,000 fee-free Allpoint and Co-op cash machines throughout the nation. Many of these ATMs are located in popular retailers like Target, CVS Pharmacy, Safeway, Kroger, Circle K and more. PenFed doesn’t charge out-of-network ATM fees either, although the ATM operator may charge a fee.

Why We Like It

We like the Penfed Credit Union Access America Checking because account holders can get access to direct deposits from their employer up to one day early. And there’s no charge for the first box of 50 checks.

What We Don’t Like

To earn the APY, you must receive recurring direct deposits of at least $500.

Who It’s Best For

This account is best for those who can maintain the required minimum balance of $20,000 to earn the highest APY without exceeding the maximum amount of $50,000.

Pros & Cons

  • Competitive rate structure
  • Highly rated mobile app
  • Large ATM network
  • Waivable monthly fee
  • Low minimum deposit requirement
  • Recurring direct deposit required to earn dividends (interest)
  • Monthly fee if you don’t meet requirements
  • $30 non-sufficient funds fee

Details

The yields earned on credit union accounts are referred to as dividends rather than interest. PenFed’s dividends are compounded daily and credited to your account monthly. To receive dividends, you must have recurring direct deposits of $500 or more on a daily balance of up to $50,000. Amounts over $50,000 don’t earn dividends.

To join PenFed, you must open a savings account and deposit at least $5. You can’t access the checking account without a PenFed savings account.

Though PenFed’s Access America Checking account has a monthly maintenance fee of $10, the credit union makes this fee easy to avoid. You can set up at least $500 in monthly direct deposits or maintain a daily balance of at least $500 to waive the fee.

You will receive your first 50 checks for free from PenFed, and additional checks cost $5 for 50.

The credit union offers a fee-free overdraft line of credit to Access America Checking account holders. This line of credit provides $300 or more in overdraft protection with a fixed 17.99% APR. There is no fee for the line of credit or individual overdrafts. When an incoming payment bounces, PenFed charges a $30 nonsufficient funds fee or a $10 uncollected funds fee if the money is in the payer’s account but is on hold.

Best Checking Account for No Fees

Discover® Cashback Debit Checking

Best Checking Accounts Of September 2024 (12)

4.5

Best Checking Accounts Of September 2024 (13)

Our ratings take into account a product’s features, costs, consumer ratings, security and other category-specific attributes. All ratings are determined solely by our editorial team.

Annual Percentage Yield

Minimum Deposit Requirement

$0

Monthly Maintenance Fee

$0

Best Checking Accounts Of September 2024 (14)

Learn More Best Checking Accounts Of September 2024 (15)

On Discover's Website

N/A

Earn 1% cash back on up to $3,000 in debit card purchases each month. See website for details.

$0

$0

Editor's Take

This Discover Bank Cashback Debit Checking account made our list because it doesn’t charge any account-related fees—no monthly fees, overdraft fees or ATM fees. Discover doesn’t charge foreign ATM or foreign transaction fees either, which is rare among premium checking accounts—let alone free ones.

Why We Like It

We like that Discover’s Cashback Debit Checking offers 1% cash back on up to $3,000 in debit card purchases each month. See website for details. This means you can earn rewards of up to $30 per month and offset some of your spending.

What We Don’t Like

You can only earn 1% cash back on up to $3,000 in debit card purchases per month. That’s a maximum of $30 per month and $360 per year.

Who It’s Best For

If you swipe your card often or consider yourself a big spender, then this account may be best for you to earn cash back on your purchases.

Pros & Cons

  • Earn cash-back rewards for debit card purchases. See website for details.
  • No monthly maintenance, non-sufficient funds or ATM fees
  • No minimum deposit requirement to open
  • Does not earn interest
  • $3,000 threshold on cash-back qualifying purchases per month. See website for details.

Details

Discover offers optional overdraft protection by linking a second Discover account to your checking account to fund any overdrafts, other than those caused by an ATM withdrawal or POS debit transaction. Those will simply be declined if there are insufficient funds. Without this protection, or if you have insufficient funds in your secondary account, the bank will simply decline or return transactions that overdraw your account.

Discover does not charge an out-of-network ATM fee, but you may be subject to a third-party fee, which will not be reimbursed.

Discover maintains a large ATM network, with more than 60,000 surcharge-free ATMs throughout the nation.

Best Checking Account for Couples

EverBank Yield Pledge Checking

4.5

Best Checking Accounts Of September 2024 (17)

Our ratings take into account a product’s features, costs, consumer ratings, security and other category-specific attributes. All ratings are determined solely by our editorial team.

