What is a checking account?

A checking account is a bank account designed for spending. Most checking accounts come with a debit card. Account holders can also take advantage of online bill pay services. It contrasts with a savings account, which is intended for -- yes -- saving. Savings accounts usually don't have debit cards, because banks don't expect you to spend the money in your savings account. You can open a checking account online or in person, through both traditional brick-and-mortar banks and an increasing number of online financial institutions (like that new banking app your coworker won't stop raving about).

Are checking accounts free?

Checking account costs vary dramatically. Some have multiple fees, such as maintenance charges, overdraft fees, and ATM fees, while others are entirely fee free.

Do checking accounts earn interest?

Some checking accounts, especially those offered by online banks, earn interest on deposits. But it's usually a small amount. If you want your money to earn interest, you're better off with a high-yield savings accoun t.

How do you earn a checking account bonus?

Rules vary based on the financial institution. Conditions for earning a bonus may include: Using a promotional code Making a minimum initial deposit Maintaining a minimum balance for a specific amount of time You can see even more checking account options on our Best Checking Account Promotions page.

Best Checking Accounts 2024: Top 8 of 116 Banks Reviewed

Checking accounts are a safe place to keep money you need for everyday spending.

We evaluate checking accounts on brand reputation, APY, fees and minimums, and account features. While we can't cover the entire field, we've spent hours researching over 100 banks to find the eight best checking accounts below. Here are our top picks for convenience, affordability, and exceptional service.

Why trust The Motley Fool

Our team of experts assessed 100+ banking institutions
We evaluate all banking institutions across the same 4 key criteria: annual percentage yield (APY), brand reputation, fees and minimum requirements, and additional perks
Our bank ratings are never influenced by our advertising partners
We strictly feature products that offer federal insurance and high customer satisfaction, keeping our recommendations unbiased

Robin Hartill, CFP®, is Motley Fool Money’s Head of Product Ratings and has worked for The Motley Fool since 2020. Her work has appeared in various national publications, including Yahoo! Finance, NerdWallet, Investopedia, and MSNBC. She previously wrote The Penny Hoarder’s syndicated “Dear Penny” personal finance advice column.

Featured Checking Accounts

Best savings and checking account in one: SoFi Checking and Savings
Best for cash back rewards: Discover® Cashback Debit

8 Best Checking Accounts

Show The List [+] Hide The List [-]

