Our experts answer readers’ banking questions and write unbiased product reviews (here’s how we assess banking products). In some cases, we receive a commission from our partners; however, our opinions are our own. Terms apply to offers listed on this page.
- Decide whether you want a standard, high-interest, cash-back, or other type of checking account.
- Choose between opening an account at a brick-and-mortar or online bank.
- Find a checking account that charges low fees and has a strong mobile app.
A checking account is a tool for storing money you intend to spend. It’s different from a savings account, which you use to stash away money for the future.
Choosing the right checking account isn’t as simple as opening one at the nearest bank. You want to find one that helps you meet your goals, is affordable, and is easy to access. Here’s how to choose the best checking account for you:
1. Decide which kind of checking account you want
There are several types of checking accounts, and the right fit depends on what you want your checking account to do for you. Here are the kinds you can choose from:
- Standard checking account: There aren’t many bells and whistles. You just want a place to keep your spending money, and for anything fancier, you’re more interested in a savings account or CD.
- Free checking account: These accounts do not charge monthly service fees.
- Premium checking account: These are checking accounts at national brick-and-mortar banks that offer a few additional perks, liked waived ATM fees or discounts on other banking service fees. These are a step up from traditional checking accounts but may involve a higher monthly service fee of higher minimum balance requirements.
- Online checking account: These accounts are available at online-only financial institutions or online banking divisions. Instead of going to a brick-and-mortar bank, you’ll call or live chat to speak to bankers. You’ll manage your account through mobile or online banking, too.
- Second chance bank account: These are bank accounts for people who have struggled to open a bank account due to a negative banking history. Some second-chance bank accounts have limitations like no paper checks or no debit card.
- Business checking account: This is an account that can be opened by business owner.
- High-interest checking: Unlike most checking accounts, a high-interest account helps you earn money on top of your money. You can find interest checking accounts at many types of institutions, but they’re most commonly at credit unions. Credit unions also tend to pay the highest rates on checking accounts.
- Cash-back checking: These accounts also help your money work for you. For example, the Discover Cashback Debit Account pays 1% cash back on up to $3,000 of purchases each month. You could pocket $30 per month, or $360 per year.
- Other types: Maybe you want to open a checking account for your child or college student. Some banks also have checking accounts that waive fees for senior citizens or connect you with a private client banker if you have a high net worth.
Once you know which type of checking account you want, you can start to narrow down your search.
Featured Checking Offer
Start banking
Fees
no monthly service fee
Annual Percentage Yield (APY)
None
Minimum Deposit Amount
$0
- Earn up to 1% cash back on up to $3,000 in purchases per month
- No monthly service fee
- Over 60,000 in-network ATMs
- Early direct deposit
- Enroll in free overdraft protection
- Debit card can only be used in the US, Canada, Mexico, and the Caribbean
- Only 1 branch location
Insider’s Take
Discover is a strong online bank. However, if you’d prefer to open a CD or money market account with a low minimum opening deposit, you might consider other options.
Product Details
- Earn 1% cash back on up on up to $3,000 per month in eligible debit card purchases
- 100% US-based customer service available 24/7
- No opening deposit or minimum account balance
- No monthly maintenance fees
- Over 60,000 in-network ATMs
- FDIC insured
2. Choose online or in person
Do you want to open a checking account at a brick-and-mortar bank or at an online institution?
Brick-and-mortar banks are good if you want the option to walk into a branch and speak with a professional. But online banks tend to charge lower fees.
If you want a high-interest or cash-back checking account, you’ll have more options at online banks and credit unions.
3. Make sure the bank is accessible
You want it to be as easy as possible to access your money. If you’re going with a brick-and-mortar bank, make sure there are branches and ATMs near your home or office. If you travel domestically, you may want a company with a large branch/ATM network so you can access your money when you’re away.
Online banks have ATM networks, too, so make sure there are nearby machines you can use for free.