Annual Percentage Yield

0.40%

Minimum Deposit Requirement

$100

Monthly Maintenance Fee

$0

Learn More

Read Our Full Review

0.40%

$100

$0

Editor's Take

We picked the EverBank Yield Pledge Checking account because it’s a free account that works great for couples, charges no overdraft or ATM fees, offers access to nearly 100,000 in-network ATMs and provides $15 in domestic ATM fee reimbursements monthly.

Why We Like It

We like the EverBank Yield Pledge Checking account because you can earn 0.40% APY on any balance. It also comes with some handy money management features, and you get a few key protection perks with your account. These include extended warranty protection, price protection, return protection and web safety guarantee protection.

What We Don’t Like

To open an EverBank Yield Pledge Checking account, you must deposit at least $100. Many other banks let you open a checking account with $25 or even less.

Who It’s Best For

This account is best for those who want to ensure they always have a competitive interest rate and who don’t mind banking online.

Pros & Cons

  • No minimum balance, monthly maintenance or NSF fees
  • 80,000+ surcharge-free ATMs
  • Out-of-network ATM fees reimbursed up to $15 per for all accounts
  • Earn 0.40%0.45% APY
  • Some bank branches
  • Balance of $5,000 required for unlimited ATM fee reimbursement
  • Lower yield than the best interest checking accounts

Details

Fees applicable to the Yield Pledge Checking account include: stop payment ($25), official check ($10), outgoing domestic wire transfer ($25), outgoing international wire transfer ($30 to $65, depending on whether in U.S. dollars or requiring foreign currency, with or without currency exchange).

The account also comes with EverBank’s yield pledge, which promises that the account’s interest will always stay within the top 5% among competitive accounts. If you tend to make purchases with your debit card, EverBank’s card comes with a few buyer benefits, including longer extended warranties on products and price and return protection. Interest on this account is compounded daily and credited monthly.

Best Checking Account for Checking and Savings

NBKC Bank Everything Account

4.5

Best Checking Accounts Of September 2024 (21)

Our ratings take into account a product’s features, costs, consumer ratings, security and other category-specific attributes. All ratings are determined solely by our editorial team.

Annual Percentage Yield

1.75%

Minimum Deposit Requirement

$0

Monthly Maintenance Fee

$0

Learn More

Read Our Full Review

1.75%

$0

$0

Editor's Take

This NBKC bank Everything Account made our list because it’s a checking and savings hybrid account. It includes checking and savings account features such as a debit card, access to over 37,000 fee-free MoneyPass ATMs and the ability to create savings goals and track them.

Why We Like It

We like the NBKC Everything Account because it’s a free account with no minimum opening deposit requirement and no minimum balance required to earn the generous 1.75% APY.

What We Don’t Like

This is a hybrid account, so if you want to keep checking and savings separate, then this account isn’t for you.

Who It’s Best For

This account may be best for you if you want to manage your finances in one place. However, there are other hybrid accounts with higher APYs.

Pros & Cons

  • Serves as a single account for both checking and savings
  • No overdraft fees, monthly maintenance or returned item fees
  • Reimburses $12 per month for out-of-network ATM fees
  • No monthly qualifications needed to earn APY
  • Incoming and outgoing international wire transfers are $45 per transaction
  • Other banks and credit unions offer a higher yield on checking accounts

Details

Interest is compounded daily and credited monthly. The Everything Account does well in the category of fees—there are no overdraft fees, minimum balance fees, monthly maintenance fees or returned item fees. You also get a box of checks with your account.

Customers and noncustomers can quickly get in touch with customer service by using the bank’s live chat feature on its website. You can also contact the bank by phone or email.

NBKC includes a financial snapshot tool, allowing you to link all of your external accounts and get an overview of where your money goes each month.

Best Checking Account for On-the-Go Convenience

Quontic Bank High Interest Checking

Best Checking Accounts Of September 2024 (24)

4.4

Best Checking Accounts Of September 2024 (25)

Our ratings take into account a product’s features, costs, consumer ratings, security and other category-specific attributes. All ratings are determined solely by our editorial team.

Annual Percentage Yield

1.10% APY

on all balances

Minimum Deposit Requirement

Monthly Maintenance Fee

$0

Best Checking Accounts Of September 2024 (26)

Learn More Best Checking Accounts Of September 2024 (27)

On Quontic Bank's Website

1.10% APY

on all balances

$100

$0

Editor's Take

We picked the Quontic Bank High Interest Checking account because it’s the first checking account to offer a “pay ring”—a wearable tech ring you can use to pay for purchases in place of your debit card. Combined with its highly rated mobile apps, this account makes it easy to leave your wallet at home and manage your money on the go.