Rates as of Dec 02, 2024

Offer	APY	Minimum to Earn APY	Rating	Next Steps
SoFi Checking and Savings Open Account for SoFi Checking and Savings On SoFi's Secure Website. Member FDIC. Rating image, 4.50 out of 5 stars. 4.50/5 Our ratings are based on a 5 star scale. 5 stars equals Best. 4 stars equals Excellent. 3 stars equals Good. 2 stars equals Fair. 1 star equals Poor. Disclaimer	0.50% Rate info Min. to earn: $0	Rating image, 4.50 out of 5 stars. 4.50/5 Our ratings are based on a 5 star scale. 5 stars equals Best. 4 stars equals Excellent. 3 stars equals Good. 2 stars equals Fair. 1 star equals Poor.	$0	Open Account for SoFi Checking and Savings On SoFi's Secure Website.
SoFi disclosure: ¹ New and existing Checking and Savings members who have not previously enrolled in Direct Deposit with SoFi are eligible to earn a cash bonus of either $50 (with at least $1,000 total Direct Deposits received during the Direct Deposit Bonus Period) OR $300 (with at least $5,000 total Direct Deposits received during the Direct Deposit Bonus Period). Cash bonus will be based on the total amount of Direct Deposit. Direct Deposit Promotion begins on 12/7/2023 and will be available through 1/31/2026. Full terms at sofi.com/banking. SoFi Checking and Savings is offered through SoFi Bank, N.A., Member FDIC. SoFi members with Direct Deposit can earn 4.00% annual percentage yield (APY) on savings balances (including Vaults) and 0.50% APY on checking balances. There is no minimum Direct Deposit amount required to qualify for the 4.00% APY for savings (including Vaults). Members without Direct Deposit will earn 1.20% APY on savings balances (including Vaults) and 0.50% APY on checking balances. Interest rates are variable and subject to change at any time. These rates are current as of 12/3/2024. There is no minimum balance requirement. Additional information can be found at http://www.sofi.com/legal/banking-rate-sheet. ² SoFi members with Direct Deposit or $5,000 or more in Qualifying Deposits during the 30-Day Evaluation Period can earn 4.00% annual percentage yield (APY) on savings balances (including Vaults) and 0.50% APY on checking balances. There is no minimum Direct Deposit amount required to qualify for the stated interest rate. Members without either Direct Deposit or Qualifying Deposits, during the 30-Day Evaluation Period will earn 1.20% APY on savings balances (including Vaults) and 0.50% APY on checking balances. Only SoFi members with direct deposit are eligible for other SoFi Plus benefits. Interest rates are variable and subject to change at any time. These rates are current as of 12/3/24. There is no minimum balance requirement. Additional information can be found at http://www.sofi.com/legal/banking-rate-sheet. ³ We do not charge any account, service or maintenance fees for SoFi Checking and Savings. We do charge a transaction fee to process each outgoing wire transfer. SoFi does not charge a fee for incoming wire transfers, however the sending bank may charge a fee. Our fee policy is subject to change at any time. See the SoFi Checking & Savings Fee Sheet for details at sofi.com/legal/banking-fees/. ⁴ SoFi Bank is a member FDIC and does not provide more than $250,000 of FDIC insurance per legal category of account ownership, as described in the FDIC’s regulations. Any additional FDIC insurance is provided by the SoFi Insured Deposit Program. Deposits may be insured up to $2M through participation in the program. See full terms at SoFi.com/banking/fdic/terms See list of participating banks at SoFi.com/banking/fdic/receivingbanks ⁵ We’ve partnered with Allpoint to provide you with ATM access at any of the 55,000+ ATMs within the Allpoint network. You will not be charged a fee when using an in-network ATM, however, third-party fees incurred when using out-of-network ATMs are not subject to reimbursement. SoFi’s ATM policies are subject to change at our discretion at any time. ⁶ Early access to direct deposit funds is based on the timing in which we receive notice of impending payment from the Federal Reserve, which is typically up to two days before the scheduled payment date, but may vary. ⁷ Overdraft Coverage is limited to $50 on debit card purchases only and is an account benefit available to customers with direct deposits of $1,000 or more during the current 30-day Evaluation Period as determined by SoFi Bank, N.A. The 30-Day Evaluation Period refers to the “Start Date” and “End Date” set forth on the APY Details page of your account, which comprises a period of 30 calendar days (the“30-Day Evaluation Period”). You can access the APY Details page at any time by logging into your SoFi account on the SoFi mobile app or SoFi website and selecting either (i) Banking > Savings > Current APY or (ii) Banking > Checking > Current APY. Members with a prior history of non-repayment of negative balances are ineligible for Overdraft Coverage.				SoFi disclosure: ¹ New and existing Checking and Savings members who have not previously enrolled in Direct Deposit with SoFi are eligible to earn a cash bonus of either $50 (with at least $1,000 total Direct Deposits received during the Direct Deposit Bonus Period) OR $300 (with at least $5,000 total Direct Deposits received during the Direct Deposit Bonus Period). Cash bonus will be based on the total amount of Direct Deposit. Direct Deposit Promotion begins on 12/7/2023 and will be available through 1/31/2026. Full terms at sofi.com/banking. SoFi Checking and Savings is offered through SoFi Bank, N.A., Member FDIC. SoFi members with Direct Deposit can earn 4.00% annual percentage yield (APY) on savings balances (including Vaults) and 0.50% APY on checking balances. There is no minimum Direct Deposit amount required to qualify for the 4.00% APY for savings (including Vaults). Members without Direct Deposit will earn 1.20% APY on savings balances (including Vaults) and 0.50% APY on checking balances. Interest rates are variable and subject to change at any time. These rates are current as of 12/3/2024. There is no minimum balance requirement. Additional information can be found at http://www.sofi.com/legal/banking-rate-sheet. ² SoFi members with Direct Deposit or $5,000 or more in Qualifying Deposits during the 30-Day Evaluation Period can earn 4.00% annual percentage yield (APY) on savings balances (including Vaults) and 0.50% APY on checking balances. There is no minimum Direct Deposit amount required to qualify for the stated interest rate. Members without either Direct Deposit or Qualifying Deposits, during the 30-Day Evaluation Period will earn 1.20% APY on savings balances (including Vaults) and 0.50% APY on checking balances. Only SoFi members with direct deposit are eligible for other SoFi Plus benefits. Interest rates are variable and subject to change at any time. These rates are current as of 12/3/24. There is no minimum balance requirement. Additional information can be found at http://www.sofi.com/legal/banking-rate-sheet. ³ We do not charge any account, service or maintenance fees for SoFi Checking and Savings. We do charge a transaction fee to process each outgoing wire transfer. SoFi does not charge a fee for incoming wire transfers, however the sending bank may charge a fee. Our fee policy is subject to change at any time. See the SoFi Checking & Savings Fee Sheet for details at sofi.com/legal/banking-fees/. ⁴ SoFi Bank is a member FDIC and does not provide more than $250,000 of FDIC insurance per legal category of account ownership, as described in the FDIC’s regulations. Any additional FDIC insurance is provided by the SoFi Insured Deposit Program. Deposits may be insured up to $2M through participation in the program. See full terms at SoFi.com/banking/fdic/terms See list of participating banks at SoFi.com/banking/fdic/receivingbanks ⁵ We’ve partnered with Allpoint to provide you with ATM access at any of the 55,000+ ATMs within the Allpoint network. You will not be charged a fee when using an in-network ATM, however, third-party fees incurred when using out-of-network ATMs are not subject to reimbursement. SoFi’s ATM policies are subject to change at our discretion at any time. ⁶ Early access to direct deposit funds is based on the timing in which we receive notice of impending payment from the Federal Reserve, which is typically up to two days before the scheduled payment date, but may vary. ⁷ Overdraft Coverage is limited to $50 on debit card purchases only and is an account benefit available to customers with direct deposits of $1,000 or more during the current 30-day Evaluation Period as determined by SoFi Bank, N.A. The 30-Day Evaluation Period refers to the “Start Date” and “End Date” set forth on the APY Details page of your account, which comprises a period of 30 calendar days (the“30-Day Evaluation Period”). You can access the APY Details page at any time by logging into your SoFi account on the SoFi mobile app or SoFi website and selecting either (i) Banking > Savings > Current APY or (ii) Banking > Checking > Current APY. Members with a prior history of non-repayment of negative balances are ineligible for Overdraft Coverage.
