10 best checking accounts in April 2024

Methodology

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Our team of experts at CNN Underscored Money analyzed more than 80 checking accounts from more than 40 financial institutions to come up with the rankings for the best checking accounts. This included accounts from a mix of traditional banks, online banks and credit unions that are available nationally. We heavily emphasized fees because that’s the factor that will directly impact your finances the most. You can read more about our methodology below.

Show summary

• Axos Bank Rewards Checking

  : Best for high APY

• SoFi Online Bank Account

  : Best for sign-up bonus

• Bank5 Connect High-Interest Checking

  : Best for no ATM fees

• NBKC The nbkc Everything Account

  : Best for account features

• Chime® Checking Account

  : Best for no monthly fees

• FNBO Online Checking Account

  : Best for no overdraft fees

• LendingClub Bank Rewards Checking

  : Best for cash back

• Discover Bank Checking Account

  : Best for app ratings

• Navy Federal Credit Union Free Easy Checking

  : Best for no minimum deposit

• Charles Schwab Bank Investor Checking

  : Best for investment connections

We receive compensation from our partners for Featured Offer placements, which impacts how and where their offer is displayed.

Featured Offer

Axos Bank Rewards Checking

Monthly maintenance fee

$0

Overdraft fee

$0

Minimum deposit requirement

$50

Learn More

On Axos Bank's Website

Why is now a good time to open a checking account?

• Safety: Your funds are safe when your checking account is backed by FDIC or NCUA insurance. This is important in case your bank goes under since you’ll usually get most of your money back.
• Proof of transactions: Having easy access to your recent transactions helps you stay on top of fraudsters as well as manage your budget.
• Automatic payments: You can set up automatic bill-pay so you’re never late on important bills.
• Fast access to your cash: With a checking account, your cash is available at any time. That’s not always the case with other deposit accounts that may limit transactions or penalize you for withdrawing early.

Axos Bank Rewards Checking

Best for high APY

Monthly maintenance fee

$0

Overdraft fee

$0

Minimum deposit requirement

$50

5/5

Learn More

On Axos Bank’s Website

SoFi Online Bank Account

Best for sign-up bonus

Monthly maintenance fee

$0

Overdraft fee

$0

Minimum deposit requirement

$0

5/5

Bank5 Connect High-Interest Checking

Best for no ATM fees

Monthly maintenance fee

$0

Overdraft fee

$15

Minimum deposit requirement

$10

4.9/5

The CNN Underscored Money editorial team scores financial services products objectively. We weigh several factors consumers should consider when creating our methodologies.

NBKC The nbkc Everything Account

Best for account features

Monthly maintenance fee

$0

Overdraft fee

$0

Minimum deposit requirement

$0

4.9/5

The CNN Underscored Money editorial team scores financial services products objectively. We weigh several factors consumers should consider when creating our methodologies.

Chime® Checking Account

Best for no monthly fees

Monthly maintenance fee

$0

Overdraft fee

$0

Minimum deposit requirement

$0

4.8/5

The CNN Underscored Money editorial team scores financial services products objectively. We weigh several factors consumers should consider when creating our methodologies.

Learn More

On Chime’s Website

FNBO Online Checking Account

Best for no overdraft fees

Monthly maintenance fee

$0

Overdraft fee

$0

Minimum deposit requirement

$0

4.8/5

LendingClub Bank Rewards Checking

Best for cash back

Monthly maintenance fee

$0

Overdraft fee

$0

Minimum deposit requirement

$25

4.8/5

Discover Bank Checking Account

Best for app ratings

Monthly maintenance fee

$0

Overdraft fee

$0

Minimum deposit requirement

$0

4.7/5

Learn More

On Discover’s Website

Navy Federal Credit Union Free Easy Checking

Best for no minimum deposit

Monthly maintenance fee

$0

Non-Sufficient Funds Fee

$29

Minimum deposit requirement

$50

4.7/5

Compare Rates

On Navy Federal Credit Union’s Website

Charles Schwab Bank Investor Checking

Best for investment connections

Monthly maintenance fee

$0

Overdraft fee

$0

Minimum deposit requirement

$0

4.6/5

The CNN Underscored Money editorial team scores financial services products objectively. We weigh several factors consumers should consider when creating our methodologies.

