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Checking accounts are optimal tools for everyday expenses and transactions.
We reviewed over 30 financial institutions to find the best banks for checking accounts. To help you find a checking account based on your preferences, we narrowed down our top picks by creating three categories —accounts with rewards perks, accounts that require minimal effort (are easy to open and have minimal bank fees), and popular brands.
Best Checking Accounts of November
- SoFi Checking and Savings: Best for a variety of rewards perks
- Upgrade Rewards Checking Plus: Best for cash-back rewards
- Redneck Bank Rewards Checkin' Account: Best for a high interest rate
- Chime® Checking Account: Best second chance bank account
- Capital One 360 Checking: Best for avoiding overdraft fees
- Schwab Bank High Yield Investor Checking® Account: Best for avoiding ATM fees
- Alliant High-Interest Checking Account: Best credit union for minimal effort
- Experian Smart Money: Best for financial tools
Here are our top picks for the best checking accounts.
Best Checking Account Reviews
SoFi Checking and Savings - Product Name Only
SoFi Checking and Savings might be worth exploring if you'd like a well-rounded checking account that offers interest, cash back, and a cash bonus.
SoFi pays
SoFi Checking and Savings also has a cash bonus of up to $250 with qualifying direct deposit for eligible customers until December 31, 2023. You may qualify for the bonus as long as you're a new SoFi Checking and Savings customer, or an existing SoFi Checking and Savings customer who hasn't set up direct deposit yet.
Keep in mind this account works best if you set up a direct deposit or deposit a minimum $5,000 per month. That way, you'll qualify for a $250 cash bonus and the highest-tier interest rate.
SoFi Checking and Savings Review
Upgrade Rewards Checking - Product Name Only
Upgrade Rewards Checking Plus is a strong option if you're looking for a rewards checking account that offers cash-back perks. Upgrade Rewards Checking Plus lets you earn 2% cash back on everyday debit card purchases (purchases at convenience stores, drugstores, restaurants, bars, or gas stations) and payments on utility and monthly subscriptions. You may also get 1% cash back on any other debit card purchases.
The 2% cash back perk has a limit of $500 per year. Once you reach the yearly limit, you'll get 1% cash back on all eligible purchases for the remainder of the year.
To get the most out of the Upgrade Rewards Checking Plus Account — like ATM fee reimbursements and loan discounts receive at least $1,000 or more in direct deposits monthly Otherwise, you won't qualify for these perks.
Also, keep in mind certain transactions are eligible for cash back rewards. For example, you won't get the rewards on money transfers, ATM transactions, check purchases, gift cards, foreign currency, money orders, refunds, or fraudulent charges.
Upgrade Checking and Savings Review
Redneck Bank Rewards Checkin' Account - Product Name Only
The Redneck Bank Rewards Checkin' Account might be appealing if you'd like to get rewards checking account with a competitive interest rate. Redneck Bank offers a bonus rate of 5.30% APY on account balances up to $15,000, and 0.50% APY on balances above $15,000. To qualify for the highest interest rate on your account balance, you must make at least 10 qualifying debit card transactions each monthly statement cycle and receive online bank statements.
If you do not meet the monthly requirements, the standard rate for the Redneck Bank Rewards Checkin' Account is 0.25% APY. You also might consider another checking account if you would prefer to deposit less money upfront. Redneck Bank requires a steep minimum deposit of $500 to open its Redneck Rewards Checkin' Account.
Redneck Bank Rewards Checking Account Review
Chime Checking Account - Product Name Only
The Chime Checking Account is a solid bank account with easy opening requirements. You might like this account, in particular, if you've struggled to open a bank account in the past due to your banking history. This account does not require a credit check or review by ChexSystems.
Chime also may be worthwhile if your goal is to avoid common bank fees. The online banking platform doesn't charge monthly service fees, overdraft fees, or foreign transaction fees.
That said, Chime's SpotMe feature does have some limitations. The account only lets you overdraw by up to $200 and to be eligible for this perk, you must receive at least $200 in direct deposits monthly. If you try to overdraw by more than $200, the transaction won't be processed. Instead, it'll just be denied.
