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The Best Online Checking Accounts of February 2023

by
February 1, 2023
Home Advisor Best Online Banks
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Insider’s experts choose the best products and services to help make smart decisions with your money (here’s how). In some cases, we receive a commission from our partners, however, our opinions are our own. Terms apply to offers listed on this page.

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. 

Axos Axos Bank Rewards Checking

Axos Bank Rewards Checking


Annual Percentage Yield (APY)

up to 1.25%


Minimum Deposit Amount

$50

Axos Axos Bank Rewards Checking

Axos Bank Rewards Checking


Annual Percentage Yield (APY)

up to 1.25%


Minimum Deposit Amount

$50

at Axos Bank’s secure site. Axos Bank, Member FDIC

Axos Axos Bank Rewards Checking

at Axos Bank’s secure site. Axos Bank, Member FDIC

Details


Annual Percentage Yield (APY)

up to 1.25%


Minimum Deposit Amount

$50

Pros & Cons

Chevron icon It indicates an expandable section or menu, or sometimes previous / next navigation options.

Check mark icon A check mark. It indicates a confirmation of your intended interaction.

High APY

Check mark icon A check mark. It indicates a confirmation of your intended interaction.

Unlimited out-of-network ATM reimbursements

Check mark icon A check mark. It indicates a confirmation of your intended interaction.

No monthly maintenance fees

Check mark icon A check mark. It indicates a confirmation of your intended interaction.

No overdraft fees

Check mark icon A check mark. It indicates a confirmation of your intended interaction.

No non-sufficient funds fees

Dash icon A dash. It often indicates an interaction to shrink a section.

$50 opening deposit

Dash icon A dash. It often indicates an interaction to shrink a section.

No APY if you can’t meet qualifications

Dash icon A dash. It often indicates an interaction to shrink a section.

Few mobile app reviews

Highlights

Chevron icon It indicates an expandable section or menu, or sometimes previous / next navigation options.

  • Use the promo code RC100 when you apply for a Rewards Checking account by 3/31/2023. Then have qualifying direct deposit(s) to earn a $100 welcome bonus!
  • Zero monthly maintenance fees
  • Zero overdraft or NSF fees
  • Zero minimum monthly balance reqs
  • Unlimited domestic ATM fee reimbursements
  • Online debit card management
  • Simple, 3-step process for direct deposit
  • Only $50 to open an account

Additional Reading

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Read our review

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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.

Capital One Capital One 360 Checking®

Capital One 360 Checking®


Annual Percentage Yield (APY)

0.10%


Minimum Deposit Amount

$0

Capital One Capital One 360 Checking®

Capital One 360 Checking®


Annual Percentage Yield (APY)

0.10%


Minimum Deposit Amount

$0

on Capital One’s secure site. Capital One, Member FDIC.

Capital One Capital One 360 Checking®

on Capital One’s secure site. Capital One, Member FDIC.

Details


Annual Percentage Yield (APY)

0.10%


Minimum Deposit Amount

$0

Pros & Cons

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Check mark icon A check mark. It indicates a confirmation of your intended interaction.

0.10% APY on all account balances

Check mark icon A check mark. It indicates a confirmation of your intended interaction.

No opening deposit or minimum account balance

Check mark icon A check mark. It indicates a confirmation of your intended interaction.

No monthly service fee

Check mark icon A check mark. It indicates a confirmation of your intended interaction.

No foreign transaction fee

Check mark icon A check mark. It indicates a confirmation of your intended interaction.

Range of overdraft protection options

Check mark icon A check mark. It indicates a confirmation of your intended interaction.

Processes direct deposits up to 2 days early

Dash icon A dash. It often indicates an interaction to shrink a section.

$2 out-of-network ATM fee

Dash icon A dash. It often indicates an interaction to shrink a section.

Doesn’t reimburse out-of-network ATM fees

Dash icon A dash. It often indicates an interaction to shrink a section.

Limited access to customer service by phone

Highlights

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  • Over 70,000 free ATMs nationwide
  • Branches in NY, LA, TX, MD, VA, NJ, and Washington, DC
  • Interest compounded daily, paid monthly
  • FDIC insured

Additional Reading

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Read our review

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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. 

