Best Online Checking Accounts for 2022

The best online checking accounts offer a combination of low fees, make it convenient to access your money, and are FDIC-insured. Online-only banks tend to have lower fees since they don’t have physical bank branches. They also typically have an intuitive mobile app and online experience. We have researched the banking industry to find our picks of the best online checking accounts using our methodology below.

• Low monthly maintenance or service fee
• Low minimum balance requirements
• Wide range of online and mobile banking tools
• Large fee-free ATM network or generous ATM-fee reimbursement program
• Benefits such as high APY, cash-back rewards, or other additional perks

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.

Finding the right checking account is important since most people use their checking account for everyday banking. You want to find a bank that best suits your needs, is easy to access, has low fees, and can help meet your financial goals. Here are the factors to consider when choosing the best online checking account for you:

• Insurance
• Type of account
• Fees
• Minimum requirements
• Digital banking experience
• Customer service
• ATM network or generous ATM-fee reimbursement program
• Benefits such as high APY, cash-back rewards, or other additional perks

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. 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 charges no fees or one that can be easily 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.

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, 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 still 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 0.03%. 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.

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.

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 many restrictions. Many banks have begun to now offer online checking accounts without a deposit.