What is a checking account?

At the most basic level, the reason people open a bank account is that it gives them a place to keep, spend and transfer money. A checking account is a type of deposit account that can let you do all of those things.

It’s the account you will likely use to accept deposits through paychecks and other sources. You can also use a checking account to withdraw cash, pay bills, send money to others and make purchases.

Key features of a checking account include:

• Safely holds funds needed for day-to-day expenses
• Provides access to your money through a check, mobile app, debit card or ATM transaction
• Can be linked to other accounts for automatic or online bill pay
• Earns interest at some banks, though usually at lower rates than a savings account

Checking accounts at most banks are protected by FDIC insurance up to at least $250,000 per depositor, per FDIC-insured bank, per ownership category. Most checking accounts at credit unions get the same protections from the National Credit Union Administration(NCUA).

What to look for when choosing a checking account

As with any type of bank account, there are several things to consider when opening a checking account, and they will differ depending on how you plan to use it. For example, if you value personal service, then you’ll want to open a checking account at a bank with a physical branch in your community. But if you plan to use the account just for digital transactions, then access to branches isn’t that important and you might consider an online-only bank.

Another important consideration when choosing a checking account is that it is covered by either FDIC or NCUA insurance. Beyond that, here are some other things to look for when choosing a checking account:

• If you plan to use an ATM regularly to get or deposit cash, then you want a bank with a fee-free national ATM network.
• If you’ll be spending a lot of money from the checking account on bills and other purchases, then consider a rewards checking account. This type of checking account can provide perks such as cash back, interest and ATM fee reimbursement, among others, when you meet certain monthly requirements.
• If you don’t plan to keep a lot of money in your checking account, then you’ll want an account that doesn’t charge a monthly fee for falling below a minimum balance requirement.
• If you want to see your checking account balance grow, then consider opening an interest-bearing account.

Different types of checking accounts

Checking accounts used to look and work pretty much all the same, but that’s not the case anymore.

Here’s a look at different types of checking accounts:

• Traditional checking accounts: These typically offer checks, a debit card, and ATM access, and often include physical bank locations. Many traditional checking accounts also charge monthly service fees. In nearly all cases, you can open a traditional checking account at a branch, online or over the phone.
• Online checking accounts: With these accounts, all deposits and withdrawals are done digitally, without access to physical branches. These accounts are typically opened online or via an app.
• Joint checking accounts: Joint checking accounts have more than one account holder who can deposit and withdraw money. Joint checking accounts are a good option for married couples, business associates or college students, and their parents. Adding a joint account holder could also increase the amount of FDIC insurance for the account.
• Teen and kid checking accounts: Some banks offer checking accounts made specifically for teens and children. These often have budgeting features that let you set up financial goals as well as safety features that alert parents about transactions. A kid’s checking account usually requires a parent or guardian to be a joint account holder.
• Business checking accounts: As the name suggests, business accounts are geared toward business owners. The advantage is that you can separate your personal transactions from your business transactions.

Within these categories, you will find rewards checking accounts, interest-bearing checking accounts and checking accounts that link to other bank accounts.

Pros and cons of checking accounts

Because checking accounts play such a vital financial role, many consumers can’t imagine life without one. It used to be all but impossible to conduct day-to-day business without a checking account. That’s no longer the case thanks to the rise of platforms such as PayPal and Venmo.

Even so, a record number of Americans have bank accounts, according to the FDIC, and many of them rely heavily on checking accounts. Before opening a checking account, it helps to know some of the benefits and drawbacks.