Chime Chime Checking Account


Annual Percentage Yield (APY)

None


Minimum Deposit Amount

$0

Chime Chime Checking Account


Annual Percentage Yield (APY)

None


Minimum Deposit Amount

$0

Chime Chime Checking Account

Details


Annual Percentage Yield (APY)

None


Minimum Deposit Amount

$0

Pros & Cons

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Check mark icon A check mark. It indicates a confirmation of your intended interaction.

No minimum opening deposit

Check mark icon A check mark. It indicates a confirmation of your intended interaction.

No monthly service fees

Check mark icon A check mark. It indicates a confirmation of your intended interaction.

Receive your paycheck up to 2 days early

Check mark icon A check mark. It indicates a confirmation of your intended interaction.

Rounds debit card purchases up to the nearest dollar and puts spare change in your Chime Savings Account

Check mark icon A check mark. It indicates a confirmation of your intended interaction.

No overdraft fees for overdrafts up to $200 with SpotMe, if you qualify

Check mark icon A check mark. It indicates a confirmation of your intended interaction.

No foreign transaction fees

Check mark icon A check mark. It indicates a confirmation of your intended interaction.

Request checks be sent to recipients online

Check mark icon A check mark. It indicates a confirmation of your intended interaction.

Can deposit cash at select retailers

Dash icon A dash. It often indicates an interaction to shrink a section.

$2.50 out-of-network ATM fee

Dash icon A dash. It often indicates an interaction to shrink a section.

No overdraft protection for overdrafts exceeding $200

Dash icon A dash. It often indicates an interaction to shrink a section.

No physical checkbook

Highlights

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  • 38,000+ free ATMs nationwide through MoneyPass® and Visa® Plus Alliance
  • Free cash deposits at Walgreens; May deposit cash at other select retail locations but you may be charged a fee
  • Rounds debit card purchases up to the nearest dollar and moves spare change into your Chime Savings Account
  • Qualify for SpotMe overdraft protection by receiving $200 in direct deposits per month
  • Chime is a financial technology company, not a bank. Banking services provided by, and debit card issued by, The Bancorp Bank or Stride Bank, N.A.; Members FDIC.

Additional Reading

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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. 

Consumers Credit Union Consumers Credit Union Free Rewards Checking Account

Consumers Credit Union Free Rewards Checking Account


Annual Percentage Yield (APY)

0.01% to 5.00%


Minimum Deposit Amount

$5

Consumers Credit Union Consumers Credit Union Free Rewards Checking Account

Consumers Credit Union Free Rewards Checking Account


Annual Percentage Yield (APY)

0.01% to 5.00%


Minimum Deposit Amount

$5

On Consumers Credit Union’s website

Consumers Credit Union Consumers Credit Union Free Rewards Checking Account

On Consumers Credit Union’s website

Details


Annual Percentage Yield (APY)

0.01% to 5.00%


Minimum Deposit Amount

$5

Pros & Cons

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Check mark icon A check mark. It indicates a confirmation of your intended interaction.

High APY

Check mark icon A check mark. It indicates a confirmation of your intended interaction.

$5 minimum opening deposit

Check mark icon A check mark. It indicates a confirmation of your intended interaction.

No monthly service fee

Check mark icon A check mark. It indicates a confirmation of your intended interaction.

Early direct deposit

Check mark icon A check mark. It indicates a confirmation of your intended interaction.

Unlimited reimbursements for out-of-network ATM fees

Dash icon A dash. It often indicates an interaction to shrink a section.

$10 overdraft transfer charge

Dash icon A dash. It often indicates an interaction to shrink a section.

Limited customer support availability

Dash icon A dash. It often indicates an interaction to shrink a section.

