Best Checking Accounts of December 2023

Our experts answer readers’ banking questions and write unbiased product reviews (here’s how we assess banking products). In some cases, we receive a commission from our partners; however, our opinions are our own. Terms apply to offers listed on this page.Checking accounts are optimal tools for everyday expenses and transactions.We reviewed over 30 financial institutions to find the best banks for checking accounts. To help you find a checking account based on your preferences, we narrowed down our top picks by creating three categories —accounts with rewards perks, accounts that require minimal effort (are easy to open and have minimal bank fees), and popular brands. Earn cash back rewards with no fees. Start earning 1% cash back today (see website for details).no monthly service feeNone$0Discover is a strong online bank. However, if you’d prefer to open a CD or money market account with a low minimum opening deposit, you might consider other options.Here are our top picks for the best checking accounts.SoFi Checking and Savings might be worth exploring if you’d like a well-rounded checking account that offers interest, cash back, and a cash bonus.SoFi pays 4.60% APY on savings balances if you set up a direct deposit or deposit a minimum $5,000 per month and 0.50% APY on checking balances. When you use your SoFi debit card, you can also earn up to 15% cash back at select retailers. You can participate in the cash-back program and view participating retailers through the bank’s mobile app.SoFi Checking and Savings also has a cash bonus of up to $250 with qualifying direct deposit for eligible customers until December 31, 2023. You may qualify for the bonus as long as you’re a new SoFi Checking and Savings customer, or an existing SoFi Checking and Savings customer who hasn’t set up direct deposit yet.Keep in mind this account works best if you set up a direct deposit or deposit a minimum $5,000 per month. That way, you’ll qualify for a $250 cash bonus and the highest-tier interest rate. SoFi Checking and Savings ReviewUpgrade Rewards Checking Plus is a strong option if you’re looking for a rewards checking account that offers cash-back perks. Upgrade Rewards Checking Plus lets you earn 2% cash back on everyday debit card purchases (purchases at convenience stores, drugstores, restaurants, bars, or gas stations) and payments on utility and monthly subscriptions. You may also get 1% cash back on any other debit card purchases.The 2% cash back perk has a limit of $500 per year. Once you reach the yearly limit, you’ll get 1% cash back on all eligible purchases for the remainder of the year. To get the most out of the Upgrade Rewards Checking Plus Account — like ATM fee reimbursements and loan discounts receive at least $1,000 or more in direct deposits monthly Otherwise, you won’t qualify for these perks.Also, keep in mind certain transactions are eligible for cash back rewards. For example, you won’t get the rewards on money transfers, ATM transactions, check purchases, gift cards, foreign currency, money orders, refunds, or fraudulent charges.Upgrade Checking and Savings ReviewThe Redneck Bank Rewards Checkin’ Account might be appealing if you’d like to get rewards checking account with a competitive interest rate. Redneck Bank offers a bonus rate of 5.30% APY on account balances up to $15,000, and 0.50% APY on balances above $15,000. To qualify for the highest interest rate on your account balance, you must make at least 10 qualifying debit card transactions each monthly statement cycle and receive online bank statements.If you do not meet the monthly requirements, the standard rate for the Redneck Bank Rewards Checkin’ Account is 0.25% APY. You also might consider another checking account if you would prefer to deposit less money upfront. Redneck Bank requires a steep minimum deposit of $500 to open its Redneck Rewards Checkin’ Account.Redneck Bank Rewards Checking Account ReviewThe Chime Checking Account is a solid bank account with easy opening requirements. You might like this account, in particular, if you’ve struggled to open a bank account in the past due to your banking history. This account does not require a credit check or review by ChexSystems.Chime also may be worthwhile if your goal is to avoid common bank fees. The online banking platform doesn’t charge monthly service fees, overdraft fees, or foreign transaction fees. That said, Chime’s SpotMe feature does have some limitations. The account only lets you overdraw by up to $200 and to be eligible for this perk, you must receive at least $200 in direct deposits monthly. If you try to overdraw by more than $200, the transaction won’t be processed. Instead, it’ll just be denied.Chime Banking ReviewCapital One Checking has one of the most well-rounded checking accounts if you’d like to bank with a national brand. This checking account has a $0 minimum opening deposit, no monthly service fees, no overdraft fees, and no foreign transaction fees. This account also stands out because it has a variety of overdraft options. For example, one overdraft service offered is free savings transfers. To utilize the service, you’ll link your checking account to a savings account. If you overdraw, Capital One will cover your overdraft by transferring money from your savings account automatically. There’s no fee involved for this service, which is an added bonus because typically financial institutions charge a fee.Something