Featured Checking Offer
Fees
no monthly service fee
Annual Percentage Yield (APY)
0.10%
Minimum Deposit Amount
$0
- 0.10% APY on all account balances
- No opening deposit or minimum account balance
- No monthly service fee
- No foreign transaction fee
- Range of overdraft protection options
- Processes direct deposits up to 2 days early
- Doesn’t reimburse out-of-network ATM fees
- Limited access to customer service by phone
Insider’s Take
Capital One is a strong bank overall. You’ll earn competitive interest rates on online savings accounts and CDs.
Capital One 360 Checking
Product Details
- Over 70,000 free ATMs nationwide
- Branches in NY, LA, TX, MD, VA, NJ, and Washington, DC
- Interest compounded daily, paid monthly
- FDIC insured
4. Look at monthly service fees
A monthly bank maintenance fee is money a bank charges you for working with the company. The fee is usually automatically withdrawn from your account each month.
Online banks rarely charge monthly service fees. Brick-and-mortar banks often impose fees, but you can usually waive them by maintaining a minimum checking balance or setting up direct deposits.
Monthly maintenance fees can really add up. You probably want to either choose a checking account with no fees or one that makes it easy to waive fees.
5. Think about other fees
You could face several types of fees with your checking account. Consider the following fees when choosing an account:
- Overdraft fees. Banks typically charge $30 or more each time you overdraw. If you’re worried about this fee, you could choose an online company that doesn’t charge overdraft fees, such as Varo or Chime. If a purchase would overdraw your account, the banking platform simply denies your transaction. Or find a bank that offers free overdraft protection. For example, by linking your checking account to a savings account, the bank would transfer money out of savings to cover any overdrafts. Keep in mind, some banks still charge for overdraft protection, so find one that does it for free.
- Out-of-network ATM fees. Most banks and credit unions have free ATM networks. But some charge you for using a machine outside of that network, and the ATM provider charges an additional fee. If you think you’ll use out-of-network ATMs frequently, open a checking account with no ATM fees — and maybe even one that refunds fees charged by ATM providers, like Axos Bank Rewards Checking or the Ally Spending Account.
- Foreign transaction fees. Do you expect to use your debit card abroad? You may want a checking account that doesn’t charge foreign transaction fees, such as Capital One 360 Checking or Schwab Bank High Yield Investor Checking® Account.
Featured Checking Offer
Start saving
Fees
no monthly service fee
Annual Percentage Yield (APY)
up to 4.50%
Minimum Deposit Amount
$0
Bonus
up to $250
- FDIC insured for $2 million
- High interest rate
- Earn a higher interest rate with qualifying activities
- No minimum opening deposit
- No monthly service fees
- No overdraft fees
- Up to $250 bonus with qualifying direct deposit (terms apply)
- Earn up to 15% cash back at local retailers if you use a SoFi debit card
- No-fee overdraft coverage if you overdraw up to $50
- Savings tools
- Early direct deposit
- Joint account available
- Declined purchase if you overdraw by more than $50
- Doesn’t reimburse out-of-network ATM providers’ fees
- May deposit cash at Green Dot locations but there’s a $4.95 fee
Insider’s Take
SoFi Checking and Savings is a great account option if you don’t mind keeping your savings and checking in one account.
SoFi Checking and Savings
Product Details
- FDIC insured for $2 million
- 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 4.50% APY on savings balances (Vaults included) and 0.50% APY on checking balances if you set up direct deposit or deposit minimum $5,000 per month
- Earn 1.20% APY on SoFi Checking and Savings if you don’t have qualifying activities
- Earn up to $250 cash bonus available through December 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
6. Consider the mobile app
Do you like to bank from your mobile app? Make sure the bank you’re considering has a mobile app, then look at reviews in the Apple store or Google Play store.
Think about what you’ll need out of the app, too. For example, will you deposit paper checks into your checking account? Find an app with a mobile check deposit tool.
There are numerous great checking accounts out there. The trick is finding the one that’s right for you. By thinking about what you want out of your account and banking experience, you’ll choose one that’s the right fit.