Capital One 360 Checking - Product Name Only
Capital One Checking has one of the most well-rounded checking accounts if you'd like to bank with a national brand. This checking account has a $0 minimum opening deposit, no monthly service fees, no overdraft fees, and no foreign transaction fees.
This account also stands out because it has a variety of overdraft options. For example, one overdraft service offered is free savings transfers. To utilize the service, you'll link your checking account to a savings account. If you overdraw, Capital One will cover your overdraft by transferring money from your savings account automatically. There's no fee involved for this service, which is an added bonus because typically financial institutions charge a fee.
Something to keep in mind with Capital One is that it has Capital One Cafes in select areas throughout the US. At Capital One Cafes, you can get bank services through a Cafe Ambassador. You'll still have to be primarily comfortable with an online-only banking experience when opening a Capital One bank account, though.
Capital One 360 Checking Review
Schwab Bank High Yield Investor Checking® Account - Product Name Only
The Schwab Bank High Yield Investor Checking Account is another good option if you'd like to open a checking account with a familiar brand. In particular, this account might be worth exploring if you already have a brokerage account with Charles Schwab.
This account's strongest feature is its ATM perks. Charles Schwab doesn't charge ATMs and offers unlimited refunds worldwide when an ATM provider charges a fee.
Alliant High-Interest Checking Account - Product Name Only
The Alliant High-Interest Checking Account is a good choice if you prioritize banking with a credit union over a bank and want an account with minimal fees. This checking account does not have monthly service fees or overdraft fees. You'll also be reimbursed up to $20 in out-of-network ATM fees per month.
Alliant ranks as one of our best credit unions because it's easy to join regardless of where you live in the US. Anyone can join by becoming a member of Foster Care for Success, a nonprofit organization that helps foster teens in the US (Alliant will also cover the one-time $5 membership fee).
Like other credit unions, Alliant compounds interest monthly or daily. This may make a difference in how much interest you'll earn depending on how much money you'd like to keep in an account.
Alliant Credit Union Checking Review
Experian Smart Money - Product Name Only
The Experian Smart Money Account is another well-rounded online checking account. It has a
This account also might be an appealing choice if you want access to financial tools. The checking account is automatically linked to a tool called Experian Boost. Experian Boost allows you to build credit for making on-time payments for phone bills, utility bills, rent payments, and more. The account also has early direct deposit and you may be eligible for a
You might prefer one of our other top picks if you want overdraft protection. If you make a transaction that would result in a negative account balance, Experian will deny the purchase.
Checking Account FAQs
What is the purpose of a checking account?
A checking can be used as a tool for managing transactions and monitoring spending. A traditional checking account usually comes with several ways to access money in your account, like checks or a debit card.
What are the best banks for checking accounts?
The best banks for checking accounts will usually have minimal bank fees, like monthly service, overdraft fees, and out-of-network ATMs. The most suitable option for you might also depend on whether you're looking for special perks, like a cash bonus, interest, or cash-back rewards.
Can I open a second checking account at the same bank?
Many banks allow you to open more than one checking account, but it's usually unnecessary unless you need an individual account and a joint account.
Is it bad to have multiple checking accounts?
It's not bad to have multiple checking accounts, but it's usually not necessary. A checking account should hold cash that you are using to cover your expenses each month and no more than that. Any excess cash is best stored in a high-yield savings account, where it can earn up to 200 times more interest than a checking account, or in an investment account.
Which type of bank account is best for everyday transactions?
Typically, a checking account is the best type of account for regular purchases. Checking accounts typically don't have a limit on how often you can make transactions like savings and money market accounts do.
Different Types of Checking Accounts
There are four types of checking accounts: regular checking accounts, high-interest checking accounts, cash-back checking accounts, and specialty checking accounts. Here's an overview of each type of checking account:
- Regular checking: These are the standard checking accounts that you'd find at a brick-and-mortar bank.
- High-interest checking: A high-interest checking account helps you earn interest on your checking account balance. High-interest checking accounts are commonly found at online banks or credit unions.