to keep in mind with Capital One is that it has Capital One Cafes in select areas throughout the US. At Capital One Cafes, you can get bank services through a Cafe Ambassador. You’ll still have to be primarily comfortable with an online-only banking experience when opening a Capital One bank account, though.Capital One 360 Checking ReviewThe Schwab Bank High Yield Investor Checking Account is another good option if you’d like to open a checking account with a familiar brand. In particular, this account might be worth exploring if you already have a brokerage account with Charles Schwab.This account’s strongest feature is its ATM perks. Charles Schwab doesn’t charge ATMs and offers unlimited refunds worldwide when an ATM provider charges a fee.Charles Schwab Bank ReviewThe Alliant High-Interest Checking Account is a good choice if you prioritize banking with a credit union over a bank and want an account with minimal fees. This checking account does not have monthly service fees or overdraft fees. You’ll also be reimbursed up to $20 in out-of-network ATM fees per month. Alliant ranks as one of our best credit unions because it’s easy to join regardless of where you live in the US. Anyone can join by becoming a member of Foster Care for Success, a nonprofit organization that helps foster teens in the US (Alliant will also cover the one-time $5 membership fee). Like other credit unions, Alliant compounds interest monthly or daily. This may make a difference in how much interest you’ll earn depending on how much money you’d like to keep in an account.Alliant Credit Union Checking ReviewThe Experian Smart Money Account is another well-rounded online checking account. It has a $0 minimum opening deposit, no monthly service fee, and no overdraft fees. This account also might be an appealing choice if you want access to financial tools. The checking account is automatically linked to a tool called Experian Boost. Experian Boost allows you to build credit for making on-time payments for phone bills, utility bills, rent payments, and more. The account also has early direct deposit and you may be eligible for a $50 bonus when you set up direct deposit.You might prefer one of our other top picks if you want overdraft protection. If you make a transaction that would result in a negative account balance, Experian will deny the purchase. Experian Smart Money ReviewA checking can be used as a tool for managing transactions and monitoring spending. A traditional checking account usually comes with several ways to access money in your account, like checks or a debit card.A good checking account won’t charge you a monthly service fee, or will offer ways to let you waive the monthly service fees. Many checking accounts also do not charge overdraft fees.The best banks for checking accounts will usually have minimal bank fees, like monthly service, overdraft fees, and out-of-network ATMs. The most suitable option for you might also depend on whether you’re looking for special perks, like a cash bonus, interest, or cash-back rewards.Many banks allow you to open more than one checking account, but it’s usually unnecessary unless you need an individual account and a joint account.It’s not bad to have multiple checking accounts, but it’s usually not necessary. A checking account should hold cash that you are using to cover your expenses each month and no more than that. Any excess cash is best stored in a high-yield savings account, where it can earn up to 200 times more interest than a checking account, or in an investment account.Typically, a checking account is the best type of account for regular purchases. Checking accounts typically don’t have a limit on how often you can make transactions like savings and money market accounts do.There are four types of checking accounts: regular checking accounts, high-interest checking accounts, cash-back checking accounts, and specialty checking accounts. Here’s an overview of each type of checking account: The best checking account for you may hinge on your banking preferences and goals. For example, if you regularly maintain a high checking account balance, the best high-yield checking accounts may be appealing options. The Better Business Bureau assigns companies grades, ranging from F to A+. A strong BBB score indicates a company responds effectively to customer complaints, advertises honestly, and is transparent about business practices. The only institution on our list that hasn’t received a BBB rating yet is Redneck Bank.Here are the BBB grades for our top picks:Chime’s BBB rating can be attributed to a high volume of customer complaints.Experian received a C+ rating from BBB because it has received a high volume of customer complaints, had government actions taken against the company, and has taken a long time to respond to customer complaints.Upgrade received an A+ rating from the BBB. Its partner bank, Cross River Bank, received a C- rating because it has received a high volume of customer complaints on the BBB website, and it has seven unresolved complaints. A strong BBB grade doesn’t guarantee you’ll have a smooth relationship with a company, though. SoFi has been involved in a recent public controversy. In 2021, the Security and Exchange Commission required SoFi Wealth to pay $300,000 in a settlement that stated the bank failed to tell customers of a conflict of interest when it put account holders’ assets into SoFi ETFs instead of third-party ETFs.Chime used the URL “Chimebank.com” and