Discover® Cashback Debit Open Account for Discover® Cashback Debit On Discover Bank's Secure Website. Member FDIC. Rating image, 5.00 out of 5 stars. 5.00/5 Our ratings are based on a 5 star scale. 5 stars equals Best. 4 stars equals Excellent. 3 stars equals Good. 2 stars equals Fair. 1 star equals Poor.	0% Min. to earn: N/A	Rating image, 5.00 out of 5 stars. 5.00/5 Our ratings are based on a 5 star scale. 5 stars equals Best. 4 stars equals Excellent. 3 stars equals Good. 2 stars equals Fair. 1 star equals Poor.	N/A	Open Account for Discover® Cashback Debit On Discover Bank's Secure Website.
2025 Award Winner Quontic High Interest Checking Open Account for Quontic High Interest Checking On Quontic's Secure Website. Member FDIC. Rating image, 4.00 out of 5 stars. 4.00/5 Our ratings are based on a 5 star scale. 5 stars equals Best. 4 stars equals Excellent. 3 stars equals Good. 2 stars equals Fair. 1 star equals Poor. Disclaimer	up to 1.10% Min. to earn: $1	Rating image, 4.00 out of 5 stars. 4.00/5 Our ratings are based on a 5 star scale. 5 stars equals Best. 4 stars equals Excellent. 3 stars equals Good. 2 stars equals Fair. 1 star equals Poor.	$1	Open Account for Quontic High Interest Checking On Quontic's Secure Website.
10 debit card point of sale transactions of $10 or more per statement cycle required to earn the maximum APY. If the qualifying activity requirement is not fulfilled, the interest rate paid on the entire balance will be 0.01% APY.				10 debit card point of sale transactions of $10 or more per statement cycle required to earn the maximum APY. If the qualifying activity requirement is not fulfilled, the interest rate paid on the entire balance will be 0.01% APY.
ETRADE Max-Rate Checking Open Account for ETRADE Max-Rate Checking On E*TRADE's Secure Website. Member FDIC. Rating image, 4.25 out of 5 stars. 4.25/5 Our ratings are based on a 5 star scale. 5 stars equals Best. 4 stars equals Excellent. 3 stars equals Good. 2 stars equals Fair. 1 star equals Poor.	3.00% Min. to earn: $0.01	Rating image, 4.25 out of 5 stars. 4.25/5 Our ratings are based on a 5 star scale. 5 stars equals Best. 4 stars equals Excellent. 3 stars equals Good. 2 stars equals Fair. 1 star equals Poor.	$0.01	Open Account for ETRADE Max-Rate Checking On ETRADE's Secure Website.
2025 Award Winner Axos Bank Rewards Checking Read Review Member FDIC. Rating image, 4.25 out of 5 stars. 4.25/5 Our ratings are based on a 5 star scale. 5 stars equals Best. 4 stars equals Excellent. 3 stars equals Good. 2 stars equals Fair. 1 star equals Poor. Disclaimer	0.40% (up to 3.30%) Rate info Min. to earn: Monthly direct deposits totaling at least $1,500	Rating image, 4.25 out of 5 stars. 4.25/5 Our ratings are based on a 5 star scale. 5 stars equals Best. 4 stars equals Excellent. 3 stars equals Good. 2 stars equals Fair. 1 star equals Poor.	Monthly direct deposits totaling at least $1,500	Read Review
*Rewards Checking disclosure:* To be eligible to earn all or a portion of the cash incentive as part of the promotional offer "RC500," an application for a Rewards Checking account must be submitted between 06/20/2024 at 12:00 am PT and 07/31/24 at 11:59 pm PT. Axos Bank reserves the right to limit each primary account holder to one (1) checking account promotional offer per year. Promotional terms and conditions are subject to change or removal without notice. Incentive may be taxable and reported on IRS Form 1099-MISC. Consult your tax advisor. After initial requirements above are met, the amount of incentive earned will depend on meeting the additional requirements outlined below: Rewards Checking bonus up to $500: You must be approved for your new Rewards Checking account and fund it within 60 days of account opening. An incentive of up to $500 can be earned during the first six (6) statement cycles, starting in the statement cycle thirty (30) days after the account is opened. A statement cycle is a calendar month consisting of at least one day your account was open during that month. You can earn a maximum of five (5) payouts during the six (6) statement cycles, and the incentive will be deposited into the qualifying account within 15 business days following the end of the statement cycle in which the requirements were met. $100 will be earned for each statement cycle, up to $500, when you meet two requirements during that statement cycle: 1) your Rewards Checking account receives qualifying direct deposits at least $1,500.00 in total, and 2) the average daily balance in your Rewards Checking account is at least $3,000. Your Rewards Checking account must remain open and in good standing at the time the incentive is paid to be eligible. A direct deposit is an electronic deposit of your paycheck or government benefits, such as Social Security, Disability etc. Other deposits (i.e., online banking transfers, ATM and mobile check deposits, etc.) or person-to-person payments are not considered a direct deposit. Account transactions may take one or more business days from the transaction date to post to the account.				*Rewards Checking disclosure:* To be eligible to earn all or a portion of the cash incentive as part of the promotional offer "RC500," an application for a Rewards Checking account must be submitted between 06/20/2024 at 12:00 am PT and 07/31/24 at 11:59 pm PT. Axos Bank reserves the right to limit each primary account holder to one (1) checking account promotional offer per year. Promotional terms and conditions are subject to change or removal without notice. Incentive may be taxable and reported on IRS Form 1099-MISC. Consult your tax advisor. After initial requirements above are met, the amount of incentive earned will depend on meeting the additional requirements outlined below: Rewards Checking bonus up to $500: You must be approved for your new Rewards Checking account and fund it within 60 days of account opening. An incentive of up to $500 can be earned during the first six (6) statement cycles, starting in the statement cycle thirty (30) days after the account is opened. A statement cycle is a calendar month consisting of at least one day your account was open during that month. You can earn a maximum of five (5) payouts during the six (6) statement cycles, and the incentive will be deposited into the qualifying account within 15 business days following the end of the statement cycle in which the requirements were met. $100 will be earned for each statement cycle, up to $500, when you meet two requirements during that statement cycle: 1) your Rewards Checking account receives qualifying direct deposits at least $1,500.00 in total, and 2) the average daily balance in your Rewards Checking account is at least $3,000. Your Rewards Checking account must remain open and in good standing at the time the incentive is paid to be eligible. A direct deposit is an electronic deposit of your paycheck or government benefits, such as Social Security, Disability etc. Other deposits (i.e., online banking transfers, ATM and mobile check deposits, etc.) or person-to-person payments are not considered a direct deposit. Account transactions may take one or more business days from the transaction date to post to the account.
American Express Rewards Checking Read Review Member FDIC. Rating image, 5.00 out of 5 stars. 5.00/5 Our ratings are based on a 5 star scale. 5 stars equals Best. 4 stars equals Excellent. 3 stars equals Good. 2 stars equals Fair. 1 star equals Poor.	1.00% Rate info Min. to earn: $0	Rating image, 5.00 out of 5 stars. 5.00/5 Our ratings are based on a 5 star scale. 5 stars equals Best. 4 stars equals Excellent. 3 stars equals Good. 2 stars equals Fair. 1 star equals Poor.	$0	Read Review
Capital One 360 Checking Read Review Member FDIC. Rating image, 4.50 out of 5 stars. 4.50/5 Our ratings are based on a 5 star scale. 5 stars equals Best. 4 stars equals Excellent. 3 stars equals Good. 2 stars equals Fair. 1 star equals Poor.	0.10% Min. to earn: $1	Rating image, 4.50 out of 5 stars. 4.50/5 Our ratings are based on a 5 star scale. 5 stars equals Best. 4 stars equals Excellent. 3 stars equals Good. 2 stars equals Fair. 1 star equals Poor.	$1	Read Review
LendingClub Rewards Checking Read Review Member FDIC. Rating image, 4.00 out of 5 stars. 4.00/5 Our ratings are based on a 5 star scale. 5 stars equals Best. 4 stars equals Excellent. 3 stars equals Good. 2 stars equals Fair. 1 star equals Poor.	up to 0.15% Rate info Min. to earn: $2,500	Rating image, 4.00 out of 5 stars. 4.00/5 Our ratings are based on a 5 star scale. 5 stars equals Best. 4 stars equals Excellent. 3 stars equals Good. 2 stars equals Fair. 1 star equals Poor.	$2,500	Read Review

