Review
Updated
Fact Checked
Nathan Alderman
Looking for an online checking account? Whether you're interested in the convenience of mobile banking apps or the perks online banks often offer, we've got you covered. We believe the best online checking accounts offer a combination of low fees, convenience, and perks (cash back anyone?).
Finding the right checking account is important -- most people use their checking account for everyday banking. You want to find a bank account that suits your needs, is easy to access, has low fees, and can help you meet your financial goals.
TIP
How to choose the best online checking account
Don't forget to check these items when choosing the best online checking account for your lifestyle:
- Fees: The best online checking accounts have no fees, or fees that can be waived.
- Minimum requirements: How much money will you deposit when you open your account? How much keep in your checking account on a regular basis? These are important to know before choosing an account, as some accounts have minimum requirements.
- Banking app rating: Look into the app ratings of the banks you're interested in if you are interested in mobile banking.
- ATM network or generous ATM-fee reimbursement program: Since your account will be online, you'll need to spend more time at ATMs.
Show Best Offers Available in
Ratings Methodology
Rates as
of Nov 28, 2023
| Offer | APY | Minimum to Earn APY | Next Steps | |||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|
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.
We want your money to work harder for you. Which is why our ratings are biased toward offers that deliver versatility while cutting out-of-pocket costs.
= Best
= Excellent
= Good
= Fair = Poor
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.
We want your money to work harder for you. Which is why our ratings are biased toward offers that deliver versatility while cutting out-of-pocket costs.
= Best
= Excellent
= Good
= Fair = Poor |
APY:
0%
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Minimum To Earn APY:
N/A
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Member FDIC.
Rating image, 4.75 out of 5 stars.
4.75/5
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.
We want your money to work harder for you. Which is why our ratings are biased toward offers that deliver versatility while cutting out-of-pocket costs.
= Best
= Excellent
= Good
= Fair = Poor
Rating image, 4.75 out of 5 stars.
4.75/5
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.
We want your money to work harder for you. Which is why our ratings are biased toward offers that deliver versatility while cutting out-of-pocket costs.
= Best
= Excellent
= Good
= Fair = Poor |
APY:
0.50%
Rate info
You can earn the maximum savings APY by having Direct Deposit (no minimum amount required) or by making $5,000 or more in Qualifying Deposits every 30 days. See SoFi Checking and Savings rate sheet at: https://www.sofi.com/legal/banking-rate-sheet.
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Minimum To Earn APY:
$0
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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.
We want your money to work harder for you. Which is why our ratings are biased toward offers that deliver versatility while cutting out-of-pocket costs.
= Best
= Excellent
= Good
= Fair = Poor
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.
We want your money to work harder for you. Which is why our ratings are biased toward offers that deliver versatility while cutting out-of-pocket costs.
= Best
= Excellent
= Good
= Fair = Poor |
APY:
0.25%
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Minimum To Earn APY:
$1
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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.
We want your money to work harder for you. Which is why our ratings are biased toward offers that deliver versatility while cutting out-of-pocket costs.
= Best
= Excellent
= Good
= Fair = Poor
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.
We want your money to work harder for you. Which is why our ratings are biased toward offers that deliver versatility while cutting out-of-pocket costs.
= Best
= Excellent
= Good
= Fair = Poor |
APY:
Up to 0.25%
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Minimum To Earn APY:
$1
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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.
We want your money to work harder for you. Which is why our ratings are biased toward offers that deliver versatility while cutting out-of-pocket costs.
= Best
= Excellent
= Good
= Fair = Poor
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.
We want your money to work harder for you. Which is why our ratings are biased toward offers that deliver versatility while cutting out-of-pocket costs.
= Best
= Excellent
= Good
= Fair = Poor |
APY:
0.10%
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Minimum To Earn APY:
$1
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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.
We want your money to work harder for you. Which is why our ratings are biased toward offers that deliver versatility while cutting out-of-pocket costs.
= Best
= Excellent
= Good
= Fair = Poor
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.
We want your money to work harder for you. Which is why our ratings are biased toward offers that deliver versatility while cutting out-of-pocket costs.
= Best
= Excellent
= Good
= Fair = Poor |
APY:
Up to 0.15%
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Minimum To Earn APY:
$2,500
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 2023 Award Winner
Member FDIC.