Our experts answer readers’ banking questions and write unbiased product reviews (here’s how we assess banking products). In some cases, we receive a commission from our partners; however, our opinions are our own. Terms apply to offers listed on this page.
- Decide whether you want a standard, high-interest, cash-back, or other type of checking account.
- Choose between opening an account at a brick-and-mortar or online bank.
- Find a checking account that charges low fees and has a strong mobile app.
A checking account is a tool for storing money you intend to spend. It’s different from a savings account, which you use to stash away money for the future.
Choosing the right checking account isn’t as simple as opening one at the nearest bank. You want to find one that helps you meet your goals, is affordable, and is easy to access. Here’s how to choose the best checking account for you:
1. Decide which kind of checking account you want
There are several types of checking accounts, and the right fit depends on what you want your checking account to do for you. Here are the kinds you can choose from:
- Standard checking account: There aren’t many bells and whistles. You just want a place to keep your spending money, and for anything fancier, you’re more interested in a savings account or CD.
- Free checking account: These accounts do not charge monthly service fees.
- Premium checking account: These are checking accounts at national brick-and-mortar banks that offer a few additional perks, liked waived ATM fees or discounts on other banking service fees. These are a step up from traditional checking accounts but may involve a higher monthly service fee of higher minimum balance requirements.
- Online checking account: These accounts are available at online-only financial institutions or online banking divisions. Instead of going to a brick-and-mortar bank, you’ll call or live chat to speak to bankers. You’ll manage your account through mobile or online banking, too.
- Second chance bank account: These are bank accounts for people who have struggled to open a bank account due to a negative banking history. Some second-chance bank accounts have limitations like no paper checks or no debit card.
- Business checking account: This is an account that can be opened by business owner.
- High-interest checking: Unlike most checking accounts, a high-interest account helps you earn money on top of your money. You can find interest checking accounts at many types of institutions, but they’re most commonly at credit unions. Credit unions also tend to pay the highest rates on checking accounts.
- Cash-back checking: These accounts also help your money work for you. For example, the Discover Cashback Debit Account pays 1% cash back on up to $3,000 of purchases each month. You could pocket $30 per month, or $360 per year.
- Other types: Maybe you want to open a checking account for your child or college student. Some banks also have checking accounts that waive fees for senior citizens or connect you with a private client banker if you have a high net worth.
Once you know which type of checking account you want, you can start to narrow down your search.
Featured Checking Offer
Start banking
Fees
no monthly service fee
Annual Percentage Yield (APY)
None
Minimum Deposit Amount
$0
- Earn up to 1% cash back on up to $3,000 in purchases per month
- No monthly service fee
- Over 60,000 in-network ATMs
- Early direct deposit
- Enroll in free overdraft protection
- Debit card can only be used in the US, Canada, Mexico, and the Caribbean
- Only 1 branch location
Insider’s Take
Discover is a strong online bank. However, if you’d prefer to open a CD or money market account with a low minimum opening deposit, you might consider other options.
Product Details
- Earn 1% cash back on up on up to $3,000 per month in eligible debit card purchases
- 100% US-based customer service available 24/7
- No opening deposit or minimum account balance
- No monthly maintenance fees
- Over 60,000 in-network ATMs
- FDIC insured
2. Choose online or in person
Do you want to open a checking account at a brick-and-mortar bank or at an online institution?
Brick-and-mortar banks are good if you want the option to walk into a branch and speak with a professional. But online banks tend to charge lower fees.
If you want a high-interest or cash-back checking account, you’ll have more options at online banks and credit unions.
3. Make sure the bank is accessible
You want it to be as easy as possible to access your money. If you’re going with a brick-and-mortar bank, make sure there are branches and ATMs near your home or office. If you travel domestically, you may want a company with a large branch/ATM network so you can access your money when you’re away.
Online banks have ATM networks, too, so make sure there are nearby machines you can use for free.
