- Banking
- Best Checking Accounts
11 Best Checking Accounts: Where to Open Your New Checking Account in 2023
What does our checking account pay you right now? Did you know you could earn 3% or more?
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. So, let’s make things easy for you—here’s a list of the 11 best checking accounts in 2023.
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Our Picks: 11 Best Checking Accounts in 2023
Before digging deep in the crème de la crème, here’s a comparison table with their key features:
| Checking account | Best for | Rating | Minimum opening deposit | APY/Cashback | Bonus | Learn more |
| Axos Bank® Rewards Checking | Overall | 4.5/5 | $50 | up to 1.25% APY | up to $150 | Axos Bank® Rewards Checking |
| Quontic Bank Cash Rewards Checking | Free account | 4/5 | $100 | 1.5% cashback on eligible purchases | N/A | Quontic Bank Cash Rewards Checking |
| Heritage Bank eCentive Checking Account | High yields | 4.2/5 | $100 | up to 2.2% APY | N/A | Heritage Bank eCentive Checking Account |
| LendingClub Tailored Checking | Business | 4.4/5 | $100 | up to 1.50% APY + 1% cashback | N/A | LendingClub Tailored Checking |
| Chase Bank College Checking Account | Students | 4/5 | $0 | N/A | $100 | Chase Bank College Checking Account |
| Chime® Checking Account | Bad credit | 4.2/5 | $0 | N/A | N/A | Chime® Checking Account |
| LendingClub Rewards Checking | Rewards | 4/5 | $100 | 0.10%–0.15% APY + 1% cashback | N/A | LendingClub Rewards Checking |
| Capital One MONEY Teen Checking | Teens | 4.4/5 | $0 | 0.10% APY | N/A | Capital One MONEY Teen Checking |
| SoFi Checking and Savings Account | Couples | 4/5 | $0 | 2.50% APY (with direct deposit) + 15% cashback | $250 bonus (with direct deposits) | SoFi Checking and Savings Account |
| Chase Total Checking® Account | Senior citizens | 3.9/5 | $0 | N/A | $200 | Chase Total Checking® Account |
| Consumers Credit Union Free Rewards Checking Account | Military veterans | 4.3/5 | $5 | 3%–5% APY on balances up to $10,000 | N/A | Consumers Credit Union Free Rewards Checking Account |
Check out more top banking accounts:
Best overall checking accounts: Axos Bank® Rewards Checking
| Checking account | Best for | Rating | Monthly fee | Minimum opening deposit | Minimum balance | APY/Cashback | Bonus |
| Axos Bank® Rewards Checking | Overall | 4.5/5 | $0 | $50 | $0 | up to 1.25% APY | up to $150 |
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 1.25% 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
- Competitive APY.
- No monthly fees for checking or savings.
- Domestic ATM fee reimbursements.
- Modern banking features and tools.
Cons
- Strict requirements to earn the highest APYs.
- No physical bank branches.
- CD and savings rates are relatively low.
Best free checking accounts: Quontic Bank Cash Rewards Checking
| Checking account | Best for | Rating | Monthly fee | Minimum opening deposit | Minimum balance | APY/Cashback | Bonus |
| Quontic Bank Cash Rewards Checking | Free account | 4/5 | $0 | $100 | $0 | 1.5% cashback on eligible purchases | N/A |
Why we picked it
Quontic Bank is a digital bank headquartered in New York. Its cash rewards checking account gives you a competitive 1.5% cashback on eligible debit card purchases. You’ll receive the cashback in your checking account at the beginning of a new statement cycle.
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
- Access to 90,000+ ATMs across the nation.
- 1.5% cashback on eligible debit card purchases.
- No monthly or overdraft fees.
- Convenient online banking platform and mobile app.
Cons
- Minimum account opening deposit of $100.