Rating image, 4.75 out of 5 stars.
4.75/5
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.
We want your money to work harder for you. Which is why our ratings are biased toward offers that deliver versatility while cutting out-of-pocket costs.
= Best
= Excellent
= Good
= Fair = Poor
Rating image, 4.75 out of 5 stars.
4.75/5
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.
We want your money to work harder for you. Which is why our ratings are biased toward offers that deliver versatility while cutting out-of-pocket costs.
= Best
= Excellent
= Good
= Fair = Poor |
APY:
0.45%
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Minimum To Earn APY:
$0.01
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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.
We want your money to work harder for you. Which is why our ratings are biased toward offers that deliver versatility while cutting out-of-pocket costs.
= Best
= Excellent
= Good
= Fair = Poor
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.
We want your money to work harder for you. Which is why our ratings are biased toward offers that deliver versatility while cutting out-of-pocket costs.
= Best
= Excellent
= Good
= Fair = Poor |
APY:
0.25%
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Minimum To Earn APY:
$0
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Consumers Credit Union Serious Interest Checking
Member FDIC.
Rating image, 3.75 out of 5 stars.
3.75/5
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.
We want your money to work harder for you. Which is why our ratings are biased toward offers that deliver versatility while cutting out-of-pocket costs.
= Best
= Excellent
= Good
= Fair = Poor
Rating image, 3.75 out of 5 stars.
3.75/5
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.
We want your money to work harder for you. Which is why our ratings are biased toward offers that deliver versatility while cutting out-of-pocket costs.
= Best
= Excellent
= Good
= Fair = Poor |
APY:
Up to 4.00%
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Minimum To Earn APY:
$0
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Member FDIC.
Show Best Offers Available in
Rates as
of Nov 28, 2023
Discover Cashback Debit
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.
We want your money to work harder for you. Which is why our ratings are biased toward offers that deliver versatility while cutting out-of-pocket costs.
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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.
We want your money to work harder for you. Which is why our ratings are biased toward offers that deliver versatility while cutting out-of-pocket costs.
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Earn 1% cash back on up to $3000 in debit card purchases each month (see details when you click 'Open Account')
APY
0%
Min. To Earn APY
N/A
- 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
Discover is best known for its credit cards, but it is also a full-service online-only bank. Customers earn 1% cash back on up to $3,000 in debit card purchases each month. While it has no physical locations, it has over 60,000 fee-free ATM locations.
In addition, there are no minimum deposit and balance requirements, and no monthly fees. Customers who sign up for the optional overdraft protection will not be charged non-sufficient funds (NSF) fees. The bank offers no APY. Discover also offers early pay that gives you access to direct deposit funds up to two days early.
Discover offers free Online Privacy Protection through the mobile app. Every 90 days Discover will scan at least 10 people-search sites for your online personal information and help you submit opt-out requests.
2023 Award Winner
Axos Bank Rewards Checking
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.
We want your money to work harder for you. Which is why our ratings are biased toward offers that deliver versatility while cutting out-of-pocket costs.
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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.
We want your money to work harder for you. Which is why our ratings are biased toward offers that deliver versatility while cutting out-of-pocket costs.
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Use code AXOS300 and apply by December 31st, 2023 to earn a $300 bonus (see details when you click 'Open Account')
APY
0.40% (up to 3.30%)
Rate info
To earn the full APY, account holders must do all of the following: Receive monthly direct deposits totaling more than $1,500; make 10 transactions a month with your Axos debit card, or sign up for Axos's Personal Finance Manager; maintain an average daily balance of $2,500 per month in an Axos Invest Self Directed Trading Account; and use your Rewards Checking account to make your full monthly Axos Bank consumer mortgage, personal, or auto loan payment.
Min. To Earn APY
Monthly direct deposits totaling at least $1,500
- High checking account APY
- Unlimited ATM fee reimbursements
- No monthly maintenance, NSF, or overdraft fees
- No monthly balance requirements
- Cash back checking option
- ATM card for high-yield savings account
- Must meet certain requirements to earn the highest interest tier
- Higher savings and CD APYs available at other financial institutions
- No physical branches
Axos is an online-only bank and offers one of the highest APYs we've found. To earn the high APY, however, customers need to meet certain requirements, such as opening multiple investment and loan accounts.