Featured Checking Offer
Fees
no monthly service fee
Annual Percentage Yield (APY)
0.10%
Minimum Deposit Amount
$0
- 0.10% APY on all account balances
- No opening deposit or minimum account balance
- No monthly service fee
- No foreign transaction fee
- Range of overdraft protection options
- Processes direct deposits up to 2 days early
- Doesn’t reimburse out-of-network ATM fees
- Limited access to customer service by phone
Insider’s Take
Capital One is a strong bank overall. You’ll earn competitive interest rates on online savings accounts and CDs.
Capital One 360 Checking
Product Details
- Over 70,000 free ATMs nationwide
- Branches in NY, LA, TX, MD, VA, NJ, and Washington, DC
- Interest compounded daily, paid monthly
- FDIC insured
4. Look at monthly service fees
A monthly bank maintenance fee is money a bank charges you for working with the company. The fee is usually automatically withdrawn from your account each month.
Online banks rarely charge monthly service fees. Brick-and-mortar banks often impose fees, but you can usually waive them by maintaining a minimum checking balance or setting up direct deposits.
Monthly maintenance fees can really add up. You probably want to either choose a checking account with no fees or one that makes it easy to waive fees.
5. Think about other fees
You could face several types of fees with your checking account. Consider the following fees when choosing an account:
- Overdraft fees. Banks typically charge $30 or more each time you overdraw. If you’re worried about this fee, you could choose an online company that doesn’t charge overdraft fees, such as Varo or Chime. If a purchase would overdraw your account, the banking platform simply denies your transaction. Or find a bank that offers free overdraft protection. For example, by linking your checking account to a savings account, the bank would transfer money out of savings to cover any overdrafts. Keep in mind, some banks still charge for overdraft protection, so find one that does it for free.
- Out-of-network ATM fees. Most banks and credit unions have free ATM networks. But some charge you for using a machine outside of that network, and the ATM provider charges an additional fee. If you think you’ll use out-of-network ATMs frequently, open a checking account with no ATM fees — and maybe even one that refunds fees charged by ATM providers, like Axos Bank Rewards Checking or the Ally Spending Account.
- Foreign transaction fees. Do you expect to use your debit card abroad? You may want a checking account that doesn’t charge foreign transaction fees, such as Capital One 360 Checking or Schwab Bank High Yield Investor Checking® Account.
Featured Checking Offer
Start saving
Fees
no monthly service fee
Annual Percentage Yield (APY)
up to 4.50%
Minimum Deposit Amount
$0
Bonus
up to $250
- FDIC insured for $2 million
- High interest rate
- Earn a higher interest rate with qualifying activities
- No minimum opening deposit
- No monthly service fees
- No overdraft fees
- Up to $250 bonus with qualifying direct deposit (terms apply)
- Earn up to 15% cash back at local retailers if you use a SoFi debit card
- No-fee overdraft coverage if you overdraw up to $50
- Savings tools
- Early direct deposit
- Joint account available
- Declined purchase if you overdraw by more than $50
- Doesn’t reimburse out-of-network ATM providers’ fees
- May deposit cash at Green Dot locations but there’s a $4.95 fee
Insider’s Take
SoFi Checking and Savings is a great account option if you don’t mind keeping your savings and checking in one account.
SoFi Checking and Savings
Product Details
- FDIC insured for $2 million
- 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 4.50% APY on savings balances (Vaults included) and 0.50% APY on checking balances if you set up direct deposit or deposit minimum $5,000 per month
- Earn 1.20% APY on SoFi Checking and Savings if you don’t have qualifying activities
- Earn up to $250 cash bonus available through December 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
6. Consider the mobile app
Do you like to bank from your mobile app? Make sure the bank you’re considering has a mobile app, then look at reviews in the Apple store or Google Play store.
Think about what you’ll need out of the app, too. For example, will you deposit paper checks into your checking account? Find an app with a mobile check deposit tool.
There are numerous great checking accounts out there. The trick is finding the one that’s right for you. By thinking about what you want out of your account and banking experience, you’ll choose one that’s the right fit.
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