11 Best Checking Accounts: Where to Open Your New Checking Account in 2023

Our Picks: 11 Best Checking Accounts in 2023

• Best overall checking accounts: Axos Bank® Rewards Checking
• Best checking accounts for couples: SoFi Checking and Savings
• Best free checking accounts: Quontic Bank Cash Rewards Checking
• Best checking accounts for bad credit: Chime® Checking Account
• Best high yield checking accounts: Heritage Bank eCentive Checking Account
• Best business checking accounts: LendingClub Tailored Checking
• Best student checking accounts: Chase Bank College Checking Account
• Best reward checking accounts: LendingClub Rewards Checking
• Best checking accounts for teens: Capital One MONEY Teen Checking
• Best senior checking accounts: Chase Total Checking® Account
• Best checking accounts for military veterans: Consumers Credit Union Free Rewards Checking Account

Check out more top banking accounts: 

• Best Savings Accounts
• Best High Yield Savings Accounts

Best overall checking accounts: Axos Bank® Rewards Checking

Account Basics

Fees/Restrictions

Why we picked it

Axos Bank is a well-known, full-service online bank. Its rewards checking account is one of the most competitive in the market. You can make passive income from this checking account—it offers up to 3.3% APY. 

The account follows a five-tiered interest rate system—where each tier increases your earning potential once you meet specific transaction or direct deposit qualifications. However, balances above $50,000 don’t earn any interest. This checking account gives you free withdrawals in over 91,000 ATMs nationwide, along with unlimited domestic ATM fee reimbursement.

You can also manage your debit card, pay friends and family, and set up auto-pay for bills from your online account dashboard. Keep in mind that Axos doesn’t have in-person customer service options. It does, however, provide a 24/7 phone line, automated online chat, secure online messaging, and support on Twitter. 

Pros

Cons

Best checking accounts for couples: SoFi Checking and Savings

Account Basics

Fees/Restrictions

Why we picked it

SoFi is one of the best checking and savings accounts, with several benefits you can enjoy with your partner if you share a bank account.

Mind you, there are no stand-alone accounts—so this may not be right for you if you already have a savings account. This combination account offers a good interest rate, and access to automatic saving tools to help you jointly put money aside toward your common financial goals.

SoFi Checking and Savings account also has no fees or minimum balance requirements. The account also comes with complimentary overdraft protection and early direct deposit. You can get up to 15% cashback when shopping locally using your SoFi debit card.

Pros

Cons

Best free checking accounts: Quontic Bank Cash Rewards Checking

Account Basics

Fees/Restrictions

Why we picked it

Quontic Bank is a digital bank headquartered in New York. This checking account also gives you access to over 90,000 ATMs across the US—including any AllPoint® Network ATM, MoneyPass® Network ATM, SUM® program ATMs, or Citibank® ATMs.

Quontic Bank has no monthly fees, overdraft fees, or a minimum balance requirement (but you’ll need at least $100 to open an account).

Pros

Cons

Best checking accounts for bad credit: Chime® Checking Account

Account Basics

Fees/Restrictions

Why we picked it

Unable to open a traditional bank account because of bad credit? This Chime® checking account can provide you with a great second-chance option.

It has no monthly fee or minimum balance requirement—and gives you access to fee-free withdrawals at over 60,000 ATMs. With direct deposit, you can receive paychecks up to two days early—and there are no fees when you use your card abroad.

Pros

Cons

Best high yield checking accounts: Heritage Bank eCentive Checking Account

Account Basics

Fees/Restrictions

Why we picked it

Heritage Bank is a traditional brick-and-mortar bank based in Spicer, Minnesota. It gives you access to checking accounts, savings accounts, and CDs. It’s a great pick if you’re looking for a high-yield checking account and refunds on ATM transactions.

The bank’s eCentive checking account offers up to 2.02% APY on qualifying balances up to $100,000.  This checking account has no monthly service fees or minimum balance requirements. The bank only has seven physical locations—but customers can simplify their finances using bank's app, the mobile browser, or text inquiries and alerts.

Online banking customers can also make person-to-person payments using Popmoney. (The bank also provides ATM refunds of up to $25 monthly.) 

Pros

Cons

Best business checking accounts: LendingClub Tailored Checking

Account Basics

Fees/Restrictions

Why we picked it

LendingClub is a renowned online bank that offers an interest-earning business checking account with great ATM accessibility and robust digital banking features.

This online business checking account stands out for people starting a business and small-business owners because it offers unlimited transactions, debit card rewards, and convenient banking tools (including integrated invoicing and accounting reports).

This business checking account offers 1% cashback on eligible purchases, ATM fee rebates, and a competitive 1.50% APY on balances up to $100,000.