How we chose the checking accounts on this list
At Motley Fool Money, we rate checking accounts on a five-star scale (1 = poor, 5 = best). We evaluate all checking accounts across four main criteria: brand and reputation, APY and rewards, fees and minimum requirements, and perks.
Our scores are weighted as:
- Brand and reputation: 40%
- APY and rewards: 30%
- Fees and minimums: 15%
- Other perks: 15%
Our aim is to maintain a balanced list featuring top-scoring products from reputable brands offering standout features. Learn more about how Motley Fool Money rates bank accounts.

Reviews of our Top Checking Accounts

Best savings and checking account in one

Rates as of Dec 02, 2024

SoFi Checking and Savings

Open Account for SoFi Checking and Savings

On SoFi's Secure Website.

Member FDIC.

Rating image, 4.50 out of 5 stars.

4.50/5

Rating image, 4.50 out of 5 stars.

4.50/5

Open Account for SoFi Checking and Savings

On SoFi's Secure Website.

offer alert

Cash bonus up to $300 with direct deposit set up (see details when you click 'Open Account')

APY

0.50%

Min. To Earn APY

$0

Pros/Cons

Competitive APY
FDIC insured (up to $2M with opt-in to SoFi Insured Deposit Program)⁴
Welcome bonus up to $300¹
No monthly service or overdraft fees³
Early access to direct deposits⁶
Savings and investing tools
Wide range of financial products
Cash back on debit card purchases at select retailers

Combo account only; no stand-alone savings or checking
Overdraft protection⁷ tied to monthly deposit minimum
No local branches or in-person support

Bottom Line

With no fees or minimums and tools designed to maximize your savings, the combo account is a good fit for individuals who want to do most of their banking in one place online. The account offers flexibility to access or move funds, especially if your employer's payroll system allows you to access the bank's early direct deposit benefit.

Disclosure

SoFi disclosure:

¹ New and existing Checking and Savings members who have not previously enrolled in Direct Deposit with SoFi are eligible to earn a cash bonus of either $50 (with at least $1,000 total Direct Deposits received during the Direct Deposit Bonus Period) OR $300 (with at least $5,000 total Direct Deposits received during the Direct Deposit Bonus Period). Cash bonus will be based on the total amount of Direct Deposit. Direct Deposit Promotion begins on 12/7/2023 and will be available through 1/31/2026. Full terms at sofi.com/banking. SoFi Checking and Savings is offered through SoFi Bank, N.A., Member FDIC.

SoFi members with Direct Deposit can earn 4.00% annual percentage yield (APY) on savings balances (including Vaults) and 0.50% APY on checking balances. There is no minimum Direct Deposit amount required to qualify for the 4.00% APY for savings (including Vaults). Members without Direct Deposit will earn 1.20% APY on savings balances (including Vaults) and 0.50% APY on checking balances. Interest rates are variable and subject to change at any time. These rates are current as of 12/3/2024. There is no minimum balance requirement. Additional information can be found at http://www.sofi.com/legal/banking-rate-sheet.

² SoFi members with Direct Deposit or $5,000 or more in Qualifying Deposits during the 30-Day Evaluation Period can earn 4.00% annual percentage yield (APY) on savings balances (including Vaults) and 0.50% APY on checking balances. There is no minimum Direct Deposit amount required to qualify for the stated interest rate. Members without either Direct Deposit or Qualifying Deposits, during the 30-Day Evaluation Period will earn 1.20% APY on savings balances (including Vaults) and 0.50% APY on checking balances. Only SoFi members with direct deposit are eligible for other SoFi Plus benefits. Interest rates are variable and subject to change at any time. These rates are current as of 12/3/24. There is no minimum balance requirement. Additional information can be found at http://www.sofi.com/legal/banking-rate-sheet.

