Secure your everyday transactions.
A checking account is your financial toolkit for everyday transactions. It’s where you keep money for daily expenses, like groceries, utility bills, or that morning coffee. Unlike a savings account, which is designed for long-term storage, a checking account offers frequent access to your funds through checks, ATMs, and electronic transfers. It’s built for convenience, making it easy to manage and access your money whenever you need it.
When searching for the best checking accounts, it's essential to find one that fits your financial habits. We’ve done the research to highlight accounts that offer more than just a place to keep your money.
Firstly, consider overdraft fees. We've identified accounts that minimize or eliminate these fees, reducing unexpected charges. Additionally, some checking accounts offer interest and rewards on your balance, making your money work harder for you.
Everyone has different priorities, whether it's digital features, easy online access, or excellent customer service. We break down the best options to help you find a checking account that matches your lifestyle, saves you money, and potentially earns extra rewards.
Before opening a checking account, consider these factors:
Insurance: Ensure the bank or credit union is insured by the NCUA or FDIC, protecting deposits up to $250,000.
Minimum Balance Requirements: Some accounts have balance requirements to avoid fees. Choose accounts with no or low minimum balances to avoid maintenance charges.
Fees: Check for overdraft, ATM, NSF, and monthly fees. Opt for accounts with minimal or no fees, and those that reimburse ATM fees.
ATM Network: Choose accounts with extensive free ATM networks to avoid extra charges.
Interest and Bonuses: Some checking accounts offer competitive interest rates and sign-up bonuses. Look for accounts that provide these benefits.
Mobile App Features: Ensure the account offers a user-friendly mobile app with features like mobile check deposit, peer-to-peer payments, and card locking.
Opening a checking account online is quick and straightforward. You'll need to provide personal information such as your name, mailing address, email, phone number, date of birth, and social security number (SSN). For joint accounts, the same details are required from the co-owner.
Banks may also ask for a copy of your official ID. Be aware of minimum deposit requirements to avoid fees. Once your account is set up, you'll receive a debit card, allowing easy access to your funds through digital transactions.
With its high liquidity and FDIC protection, a checking account is an ideal place to store money for everyday purchases. When considering opening one, compare the conditions offered by various banks. Make sure you understand all associated costs, benefits, and interest rates to find the best option for your needs.
When choosing a checking account, focus on fee structures, seeking low or no fees. Consider interest rates and ATM access to minimize costs. Prioritize accounts with user-friendly online/mobile banking. Finally, assess the bank’s reputation for customer service. This ensures a convenient, cost-effective, and reliable banking experience.
When opening a US checking account, focus on fees, interest rates, and online/mobile banking features. Clarify ATM access, and overdraft policies, and inquire about customer service responsiveness. This ensures a cost-effective, user-friendly, and well-supported banking experience.
In the US, choosing between a checking and savings account centers on financial goals. Opt for a checking account for convenient daily transactions and quick access to funds, prioritizing liquidity. Alternatively, a savings account offers higher interest rates, making it suitable for long-term wealth-building and achieving specific financial objectives.
In the same way that email beats the postal system and online shopping beats brick-and-mortar shopping, an online checking account beats a traditional checking account. Online checking accounts are similar to traditional checking accounts but are more convenient, less expensive, and easier to use. Online checking accounts have evolved over the past few years. People can now do their banking from their phones using many online checking accounts that include free mobile apps. With today’s technology, consumers can virtually do all their banking online or on their mobile banking app, from bank-to-bank transfers to checking deposits to scheduling payments. Add-ons like ID theft insurance, roadside assistance, and retail rewards programs are available from many online banks.
Before choosing an online bank, it’s a good idea to compare checking accounts. If you are comparing online checking accounts, here is a checklist of what you should look for: Monthly Fee: Depending on the checking account, some are free, while others have flat monthly fees (typically ranging from $1 to $50). Most banks waive the monthly fee for customers who maintain a minimum balance (e.g. $1,000 or $10,000). Make sure you know what you’re getting for your money. A basic checking account shouldn’t have any fees. When an account offers a lot of features, a fee is acceptable. An award-winning financial app and debit card, Chime® offers zero monthly, transaction, and foreign fees plus fee-free overdraft with SpotMe®. In contrast to a bank, Chime® is a company that provides financial technology. Banking services and debit cards are provided by The Bancorp Bank, N.A. or Stride Bank, N.A., Members FDIC. Additional Fees: The majority of online banks charge fees for international transfers, while some also charge for domestic transfers. Most online banks offer free ATM withdrawals from their ATMs and reimbursements from third-party ATMs. With Varo, you can withdraw cash free of charge from over 55,000 Allpoint® ATMs located in Walgreens, CVS, Target, and more. Customer service: Some online banks operate exclusively online, while others have physical branches. Therefore, customer service is available round-the-clock at many online banks, and varies (usually for a fee) from company to company, as some banks let you chat right from your online or mobile bank account. Savings accounts: Some banks only offer checking accounts. A variety of checking, savings, and certificates of deposit accounts are offered by others. Even better, some banks offer hybrid checking-savings accounts that allow the customer to access their account every day and save money at the same time. Credit or debit cards: In most cases, online checking accounts include the option of linking a credit card or debit card. A growing number of online banks are offering customers a choice of credit cards with varying rates, features, and benefits. Loans: You can also access loans easily by opening an online checking account. There are many types of loans available from banks, including personal loans, home loans, auto loans, and many others. In the same way that online checking accounts offer convenience, lower fees, and faster processing, online loans offer similar advantages.
Online checking accounts usually offer the following features: • Transferring money between your and another person’s accounts domestically and internationally. • Make transfers between your checking and savings accounts. • Organize and access multiple accounts with ease. • Make sure you never miss a payment by setting reminders for your bills. • Get access to funds right away by scanning and depositing a check with your smartphone. • Online/downloadable account statements are great for managing your budget and sending records directly to your accountant. • Manage your accounts on the go with the mobile banking app. • Pay using Google Pay, Apple Pay, or Samsung Pay directly from your account. • Multi-factor authentication and extra-strong encryption keep your data safe. • The FDIC insures deposits up to $250,000 (and sometimes up to $1.5 million). • Alerts via SMS and email – notifications whenever your bank account experiences unusual or suspicious activity. • Thousands of ATMs worldwide allow you to withdraw money and receive reimbursement for third-party withdrawals. • Earn points when you use your account-linked credit card
Deciding on the number of checking accounts depends on personal needs. Multiple accounts can be beneficial if managed well to avoid fees. For instance, singles might need only one, while couples could benefit from personal and joint accounts. Additionally, various accounts offer bonuses. Consider different institutions for specific purposes, like travel or mortgage payments.
Certain financial companies provide incentives upon opening a new account. Usually, you must establish your checking account as a new client and maintain it open for a minimum of three months to a year to be eligible for a checking account bonus. Other conditions must also be fulfilled, such as getting direct deposits or making a specific amount of monthly transactions with a connected debit card.