Why We Like It

We like the Quontic Bank High Interest Checking account because you can earn a highly competitive APY of up to 1.10% on all balances, provided you’re able to meet the monthly qualifying transaction requirements (see Details). And there’s no minimum balance requirement to earn this rate.

What We Don’t Like

To meet the requirements to earn the interest rate, you must make at least 10 qualifying debit card point-of-sale transactions of $10 or more per statement cycle. If you’re unable to meet these requirements, you will earn 0.01% APY on all balances.

Who It’s Best For

This account is best for someone with a busy lifestyle and who is always on the go.

Pros & Cons

  • Highly competitive rate structure
  • Access to more than 90,000 surcharge-free ATMs
  • Earn interest on balances of any size
  • Requires $100 minimum to open an account
  • Must meet monthly transaction qualifications to earn interest
  • Outgoing domestic wire transfers carry a $25 fee, and outgoing international wire transfers cost $35

Details

Interest is compounded daily and credited monthly. Keep in mind that Quontic may change the rules that apply to this account at any time without notice.

Checking customers get access to more than 90,000 surcharge-free ATMs. Quontic also offers robust online banking and gets solid mobile app ratings. In January 2022, Quontic eliminated overdraft and non-sufficient funds fees.

Best Checking Account for Branch Banking

Citibank Access Account Package

4.3

Best Checking Accounts Of September 2024 (29)

Our ratings take into account a product’s features, costs, consumer ratings, security and other category-specific attributes. All ratings are determined solely by our editorial team.

Annual Percentage Yield

0.03%

Minimum Deposit Requirement

$0

Monthly Maintenance Fee

$5 or $0

Learn More

Read Our Full Review

0.03%

$0

$5 or $0

Editor's Take

This Citibank Access Account Package made our list for branch banking because Citibank has more than 650 domestic branches and several hundred international locations. Citibank also maintains more than 65,000 surcharge-free ATMs at Citibank locations and participating retail locations, including Target, CVS Pharmacy and Walgreens.

Why We Like It

We like the Citibank Access Account Package because it’s affordable and simple. This account, built for everyday banking needs, has no overdraft fees and makes it easy to waive the $5 monthly service fee.

What We Don’t Like

This is a checkless account, so you won’t be able to write checks against your account.

Who It’s Best For

This account is best for someone who prefers to bank in person, does not need to write checks and can meet the waivable $5 monthly service fee requirement.

Pros & Cons

  • No overdraft fees
  • Monthly maintenance fee is easy to waive
  • Highly rated mobile app
  • Simple and affordable
  • No paper checks
  • No third-party ATM fee reimbursement

Details

The $10 monthly service fee can be waived by making qualifying enhanced direct deposits of at least $250 monthly. The charge for using a non-Citibank ATM is $2.50 per withdrawal.

There are no paper checks with this account. However, account holders can pay with their debit or ATM card, online bill pay or through online account access. Account holders can also send money to friends and family through Zelle.

Best Checking Account for Early Access to Funds

Varo Bank Account

Best Checking Accounts Of September 2024 (32)

4.3

Best Checking Accounts Of September 2024 (33)

Our ratings take into account a product’s features, costs, consumer ratings, security and other category-specific attributes. All ratings are determined solely by our editorial team.

Annual Percentage Yield

N/A

Minimum Deposit Requirement

$0

Monthly Maintenance Fee

$0

Best Checking Accounts Of September 2024 (34)

Learn More Best Checking Accounts Of September 2024 (35)

On Varo Bank's Website
Member FDIC

N/A

$0

$0

Editor's Take

We picked the Varo Bank checking account, called the Varo Bank Account, because it lets you get paid up to two days early with direct deposit, depending on when your employer submits your payment.

Why We Like It

We like the Varo Bank Account because it has few fees, including no monthly maintenance fee, no transfer fee and no foreign transaction fees.

What We Don’t Like

This account doesn’t earn interest, so if you want your money to work for you, then consider looking elsewhere.

Who It’s Best For

Varo is a fully online bank, so this account is best for those who don’t mind not having branch access and who need early access to their funds.

Pros & Cons

  • Early direct deposit feature
  • Few fees
  • Contactless Visa debit card offers cash back
  • Deposit cash at more than 90,000 retail locations
  • $3.50 fee for third-party ATM transactions
  • Doesn’t pay interest

Details

In 2020, Varo became the first U.S. consumer fintech company to receive a national bank charter, allowing it to offer FDIC insurance and expand its banking services.

Varo doesn’t charge for depositing cash with the Green Dot Reload program, but a $5.95 service fee applies.