Axos also offers unlimited domestic ATM reimbursements. In addition, there are no minimum balance requirements, no overdraft, or NSF fees. Axos provides a complimentary debit card and offers a number of digital tools to help customers manage their money. Axos has a minimum deposit requirement of $50, but there is no minimum balance requirement to earn interest.
To be eligible to earn all or a portion of the cash incentive as part of the "AXOS300" $300 promotion, an Axos Bank Rewards Checking account that includes the promotional code "AXOS300" must be opened between November 1, 2023, at 12:00 am PST and December 31, 2023, at 11:59 pm PST. Axos Bank reserves the right to limit each primary account holder to one (1) checking account promotional offer per year, and customers who have held primary ownership of an Axos Bank or Axos Bank for Nationwide checking account at any time in the past 12 months may be disqualified from the "AXOS300" offer. Promotional terms and conditions are subject to change or removal without notice. Bonus cash may be taxable and reported on IRS Form 1099-MISC. Consult your tax advisor. After meeting the initial requirements mentioned above, the amount of cash bonus earned will depend on meeting the additional requirements outlined below:
To earn up to a $300 bonus, you must be approved for your new Axos Bank Rewards Checking account, fund it within 30 days of account opening, and have qualifying direct deposits that total at least $5,000.00 each calendar month during the first seven (7) calendar months your account is open as well as maintain a minimum average daily balance of $7,000. The minimum balance must be achieved and maintained through the first seven (7) calendar months your account is open including the month in which your account was opened. A cash bonus of up to $300 can be earned in the following manner during the first seven (7) statement cycles. A statement cycle is a calendar month consisting of the days your account was open during that month. A maximum of six (6) payouts of $50 for each calendar month that the Rewards Checking account is receiving the direct deposit and maintain a minimum average daily balance of $7,000 can be earned during the seven (7) statement cycles, and the bonus will be deposited into your Axos Bank Rewards Checking account within 10 business days following the end of the statement cycle in which the direct deposit requirement was met. Your Axos Bank Rewards Checking account must be open and in good standing at the time the bonus is paid to be eligible to receive the bonus, and your Axos Bank Rewards Checking account must remain open for 210 days, or an early closure fee of up to $300 may apply, equal to the amount of the total bonus earned up to $300.
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.
A statement cycle is defined as a period of time that starts on the first day of the calendar month and ends on the last day of the calendar month.
Sofi Checking and Savings
Member FDIC.
Rating image, 4.75 out of 5 stars.
4.75/5
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.
We want your money to work harder for you. Which is why our ratings are biased toward offers that deliver versatility while cutting out-of-pocket costs.
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Rating image, 4.75 out of 5 stars.
4.75/5
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.
We want your money to work harder for you. Which is why our ratings are biased toward offers that deliver versatility while cutting out-of-pocket costs.
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Cash bonus up to $250 with direct deposit set up (see details when you click 'Open Account')
APY
0.50%
Rate info
You can earn the maximum savings APY by having Direct Deposit (no minimum amount required) or by making $5,000 or more in Qualifying Deposits every 30 days. See SoFi Checking and Savings rate sheet at: https://www.sofi.com/legal/banking-rate-sheet.
Min. To Earn APY
$0
- Competitive APY
- FDIC insured (up to $2M with opt-in to SoFi Insured Deposit Program)
- Welcome bonus up to $250
- No monthly service or overdraft fees
- Early access to direct deposits
- 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 protection tied to monthly deposit minimum
- No local branches or in-person support
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. SoFi also has a wide range of financial products. 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.
Quontic High Interest Checking
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.
We want your money to work harder for you. Which is why our ratings are biased toward offers that deliver versatility while cutting out-of-pocket costs.
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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.
We want your money to work harder for you. Which is why our ratings are biased toward offers that deliver versatility while cutting out-of-pocket costs.
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High APY when you complete 10 or more qualifying debit card purchases each month
APY
up to 1.10%
Min. To Earn APY
$1
- 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
Quontic is an online bank. While it has only one physical location in Astoria, New York, it has over 90,000 fee-free ATM locations. In addition, there are no minimum balance requirements, no overdraft, or NSF fees. Money orders and cashier's checks are also free. There is a minimum of $100 to open an account.