³ We do not charge any account, service or maintenance fees for SoFi Checking and Savings. We do charge a transaction fee to process each outgoing wire transfer. SoFi does not charge a fee for incoming wire transfers, however the sending bank may charge a fee. Our fee policy is subject to change at any time. See the SoFi Checking & Savings Fee Sheet for details at sofi.com/legal/banking-fees/.

⁴ SoFi Bank is a member FDIC and does not provide more than $250,000 of FDIC insurance per legal category of account ownership, as described in the FDIC’s regulations. Any additional

FDIC insurance is provided by the SoFi Insured Deposit Program. Deposits may be insured up to $2M through participation in the program. See full terms at SoFi.com/banking/fdic/terms

See list of participating banks at SoFi.com/banking/fdic/receivingbanks

⁵ We’ve partnered with Allpoint to provide you with ATM access at any of the 55,000+ ATMs within the Allpoint network. You will not be charged a fee when using an in-network ATM, however, third-party fees incurred when using out-of-network ATMs are not subject to reimbursement. SoFi’s ATM policies are subject to change at our discretion at any time.

⁶ Early access to direct deposit funds is based on the timing in which we receive notice of impending payment from the Federal Reserve, which is typically up to two days before the scheduled payment date, but may vary.

⁷ Overdraft Coverage is limited to $50 on debit card purchases only and is an account benefit available to customers with direct deposits of $1,000 or more during the current 30-day Evaluation Period as determined by SoFi Bank, N.A. The 30-Day Evaluation Period refers to the “Start Date” and “End Date” set forth on the APY Details page of your account, which comprises a period of 30 calendar days (the“30-Day Evaluation Period”). You can access the APY Details page at any time by logging into your SoFi account on the SoFi mobile app or SoFi website and selecting either (i) Banking > Savings > Current APY or (ii) Banking > Checking > Current APY. Members with a prior history of non-repayment of negative balances are ineligible for Overdraft Coverage.

Read Full Review

Why we think this is the best savings and checking account in one: The SoFi Checking and Savings account (member FDIC) checks all the boxes anyone could hope for in a checking or savings account -- competitive rates, few fees, and more FDIC insurance.⁴ And with linked accounts, it's easy to transfer funds back and forth quickly.

What you should know before you open an account: SoFi® requires you to open a checking and savings account simultaneously, so it may not appeal to those who already have a satisfactory high-yield savings account elsewhere. Those who sign up gain access to numerous perks, including a unique Member Rewards program that lets customers earn points they can receive for cash, loan payments, fractional shares, and more.

Read our SoFi Checking and Savings review

Best for cash back rewards

Rates as of Dec 02, 2024

Discover® Cashback Debit

Open Account for Discover® Cashback Debit

On Discover Bank's Secure Website.

Member FDIC.

Rating image, 5.00 out of 5 stars.

5.00/5

Rating image, 5.00 out of 5 stars.

5.00/5

Open Account for Discover® Cashback Debit

On Discover Bank's Secure Website.

Offer alert

Earn 1% cash back on up to $3,000 in debit card purchases each month (see details when you click 'Open Account')

APY

0%

Min. To Earn APY

N/A

Pros/Cons

Cash back rewards on debit cards
Early direct deposit
No monthly maintenance, NSF, or overdraft fees
Great customer service

Cash back rewards capped
No interest-bearing checking account
No physical branches
No reimbursement for out-of-network ATMs

Bottom Line

The Discover Cashback Debit account could be a lucrative option for those who frequently use their debit card. With cash back on eligible purchases, it's possible to earn even more than you could with a typical checking account APY without changing your habits at all. The fact that Discover has done away with many common checking account fees only adds to its appeal.

Read Full Review

Why we think this is the best for cash back rewards: The Discover® Cashback Debit account rewards customers with 1% cash back on most debit card purchases, up to $3,000 per month. This could pay you up to $360 in cash back annually -- more than most people would earn even with an interest-bearing checking account.

What you should know before you open an account: Discover caps cash back rewards at $30 per month. Each eligible transaction is rounded up to the nearest dollar. For example, $25.50 becomes $26, which pays $0.26 in cash back.

Read our Discover® Cashback Debit review

Best for frequent debit card users

Rates as of Dec 02, 2024

2025 Award Winner

Quontic High Interest Checking

Open Account for Quontic High Interest Checking

On Quontic's Secure Website.

Member FDIC.

Rating image, 4.00 out of 5 stars.

4.00/5

Rating image, 4.00 out of 5 stars.

4.00/5

Open Account for Quontic High Interest Checking

On Quontic's Secure Website.

High APY when you complete 10 or more qualifying debit card purchases each month

APY

up to 1.10%

Min. To Earn APY

$1

Pros/Cons

High checking APY
One of the highest APY for CDs and savings account
No monthly fees, overdraft, or NSF fees
Comes with a debit card
Large fee-free ATM network
Quontic Pay Ring: the nation's first wearable payment ring

Must meet monthly transaction requirements to earn higher interest tier
Limited CD terms
No physical branches

Bottom Line

Quontic High Interest Checking earns one of the highest APYs among checking accounts. Unfortunately, you must make 10 qualifying debit card purchases of $10 or more each statement cycle to earn the highest interest tier. Still, the account is a good option to maximize savings beyond other deposit accounts. Plus, it has no monthly fees and access to fee-free ATMs.

Disclosure

10 debit card point of sale transactions of $10 or more per statement cycle required to earn the maximum APY. If the qualifying activity requirement is not fulfilled, the interest rate paid on the entire balance will be 0.01% APY.

Read Full Review

Why we think this is the best for frequent debit card users: The Quontic High Interest Checking account comes with a free debit card and a nationwide, fee-free ATM network. Its customers also have the option to try out the Quontic Pay Ring -- the nation's first wearable payment ring.