Varo maintains more than 40,000 surcharge-free ATMs—but there’s a $3.50 cash withdrawal fee for out-of-network ATM transactions. Account holders receive a contactless Visa debit card, which comes with zero liability for unauthorized charges. The Varo Visa debit card earns up to 6% cash back on select brands.

Account holders can deposit cash into their Varo account at more than 90,000 retail locations using Green Dot Reload. Many other online banks don’t accept cash deposits.

Best Checking Account for High Interest

Connexus Credit Union Xtraordinary Checking

4.3

Best Checking Accounts Of September 2024 (37)

Our ratings take into account a product’s features, costs, consumer ratings, security and other category-specific attributes. All ratings are determined solely by our editorial team.

Annual Percentage Yield

Up to 1.75%

on balances up to $25,000

Minimum Deposit Requirement

$0

Monthly Maintenance Fee

$0

Learn More

Read Our Full Review

Up to 1.75%

on balances up to $25,000

$0

$0

Editor's Take

We picked the Connexus Credit Union Xtraordinary checking account because you can earn 1.75% APY on account balances of $25,000 or less and 0.25% on any amounts exceeding $25,000, provided you’re able to meet the account’s monthly requirements (see Details).

Why We Like It

We like the Connexus Credit Union Xtraordinary checking account because it has no monthly fees or minimums, and accounts come with access to features like online bill pay, mobile deposit and peer-to-peer payments.

What We Don’t Like

To earn the 1.75% APY on account balances of $25,000 or less and 0.25% on any amounts exceeding $25,000 and $25 monthly ATM rebates, you must opt for e-statements and make at least 15 debit card purchases per month or spend at least $400 per month on the card. If you do not meet the monthly requirements, your account will not earn dividends or ATM rebates that month.

Who It’s Best For

This account is best for those who can meet the requirements to earn the APY and ATM rebates and those who don’t mind opening a savings account. This is because, in order to open the account, you must first open a savings account with a minimum deposit of $0.

Pros & Cons

  • No minimum deposit required to open
  • $25 in monthly rebates for ATM provider surcharges
  • Relatively easy requirements to earn dividends
  • Only pays 1.75% APY on account balances of $25,000 or less and 0.25% on any amounts exceeding $25,000 or less
  • Compounds and credits dividends monthly
  • Must open a savings account to get a checking account

Details

The yields earned on credit union accounts are referred to as dividends rather than interest. Dividends are compounded and credited monthly.

You won’t be charged by Connexus for in-network or out-of-network ATM transactions, but the owner of an out-of-network ATM could charge a fee. Fortunately, Connexus reimburses up to $25 per month in ATM surcharges, provided you meet the account’s monthly requirements. Connexus Credit Union doesn’t charge account holders a fee for overdraft transfers from linked accounts.

In addition to the regular group and geographic categories of membership, you can become a member by making a one-time $5 donation to the Connexus Association.

Best Checking Account for ATM Reimbursements

Alliant Credit Union High-Rate Checking

Best Checking Accounts Of September 2024 (40)

4.3

Best Checking Accounts Of September 2024 (41)

Our ratings take into account a product’s features, costs, consumer ratings, security and other category-specific attributes. All ratings are determined solely by our editorial team.

Annual Percentage Yield

0.25%

Minimum Deposit Requirement

$0

Monthly Maintenance Fee

$0

Best Checking Accounts Of September 2024 (42)

Learn More Best Checking Accounts Of September 2024 (43)

On Alliant's Website

0.25%

$0

$0

Editor's Take

We picked the Alliant Credit Union High-Rate Checking account because it offers up to $20 per month in ATM fee reimbursements, and unlike many banks, Alliant’s ATM reimbursements apply to both domestic and international withdrawals. However, Alliant’s network includes more than 80,000 surcharge-free ATMs, so you may rarely use an out-of-network machine.

Why We Like It

We like the Alliant Credit Union High-Rate Checking account because it has no minimum balance to earn the account’s 0.25% APY. This account also doesn’t charge a monthly maintenance fee.

What We Don’t Like

To earn the APY, you must opt-in to receive electronic statements and make at least one monthly electronic deposit to your account.

Who It’s Best For

This account is best for those who want to bank digitally, as Alliant Credit Union doesn’t offer any brick-and-mortar branches. It’s also a good fit for you if you want to avoid fees and use the ATM often.

Pros & Cons

  • Highly rated online banking and mobile app
  • Access to more than 80,000 surcharge-free ATMs
  • No monthly maintenance or minimum balance requirement
  • Free overdraft protection
  • Contactless Visa debit card and complimentary box of checks
  • Requires membership in the credit union
  • There are checking accounts with higher yields

Details

Anyone can join Alliant through its partner charity, Foster Care to Success (FC2S). A $5 donation is required to become a member, but the fee is credited back to your account once it’s set up. The yields earned on credit union accounts are referred to as dividends rather than interest. Dividends are compounded monthly and credited monthly. To earn the APY, you must opt in to receive eStatements and have at least one monthly electronic deposit to your account.