Quontic Checking Account Customers can use the Quontic Pay Ring, the nation's first wearable payment ring. While wearing the ring, customers can make contactless purchases with a simple tap of their hand.
The bank offers a high APY for those who meet requirements for the APY tiers.
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.
Chime Checking Account
Rating image, 3.50 out of 5 stars.
3.50/5
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.
We want your money to work harder for you. Which is why our ratings are biased toward offers that deliver versatility while cutting out-of-pocket costs.
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Rating image, 3.50 out of 5 stars.
3.50/5
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.
We want your money to work harder for you. Which is why our ratings are biased toward offers that deliver versatility while cutting out-of-pocket costs.
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= Fair = Poor- Get direct-deposited funds up to two days early
- No monthly maintenance or overdraft fees
- No minimum balance requirement
- No foreign transaction fees
- No ChexSystems check to open an account
- Free peer-to-peer (P2P) payments
- Overdraft up to $200 without fees with SpotMe
- 0% checking APY
- No joint account
- No physical branches
- Out-of-network ATM fees
- Must open a checking and savings account together
Chime is an online-only bank. It is a "challenger bank," a start-up bank that focuses on financial technology. Chime partners with regional banks to offer banking services. It has over 60,000 fee-free ATM locations. There is no opening deposit or minimum balance required, no international transaction fees, and they will replace for free a lost debit card.
There are also no monthly service and overdraft fees. Chime waives overdraft fees up to $200 on debit card purchases. However, there is no APY offered on the checking account and the savings account APY is lower than other high-yield savings accounts. But there is no ChexSystems check to open an account, so it is ideal for those who are new to banking or have struggled in the past.
Customers can deposit cash at any Walgreens location for free. You can also deposit cash at over 75,000 retail locations with cash deposit partners such as Walmart, 7-Eleven, and CVS. Another valuable feature is early direct deposit, which allows account holders to access funds up to two days earlier than otherwise scheduled.
Chime is a financial technology company, not a bank. Banking services provided by The Bancorp Bank or Stride Bank, N.A.; Members FDIC.
*Early access to direct deposit funds depends on the timing of the submission of the payment file from the payer. We generally make these funds available on the day the payment file is received, which may be up to 2 days earlier than the scheduled payment date.
Alliant High Rate Checking
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.
We want your money to work harder for you. Which is why our ratings are biased toward offers that deliver versatility while cutting out-of-pocket costs.
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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.
We want your money to work harder for you. Which is why our ratings are biased toward offers that deliver versatility while cutting out-of-pocket costs.
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= Excellent
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= Fair = Poor- No monthly fees or overdraft fees
- No monthly minimum balance requirements
- Network of 80,000 ATMs
- Reimburses up to $20 ATM fees
- No monthly fees, overdraft fees, and no monthly minimum balance requirements
- No physical branches
- Higher APY available at other financial institutions
- Need to meet certain requirements to receive the dividend
Alliant is an online-only credit union based out of Chicago; however, anyone can qualify for membership. Alliant has over 80,000 fee-free ATM locations. There are no monthly service or overdraft fees. In addition, there are no minimum deposit and balance requirements.
The APY is not as high as what's offered by other banks and in order to qualify for it, you have to opt-in for paperless statements and have at least one recurring direct deposit.
Alliant also reimburses ATM fees up to $20 per month.
Alliant has a robust mobile app and online presence. Members can deposit checks using the app, make payments, and manage their accounts. Alliant's mobile app and website has a built-in budgeting tool to set financial goals.
Ally Spending Account
Member FDIC.
Rating image, 4.50 out of 5 stars.
4.50/5
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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.
We want your money to work harder for you. Which is why our ratings are biased toward offers that deliver versatility while cutting out-of-pocket costs.
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- No monthly maintenance or overdraft fees
- Monthly ATM fee reimbursements
- Competitive APY
- Early direct deposit
- Higher APY available at other financial institutions
- No physical locations
- No cash deposits
Ally is an online-only bank with a top-rated mobile app. While it has no physical locations, it has over 43,000 fee-free Allpoint ATM locations. The Ally Spending Account, formerly known as Ally High Interest Checking, reimburses ATM fees up to $10 per statement cycle.
