The Best Online Checking Accounts of February 2023

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Checking accounts at online bank accounts can be a great choice if you want an account with low fees, unique perks, or a combination of both. 

Here are our top picks for the best online checking accounts. We know that the “best” means something different for everyone, so we’ve listed each account’s strengths and limitations.

Why it stands out: Capital One 360 is a strong online bank with a well-rounded checking account.

Capital One 360 Checking® has a $0 minimum opening deposit, no monthly service fees, no foreign transaction fees, and a variety of overdraft protection options.

You’ll be able to receive your paycheck up to two days early with the early paycheck feature and you’ll have access to over 70,000 fee-free ATMs. Last but not least, Capital One 360 has several ways of depositing cash into your account. 

What to look out for: Capital One 360 charges a $2 out-of-network ATM fee. You also won’t be refunded if an outside ATM provider charges you a fee. 

Why it stands out: You may like the Chime Checking Account if you want an online account that offers easy ways to deposit money into your account.

You can receive your paycheck up to two days early with direct deposit or use the mobile app to deposit checks.

Chime lets you deposit cash at 8,500 Walgreens locations without paying a fee. You may also make cash deposits at Green Dot locations but there may be a fee.

What to look out for: Chime’s SpotMe feature lets you overdraw by up to $200 with no overdraft fee, but you’ll need to meet certain requirements to be eligible for this feature (receive $200 in direct deposits each month to qualify for SpotMe). Also, keep in mind your transaction will be denied if you need to overdraw by more than the limit. 

Why it stands out: If your priority is finding an online checking account with a high interest rate, the Consumers Credit Union Free Rewards Checking Account might be an appealing choice. 

The checking stands out for its competitive interest rate. You may earn up to 5.00% APY (Annual Percentage Yield) on the first $10,000 in your account and receive unlimited out-of-network ATM reimbursements if you meet certain requirements. 

Here’s how the account’s tiered interest rate works: 

• Earn 3.00% APY if you have less than $10,000 when you sign up to receive eDocuments, make 12 monthly debit card purchases, and receive $500 in monthly direct deposits, mobile check deposits, or transfers from other banks
• Earn 4.00% APY if you meet the requirements to earn 3% and spend $500 per month with your Consumers Credit Union Credit Card
• Earn 5.00% APY if you meet the requirements to earn 3% and spend $1,000 per month with your Consumers Credit Card
• Earn 0.20% APY if you have an account balance between $10,000.01 and $25,000 when you receive eDocuments, make 12 monthly transactions, and receive $500 per month in direct deposits, mobile check deposits, or transfers from other banks
• Earn 0.10% APY if you have an account balance over $25,000 when you receive eDocuments, make 12 monthly transactions, and receive $500 per month in direct deposits, mobile check deposits, or transfers from other banks

If you don’t meet the requirements, you’ll only earn 0.01% APY on your account balance.

<p”>What to look out for: You’ll need to become a member to open a bank account at Consumers Credit Union. 

Anyone in the US is eligible for membership online. To become a member, pay a one-time membership fee and open the Consumers Credit Union Membership Share Savings Account with at least $5.

Why it stands out: If you would like to keep your savings and checking in one account, SoFi Checking and Savings is a solid all-in-one bank account. This account comes with a debit card and offers early direct deposit, like many checking accounts. It also has a savings tool called Money Vaults, which helps you save for individual goals. 

This account is offering a cash bonus of up to $250 if you’re a new SoFi Checking and Savings customer or an existing SoFi Checking and Savings customer who hasn’t set up direct deposits, yet.

To get the reward, you have to meet the following requirements:

• Open SoFi Checking and Savings by March 31, 2023.
• To earn a $50 cash bonus, you must receive between $1,000 and $4,999.99 in qualifying direct deposits during the first 30 days of opening an account.
• To earn a $250 cash bonus, you must receive over $5,000 in qualifying direct deposits during the first 30 days of opening an account.

What to look out for: The account works best if you set up a direct deposit. That way, you’ll qualify to earn 3.75% APY on savings balances (Vaults included) and 2.50% APY on checking balances. 

If you don’t set up a direct deposit, you’ll only earn 1.20% APY on both balances. 

Why it stands out: The Quontic Cash Rewards Checking Account offers 1.50% cash back on up to $2,000 in debit card purchases per day. At the end of each month, your cash-back rewards will be deposited into your checking account. 

What to look out for: You’ll only earn cash back on regular debit card purchases. You won’t get rewards on transactions like ATM withdrawals or PayPal transfers.

You’ll need at least $100 to open an account. If you’d prefer to make a lower initial deposit, consider one of the other options on our list.