What you should know before you open an account: To earn the bank's highest APY, you must make at least 10 debit card point-of-sale transactions of at least $10 per transaction. Otherwise, you'll earn a much lower rate.

Read our Quontic High Interest Checking review

Best for linked investment accounts

Rates as of Dec 02, 2024

E*TRADE Max-Rate Checking

Open Account for E*TRADE Max-Rate Checking

On E*TRADE's Secure Website.

Member FDIC.

Rating image, 4.25 out of 5 stars.

4.25/5

Rating image, 4.25 out of 5 stars.

4.25/5

Open Account for E*TRADE Max-Rate Checking

On E*TRADE's Secure Website.

APY

3.00%

Min. To Earn APY

$0.01

Pros/Cons

High APY
ATM refunds worldwide

High monthly fee
No branch access

Bottom Line

For those who want to earn more interest on their checking account balance, E*TRADE Max-Rate Checking offers one of the highest APYs we've found. You'll need to keep an average monthly balance of $5,000 to waive the $15 fee, but you'll get fee reimbursements for ATMs worldwide.

Read Full Review

Why we think this is the best for linked investment accounts: The E*TRADE Max-Rate Checking account enables you to quickly move funds to your E*TRADE investment account without having to wait for a transfer from an external bank. It also offers a competitive APY so you can grow your wealth even if you're not investing it.

What you should know before you open an account: This account has a high monthly maintenance fee compared to most other online checking accounts. Customers can waive it with a monthly average balance of $5,000 or more. But those who can't meet this requirement may do better elsewhere.

Read our E*TRADE Bank review

Best APY potential

Rates as of Dec 02, 2024

2025 Award Winner

Axos Bank Rewards Checking

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Member FDIC.

Rating image, 4.25 out of 5 stars.

4.25/5

Rating image, 4.25 out of 5 stars.

4.25/5

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offer alert

Cash in on up to a $500 bonus† and up to 3.30% APY* with a new Rewards Checking account. Just use promo code RC500 before July 31.

APY

0.40% (up to 3.30%)

Min. To Earn APY

Monthly direct deposits totaling at least $1,500

Pros/Cons

High checking account APY
Unlimited ATM fee reimbursements
No monthly maintenance, NSF, or overdraft fees
No monthly balance requirements
Cash back checking option

Must meet certain requirements to earn the highest interest tier
Low savings and CD APYs compared to competitors

Bottom Line

A solid checking account with an APY that far outpaces the competition. The fact that it also has no maintenance fees and no overdraft or NSF fees are the cherries on top.

Disclosure

Rewards Checking disclosure:

To be eligible to earn all or a portion of the cash incentive as part of the promotional offer "RC500," an application for a Rewards Checking account must be submitted between 06/20/2024 at 12:00 am PT and 07/31/24 at 11:59 pm PT.

Axos Bank reserves the right to limit each primary account holder to one (1) checking account promotional offer per year. Promotional terms and conditions are subject to change or removal without notice. Incentive may be taxable and reported on IRS Form 1099-MISC. Consult your tax advisor. After initial requirements above are met, the amount of incentive earned will depend on meeting the additional requirements outlined below:

Rewards Checking bonus up to $500: You must be approved for your new Rewards Checking account and fund it within 60 days of account opening. An incentive of up to $500 can be earned during the first six (6) statement cycles, starting in the statement cycle thirty (30) days after the account is opened. A statement cycle is a calendar month consisting of at least one day your account was open during that month. You can earn a maximum of five (5) payouts during the six (6) statement cycles, and the incentive will be deposited into the qualifying account within 15 business days following the end of the statement cycle in which the requirements were met.

$100 will be earned for each statement cycle, up to $500, when you meet two requirements during that statement cycle: 1) your Rewards Checking account receives qualifying direct deposits at least $1,500.00 in total, and 2) the average daily balance in your Rewards Checking account is at least $3,000.

Your Rewards Checking account must remain open and in good standing at the time the incentive is paid to be eligible.

A direct deposit is an electronic deposit of your paycheck or government benefits, such as Social Security, Disability etc. Other deposits (i.e., online banking transfers, ATM and mobile check deposits, etc.) or person-to-person payments are not considered a direct deposit. Account transactions may take one or more business days from the transaction date to post to the account.

Why we think this is the best for APY potential: The Axos Bank Rewards Checking account offers an APY that's well above average, even for online checking accounts. Its top rate isn't too far off the best savings account interest rates, though not everyone qualifies for it.

What you should know before you open an account: Though this account offers one of the most competitive checking account APYs around, it may be difficult to earn this rate. Review the APY criteria to figure out what you think you can realistically achieve before applying for this account.

Read our Axos Bank Rewards Checking review

Best for Amex cardholders

Rates as of Dec 02, 2024

American Express Rewards Checking

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Member FDIC.

Rating image, 5.00 out of 5 stars.

5.00/5

Rating image, 5.00 out of 5 stars.

5.00/5

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APY

1.00%

Min. To Earn APY

$0

Pros/Cons

High APY
Debit card rewards with no cap
No monthly maintenance and minimum deposit fees
24/7 customer service

Must be an American Express Card Member
Banking services are limited
Online-only bank

Bottom Line

With Amex Rewards Checking, you can earn 1 Membership Rewards point for each $2 of eligible debit card purchase. There are no monthly fees or minimum balance requirements for the account. You can redeem your points for deposits into your Amex Rewards Checking account and there is no cap on how many points you can earn. The account offers a high annual percentage yield (APY), too.

Why we think this is the best for Amex cardholders: The American Express Rewards Checking account is an exclusive offering for American Express cardholders. It has big appeal thanks to its lack of fees, competitive APY, and debit card rewards with no cap.

What you should know before you open an account: This account has a lot of compelling perks, but it's limited to American Express cardholders. Those who don't have one and aren't interested in opening one may be better off looking elsewhere.