- Cash-back checking: Cash-back checking accounts offer a percentage of cash back on debit card purchases.
- Specialty checking: These are checking accounts specifically tailored for a particular demographic. For example, some banks offer student checking accounts or senior checking accounts.
The best checking account for you may hinge on your banking preferences and goals. For example, if you regularly maintain a high checking account balance, the best high-yield checking accounts may be appealing options.
Bank Trustworthiness and BBB Ratings
The Better Business Bureau assigns companies grades, ranging from F to A+. A strong BBB score 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:
| Institution | BBB |
| Capital One 360 | A+ |
| Charles Schwab | A+ |
| Alliant Credit Union | A+ |
| Chime | A- |
| Experian | C+ |
| SoFi | A+ |
| Upgrade | A+ (C- rating from partner bank) |
Chime's BBB rating can be attributed to a high volume of customer complaints.
Experian received a C+ rating from BBB because it has received a high volume of customer complaints, had government actions taken against the company, and has taken a long time to respond to customer complaints.
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.
SoFi has been involved in a recent public controversy. In 2021, the Security and Exchange Commission required SoFi Wealth to pay $300,000 in a settlement that stated the bank failed to tell customers of a conflict of interest when it put account holders' assets into SoFi ETFs instead of third-party ETFs.
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.
In November 2022, Experian was required to pay a total of $13.67 million regarding two settlements over data breaches that occurred in 2012 and 2015. The 2015 breach occurred when an authorized person obtained access to personal information in the Experian network, primarily affecting people who applied for T-Mobile services between September 2013 and September 2015. The 2012 breach involved identity theft.
Capital One is facing a lawsuit. The bank used to have an account called 360 Savings. In 2019, Capital One launched the new 360 Performance Savings Account, which paid a much a higher interest rate. Many customers thought their old savings accounts would transition into this new one, but in reality, they had to open a new 360 Performance Savings Account to earn the higher rate. So some customers have been earning a significantly lower savings rate for years.
In the lawsuit, the plaintiffs' lawyers allege that Capital One didn't inform 360 Savings customers that these were two distinct accounts, or that 360 Performance Savings paid a higher rate. However, Capital One wants this case dismissed because it claims people had every opportunity to learn these facts on their own. This case is still ongoing.
Best Checking Account Comparison
Why You Should Trust Us: Our Expert Panel for the Best 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.
Insider
Here's what they had to say about checking accounts. (Some text may be lightly edited for clarity.)
What are some good qualities to look for in a checking account?
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 a 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 find the right bank?
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."
Our Methodology: How We Chose the Best Checking Accounts
At Personal Finance Insider, we strive to help smart people make the best decisions with their money. We spent hours comparing and contrasting the features and fine print of nearly three dozen checking accounts available at over 30 national and online-only banks so you don't have to. Read more about how we rate and review products on Personal Finance Insider's editorial standards page.
We understand that "best" is often subjective, however, so in addition to highlighting the clear benefits of a checking account — no fees, for example — we outline the limitations, too.
We considered offerings at over 30 financial institutions using our checking account methodology to determine the strongest options for the best checking accounts.
We gave precedence to no-monthly-fee checking accounts or those with the option to waive monthly fees with qualifying activities, overdraft protection options, widespread ATM access and/or reimbursement for ATM fees, and mobile banking capabilities.