Interest compounds monthly, not daily

Highlights

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  • To become a member of Consumers Credit Union, pay an initial $5 membership fee and open the Membership Savings Account with at least $5
  • 14 open branches in Chicago, Illinois, and nearby cities
  • Access to over 5,600 shared branches and 60,000 surcharge-free ATMs through the CO-OP Shared Network
  • Earn 3% APY on balances up to $10k when you enroll in eDocuments, make 12 debit card transactions per month, and receive $500 per month in deposits
  • Earn 4% on balances up to $10k when you meet qualifications for 3% and spend $500/month with your CCU credit card
  • Earn 5% on balances up to $10k when you meet qualifications for 3% and spend $1,000/month with your CCU credit card
  • Earn 0.20% APY on balances between $10k and $25k
  • Earn 0.10% APY on balances over $25k
  • If you don’t meet the requirements to earn a rewards interest rate, you’ll earn 0.01% APY and you won’t get ATM refunds
  • Interest compounded and deposited monthly
  • Federally insured by the NCUA

Additional Reading

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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.

SoFi SoFi Checking and Savings

SoFi Checking and Savings


Annual Percentage Yield (APY)

1.20% to 3.75%


Minimum Deposit Amount

$0

SoFi SoFi Checking and Savings

SoFi Checking and Savings


Annual Percentage Yield (APY)

1.20% to 3.75%


Minimum Deposit Amount

$0

SoFi SoFi Checking and Savings

Details


Annual Percentage Yield (APY)

1.20% to 3.75%

Rates as of 01/04/23

Show more


Minimum Deposit Amount

$0

Pros & Cons

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High interest rate

Check mark icon A check mark. It indicates a confirmation of your intended interaction.

Earn a higher interest rate if you set up direct deposit

Check mark icon A check mark. It indicates a confirmation of your intended interaction.

No minimum opening deposit

Check mark icon A check mark. It indicates a confirmation of your intended interaction.

No monthly service fees

Check mark icon A check mark. It indicates a confirmation of your intended interaction.

No overdraft fees

Check mark icon A check mark. It indicates a confirmation of your intended interaction.

Up to $300 bonus

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Earn up to 15% cash back at local retailers if you use a SoFi debit card

Check mark icon A check mark. It indicates a confirmation of your intended interaction.

No-fee overdraft coverage if you overdraw up to $50

Check mark icon A check mark. It indicates a confirmation of your intended interaction.

Savings tools

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Early direct deposit

Check mark icon A check mark. It indicates a confirmation of your intended interaction.

Joint account available

Dash icon A dash. It often indicates an interaction to shrink a section.

Declined purchase if you overdraw by more than $50

Dash icon A dash. It often indicates an interaction to shrink a section.

Doesn’t reimburse out-of-network ATM providers’ fees

Dash icon A dash. It often indicates an interaction to shrink a section.

May deposit cash at Green Dot locations but there’s a $4.95 fee

Highlights

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  • Free access to 50,000+ Allpoint ATMs worldwide
  • Hybrid checking/savings account
  • Earn up to 15% cash back on local retailers when you use a SoFi debit card; Retailer information is available through online banking
  • Earn 3.75% APY on savings balances (Vaults included) and 2.50% APY on checking balances if you set up direct deposit
  • Earn 1.20% APY on SoFi Checking and Savings if you don’t set up direct deposit
  • Earn up to $250 cash bonus available through March 31, 2023; receive a $50 bonus if you make a direct deposit between $1,000 and $4,999 in the first 30 days of opening an account; receive a $250 bonus if you make a direct deposit of $5,000 or more in the first 30 days of opening an account
  • Create up to 20 Money Vaults to save for individual savings goals like an emergency fund or vacation
  • $4.95 fee each time you deposit cash at a Green Dot location
  • To get no-fee overdraft coverage you must have at least $1,000 in direct deposits
  • FDIC insured

Additional Reading

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Read our review

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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. 

Quontic Quontic Cash Rewards Checking Account

Quontic Cash Rewards Checking Account


Annual Percentage Yield (APY)

None


Minimum Deposit Amount

$100

Quontic Quontic Cash Rewards Checking Account

Quontic Cash Rewards Checking Account


Annual Percentage Yield (APY)

None


Minimum Deposit Amount

$100

at Quontic’s secure site. Quontic, Member FDIC

Quontic Quontic Cash Rewards Checking Account

at Quontic’s secure site. Quontic, Member FDIC

Details


Annual Percentage Yield (APY)

None


Minimum Deposit Amount

$100

Pros & Cons

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High cash-back rewards

Check mark icon A check mark. It indicates a confirmation of your intended interaction.