Read our American Express Rewards Checking review

Best for branch access

Rates as of Dec 02, 2024

Capital One 360 Checking

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Member FDIC.

Rating image, 4.50 out of 5 stars.

4.50/5

Rating image, 4.50 out of 5 stars.

4.50/5

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APY

0.10%

Min. To Earn APY

$1

Pros/Cons

Branches and Capital One Cafes in some states
Variety of accounts
Robust digital platform and app
Great customer service

Higher APY available at other financial institutions

Bottom Line

Capital One boasts a top-rated mobile app and has over 70,000 fee-free Capital One, MoneyPass, and Allpoint ATM locations. For those looking for face-to-face interaction, Capital One has over 450 locations and 50 Capital One Cafes, where customers can bank, get a cup of coffee, and ask for advice from a certified money coach. However the APY is lower than other online banks.

Why we think this is the best for branch access: The Capital One 360 Checking account only has branches in a handful of states, but if you live near one, it could give you the best of both worlds. You'll get the competitive rates and few fees of an online institution with the personalized customer service of a brick-and-mortar bank.

What you should know before you open an account: Though Capital One's rates are above-average for a brick-and-mortar bank, there are many online-only checking accounts with higher APYs. One of these may appeal to you more, especially if you don't live near one of Capital One's branches.

Read our Capital One 360 Checking review

Best for ATM users

Rates as of Dec 02, 2024

LendingClub Rewards Checking

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Member FDIC.

Rating image, 4.00 out of 5 stars.

4.00/5

Rating image, 4.00 out of 5 stars.

4.00/5

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APY

up to 0.15%

Min. To Earn APY

$2,500

Pros/Cons

Unlimited cash back on debit card purchases
Unlimited ATM fee reimbursements worldwide
Get your paycheck up to two days early
No monthly maintenance or overdraft fees

Low balances won't earn interest
Most customers won't qualify for the highest APY
Higher APY available at other financial institutions
Must have at least $2,500 to earn cash back rewards

Why we think this is the best for ATM users: The LendingClub Rewards Checking account doesn't come with a fee-free ATM network like most online checking accounts. Instead, you get unlimited ATM fee reimbursements, so you're free to use any ATM you like without ever paying to access your cash.

What you should know before you open an account: LendingClub will rebate customers for any ATM fees they incur, but it only does this once per billing cycle. So there may be a short window where your balance is reduced by ATM fees.

Read our LendingClub Rewards Checking review

How to choose the right checking account for you

Here's a breakdown of the key factors to consider when choosing the best checking account for you.

Focus on the features that matter the most to you

Think about how you plan to use the account. If you prefer to manage your money from anywhere, you'll want a strong mobile app. If you frequently need cash, you'll want a large fee-free ATM network that at least covers the areas you frequent most. Come up with a few must-haves and rule out any checking accounts that don't have these features.

Be mindful of how much you plan to keep in the account

Your checking account balance can dictate whether you pay maintenance fees or if you're eligible for certain bank bonuses. It doesn't hurt to have a rough idea of your average daily balance before comparing checking account offers.

Weigh the importance of bank branches

Brick-and-mortar checking accounts can be a great option for those who want personalized help when they need it and those who frequently need to deposit cash. But they often charge more fees and few pay interest. Online banks are a better option if you rarely visit branches and want to pay as little in fees as possible.

Pay attention to fees

Review the checking account's fee schedule to understand what it can charge you for. Make sure you're comfortable with these fees and contact the bank if you have any questions about them.

Consider checking account bonuses as a tiebreaker

If you're torn between two or more accounts, the availability of a bank account bonus could help you break the tie. But it's generally not a good idea to base your decision primarily on whether the account comes with a bonus, as this is a limited-time offer.

What you need to open a checking account

Here are some of the basics you need to open a checking account:

A government-issued photo ID
Personal information (birthdate, Social Security number, address, etc.)
Proof of U.S. residency for non-citizens
Initial deposit (with some banks)
ID and personal information of any co-owners on the account

If you have any questions about the specific requirements for your checking account, reach out to the bank for clarification.

Benefits of a checking account

Here are a few reasons to open a checking account, whether it be a high-interest online checking account or one from a traditional brick-and-mortar bank:

Easy spending: If you have an emergency expense, an unexpected bill, or even just a fun shopping spree -- it's easy to spend money out of a checking account. Some options for spending out of a checking account include checks, debit cards, online banking, and mobile wallets.
(Usually) no restrictions: Believe it or not, most other bank account types have restrictions on spending. With a savings account, you can usually only make six withdrawals each month. And with a certificate of deposit (CD), you usually can't take money out at all without paying a penalty (unless your CD has matured -- but waiting for it to mature can take months or years).
FDIC or NCUA protection: Most checking accounts have insurance covering up to $250,000 in deposits. Banks have FDIC insurance. Credit unions have NCUA insurance, with each offering coverage up to the same amount. In the unlikely event that your bank shuts down, insurance would cover your money.
Consumer fraud protection services: Consumer fraud protection services are standard and free of charge in many checking accounts, both nationwide and at local banks.

Common checking account fees

Here are some of the more common checking account fees you might see:

Monthly maintenance fee

This is the most common recurring checking account charge, and it's known as a service charge. It often ranges from $5 to $35, but can vary widely. Fortunately, banks often waive this charge if a customer meets certain standards. These can include a minimum number of transactions on the account's debit card, setting up recurring direct deposits from an employer, or meeting a minimum ongoing balance amount.

Overdraft fee

This classic charge has been a staple of the checking account for many years. If you spend more money than what you've got in the account, you'll be hit with an overdraft fee. $35 per incident is roughly the going rate. Banks don't typically waive overdraft fees, though some online checking accounts don't charge them.