In addition, there are no minimum deposit and balance requirements, and there are no monthly maintenance or overdraft fees. There are also no fees for standard or expedited ACH transfers or official/cashier's checks. However, Ally's APY is low compared to other high-yield checking accounts.
Ally offers customer protection against accidental overspending with a double line of defense through its Overdraft Transfer Service and CoverDraft service. Customers can get paid up to two days sooner with early direct deposit. Ally also offers free standard and official checks, as well as free domestic and international wire transfers. The bank offers higher-than-average APY on all balances.
Capital One 360 Checking
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.
We want your money to work harder for you. Which is why our ratings are biased toward offers that deliver versatility while cutting out-of-pocket costs.
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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.
We want your money to work harder for you. Which is why our ratings are biased toward offers that deliver versatility while cutting out-of-pocket costs.
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- Variety of accounts
- Robust digital platform and app
- Great customer service
- Higher APY available at other financial institutions
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. Customers can add cash to their 360 Checking Account at any CVS location and get access to their money up to two days sooner with early paycheck.
In addition, there are no minimum deposit and balance requirements, no foreign transaction fees, and no overdraft fees.
LendingClub Rewards Checking
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.
We want your money to work harder for you. Which is why our ratings are biased toward offers that deliver versatility while cutting out-of-pocket costs.
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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.
We want your money to work harder for you. Which is why our ratings are biased toward offers that deliver versatility while cutting out-of-pocket costs.
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- 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
LendingClub Rewards Checking is an online-only bank. While it has no physical locations, it offers unlimited domestic and worldwide ATM reimbursements. In addition, there are no minimum balance requirements, no overdraft, or NSF fees. LendingClub Rewards Checking offers 1% cash back on debit card purchases.
The APY is lower than other online-banks and to qualify for the highest interest tier, there is a minimum balance requirement of $100,000.
2023 Award Winner
Schwab Bank High Yield Investor Checking
Member FDIC.
Rating image, 4.75 out of 5 stars.
4.75/5
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.
We want your money to work harder for you. Which is why our ratings are biased toward offers that deliver versatility while cutting out-of-pocket costs.
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Rating image, 4.75 out of 5 stars.
4.75/5
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.
We want your money to work harder for you. Which is why our ratings are biased toward offers that deliver versatility while cutting out-of-pocket costs.
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- No foreign transaction fees
- No monthly maintenance fees
- Unlimited ATM fee reimbursements worldwide
- Great customer service
- Free linked investment account with checking account
- Higher APY available at other financial institutions
- Physical locations for investment services
This free checking account is available to Schwab brokerage customers. Schwab offers unlimited domestic and international ATM reimbursements. Schwab also doesn't charge a foreign transaction fee (which can be 1% to 3% of transaction cost). In addition, there is no minimum deposit requirement and no minimum balance requirements.
Charles Schwab Bank received the highest score in the checking segment of the J.D. Power 2019-2023 U.S. Direct Banking Satisfaction Studies, which measures overall satisfaction with branchless banks.
When you open an Investor Checking account, you'll also be opening a brokerage account at the same time and receive a separate account number for each. You can view both accounts online with a single login, pay no monthly fees, and easily transfer funds between accounts for free.
EverBank Yield Pledge® Checking
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.
We want your money to work harder for you. Which is why our ratings are biased toward offers that deliver versatility while cutting out-of-pocket costs.
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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.
We want your money to work harder for you. Which is why our ratings are biased toward offers that deliver versatility while cutting out-of-pocket costs.
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= Best
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- Monthly ATM fee reimbursements
- Purchase protections for debit cards
- Higher APY available at other financial institutions
TIAA is an online bank that also offers other financial products and services. TIAA has over 92,000 fee-free ATM locations. TIAA also reimburses ATM fees up to $15 per statement cycle, however customers need to maintain a minimum balance of $5,000 to qualify for the ATM reimbursement. In addition, there is no minimum deposit required, no minimum balance requirements, or NSF fees. Customers need $100 to open an account.
TIAA guarantees high APY yields with its Yield Pledge promise which states that it will guarantee that the APY will be within the top 5% of "competitive accounts." "Competitive accounts" are similar accounts from the 10 largest banks and thrifts in 10 large U.S. banking markets. However, TIAA's APY is lower than other high-yield checking accounts.