Other Checking Accounts We Considered
The following our checking were considered for top picks, but we ultimately didn't choose them. You may still want to consider some of these options, depending on your preferences:
Consumers Credit Union Free Rewards Checking Account - Product Name Only : Consumers Credit Union has a high interest rate on its rewards checking account, but Redneck Bank's checking account is even more competitive.LendingClub Rewards Checking Account - Product Name Only : LendingClub pays a lower interest rate than our top picks, and to get the most out of your account you need to maintain a $2,500 balance.Wealthfront Cash Account - Product Name Only : The Wealthfront Cash Account pays a good interest rate, but depending on your account balance, you might be able to earn more with Redneck Bank's rewards checking account.Quontic Cash Rewards Checking Account - Product Name Only : 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).Discover Cashback Debit Account - Product Name Only : 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.Chase Total Checking® - Product Name Only : Chase is a popular brick-and-mortar bank. None of Chase's checking accounts made our list because they have monthly service fees unless you qualify to waive them.Axos Bank Rewards Checking : Axos offers a good interest rate, but some of our top picks have even higher interest rates or lower minimum opening deposits.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.Fidelity Cash Management Account - Product Name Only : This is a good free account that combines saving, spending, and investing features. The interest rate isn't as high as what you'll earn with other high-yield checking accounts, though.The Citi Account Package Checking Account : A fine checking account but customer satisfaction is below average, according to J.D. Power's US National Banking Satisfaction Study.US Bank Easy Checking Account : A standard checking account from US Bank with options to waive the $6.95 monthly fee, and customer satisfaction is slightly above average, according to J.D. Power's US National Banking Satisfaction Study.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; otherwise it's a fine account earning 0.10% APY on balances below $25,000.TD Bank Convenience Checking Account : TD Bank ranked No. 3 on J.D. Power's US National Banking Satisfaction Study. But its only ATM and branch locations are on the East Coast, and there's a $3 fee each time you use a non-TD ATM.TD Bank Beyond Checking Account : This account is favorable for people with high balances. Non-TD ATM fees are reimbursed, but only with a $2,500 minimum daily balance.PNC Virtual Wallet with Performance Select : PNC ranked No. 4 on J.D. Power's 2022 US National Banking Satisfaction Study. But in order to waive the $25 monthly fee, you need $5,000 or more in monthly direct deposits, or a $5,000 average balance, or $25,000 in all PNC accounts (including investments). Branch access is limited to the Eastern US.PNC Virtual Wallet with Performance Spend : In order to waive the $15 monthly fee, you need $2,000 or more in monthly direct deposits, or a $2,000 average balance, or $10,000 in all PNC deposit accounts. Branch access is limited to the Eastern US.HSBC Premier Checking (Member FDIC) : To become an HSBC Premier client and avoid a $50 monthly service fee, you have to keep $75,000 in bank/investment accounts, receive $5,000 in direct deposits each month, or take out a mortgage of at least $500,000.Axos Bank Essential Checking : A solid online-only checking account with unlimited ATM fee reimbursement, but nothing extra special.Axos Bank Rewards Checking : This account offers up to 1% cash back on purchases (you can earn up to $2,000 per month), but doesn't count transactions from grocery stores and requires an average daily balance of $1,500 to earn the cash back. If your balance falls below that limit, you get 0.50% cash back.TIAA Bank Basic Checking Account : A solid account that waives the already low $5 fee with a daily average balance of $25. To enjoy unlimited ATM reimbursement, however, you need to keep an average daily balance of at least $5,000.EverBank Yield Pledge Checking - Product Name Only : To enjoy unlimited ATM reimbursement you need to keep an average daily balance of at least $5,000. You also need at leastEverBank Yield Pledge Checking - Minimum Deposit to open the account.Wells Fargo Everyday Checking Account : Wells Fargo's account is comparable to other checking accounts, but Wells Fargo ranked lower on J.D. Power's US National Banking Satisfaction Study than other banks.Acorns Spend Account : When you swipe your Acorns Spend debit card, Acorns will round your purchase up to the nearest dollar and immediately transfer the spare change to your Acorns Invest Account.USAA Classic Checking : USAA is specifically for military members and family, and new recruits get paid a day early with a checking account.Varo Checking Account : This is a solid checking account with no monthly fees, but Varo will charge you for using an out-of-network ATM.Aspiration Account : You have the option to plant a tree every time you swipe your debit card, and you can earn 3% to 5% cash back when you shop at companies like TOMS and Blue Apron.Aspiration Plus Account : You'll receive 10% cash back on select purchases and earn interest on your balance, but there's a monthly fee.First Tech Rewards Checking® - Product Name Only : This is a good high-yield checking account, but you have to meet certain requirements to become a member of the credit union.