The credit union offers a top-rated website and mobile app. Available for iOS and Android, the app lets you deposit checks, use budgeting tools and manage daily financial transactions.

Summary of Best Checking Accounts of 2024

Bank/Credit UnionCompany - logoForbes Advisor RatingForbes Advisor Rating - ImageBest ForAnnual Percentage Yield Minimum Deposit Requirement Monthly Maintenance FeeLearn More CTA textLearn more CTA below textLEARN MORE
Axos Bank Rewards CheckingBest Checking Accounts Of September 2024 (44)4.8Best Checking Accounts Of September 2024 (45)Best Checking Account for RewardsUp to 3.30% on balances up to $50,000$0$0

Learn More

Read Our Full Review
PenFed Credit Union Access America CheckingBest Checking Accounts Of September 2024 (46)4.7Best Checking Accounts Of September 2024 (47)Best Checking Account for ATM Access0.15% to 0.35% 0.35% on balances of $20,000 and up to $50,000$25$10

Learn More

Read Our Full Review
Discover® Cashback Debit CheckingBest Checking Accounts Of September 2024 (48)4.5Best Checking Accounts Of September 2024 (49)Best Checking Account for No FeesN/A$0$0

Learn More

Discover's Website
EverBank Yield Pledge CheckingBest Checking Accounts Of September 2024 (50)4.5Best Checking Accounts Of September 2024 (51)Best Checking Account for Couples0.40%$100$0

Learn More

Read Our Full Review
NBKC Bank Everything AccountBest Checking Accounts Of September 2024 (52)4.5Best Checking Accounts Of September 2024 (53)Best Checking Account for Checking and Savings1.75%$0$0

Learn More

Read Our Full Review
Quontic Bank High Interest CheckingBest Checking Accounts Of September 2024 (54)4.4Best Checking Accounts Of September 2024 (55)Best Checking Account for On-the-Go Convenience1.10% APY on all balance tiers$100$0

Learn More

On Quontic Bank's Website
Citibank Access Account PackageBest Checking Accounts Of September 2024 (56)4.3Best Checking Accounts Of September 2024 (57)Best Checking Account for Branch Banking0.03%$0N/A

Learn More

Read Our Full Review
Varo Bank AccountBest Checking Accounts Of September 2024 (58)4.3Best Checking Accounts Of September 2024 (59)Best Checking Account for Early Access to FundsN/A$0$0

Learn More

On Varo Bank's Website
Member FDIC
Connexus Credit Union Xtraordinary CheckingBest Checking Accounts Of September 2024 (60)4.3Best Checking Accounts Of September 2024 (61)Best Checking Account for High InterestUp to 1.75% on balances up to $25,000$0$0

Learn More

Read Our Full Review
Alliant Credit Union High-Rate CheckingBest Checking Accounts Of September 2024 (62)4.3Best Checking Accounts Of September 2024 (63)Best Checking Account for ATM Reimbursements0.25%$0$0

Learn More

On Alliant's Website

Complete Guide to Checking Accounts

  • What Is a Checking Account?
  • Types of Checking Accounts
  • Checking Account Fees
  • Checking Account Bonus Offers
  • Pros and Cons of Checking Accounts
  • Do Checking Accounts Earn Interest?
  • How To Choose a Checking Account
  • What Do You Need to Open a Checking Account?
  • Checking vs. Savings Accounts
  • Recap: Best Checking Accounts of 2024
  • Methodology
  • Banks We Monitor
  • Frequently Asked Questions (FAQs)

What Is a Checking Account?

A checking account is a type of deposit account that allows you to deposit and withdraw money as you wish, providing easy access to your cash at any time. You can use a checking account to pay bills, make purchases and otherwise manage your daily financial transactions. These accounts can be opened at brick-and-mortar banks, online banks and credit unions. They’re designed for everyday use and to hold money for expenses in the near future.

How Does a Checking Account Work?

Checking accounts are intended to hold money for short-term needs and everyday transactions. They typically come with a debit card you can use for purchases, payments and ATM withdrawals. Checking accounts are usually less restrictive than savings accounts when it comes to withdrawals, although your bank may limit the amount of money you can spend with your debit card or withdraw from an ATM each day.

Most checking accounts don’t earn interest, but more banks now offer interest-bearing checking accounts. Your bank may charge a monthly fee to maintain your checking account, or it may require you to keep a specific account of money in the account to waive the fee.