Pros

• Keeps your money safe: Checking accounts give you a safe place to store your money instead of having it lie around the house. You get even more protection from accounts backed by FDIC or NCUA insurance.
• Offers easy access to cash: Your cash is available at any time with no penalty — unless you bounce a check. This differentiates a checking account from other deposit accounts that may restrict how, when and how often you can access the money.
• Comes with a debit card: Because you can only spend up to your balance with a checking account, you usually won’t spend money you don’t have, such as with a credit card.
• Allows automatic bill payments: Nearly all checking accounts let you set up automatic bill-pay features that ensure you’re never late on important bills.
• Simplifies getting paid: Nearly all checking accounts allow direct deposit of paychecks and other funds, which means you don’t need to sign a physical check and deposit it manually.

Cons

• Fees: Many checking accounts come with monthly service fees, though not all do. Those that do usually offer some way to waive them, such as maintaining a minimum account balance. The downside, of course, is that a lot of your money could get eaten up by fees if you don’t meet the requirements to waive them. Other fees can include out-of-network ATM fees, overdraft fees and foreign transaction fees, which apply when you make a purchase in a foreign currency.
• Minimums: Some banks require you to keep a minimum balance in your checking account at all times, regardless of how often you use it. If you don’t maintain that balance, you could get hit with fees. In some cases, the minimum can go into hundreds of dollars, which puts pressure on you to maintain a high balance. For example, Bank of America’s Advantage Plus Checking has a $1,500 minimum balance to avoid fees.
• No interest on balances: Some checking accounts let you earn interest, even if it’s a minimal rate of 0.01%. But many accounts don’t pay interest on your money, which is a disadvantage if you want to see it grow.

Requirements to open a checking account

The requirements to open a checking account vary from one bank to the next. Generally, you have to be at least 18 years old to open an account in your name, although you can be younger if you open a joint account with a parent or guardian.

In most cases, you also need to have enough money for an opening deposit, but that’s not always required.

Here are some other typical requirements for opening a checking account:

• Personal information, such as birth date, Social Security number or ITIN and U.S. address
• A valid government-issued photo ID, such as a driver’s license, passport or military ID
• Funds for a deposit, although some banks may not require this

Checking account bonus offers

Many banks have introductory bonus offers for new customers when they open specific accounts, including checking accounts. For instance, Chase offers $300 when you open a new Chase Total Checking account and set up direct deposit.

While bank bonus offers are nice, they aren’t required. So when financial institutions offer bonuses for opening checking accounts, there’s no minimum standard they have to meet. In many cases, the higher the bonus, the bigger the threshold new customers need to meet. Lower amounts typically come with a lower barrier to qualify.

Some banks have a tiered system where if you deposit a minimum amount, you’ll earn a set amount in a bank bonus. Citi offers $500 to $2,500 in bank bonuses when you open a new checking account, depending on how much you deposit after opening.

Many banks have rotating offers and sometimes those that are going on right now expire. So if you’re looking for enticing bank bonuses to take advantage of and you’re also looking for a new bank, don’t wait until it’s too late to sign up.

Checking account minimums and fees

As mentioned earlier, you will face fees and minimum balance requirements with some checking accounts. Many online-only banks charge no fees — mainly because they have lower operating costs than traditional banks and can pass the savings to customers. Traditional banks, which must pay for branch locations and staff members to run them, are more likely to charge fees and impose account minimums.

A minimum balance requirement typically refers to the amount of money you need in your account to avoid a fee, although some banks might have minimums to keep your account open. For example, if a checking account has a $10 minimum balance, you’ll pay fees when your balance dips to $9.99 or lower. Some banks also ask for a minimum opening deposit, which is a certain amount of money required to open the checking account.

Here are different ways a bank might impose a minimum balance requirement:

• Minimum daily balance: This refers to the minimum amount of money you must have in your account at the end of each business day, usually to avoid a monthly fee.
• Average minimum balance: The bank adds up the combined end-of-day balances during a statement cycle and then divides that total by the number of days in the cycle for your average minimum balance. That means your balance can fluctuate as long as the average keeps you above the minimum.
• Minimum combined balances: If you have more than one account with a bank, a minimum combined balance typically lets you add the balances in each account to come up with a combined balance. If you keep a high balance in a savings account, for example, you can go below the checking account minimum.