Best high yield checking accounts: Heritage Bank eCentive Checking Account
| Checking account | Best for | Rating | Monthly fee | Minimum opening deposit | Minimum balance | APY/Cashback | Bonus |
| Heritage Bank eCentive Checking Account | High yields | 4.2/5 | $0 | $100 | $0 | up to 2.2% APY | N/A |
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 $25,000. 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
- Up to 2.02% APY.
- Up to $25 a month in ATM fee reimbursements.
- No monthly service fees, and no minimum balance requirements.
Cons
- You’ll only earn 0.05% APY during a statement cycle if you don’t make at least $500 worth of debit card purchases, don’t have a qualifying direct deposit, and don’t have electronic statements.
- You’re charged $4 monthly to get mailed paper statements.
- Heritage Bank has physical locations in just seven cities across Minnesota, Iowa, and South Dakota.
- Overdrafts and non-sufficient funds can cost you $33 per paid item.
Best business checking accounts: LendingClub Tailored Checking
| Checking account | Best for | Rating | Monthly fee | Minimum opening deposit | Minimum balance | APY/Cashback | Bonus |
| LendingClub Tailored Checking | Business | 4.4/5 | $10 (Waived off for $500 account balance) | $100 | $500 to earn rewards | up to 1.50% APY + 1% cashback | N/A |
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
- Unlimited transactions.
- Up to 1.50% APY on balances up to $100,000 (and 0.10% on all balances after that).
- Unlimited rebates for ATM fees charged by other banks.
- Unlimited 1% cashback on eligible debit card purchases.
Cons
- Comes with a $10 monthly fee.
- Has a minimum balance requirement of $500 to earn debit card rewards and have the monthly fee waived.
- Has a $100 minimum opening deposit requirement.
Best student checking accounts: Chase Bank College Checking Account
| Checking account | Best for | Rating | Monthly fee | Minimum opening deposit | Minimum balance | APY/Cashback | Bonus |
| Chase Bank College Checking Account | Students | 4/5 | $0 for 5 years while in college | $0 | $0 | N/A | $100 |
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 16,000 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
- Earn a $100 bonus after making 10 qualifying transactions.
- No minimum deposit is required to open an account.
- Access to over 16,000 Chase ATMs.
Cons
- $3 to $5 ATM fees may apply when using ATMs outside Chase’s network.
- This account requires an average ending day balance of $5,000 or more to avoid a monthly service fee.
Best checking accounts for bad credit: Chime® Checking Account
| Checking account | Best for | Rating | Monthly fee | Minimum opening deposit | Minimum balance | APY/Cashback | Bonus |
| Chime® Checking Account | Bad credit | 4.2/5 | $0 | $0 | $0 | N/A | N/A |
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
- One of the few accounts for bad credit.
- No monthly fee and no minimum balance requirement.
- Free of charge withdrawals at over 60,000 ATMs.
Cons
- A charge of $2.50 per transaction at out-of-network ATMs.
- Chime® doesn’t offer joint accounts—so it’s not ideal if you’re looking to open an account with someone.
Best reward checking accounts: LendingClub Rewards Checking
| Checking account | Best for | Rating | Monthly fee | Minimum opening deposit | Minimum balance | APY/Cashback | Bonus |
| LendingClub Rewards Checking | Rewards | 4/5 | $0 | $100 | $0 | 0.10%–0.15% APY + 1% cashback | N/A |
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 $100 to open your LendingClub Rewards Checking account.
Pros
- Cashback on debit card purchases.
- Unlimited ATM fee rebates worldwide.
- No monthly maintenance fee.
Cons
- Low balances won't earn a lot of interest.
- Minimum account opening deposit of $100.
Best checking accounts for teens: Capital One MONEY Teen Checking
| Checking account | Best for | Rating | Monthly fee | Minimum opening deposit | Minimum balance | APY/Cashback | Bonus |
| Capital One MONEY Teen Checking | Teens | 4.4/5 | $0 | $0 | $0 | 0.10% APY | N/A |
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
- Early access to a debit card for kids and teens.