Consumers Credit Union Serious Interest Checking
Member FDIC.
Rating image, 3.75 out of 5 stars.
3.75/5
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.
We want your money to work harder for you. Which is why our ratings are biased toward offers that deliver versatility while cutting out-of-pocket costs.
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Rating image, 3.75 out of 5 stars.
3.75/5
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.
We want your money to work harder for you. Which is why our ratings are biased toward offers that deliver versatility while cutting out-of-pocket costs.
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APY
Up to 4.00%
Min. To Earn APY
$0
- High APY
- No monthly maintenance fee
- Unlimited check writing
- Online and mobile banking tools
- Local companies (in Michigan) honor discounts and services to Consumers members
- Must meet requirements to qualify for high APY
- Minimum deposit of $1,000
Consumers Credit Union is a credit union based out of Chicago; however, anyone can qualify for membership. The online checking account is available to anyone who pays the Consumers Cooperative Association's one-time $5 membership fee. Consumers Credit Union has over 30,000 fee-free ATM locations and over 5,000 shared branches. The bank offers unlimited reimbursement for all ATM fees. Customers can also get paid two days early with early direct deposit.
There are no monthly maintenance fees but there is a $1,000 opening deposit required. The bank offers one of the highest APYs for those who meet requirements for the APY tiers. But with any tantalizingly high APY, it's worth reading the fine print and understanding if this account is best for you.
How to compare online checking accounts
There are many factors to consider when looking for an online bank. Many financial institutions offer an online checking account free of charge or an online checking account with no deposit required. Here are some other factors to take into consideration when comparing online checking accounts.
FDIC or NCUA insurance
The Federal Deposit Insurance Corporation (FDIC) is an independent federal agency that insures a customer's bank deposits up to $250,000. The National Credit Union Administration (NCUA) is the FDIC equivalent for credit unions. Ensure that your online checking account is insured by either agency or for state credit unions, insured by their state agency.
Type of account
There are several types of checking accounts that most financial institutions offer. The right fit depends on how you use your checking account. These accounts can be for both an individual or online joint checking account. Here are the most common types:
- Standard checking account: This is the most common type of checking account. It offers basic features such as making deposits, withdrawals, writing checks, paying bills, and using a debit card.
- Premium checking account: Premium accounts require a higher checking account balance than a standard account. Premium account holders often earn interest, get discounts on other services from the bank such as slightly lower mortgage rates, and enjoy a lower fee structure.
- Rewards-based account: Like credit cards that pay rewards for everyday purchases, rewards-based accounts offer cash back, points, or special discounts.
- Other specialty accounts: Banks offer accounts for students, seniors, and other demographic groups. The accounts are catered specifically to a specific group.
Fees
Even for free checking accounts there are many other fees that a bank can charge. Online banks rarely charge monthly maintenance fees. Banks with physical locations often charge fees, but some will waive checking account fees if you keep a minimum required balance. It is best to find a bank that offers an online checking account with no fees or fees that can be easily avoided or waived, such as overdraft fees.
Minimum requirements
Some banks require minimum deposits to open an online account. They also require a minimum balance to continue qualifying for a free account. Customers that don't meet the minimum requirements will often have to pay the monthly service fee. Look for a free online checking account with no opening deposit requirement, or one that is very low.
Digital banking experience
The primary way of accessing an online bank account for an online-only bank is through the bank's mobile app and website. Look for an online bank account that is easy to use, offers robust digital tools, an online checking account with mobile deposit, and has a highly rated mobile app. You can check reviews of a mobile app on the app store.
Customer service
Online-only banks do not have any branches. If customers have any issues, they can only contact the bank through online chat, email, or phone support. It is important to find a bank that offers easily accessible customer service. If customers prefer face-to-face customer service, they can look for a bank that has physical locations and an online banking feature.
ATM network or generous ATM fee reimbursement program
You want your bank to be as accessible as possible. Especially if you often pay with cash, you will need access to in-network ATMs to avoid any ATM fees. If you only have access to out-of-network ATMs, look for banks that offer generous ATM fee reimbursements.