No monthly service fees

Check mark icon A check mark. It indicates a confirmation of your intended interaction.

No out-of-network ATM fees

Dash icon A dash. It often indicates an interaction to shrink a section.

$100 minimum opening deposit

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$35 overdraft fee

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Doesn’t reimburse any fees charged by out-of-network ATM providers

Highlights

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  • Over 90,000 free ATMs
  • Earn 1.50% cash back on up to $2,000 in debit card purchases per day
  • FDIC insured

Additional Reading

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Read our review

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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.

Axos Axos Bank Rewards Checking

Axos Bank Rewards Checking


Annual Percentage Yield (APY)

up to 1.25%


Minimum Deposit Amount

$50

Axos Axos Bank Rewards Checking

Axos Bank Rewards Checking


Annual Percentage Yield (APY)

up to 1.25%


Minimum Deposit Amount

$50

at Axos Bank’s secure site. Axos Bank, Member FDIC

Axos Axos Bank Rewards Checking

at Axos Bank’s secure site. Axos Bank, Member FDIC

Details


Annual Percentage Yield (APY)

up to 1.25%


Minimum Deposit Amount

$50

Pros & Cons

Chevron icon It indicates an expandable section or menu, or sometimes previous / next navigation options.

Check mark icon A check mark. It indicates a confirmation of your intended interaction.

High APY

Check mark icon A check mark. It indicates a confirmation of your intended interaction.

Unlimited out-of-network ATM reimbursements

Check mark icon A check mark. It indicates a confirmation of your intended interaction.

No monthly maintenance fees

Check mark icon A check mark. It indicates a confirmation of your intended interaction.

No overdraft fees

Check mark icon A check mark. It indicates a confirmation of your intended interaction.

No non-sufficient funds fees

Dash icon A dash. It often indicates an interaction to shrink a section.

$50 opening deposit

Dash icon A dash. It often indicates an interaction to shrink a section.

No APY if you can’t meet qualifications

Dash icon A dash. It often indicates an interaction to shrink a section.

Few mobile app reviews

Highlights

Chevron icon It indicates an expandable section or menu, or sometimes previous / next navigation options.

  • Use the promo code RC100 when you apply for a Rewards Checking account by 3/31/2023. Then have qualifying direct deposit(s) to earn a $100 welcome bonus!
  • Zero monthly maintenance fees
  • Zero overdraft or NSF fees
  • Zero minimum monthly balance reqs
  • Unlimited domestic ATM fee reimbursements
  • Online debit card management
  • Simple, 3-step process for direct deposit
  • Only $50 to open an account

Additional Reading

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Read our review

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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.

Charles Schwab Bank Schwab Bank High Yield Investor Checking® Account

Schwab Bank High Yield Investor Checking® Account


Annual Percentage Yield (APY)

0.45%


Minimum Deposit Amount

$0

Charles Schwab Bank Schwab Bank High Yield Investor Checking® Account

Schwab Bank High Yield Investor Checking® Account


Annual Percentage Yield (APY)

0.45%


Minimum Deposit Amount

$0

at Charles Schwab Bank’s secure site. Charles Schwab Bank, Member FDIC

Charles Schwab Bank Schwab Bank High Yield Investor Checking® Account

at Charles Schwab Bank’s secure site. Charles Schwab Bank, Member FDIC

Details


Annual Percentage Yield (APY)

0.45%


Minimum Deposit Amount

$0

Pros & Cons

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No opening deposit

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No minimum account balance

Check mark icon A check mark. It indicates a confirmation of your intended interaction.