How Much Money Should You Keep in a Checking Account?

Everyone’s financial situation is different, so there’s no set amount you should keep in your checking account. But as a general rule, it’s a good idea to keep at least one to two months’ worth of living expenses in your checking account to cover unexpected expenditures.

Track your monthly expenses to get an idea of how much to keep in your account each month. Adding an extra cushion of cash will help you stay prepared in the event of an emergency.

How Old Do You Have To Be To Open a Checking Account?

In most cases, you need to be at least 18 years old to open a checking account on your own. However, many bank accounts permit those under 18 to be added as co-owners along with a parent or guardian. Most joint checking accounts require co-applicants to be at least 13 or 14 years old to qualify, but there are options for younger children too.

Teen checking accounts are the best choice for kids and teens. Many have even lower minimum age requirements than standard joint accounts, with some permitting users as young as six years old to apply. Often, these joint checking accounts offer additional safety features such as parental controls and debit card spending restrictions.

Types of Checking Accounts

Several types of checking accounts exist to meet various banking needs, including a:

  • Traditional checking account:A traditional or standard checking account lets you perform basic spending functions—including writing checks—and comes with a debit card for purchases and ATM withdrawals.
  • Premium checking account: Premium checking accounts include upgraded banking features. Depending on the bank, you may need to meet higher deposit or balance requirements, or you may pay a monthly fee for access. Generally, premium accounts offer more attractive benefits as your balance grows.
  • Interest-bearing checking account: As the name suggests, some checking accounts earn interest. There are also a growing number of high-yield checking accounts to choose from. Banks that offer these accounts often require you to maintain a certain balance to accrue interest.
  • Rewards checking account: Rewards checking accounts let you earn incentives for spending, similar to a credit card. Generally, this means you’ll receive cash back with each debit card purchase.
  • Student checking account: Student checking accounts are geared toward teens and college students interested in opening their first checking account. These accounts often feature low or no fees and overdraft protection.
  • Second-chance checking account: Individuals with a poor banking history may qualify for a second-chance checking account. These accounts generally carry unavoidable monthly fees.
  • Business checking account: These accounts allow business owners to track expenses, simplify taxes and separate their personal and business finances. Business checking accounts can also help you establish a business credit history while providing access to merchant services like credit card processing.
  • Senior checking account: This type of account is designed for those age 55 and older and typically offers perks and benefits such as waived monthly fees, free checks and penalty-free emergency early withdrawals on CDs.

Checking Account Fees

The best checking accounts charge minimal fees. When comparing checking accounts, it’s helpful to consider the following common checking account fees:

  • Monthly maintenance fees
  • Paper statement fees
  • Wire transfer fees
  • Out-of-network ATM fees
  • Foreign ATM fees
  • Foreign transaction fees
  • Overdraft fees
  • Returned item (NSF) fees
  • Cashier’s check, certified check and money order fees

Many banks waive monthly maintenance fees if you meet certain requirements. For example, you might need to maintain a minimum average balance or receive a certain number of direct deposits per month.

Online banks often charge no monthly fees and may even offer perks like overdraft protection and ATM fee reimbursements. With an online checking account, fees for things like wire transfers or foreign ATM transactions may also be lower than what you’d pay with a checking account at a traditional bank.

Checking Account Bonus Offers

Checking account bonuses are free cash promotions some banks offer when you open an account and meet certain requirements, like setting up direct deposit or using your debit card to make a minimum number of purchases during the first 90 days.

Right now, there are several checking account bonus offers at online and traditional banks that can net you hundreds of dollars. The best bank bonuses have requirements that are easy to meet on accounts with low or no monthly fees.

Pros and Cons of Checking Accounts

Checking accounts are the most common type of bank account used for everyday transactions. There are several benefits to using a checking account, but there are some disadvantages to consider.

Pros

  • Checking accounts offer easy access to your money when you need it.
  • Direct deposit lets you receive paychecks directly into your account.
  • Checking accounts at banks and credit unions are insured for up to $250,000 per depositor, per account ownership type and per financial institution.

Pro Tip

The best checking accounts have few fees, earn competitive interest rates and make it easy to access your money when you need it. You can find attractive checking accounts at banks, credit unions and online-only neobanks.

Cons

  • Checking accounts may charge monthly fees or impose requirements to avoid fees.
  • Most checking accounts don’t earn interest.
  • Keeping too much money in your checking account could slow your efforts to save.

Do Checking Accounts Earn Interest?