Benefits such as high APY, cash back rewards, or other additional perks
The average APY for checking accounts is 0.07%. There are banks that offer more APY and even generous cash back rewards. When looking for the checking account that is right for you, consider what additional perks a bank will offer, such as an online checking account bonus.
Can I open an online checking account with no deposit?
While there are many banks that require a deposit to open an online checking account, through our analysis we have found the best banks that offer an online checking account with no required deposit.
In the past, checking accounts often had restrictions. Many banks have begun to now offer online checking accounts without a deposit.
If you're interested in a free online checking account with no opening deposit, we have a guide that might be helpful to you. Head over to our Best Free Checking Accounts page to see our top picks for fee-free checking accounts.
Are online checking accounts safe?
Yes, checking accounts are safe, especially if you have less than $250,000 in the account. As we mentioned earlier, all checking accounts are FDIC insured for as much as $250,000 per depositor, per institution. If you have more than $250,000, divide the balance between checking accounts at several banks to ensure all of your money is protected.
In addition, most institutions offer fraud protection for checking account customers. This helps protect you against unauthorized withdrawals or usage of your debit card. Many of our best checking account picks offer fraud protection.
What is an online checking account?
An online checking account allows customers the ability to manage their money from a computer with an internet connection and through a mobile device. Customers can access their checking account online, pay bills electronically, transfer money, and withdraw money at an ATM. You can open an online checking account at an online-only bank or a brick-and-mortar bank.
Most traditional banks also offer online banking services so customers can access their money at a physical branch, online, or at an ATM. Online-only banks typically have intuitive and easy to use online interfaces and mobile apps that offer money management tools. Most offer 24/7 phone customer service as well as the ability to chat with customer service representatives online.
Customers can manage their funds and deposit money without setting foot in a branch. Mobile apps allow customers to deposit a check by taking a picture of it. Customers can also deposit cash through an ATM machine that has a relationship with the bank. Online banks offer debit cards for their checking accounts.
Show Best Offers Available in
Rates as
of Nov 28, 2023
| Offer | APY | Minimum to Earn APY | Next Steps | |||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|
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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.
We want your money to work harder for you. Which is why our ratings are biased toward offers that deliver versatility while cutting out-of-pocket costs.
= Best
= Excellent
= Good
= Fair = Poor
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.
We want your money to work harder for you. Which is why our ratings are biased toward offers that deliver versatility while cutting out-of-pocket costs.
= Best
= Excellent
= Good
= Fair = Poor |
APY:
0%
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Minimum To Earn APY:
N/A
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Member FDIC.
Rating image, 4.75 out of 5 stars.
4.75/5
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.
We want your money to work harder for you. Which is why our ratings are biased toward offers that deliver versatility while cutting out-of-pocket costs.
= Best
= Excellent
= Good
= Fair = Poor
Rating image, 4.75 out of 5 stars.
4.75/5
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.
We want your money to work harder for you. Which is why our ratings are biased toward offers that deliver versatility while cutting out-of-pocket costs.
= Best
= Excellent
= Good
= Fair = Poor |
APY:
0.50%
Rate info
You can earn the maximum savings APY by having Direct Deposit (no minimum amount required) or by making $5,000 or more in Qualifying Deposits every 30 days. See SoFi Checking and Savings rate sheet at: https://www.sofi.com/legal/banking-rate-sheet.
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$0
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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.
We want your money to work harder for you. Which is why our ratings are biased toward offers that deliver versatility while cutting out-of-pocket costs.
= Best
= Excellent
= Good
= Fair = Poor
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.
We want your money to work harder for you. Which is why our ratings are biased toward offers that deliver versatility while cutting out-of-pocket costs.
= Best
= Excellent
= Good
= Fair = Poor |
APY:
0.25%
|
Minimum To Earn APY:
$1
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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.
We want your money to work harder for you. Which is why our ratings are biased toward offers that deliver versatility while cutting out-of-pocket costs.
= Best
= Excellent
= Good
= Fair = Poor
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.
We want your money to work harder for you. Which is why our ratings are biased toward offers that deliver versatility while cutting out-of-pocket costs.
= Best
= Excellent
= Good
= Fair = Poor |
APY:
Up to 0.25%
|
Minimum To Earn APY:
$1
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|
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.