Unlimited out-of-network ATM reimbursements

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No foreign transaction fees

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Free overdraft protection

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Must also open a Schwab One brokerage account

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$25 overdraft fee if you don’t enroll in protection

Highlights

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  • 24/7 live online chat
  • No ATM network, but unlimited ATM fee reimbursements
  • Interest compounded daily, paid monthly
  • FDIC insured

Additional Reading

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Read our review

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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.

Wealthfront Wealthfront Cash Account


Annual Percentage Yield (APY)

3.80%


Minimum Deposit Amount

$1

Wealthfront Wealthfront Cash Account


Annual Percentage Yield (APY)

3.80%


Minimum Deposit Amount

$1

Wealthfront Wealthfront Cash Account

Details


Annual Percentage Yield (APY)

3.80%


Minimum Deposit Amount

$1

Pros & Cons

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Check mark icon A check mark. It indicates a confirmation of your intended interaction.

Use as both a savings and checking account

Check mark icon A check mark. It indicates a confirmation of your intended interaction.

$1 opening deposit

Check mark icon A check mark. It indicates a confirmation of your intended interaction.

No monthly service fees

Check mark icon A check mark. It indicates a confirmation of your intended interaction.

FDIC insured for $2 million

Check mark icon A check mark. It indicates a confirmation of your intended interaction.

Get paid 2 days early

Check mark icon A check mark. It indicates a confirmation of your intended interaction.

Access to a debit card

Check mark icon A check mark. It indicates a confirmation of your intended interaction.

Mobile check deposit

Check mark icon A check mark. It indicates a confirmation of your intended interaction.

Automatically move extra money into investments with Autopilot

Check mark icon A check mark. It indicates a confirmation of your intended interaction.

Save for separate goals in one account

Dash icon A dash. It often indicates an interaction to shrink a section.

No physical branch locations

Dash icon A dash. It often indicates an interaction to shrink a section.

To deposit cash, pay a fee at a Green Dot location

Dash icon A dash. It often indicates an interaction to shrink a section.

$2.50 out-of-network ATM fee

Highlights

Chevron icon It indicates an expandable section or menu, or sometimes previous / next navigation options.

  • FDIC insured for $2 million
  • 19,000 free ATMs
  • Autopilot feature lets you set maximum account balance, and automatically transfers money into investments if you exceed maximum balance by more than $100
  • Interest compounded daily, paid monthly

Additional Reading

Chevron icon It indicates an expandable section or menu, or sometimes previous / next navigation options.

Read our review

Read Our Review A looong arrow, pointing right

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.

Best online checking accounts

Chevron icon It indicates an expandable section or menu, or sometimes previous / next navigation options.

Chevron icon It indicates an expandable section or menu, or sometimes previous / next navigation options.

Best for a high interest rate

Best checking/savings combo

Best for cash-back rewards

Best for customer service

Best cash management account

Learn more


on Capital One’s secure site. Capital One, Member FDIC.

Learn more


at Quontic’s secure site. Quontic, Member FDIC

Learn more


at Axos Bank’s secure site. Axos Bank, Member FDIC

Learn more


at Charles Schwab Bank’s secure site. Charles Schwab Bank, Member FDIC

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

If you open a checking account at an online bank, you’ll primarily manage your account through online and mobile banking.

For example, instead of visiting a local branch to deposit checks, you’ll use mobile check deposit or visit an ATM that accepts checks. You also may be able to deposit cash at some ATMs or retailers.

Customer support is usually available by phone or live chat. Several online banks also offer 24/7 customer support.

You’ll submit an application through the online bank’s website. When you’re filling out your application, you may need a government-issued ID, your Social Security number, and proof of address. Generally, you’ll receive a confirmation email once the information has been verified and your application is approved.

Yes. Many online banks have checking accounts with zero monthly maintenance fees. Capital One 360, Chime, Consumers Credit Union, SoFi, Quontic Bank, Axos Bank, and Charles Schwab are a few examples of financial institutions with free checking accounts. 

Experts’ Advice on Choosing the Best Checking Account for You

PFI Banking Expert Panel that includes Tania Brown, Roger Ma, Laura Grace Tarpley, and Mykail James

Insider



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.”

Sophia Acevedo, CEPF

Banking Reporter

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