Best Online Checking Accounts of May 2023

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The best checking accounts at online banks can be great choices if you want an account with low fees, unique perks, or a combination of both. 

Best Online Checking Accounts

• Capital One 360 Checking®: Best for Minimal Bank Fees and Lenient Opening Requirements
• Chime Checking Account: Best for Easy Deposits
• Redneck Bank Rewards Checkin’ Account: Best for a High Interest Rate 
• SoFi Checking and Savings: Best Checking/Savings Combo
• Upgrade Rewards Checking: Best for Cash-back Rewards
• Axos Bank Rewards Checking: Best for ATM Access
• Schwab Bank High Yield Investor Checking® Account: Best for Strong Customer Service
• Wealthfront Cash Account: Best Cash Management Account

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. All of the financial institutions on our list are protected by FDIC or NCUA insurance. Although First Republic Bank was recently shut down, bear in mind your money is safe at a federally insured financial institution. When a financial institution is federally insured, up to $250,000 per depositor is secure in a bank account.

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Our Expert Panel for the Best Online Checking Accounts

We consulted banking and financial planning experts to inform these picks and provide their advice on finding the best checking accounts for your needs. 

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, certified financial planner with lifelaidout® and author of “Work Your Money, Not Your Life”:

“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?”

Sophia Acevedo, certified educator in personal finance, banking reporter, Personal Finance Insider:

“I would look for a checking account that either doesn’t have any monthly services fees or offers multiple ways to waive the fee. I would also look at customer support availability and mobile app ratings.”

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

Tania Brown, certified financial planner at SaverLife:

“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, MBA, certified financial education instructor, BoujieBudgets.com:

“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.”

Methodology

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. 

To learn more about how we rate and review products, see our editorial standards page.

See our full ratings methodology for checking, business checking, savings, and money market accounts »

Best Online Checking Accounts FAQs

Best for Minimal Bank Fees and Lenient Opening Requirements

Capital One 360 Checking®

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. 

Capital One Bank Review

Best for Easy Deposits

Chime Checking Account

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. 

Chime Bank Review

Best for a High Interest Rate

Redneck Bank Rewards Checkin’ Account

Why it stands out: Redneck Bank pays a high bonus interest rate of 5.30% APY on account balances up to $15,000, and 0.50% APY on amounts over $15,000. To qualify for the bonus rate, you’ll have to make 10 qualifying debit card transactions per monthly statement cycle and receive online bank statements.

What to look out for: If you do not meet the monthly requirements, you’ll earn a standard rate of 0.25% APY. Redneck Bank also requires a steep minimum opening deposit of $500 to open the Redneck Bank Rewards Checking Account. You might prefer another financial institution if you’d like to open an account with less money upfront.

Redneck Bank Rewards Checking Account

Best Checking/Savings Combo

SoFi Checking and Savings

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 December 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 up to 4.20% with direct deposit APY on savings balances (Vaults included) and 1.20% APY on checking balances. 

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

SoFi Checking and Savings Review

Best for Cash-back Rewards

Upgrade Rewards Checking

Why it stands out: Upgrade Rewards Checking offers 2% cash back on everyday debit card purchases and payments on utilities and monthly subscriptions, and 1% cash back on all other debit card purchases. Upgrade describes an everyday purchase as an online or in-person purchase at a convenience store, drugstore, restaurant, bar, or gas station.

The 2% cash back perk has a limit of $500 per year. Once you reach the annual limit, you’ll get 1% cash back on all eligible purchases for the rest of the year.

What to look out for: To get the most out of the Upgrade Rewards Checking Account, like ATM fee reimbursements and loan discounts, you’ll have to maintain a $2,500 daily checking account balance, receive at least $1,000 in direct deposits each month, or make eight or more monthly debit card purchases. Otherwise, you won’t qualify for these perks.

Money transfers, ATM transactions, check purchases, gift cards, foreign currency, money orders, refunds, or fraudulent transactions aren’t eligible for any cash back rewards.

Upgrade Checking and Savings Review

Best for ATM Access

Axos Bank Rewards Checking

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 3.30% 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 1.00% APY if you keep at least a daily average of $2,500 in an Axos Managed Portfolios Invest Account monthly.
• Earn an additional 1.00% APY if you keep at least a daily average of $2,500 in an Axos Self Directed Trading Invest Account monthly.
• Earn an additional 0.60% 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.

Axos Bank Review

Best for Strong Customer Service

Schwab Bank High Yield Investor Checking® Account

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.

Charles Schwab Bank Review

Best Cash Management Account

Wealthfront Cash 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 4.55% 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 $5 million in an individual bank account.

Wealthfront Cash Account Review

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

• Quontic Cash Rewards Checking Account: Quontic lets you earn 1% cash back on eligible debit card purchases. You can get up to $50 in cash back rewards per month. It wasn’t our top pick because Upgrade’s cash-back perks stand out more. You can earn 2% cash back on everyday purchases (up to $500 in rewards per calendar year). Read Insider’s Quontic Bank Review.
• Consumers Credit Union Free Rewards Checking Account: Consumers Credit Union pays up to 5% APY on the first $10,000 in your account if you meet certain monthly requirements. However, Redneck Bank offers the possibility to earn a higher bonus interest rate for balances up to $15,000.
• Discover Cashback Debit Account
  : Discover lets you earn 1% cash back on up to $3,000 in debit card purchases per month. However, our top pick Upgrade may be appealing when it comes to earning cash back on everyday purchases. Read Insider’s Discover Bank Review.
• 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 Insider’s LendingClub Review.
• 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 Redneck Bank. Read Insider’s Bank5 Connect Review.
• 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 Insider’s FNBO Direct Review.
• 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 Insider’s Dora Financial Review.
• 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 Redneck Bank, SoFi, Wealthfront, and Axos, though. Read Insider’s Amalgamated Bank Review.
• 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 Insider’s Daylight Review.
• Empower Personal Cash™: Empower has a solid cash management account with minimal fees, but Wealthfront currently offers a higher interest rate.
• Alliant High-Interest Checking Account: Alliant offers a solid checking account, but Axos, SoFi, Redneck Bank, and Wealthfront all pay higher interest rates. Read Insider’s Alliant Credit Union Review.
• 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 Insider’s Blue Federal Credit Union Review.
• Connexus Xtraordinary Checking Account: This is a good high-yield checking account, but you can earn a better rate with Redneck Bank. Read Insider’s Connexus Credit Union Review.
• 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 Redneck Bank. Read Insider’s Bethpage Credit Union Review.
• 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 Insider’s Ally Bank Review.
• 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 Insider’s CIT Bank Review.
• 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 Insider’s Betterment Checking and Cash Reserve Review.
• 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 Insider’s TIAA Bank Review.

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. The only institution on our list that hasn’t received a BBB rating yet is Redneck Bank.

Here are the BBB grades for our top picks:

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

Upgrade received an A+ rating from the BBB. Its partner bank, Cross River Bank, received a C- rating because it has received a high volume of customer complaints on the BBB website, and it has seven unresolved complaints. 

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.