- No minimum deposit requirement.
- No monthly maintenance fee.
- Highly rated mobile app with money management features.
- Multiple parental control measures.
Cons
- Doesn’t automatically convert to a standard checking account when someone turns 18.
- $500 daily purchase and withdrawal limit for those under 18.
Best checking accounts for couples: SoFi Checking and Savings
| Checking account | Best for | Rating | Monthly fee | Minimum opening deposit | Minimum balance | APY/Cashback | Bonus |
| SoFi Checking and Savings Account | Couples | 4/5 | $0 | $0 | $0 | 2.50% APY (with direct deposit) + 15% cashback | $250 bonus (with direct deposits) |
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
- One of the top interest-earning checking accounts.
- No monthly fees or minimum balance requirements.
- Early direct deposit.
- Potential cashback rewards for using a SoFi debit card.
- Large fee-free ATM network.
Cons
- You must sign up for a direct deposit to earn the highest interest rate.
- No stand-alone checking account.
Best senior checking accounts: Chase Total Checking® Account
| Checking account | Best for | Rating | Monthly fee | Minimum opening deposit | Minimum balance | APY/Cashback | Bonus |
| Chase Total Checking® Account | Senior citizens | 3.9/5 | $12 (waived with direct deposit) | $0 | $1,500 to avoid the monthly fee | N/A | $200 |
Why we picked it
Prefer having an offline banking experience? Then you should pick Chase with 4,700 branches and over 16,000 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
- $200 account opening bonus offer.
- No minimum opening deposit requirement.
- Large offline branch network.
Cons
- Carries a monthly fee of $12.
Best checking accounts for military veterans: Consumers Credit Union Free Rewards Checking Account
| Checking account | Best for | Rating | Monthly fee | Minimum opening deposit | Minimum balance | APY/Cashback | Bonus |
| Consumers Credit Union Free Rewards Checking Account | Military veterans | 4.3/5 | $0 | $5 | $0 | 3%–5% APY on balances up to $10,000 | N/A |
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
- 3%–5% APY on balances up to $10,000.
- No ATM fees across the Union’s 30,000 surcharge-free ATM network.
- Access your military pay two days early with early direct deposit.
- No monthly service fee.
- No minimum balance requirement.
Cons
- If your account has more than $10,000, you only earn 0.10% or 0.20% APY—depending on the amount.
- You only earn 0.01% APY on all balances if you don’t complete the initial requirements in any month.
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
- A good checking account can give you easy access to money, a sizable ATM network, and even a good interest rate—for zero to low fees.
- Checking accounts are best-suited for daily use, as they have fewer restrictions than savings accounts when it comes to withdrawals.
- Account minimum balance requirements, monthly service fees, and ATM charges are some important things to consider when choosing a checking account.
- By choosing a bank or credit union that's backed by the federal government you’ll keep your money safe.
Everything You Need to Know About Checking Accounts
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—
1. What is a checking account?
A checking account is a deposit bank account that gives you easy access to your cash anytime. You can deposit and withdraw money into your bank as you wish.
Checking accounts can be used to manage your everyday financial transactions, pay bills, and make purchases. You can open one of these at an online bank, a credit union, or a traditional brick-and-mortar bank.
2. How does a checking account work?
Checking accounts are financial tools that help you with short-term needs and everyday transactions. These accounts usually come with a debit card for payments, purchases, and ATM withdrawals.
They’re best suited for daily use, as they have fewer restrictions on withdrawals than savings accounts (but your bank may still put a limit on your daily debit card and ATM spends). More and more banks are now offering interest-bearing checking accounts, although these rates are considerably lower than for savings accounts.
Your bank may also charge a monthly fee to keep your checking account running—or require you to have a specific balance in the account to waive the fee.