Generally, checking accounts don’t earn interest because they are meant to be used daily. However, those that do offer interest typically have lower APYs than savings accounts due to the liquidity of the account. Keep in mind that APYs can change at any time. According to the FDIC, the average checking account rate is 0.08% as of August 2024.

Interest-bearing checking accounts often have basic requirements you need to meet each statement cycle to earn the yield. These may include making a certain number of debit card transactions per month or maintaining a particular minimum balance in your account. Make sure you understand the terms of an interest-bearing account before opening one.

How To Choose a Checking Account

There are many checking accounts on the market, and choosing an account isn’t always cut and dried. Here’s what to consider when shopping for a new checking account:

  • Fees. Because you’ll use a checking account for your day-to-day transactions, it’s important to keep fees to a minimum. Watch out for monthly maintenance fees, overdraft fees and out-of-network ATM fees. Look at your banking habits to see which fees matter to you most, and then find a bank or credit union that keeps those fees low.
  • Minimums. Some banks and credit unions require that you make a certain minimum deposit amount to open a checking account. They may also require that you meet particular minimum balance requirements to earn the APY or avoid paying a fee. Before you open an account, make sure you can meet the bank or credit union’s requirements. Or, look for an account with no minimum requirements whatsoever.
  • APY. Not all checking accounts pay interest. But if you’re looking to earn interest on your cash, keep the APY in mind when shopping for an account.
  • Customer service. Regardless of whether you bank online or at a branch, it’s important to be able to get in touch with a customer service representative should a problem or question arise. It’s also important that they are helpful and responsive.
  • Digital experience. Especially if you often bank online or via mobile app, look for banks and credit unions with innovative online and mobile banking technology.
  • Safety. Make sure that the Federal Deposit Insurance Corporation (FDIC) insures your account at a bank. It provides up to $250,000 in insurance per depositor, per bank, for each account ownership category, in the event of a bank failure. Look for insurance from the National Credit Union Administration (NCUA) at credit unions.

It’s also important to consider your banking habits to see which checking account features are most valuable to you.

If you often tend to overdraft your account, look for a checking account that doesn’t charge overdraft fees. If you like being able to bank on the go, choose an account with a highly rated mobile app. Your behavior can help guide you toward the checking account that’s best for you.

Pro Tip

While interest is an appealing feature, it’s often wise to focus on minimizing fees when searching for a checking account. Then, you can focus your savings account search on getting the best rate.

What Do You Need to Open a Checking Account?

Many banks and credit unions let you open a checking account online. For others, you need to apply in person at a local branch. To verify your identity and confirm eligibility, your bank will ask you to provide personal information, including your:

  • Full name
  • Physical address
  • Driver’s license or other government-issued photo ID
  • Social Security number

If you’re approved for an account, you can usually fund it using cash, a check or a transfer from an external account. Though online checking accounts typically don’t support cash deposits.

How To Open a Checking Account Online

Opening a checking account online is similar to opening one in person.

Once you find a checking account that’s right for you, fill out an application on the bank or credit union’s website and submit any required documents. After that, you should be able to fund your new checking account online.

If you’re opening a checking account at a bank that you already have an account with, making your initial deposit may be as simple as transferring money from your other account. If you’re opening a checking account at a new bank, you’ll need to link your existing account by providing your bank account and routing numbers. You can then transfer funds from your old account to your new one.

When opening checking accounts online, consider how much you’ll need to get started. You may need $25, $50, $100 or more to open a checking account at a traditional bank. Online banks, on the other hand, may require an opening deposit as low as $1 or, in some cases, $0.

How Many Checking Accounts Can I Have?

There’s no limit to the number of checking accounts you can have. You can have multiple checking accounts at the same bank or different banks.

Whether it makes sense to have more than one checking account depends on how you manage your money. If you’re married, for instance, you might have one checking account in your name and a joint account you and your spouse use to pay shared bills. Someone who’s self-employed may have a personal checking account to cover their personal expenses and a separate checking account for business expenses.

When opening multiple checking accounts, consider the fees you’ll pay for each one. If you can find a free checking account option with no monthly maintenance fee, that might be ideal. Also, consider how you’ll keep track of your accounts. Using a budgeting or money management app that links to each of your accounts could be a simple way to review your balances in one place.

Checking vs. Savings Accounts

Checking accounts are primarily used for everyday spending, while savings accounts are used for saving your money. Here are a few of the significant differences between the two:

  • Purpose. Checking accounts are for spending. Savings accounts are for saving.
  • Withdrawals. Checking accounts generally allow unlimited withdrawals. Savings accounts often limit you to six withdrawals per month.
  • Features. Checking accounts generally come equipped with debit cards, paper checks, overdraft protection and other services for spending. Aside from earning interest, some savings accounts may come with tools to help you reach savings goals.
  • Interest. Some checking accounts pay interest, but this isn’t the norm. Savings accounts generally do pay interest.