ATM fee

Banks like to charge ATM fees if you draw funds from cash machines that aren't theirs. A standard hit is $2 or $3 per transaction, but these can be much higher in certain locations, especially abroad. The ATM owner may charge their own fees as well.

Key checking account terms to know

Here's some important checking account terminology you should be familiar with:

Debit card	A payment card that's linked to a checking or savings account. Debit card transactions are approved based on the current balance of your account, and the money is immediately deducted.
PIN (personal identification number)	A number that's typically four to six digit and is used to identify you when using your debit card for ATM withdrawals or in-store purchases.
Insufficient funds	If you write a check or attempt to spend more money than you have in your checking account, the transaction may be rejected for insufficient funds.
Overdraft	The result of a transaction that causes your account to have a negative balance. Overdrafts usually carry fees.
Mobile or remote deposit	Most checking accounts allow customers to make check deposits from their smartphone or other mobile device by uploading a photo of the check, thereby saving a trip to the bank.

Checking vs. savings accounts

A checking account is great for paying bills, because it's easy to get money in and out of a checking account. Savings accounts tend to earn more interest, which make them perfect for saving money over long periods of time.

High-yield savings accounts typically have higher APYs, which makes them a better choice for an emergency fund or other cash you don't anticipate using anytime soon but don't feel comfortable investing. But savings accounts also have restrictions that limit the number of withdrawals you can make per month and the ease of access you have to your money.

Checking accounts are intended to be spending accounts used for everyday purchases. They have fewer limitations on the number of payments or withdrawals you can make each month. But they usually don't have a high APY like savings accounts do, even if they are high interest.

Article sources
- https://www.experian.com/blogs/ask-experian/what-are-checking-account-monthly-maintenance-fees/
- https://www.fdic.gov/resources/consumers/consumer-news/2021-12.html

Banks we monitor

Here are the 100+ financial institutions we've evaluated in our research:

Alliant, Ally, All America Bank, American First Credit Union, American Express National Bank, Arvest Bank, Aspiration, Axos Bank, B2 Bank, Bank of America, Bank5 Connect, Bank7, Barclays, Bask Bank, Betterment, Bluevine, BMO Bank, Bread Financial, Capital One, Carver Federal Savings Bank, Charles Schwab Bank, Chase, Chime, CIT, Citibank, Citizens, Citizens Savings Bank, Columbia Bank, Connexus Credit Union, Consumers Credit Union, Copper, Cross River Bank, Customers Bank, Discover® Bank, E*TRADEEdward Jones, EverBank, Fidelity, Fifth Third Bank, First Foundation Bank, First Internet Bank of Indiana, First National Bank, First Tech Federal Credit Union, Flushing Bank, Freedom Bank, Generations Bank, GN Bank, Golden 1 Credit Union, Greenlight, Harborstone Credit Union, HSBC, Huntington Bank, Ivella, Jenius Bank, Kabbage by American Express, KeyBank, Laurel Road, LendingClub, Liberty Bank, Liberty Federal Credit Union, Marcus by Goldman Sachs, Mercury, Municipal Credit Union, Mutual of Omaha, My Banking Direct, NASA Federal Credit Union, Nationwide Bank, Navy Federal Credit Union, NBKC Bank, New York Community Bank, NexBank, Northpointe Bank, Novo, OceanFirst Bank, Old National Bank, ONE Finance, OneUnited Bank, Oxygen, Pacific Western Bank, PNC Bank, Ponce Bank, Popular Direct, Presidential Bank, Prime Alliance Bank, Quontic, Radius, Raisin, Redneck Bank, Regions Bank, Relay, Republic Bank of Chicago, Revolut, Salem Five Bank, Sallie Mae, Santander Bank, SchoolsFirst Federal Credit Union, Simple, SoFi®, Synchrony Bank, TAB Bank, TD Bank, Third Federal, Truist Bank, U.S. Bank, UFB, Upgrade, USAA, Valley Bank, Vanguard, Varo Bank, Vio Bank, Wealthfront, Wells Fargo, Western Alliance Bank, and Zeta.

FAQs

A checking account is a bank account designed for spending. Most checking accounts come with a debit card. Account holders can also take advantage of online bill pay services.
It contrasts with a savings account, which is intended for -- yes -- saving. Savings accounts usually don't have debit cards, because banks don't expect you to spend the money in your savings account.
You can open a checking account online or in person, through both traditional brick-and-mortar banks and an increasing number of online financial institutions (like that new banking app your coworker won't stop raving about).
Checking account costs vary dramatically. Some have multiple fees, such as maintenance charges, overdraft fees, and ATM fees, while others are entirely fee free.
Some checking accounts, especially those offered by online banks, earn interest on deposits. But it's usually a small amount. If you want your money to earn interest, you're better off with a high-yield savings account.
Rules vary based on the financial institution. Conditions for earning a bonus may include:
- Using a promotional code
- Making a minimum initial deposit
- Maintaining a minimum balance for a specific amount of time
You can see even more checking account options on our Best Checking Account Promotions page.

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Featured Checking Accounts

8 Best Checking Accounts

How we chose the checking accounts on this list

Reviews of our Top Checking Accounts

Best savings and checking account in one

Best for cash back rewards

Best for frequent debit card users

Best for linked investment accounts

Best APY potential

Best for Amex cardholders

Best for branch access

Best for ATM users

How to choose the right checking account for you

Focus on the features that matter the most to you

Be mindful of how much you plan to keep in the account

Weigh the importance of bank branches

Pay attention to fees

Consider checking account bonuses as a tiebreaker

What you need to open a checking account

Benefits of a checking account

Common checking account fees

Monthly maintenance fee

Overdraft fee

ATM fee

Key checking account terms to know

Checking vs. savings accounts

Article sources

Banks we monitor

FAQs