3. What are the different types of checking accounts?
There are six main types of checking accounts:
- Traditional checking accounts: These standard checking accounts let you perform basic spending functions. (They come with a debit card for payments, purchases, and ATM withdrawals.)
- Premium checking accounts: They’re standard checking accounts with additional banking features. (Depending on the bank or credit union, you may need to meet higher deposit or balance requirements—or pay a monthly fee for access.)
- Interest-bearing checking accounts: These accounts earn interest (usually on a certain balance).
- Rewards checking accounts: They earn incentives for spending (similar to credit cards).
- Student checking accounts: They’re for teens and college students looking to get their first checking account. (They typically feature low or zero fees, and also overdraft protection.)
- Second-chance checking accounts: For those with a poor banking history. (These accounts usually carry unavoidable monthly fees.)
4. How to choose a checking account?
Gary Zimmerman, founder and CEO at MaxMyInterest, says picking the best checking account may come down to the fees, “For most people, the most important feature in a checking account is that it offers all the features they need (checking, ATM access, bill pay) with little expense. If your bank charges you a monthly maintenance fee, that’s a sign that they don’t want your business.”
Here’s a list of five other parameters you should consider before picking a checking account:
- Insurance: Check if your account provider is insured under Federal Deposit Insurance Corporation (FDIC) or National Credit Union Administration (NCUA).
- Minimum balance requirements: Find out if you’ll have to keep a certain balance to avoid fees.
- ATM network: See if your provider has a large network of free ATMs.
- Interest and rewards: Some checking accounts yield interest and provide cashback on debit card spends.
- Convenience: Federal Reserve’s Consumers and Mobile Financial Services Report reveals that over 71% of Americans use online banking, while 43% use mobile solutions. (If you’re one of them, you want to go for a provider with a mobile app and net banking features.)
5. What are the pros and cons of a checking account?
Here are some upsides and downsides of opening a checking account:
| Pros of opening a checking account | Cons of opening a checking account |
| Gives you easy access to money, with fewer restrictions on withdrawals. | May charge monthly fees or have requirements for those wanting to avoid them. |
| Direct deposit lets you receive paychecks straight into your account. | Most checking accounts don’t earn interest. |
| Checking accounts opened in banks and credit unions are usually insured. | They aren’t ideal for long-term savings. |
6. What are some common checking account fees?
Some common checking account fees include:
- Minimum balance to open an account: Also known as an opening deposit, it’s the minimum you need to open a checking account—usually $25 or more (some checking accounts don’t have it).
- Maintenance fees: Many checking accounts charge a monthly maintenance fee, unless you keep a minimum balance in the account (usually $250–$1,500).
- ATM fees: These fees usually apply when you withdraw money at a non-network ATM and can range from $2 to $5 (or more at international ATMs). Some checking accounts will reimburse you for non-network ATM fees.
- Overdraft or insufficient funds fees: These are applied for insufficient funds, and can vary among banks (expect them to be as high as $30).
7. Can you get turned down for a checking account?
Yes. Even though opening a checking account is easier than applying for a credit card—you can still be denied by the bank. This is usually because of negative actions found on your ChexSystems or Early Warning Services report.
These reporting agencies help banks assess a prospective customer’s banking history. Unpaid bank fees and bounced checks can land you on the ChexSystems or Early Warning Services blacklist. The more blemishes on your report, the less chance you have of being approved for a new account.
8. Is your money safe in a checking account?
Yes, your money is safe in a checking account—as long as the bank or credit union is FDIC-insured. An FDIC-insured financial institution protects deposits up to $250,000 for individual bank accounts (up to $500,000 for joint bank accounts).
Sources
See all
Consumers and Mobile Financial Services 2016. (2016). https://www.federalreserve.gov/econresdata/consumers-and-mobile-financial-services-report-201603.pdf
FDIC: Deposit Insurance. (n.d.). Retrieved March 17, 2023, from https://www.fdic.gov/resources/deposit-insurance/