Recap: Best Checking Accounts of 2024

Methodology

To create this list, Forbes Advisor analyzed 157 checking accounts at 66 financial institutions, including a mix of traditional brick-and-mortar banks, online banks and credit unions. We ranked each account on 17 data points within the categories of fees, access, customer experience, digital experience, minimums and APY.

The following is the weighting assigned to each category:

  • Fees: 50%
  • Branch and ATM access: 15%
  • Customer experience: 10%
  • Digital experience: 10%
  • Minimums: 10%
  • APY: 5%

Specific characteristics taken into consideration within each category included monthly fee, ability to waive the monthly fee, overdraft fee, NSF fee, other fees, ATM network, branch access, Better Business Bureau rating, Trustpilot rating, live chat availability, mobile app ratings, online bill pay availability, online banking access, minimum deposit requirements and minimum balance requirements.

Checking accounts offering no or very low fees scored the highest, as did those offering low minimum requirements and high customer service and digital experience scores. To appear on this list, the checking account must be nationally available.

To learn more about our rating and review methodology and editorial process, check out our guide onHow Forbes Advisor Reviews Banks.

Banks We Monitor

Our research is based on information from the following financial institutions: Acorns, Albert, Alliant Credit Union, Ally Bank, Amalgamated Bank, American Express, Aspiration, Axos Bank, BancorpSouth Bank, Bank5 Connect, BankDirect, BankPurely, Betterment, Bank of America, Blue Federal Credit Union, BMO Harris, Capital One, Charles Schwab Bank, Chase, Chime®, CIT Bank, Citibank, Citizens Bank, Connexus Credit Union, Copper, Dave, Discover, E*Trade Bank, Fidelity, First Internet Bank, First National Bank and Trust, FNBO Direct, GoBank, Golden Credit Union, Heritage Bank, HSBC, iGoBanking, Investors eAccess, LendingClub, Memory Bank, My eBanc, Navy Federal Credit Union, NBKC Bank, One, Paramount Bank, PenFed, PNC Bank, Quontic, Regions Bank, Redneck Bank, Rising Bank, SalemFiveDirect, Santander, SoFi, Step, TAB Bank, TD Bank, EverBank, Union Bank & Trust, USAA, U.S. Bank, Varo Bank, Wealthfront and Wells Fargo.

Frequently Asked Questions (FAQs)

What are the best banks for checking accounts?

While there’s no one best bank for anyone, a couple of banks stand out for their flexibility and lack of fees. The Capital One 360 Checking Account has no monthly fee, offers 70,000 free ATMs and works with Zelle. And the Charles Schwab Bank High Yield Investor Checking® is great for travelers as it never charges foreign fees and offers unlimited ATM reimbursements around the globe.

How can I find my checking account number?

Your checking account and routing numbers are located at the bottom of your checks. Many banks let you view your account information—including your account number—in the bank’s mobile app or on its website.

How can I close a checking account?

The exact steps to close a bank account depend on your financial institution. Some allow you to close an account online, while others make you submit a written request or visit a branch. Before closing a checking account, transfer any remaining funds to another bank account—minus any outstanding transactions.

How much can I overdraft my checking account?

Banks and other financial institutions set overdraft limits in case you spend beyond your balance. There’s no set limit on how much you can overdraft. Many banks offer overdraft protection—often for an additional fee—or they offer a grace period to deposit sufficient funds and cover outstanding charges before a fee is assessed.

What is overdraft protection?

Some banks and credit unions offer a service called overdraft protection. This allows customers to overdraw their checking accounts, but it’s generally for a fee. Having overdraft protection allows transactions to clear when you don’t have enough funds in your account.

Are checking accounts safe?

Yes, checking accounts are safe places to stash your money. Make sure the checking account you choose is insured by the FDIC (Federal Deposit Insurance Corporation) at a bank or the NCUA (National Credit Union Administration) at a credit union.

Are checking accounts FDIC-insured?

Checking accounts can be FDIC-insured or NCUA-insured, depending on if your account is at a bank or credit union. Whichever it may be, both organizations insure your deposits up to $250,000 per depositor, per bank or credit union, for each account ownership category in the event of a bank or credit union failure.

Next Up In Checking

  • Best No-Fee Checking Accounts
  • Best Free Checking Accounts With No Deposit
  • Best Business Checking Accounts
  • Best Rewards Checking Accounts
  • Best Bank Bonuses and Promotions
Best Checking Accounts Of September 2024 (2024)

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