Why it stands out: Axos Bank has access to a robust ATM network. You’ll be able to make free withdrawals at approximately 91,000 ATMs across the US.

If you have Axos Bank Rewards Checking, you’ll also get unlimited domestic ATM fee reimbursements. Some of the other banks on our list won’t reimburse you for these fees, and also might charge you an additional fee for using another ATM provider. 

What to look out for: You can earn up to 1.25% APY with Axos Bank Rewards Checking, but you’ll need to meet certain requirements.

Here are the requirements for earning interest: 

• Earn 0.40% APY if you receive at least $1,500 in direct deposits in a month. You have to meet this requirement to be able to earn any additional interest.
• Earn an additional 0.30% APY if you make 10 debit card transactions in a month (minimum $3 per transaction) or you need to sign up for Account Aggregation/Personal Finance Manager.
• Earn an additional 0.20% APY if you keep at least a daily average of $2,500 in an Axos Managed Portfolios Invest Account monthly.
• Earn an additional 0.15% APY if you keep at least a daily average of $2,500 in an Axos Self Directed Trading Invest Account monthly.
• Earn an additional 0.15% APY if you make a monthly Axos consumer loan payment with your Reward Checking account.

If you accomplish all goals in a month, you earn the maximum available APY.

Why it stands out: Charles Schwab is primarily known for its investment services, but it also offers banking products like its Schwab Bank High Yield Investor Checking® Account.

Charles Schwab Bank is rated the highest in overall customer satisfaction among checking account providers, according to a 2022 JD Power Direct Banking Satisfaction Study.

This study evaluates customer experiences with online banks and neobanks by looking at overall customer service, bank trustworthiness, mobile banking, online banking, potential bank fees, how easy it is to move money, and how easy it is to grow money. 

Charles Schwab has 24/7 online chat with customer service representatives. You may also call a representative Monday through Friday, 7 a.m. to 11 p.m. ET, and weekends from 9a.m . to 10:30 p.m. ET. 

What to look out for: To open a Schwab Bank High Yield Investor Checking® Account, you must also have a Schwab brokerage account.

Why it stands out: A cash management account is a type of account that’s offered by online-only institutions that aren’t technically banks, like investing platforms or fintech companies. A cash management account could be a good option if you already have an account with a specific brokerage or investment firm or if you’re looking for an account with a high interest rate. 

Wealthfront is an online-only investing platform, but it has a strong cash management called the Wealthfront Cash Account. You’ll earn 3.80% APY as long as you deposit $1.

What to look out for: Fintech companies partner with banks that provide FDIC insurance for cash management accounts. Wealthfront is partnered with multiple banks so it spreads your money across four banks — meaning it can insure up to $2 million in an individual bank account.

Other Online Checking Accounts That Didn’t Make the Cut and Why

• Bank5 Connect High-Interest Checking Account: You’ll need to maintain at least $100 to earn interest on this checking account. You can also earn a better rate with Consumers. Read the full Bank5 Connect review here.
• FNBO Direct Online Checking Account: FNBO Direct offers a solid checking account, and it could be worthwhile if you want free stop payments or free incoming domestic wire transfers. The main downsides to the account are that it has mixed mobile app ratings and doesn’t have paper checks. Read the full FNBO Direct review here.
• Dora Financial Everyday Checking Account: This checking might be appealing if your native language is Spanish or if you currently struggle to open an account due to your bank account history. Customer service is only available through email or the app, though. Read the full review of Dora Financial here.
• Amalgamated Bank Give-Back Checking Account: Amalgamated Bank could be a good choice if you’d like to bank with a mission-driven institution. Amalgamated Bank matches the equivalent of half the interest you earn on the account and lets you donate that amount to a charity partnered with the institution. It pays a lower interest rate than Consumers, SoFi, Wealthfront, and Axos, though. Read the full review of Amalgamated Bank here.
• Daylight Account: Daylight lets you customize your debit card with your chosen name. You may also earn up to 10% cash back on debit card purchases at LGBTQ+ allied businesses. Daylight doesn’t offer joint bank accounts, and it has limited ways to deposit money into the account, though. Read the full review of Daylight here.
• Personal Capital Cash Account: Personal Capital has a solid cash management account with minimal fees, but Wealthfront currently offers a higher interest rate.
• Discover Cashback Debit Account
  : Discover currently isn’t accepting new applications for this checking account. However, you can sign up to receive an email notification for when new applications will be accepted. Read the full review of Discover Bank here.
• Alliant High-Interest Checking Account: Alliant offers a solid checking account, but Axos, SoFi, Consumers and Wealthfront all pay higher interest rates. Read the full review of Alliant here.
• Blue Extreme Checking Account: Blue Federal Credit Union lets you open an account by donating at least $5 to the Blue Foundation. The credit union has a solid high-yield checking account, but the rate isn’t as competitive as our top picks. Read the full review of Blue Federal Credit Union here.
• Connexus Xtraordinary Checking Account: This is a good high-yield checking account, but you can earn a better rate with Consumers. Read the full review of Connexus here.
• Bethpage Federal Credit Union Free Checking Account: Bethpage pays a decent interest rate on its high-yield checking account, but you can earn more with Consumers. Read the full review of Bethpage Credit Union here.
• LendingClub Rewards Checking Account: LendingClub might be a good option if you’re looking for a rewards checking account, but you’ll need at least $2,500 in your account to get the most out of the account. Read the full review of LendingClub here.
• Ally Interest Checking Account: This is a solid online checking account that pays interest on your balance, but its features aren’t as unique as what you’ll find with some of our top picks. Read the full review of Ally here.
• CIT Bank eChecking Account: The minimum opening deposit for this account is $100, and it only offers up to $15 of fee-free ATM visits a month. Our top picks offer more distinct perks. Read the full review of CIT Bank here.
• Betterment Checking Account: This online checking account reimburses ATM and foreign transaction fees, and there are no monthly service charges or overdraft penalties. However, Wealthfront is a better option for a higher interest rate. Read the full review of Betterment here.
• TIAA Bank Basic Checking Account: To get unlimited ATM reimbursement you need to keep an average daily balance of at least $5,000. You also need at least $100 to open the account. Read the full review of TIAA here.