Pros

Cons

Best student checking accounts: Chase Bank College Checking Account

Account Basics

Fees/Restrictions

Why we picked it

Here’s an easy way for college students to earn $100: open a Chase College Checking℠ account, and get paid $100 after you make 10 qualifying transactions within 60 days of enrollment. (These transactions can include debit card purchases or direct deposits.)

Chase will also waive the $6 monthly fee for up to five years while you're enrolled in college (that’s up to $360 in total savings). The account has no monthly service fee if you have an average ending day balance of $5,000 or more.

This student checking account also gives you access to over 15,000 Chase ATMs—and with Chase Overdraft Assist℠, the bank won’t charge an overdraft fee if you’re overdrawn by $50 or less at the end of the business day. College students must be 17–24 years old to open a Chase College Checking account.

You must provide a valid student ID or proof of enrollment/acceptance, college name, and expected graduation date at account opening.

Pros

Cons

Best reward checking accounts: LendingClub Rewards Checking

Account Basics

Fees/Restrictions

Why we picked it

The LendingClub Rewards Checking account has some eye-catching perks, including a competitive APY and ATM fee rebates. Once you meet qualification requirements, you can earn 1% cashback on qualified purchases with your debit card.

LendingClub has partnered with MoneyPass®, SUM™, and NYCE® ATM networks to offer fee-free ATMs nationwide. It also offers unlimited ATM fee reimbursements worldwide. The bank charges no monthly maintenance fees, but you’ll need at least $25 to open your LendingClub Rewards Checking account.

Pros

Cons

Best checking accounts for teens: Capital One MONEY Teen Checking

Account Basics

Fees/Restrictions

Why we picked it

The Capital One MONEY Teen Checking account has no minimum balance requirement or monthly service fee—providing a low entry barrier. Kids aged eight or older can get a taste of financial independence using a debit card.

Whatever they buy or withdraw from this account will be limited to $500 per day (or to any lower limit the parent or guardian sets). The Capital One debit card can be used at over 70,000 Capital One, MoneyPass, and Allpoint ATMs. Parents get activity alerts and can lock the card when they want.

Anyone using this checking account can switch to a regular Capital One 360 checking account and transfer their balance once they turn 18. Teens and parents can also use the bank’s app for effective money management—by dividing the account balance into “Spendable” and “Set Aside” categories.

Your kid isn’t going to like this—but Capital One will stop them from spending in certain categories, including car rental, drinking establishments, liquor stores, cigar stores, and some online retailers.

Pros

Cons

Best senior checking accounts: Chase Total Checking® Account

Account Basics

Fees/Restrictions

Why we picked it

Prefer having an offline banking experience? Then you should pick Chase with 4,700 branches and over 15,000 free ATMs across the United States.

Chase’s Total Checking account also offers great perks (like no minimum opening deposit requirement), and an attractive $200 signup bonus when you open an account and set up a direct deposit.

Pros

Cons

Best checking accounts for military veterans: Consumers Credit Union Free Rewards Checking Account

Account Basics

Fees/Restrictions

Why we picked it

The Consumers Credit Union Free Rewards Checking account pays the highest yields nationwide (3%–5% APY depending on your qualifications) for balances up to $10,000. The account also gives you access to over 30,000 surcharge-free ATMs across the country.

For ATMs outside the network, you’ll receive refunds when you meet your minimum rewards checking requirements. There’s no monthly maintenance fee or a minimum balance you have to keep in this checking account—but you’ll need to deposit at least $5 to open it.

Pros

Cons

All the Venmos and the PayPals of the world seem like the cool kids on the block—while bank accounts are like ashy old folk. In a day and age where everyone is looking for newer ways to pay, many people may wonder, “Why do I even need a checking account?”.

Not you, though—you’re a smart cookie. You’re probably looking for the best checking accounts because you realize the right one can give you easy access to money, a sizable ATM network, and a reasonable interest rate—for low or even zero fees. We hope that this list of the 11 best checking accounts in 2023 provided everything you needed.

The Rating Methodology

The editorial team at LifeAndMyfinances.com compared dozens of checking accounts from different banks, non-banks, and credit unions. While rating checking accounts, we considered various key factors:

• The issuer’s credibility
• Account fees
• Minimum balance requirements
• Available ATM network
• Interest and rewards
• Banking convenience
• Customer service

All the checking accounts listed in this article are insured by the Federal Deposit Insurance Corp. (FDIC) or the National Credit Union Share Insurance Fund (NCUSIF). Disclaimer: all the rates, fees, and bank offers mentioned in this article are subject to change based on the bank’s discretion. 

Key Takeaways

FAQ

Now that we’ve gone through the list of the top checking accounts for 2023, let’s look at the basics of how a checking account works. We’re answering the most common questions you might have about checking accounts before opening one—