In terms of fees, these are some of the common ones for checking accounts:

• Monthly maintenance or service fee: This fee is imposed once a month or statement cycle, but it can usually be waived by meeting minimum balance or other requirements. Maintenance fees typically range from about $4 to $20 a month.
• Nonsufficient funds fee: Commonly known as an NSF fee, this is charged when you spend more money than you have in your account. It usually happens when you write a check for an amount greater than your available balance.
• Overdraft fee: An overdraft fee is similar to an NSF fee except that in this case, the bank temporarily covers transactions that overdraw your account. Overdraft fees may average about $30 per item, according to the FDIC.
• ATM fee: You will usually face an ATM fee if you use your debit card at an ATM that is not in your bank’s network.

Opening a checking account

Most banks let you open a checking account by phone, online or on a mobile app. At full-service brick-and-mortar banks, you also have the option of opening an account in person at a branch location.

Banks want to make the process as quick and simple as possible for customers, so it usually only involves only a few steps, starting with providing personal information, such as your name, address, Social Security number or ITIN, email address and phone number. You might have to provide some form of ID, and you’ll likely have to sign something noting that you agree with the bank’s terms and conditions.

After the account is open, you can fund it with an Automated Clearing House (ACH) network transfer, wire transfer, check, cash deposit or direct deposit.

Check vs. savings accounts

Checking accounts and savings accounts have a lot in common, and for many folks, they are used in conjunction with each other. But they aren’t quite the same.

For most folks, it’s a good idea to have both a checking and a savings account. Depending on your financial goals and needs, you might want to have multiple checking and savings accounts spread throughout many banks.

Methodology

CNN Underscored Money analyzed more than 80 checking accounts from more than 40 financial institutions to come up with the rankings for the best checking accounts. This included accounts from a mix of traditional banks, online banks and credit unions that are available nationally. We ranked each account on 17 data points across six categories.

Here are the categories we analyzed and how we weighted each:

Fees (50%)

Fees are a critical factor to consider with your checking account because they can quickly eat away at your money. We analyzed monthly maintenance fees, the ability to waive fees, overdraft fees, NSF fees and 3rd party ATM fees.

Access (15%)

Because you’ll likely be making frequent transactions with your checking account, access is important. We analyzed both branch and ATM locations.

Minimums (10%)

Minimums affect how flexible your checking account is which accounts you’re able to access. We analyzed minimum balances to avoid fees, minimum opening deposits and minimum balances to earn interest.

Customer experience (10%)

It’s important to have a bank that’s trustworthy and easy to reach when you need help.

Digital experience (10%)

You’ll want a bank with a usable app and plenty of online features so that it’s easy to bank from anywhere.

APY (5%)

APY is not a critical factor for checking accounts, but some accounts do offer APY comparable to savings accounts, which will help your money grow.

We also considered other factors like online features and sign-up bonuses.

Frequently asked questions (FAQs)

What are checking accounts used for?

Checking accounts are deposit accounts that let you pay bills, write checks, make transfers, withdraw cash, set up direct deposits and handle other bank transactions.

Are checking accounts free?

Many banks don’t charge fees for opening and using a checking account, especially online banks. However, you might face monthly service fees at traditional banks that operate physical branches.

What is an overdraft fee and how can I avoid it?

An overdraft fee is charged when you spend more money than you have in your checking account. In some cases, the bank will pay for the transaction for you and charge you a fee; in other cases, the item will be declined or returned unpaid. The way to avoid overdraft fees is never to spend money above your available balance.

Can I open a checking account online?

Yes, just about all banks and credit unions let you open checking accounts online in a matter of minutes.

Can checking accounts impact my credit score?

Opening a checking account rarely influences your credit score unless the bank makes a hard inquiry. In that case, you might see a slight hit to your credit score, but most banks use soft credit inquiries that have no effect.

Beyond that, signing up for overdraft protection may require a hard inquiry, which can affect your credit. Another situation that can hurt your credit score is overdrawing your account without overdraft protection and then failing to repay the balance and overdraft fees.

Additional reporting by Dori Zinn.