Which Banks Are the Most Trustworthy?

The Better Business Bureau assigns companies grades, ranging from F to A+. A good BBB grade indicates a company responds effectively to customer complaints, advertises honestly, and is transparent about business practices. Here are the BBB grades for our top picks:

The BBB gave Capital One 360 an A- rating and Chime a B- rating because the two businesses have received a high volume of customer complaints on the BBB website. Wealthfront received an F rating because it has seven customer complaints on the BBB website and has failed to respond to two complaints filed against the business. 

A strong BBB grade doesn’t guarantee you’ll have a smooth relationship with a company, though. We’ve also looked at any public scandals.

Capital One and Chime have been involved in recent public controversies.

Capital One paid $80 million after the Office of the Comptroller of the Currency stated that the bank was partially responsible for a 2019 data breach in which a hacker accessed over 100 million credit card applications. The OCC said Capital One’s security was inefficient at the time.

Chime used the URL “Chimebank.com” and the words “bank” and “banking,” but Chime isn’t licensed as a bank. Chime is a banking platform, and is insured by a bank. In 2021, the Commissioner of Financial Protection and Innovation ordered Chime to stop using the terms “Chimebank.com,” “bank,” and “banking” on its webpage and advertisements.

Methodology: How Did We Choose the Best Online Checking Accounts?

To find the best online checking accounts, we considered two dozen online financial institutions.

We narrowed down our top picks by reviewing features and perks. We looked at how financial institutions charge common bank fees — for example, monthly service fees, out-of-network ATM fees, overdraft fees, or foreign transaction fees. If a financial institution offered a unique perk, like a high interest rate or a cash bonus, we evaluated the criteria needed to get the reward. 

Frequently Asked Questions

Experts’ Advice on Choosing the Best Checking Account for You

To learn more about what makes a good checking account and how to choose the best fit, four experts weighed in:

We’re focusing on checking accounts with no monthly maintenance fees, but we’re also taking fees for foreign transactions, out-of-network ATMs, and more into consideration.

Here’s what they had to say about checking accounts. (Some text may be lightly edited for clarity.)

What makes a checking account good or not good?

Roger Ma, CFP:

“I would look at the ATM branch locations and then minimum balance amounts to not incur a monthly fee. I think there’s other stuff that could make life easier, whether it’s free checks, online bill pay, are they in the Zelle network?”

Laura Grace Tarpley, Personal Finance Insider:

“I would make a list of the top three to five things you want out of a checking account. Is it a great mobile app, 24/7 customer support, no ATM fees? Then research the best banks for those features.”

How can someone determine whether a bank is the right fit for them?

Tania Brown, CFP:

“Obviously, you want to make sure it’s FDIC insured. Also, your banking experience — do you like walking into a bank? Well, then you need someone local. Do you just not care if you ever see your bank? Then you’re okay online. Do you write checks? Do you not write checks? So it’s thinking through how your experience with it is going to be before you make that decision.”

Mykail James, CFEI:

“The No. 1 thing about a checking account is you should know what provider the debit card is coming from. And a lot of people don’t think about that, because there are places that don’t accept MasterCard or don’t accept an Amex.”