We want your money to work harder for you. Which is why our ratings are biased toward offers that deliver versatility while cutting out-of-pocket costs.
= Best
= Excellent
= Good
= Fair = Poor
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.
We want your money to work harder for you. Which is why our ratings are biased toward offers that deliver versatility while cutting out-of-pocket costs.
= Best
= Excellent
= Good
= Fair = Poor |
APY:
0.10%
|
Minimum To Earn APY:
$1
|
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|
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.
We want your money to work harder for you. Which is why our ratings are biased toward offers that deliver versatility while cutting out-of-pocket costs.
= Best
= Excellent
= Good
= Fair = Poor
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.
We want your money to work harder for you. Which is why our ratings are biased toward offers that deliver versatility while cutting out-of-pocket costs.
= Best
= Excellent
= Good
= Fair = Poor |
APY:
Up to 0.15%
|
Minimum To Earn APY:
$2,500
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2023 Award Winner
Member FDIC.
Rating image, 4.75 out of 5 stars.
4.75/5
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.
We want your money to work harder for you. Which is why our ratings are biased toward offers that deliver versatility while cutting out-of-pocket costs.
= Best
= Excellent
= Good
= Fair = Poor
Rating image, 4.75 out of 5 stars.
4.75/5
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.
We want your money to work harder for you. Which is why our ratings are biased toward offers that deliver versatility while cutting out-of-pocket costs.
= Best
= Excellent
= Good
= Fair = Poor |
APY:
0.45%
|
Minimum To Earn APY:
$0.01
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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.
We want your money to work harder for you. Which is why our ratings are biased toward offers that deliver versatility while cutting out-of-pocket costs.
= Best
= Excellent
= Good
= Fair = Poor
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.
We want your money to work harder for you. Which is why our ratings are biased toward offers that deliver versatility while cutting out-of-pocket costs.
= Best
= Excellent
= Good
= Fair = Poor |
APY:
0.25%
|
Minimum To Earn APY:
$0
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Consumers Credit Union Serious Interest Checking
Member FDIC.
Rating image, 3.75 out of 5 stars.
3.75/5
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.
We want your money to work harder for you. Which is why our ratings are biased toward offers that deliver versatility while cutting out-of-pocket costs.
= Best
= Excellent
= Good
= Fair = Poor
Rating image, 3.75 out of 5 stars.
3.75/5
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.
We want your money to work harder for you. Which is why our ratings are biased toward offers that deliver versatility while cutting out-of-pocket costs.
= Best
= Excellent
= Good
= Fair = Poor |
APY:
Up to 4.00%
|
Minimum To Earn APY:
$0
|
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Discover our other checking account top picks:
FAQs
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Online-only and brick-and-mortar banks offer some form of protection against theft. Our list of best online checking accounts are FDIC/NCUA insured and offer digital security features.
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Customers can open online checking accounts with online-only banks and many brick-and-mortar banks within minutes. Customers will need to fill out an online application form, provide necessary documentation, and then wait to get approval for their checking account.
-
Many banks offer digital banking tools to help customers track their expenses and set up a budget. Many of these tools are automatically built into an online banking account or mobile app.
Our Banking Experts
David S. Chang, ChFC®, CLU® is an award-winning entrepreneur, keynote speaker, author, and consultant. He has over two decades of experience in the wealth management space and has been featured in dozens of news, radio, and podcast programs nationwide. He currently works as Head of IoT for the West Region of a Fortune 200 company. He is a graduate of the United States Military Academy at West Point and currently a Lieutenant Colonel in the California Army National Guard. He is an East-West Graduate Degree Fellow and has an MBA from the UCLA Anderson School of Management.
Fact Checked
Nathan Alderman
Nathan Alderman has worked with The Motley Fool since 2005, making errors his arch-enemies in a variety of roles including a six-year stint as the dedicated fact-checker for The Motley Fool's premium newsletter services. As The Ascent's Compliance Lead, he makes sure that all the site's information is accurate and up to date, which ensures we always steer readers right and keeps various financial partners happy. A graduate of Northwestern University's Medill School of Journalism, Nathan spends his spare time volunteering for civic causes, writing and podcasting for fun, adoring his wife, and wrangling his two very large young children.
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