the words “bank” and “banking,” but Chime isn’t licensed as a bank. Chime is a banking platform, and is insured by a bank. In 2021, the Commissioner of Financial Protection and Innovation ordered Chime to stop using the terms “Chimebank.com,” “bank,” and “banking” on its webpage and advertisements.In November 2022, Experian was required to pay a total of $13.67 million regarding two settlements over data breaches that occurred in 2012 and 2015. The 2015 breach occurred when an authorized person obtained access to personal information in the Experian network, primarily affecting people who applied for T-Mobile services between September 2013 and September 2015. The 2012 breach involved identity theft.Capital One is also facing a lawsuit. The bank used to have an account called 360 Savings. In 2019, Capital One launched the new 360 Performance Savings Account, which paid a much a higher interest rate. Many customers thought their old savings accounts would transition into this new one, but in reality, they had to open a new 360 Performance Savings Account to earn the higher rate. So some customers have been earning a significantly lower savings rate for years.In the lawsuit, the plaintiffs’ lawyers allege that Capital One didn’t inform 360 Savings customers that these were two distinct accounts, or that 360 Performance Savings paid a higher rate. However, Capital One wants this case dismissed because it claims people had every opportunity to learn these facts on their own. This case is still ongoing.Earn up to a $250 bonus with qualifying direct deposits for eligible customers through 12/31/2023. Earn up to 4.60% APY on savings balances (including Vaults) with direct depositno monthly service feeup to 4.60%$0up to $250SoFi Checking and Savings is a great account option if you don’t mind keeping your savings and checking in one account.Earn up to 2% cash back on purchases. Add a Performance Savings account to earn up to 5.07% APY on saving balances.no monthly service feeUp to 5.07% APY on saving balances$0Upgrade is a good option if you’re looking for free checking, cash back on debit card purchases, and competitive high-yield savings account interest rates — but you’ll have to meet certain requirements to get the best perks.Earn up to 5.30% Annual Percentage Yield (APY). $500 minimum deposit. FDIC Insured.no monthly service fee0.25% to 5.30%$500Redneck Bank is a good option if you’re looking for a high-yield checking account or money market account with competitive interest rates. The main downside is its tiered rate system, which sees your APY drop if your account goes above a certain balance threshold. You may be eligible for the best rates if you keep $15,000 or less in checking, and $100,000 or less in the money market account.No monthly service fees, foreign transaction fees, or overdraft fees. Member FDIC.no monthly service feeNone$0Chime has one of the best checking accounts out there, but it doesn’t offer joint accounts or pay the best savings rate. Its strongest feature is that it’s great for people who might not qualify to open accounts elsewhere — it doesn’t check your credit score or banking history when you apply for a checking account, savings account, or credit card. It also provides several credit-building tools.no monthly service fee0.10%$0Capital One is a strong bank overall. You’ll earn competitive interest rates on online savings accounts and CDs.Earn 0.45% Annual Percentage Yield (APY). $0 minimum deposit. FDIC Insured.no monthly service fee0.45%$0Charles Schwab Bank is one of the best banks for international travelers, because it doesn’t charge foreign transaction fees. It also refunds all fees charged by ATMs worldwide. But if you want to earn high interest rates, you’re better off looking elsewhere.No monthly service fess. NCUA Insured.no monthly service fee0.25%up to $25Alliant is one of the best credit unions out there, especially if you want to earn high interest rates on savings, checking, and certificates.Earn $50 bonus when you set up direct depositno monthly service feeNone$0$50The best checking accounts have low fees and are easy to use — Experian Smart Money offers both with zero fees, plus access to an extensive ATM network and a user-friendly mobile app. The account stands out because it helps you improve your credit score when you make everyday bill payments. For this reason, the account is best for people who are just starting to build credit or could use help improving it.We consulted banking and financial planning experts to inform these picks and provide their advice on finding the best checking accounts for your needs. Here’s what they had to say about checking accounts. (Some text may be lightly edited for clarity.)What are some good qualities to look for in a checking account?Roger Ma, certified financial planner with lifelaidout® and author of “Work Your Money, Not Your Life”:”I would look at the ATM branch locations and then minimum balance amounts to not incur a monthly fee … I think there’s other stuff that could make life easier, whether it’s a free checks, online bill pay, are they in the Zelle network?”Sophia Acevedo, certified educator in personal finance, banking reporter, Personal Finance Insider:”I would look for a checking account that either doesn’t have any monthly services fees or offers multiple ways to waive the fee. I would also look at customer support availability and mobile app ratings.”How can someone find the right bank?Tania Brown, certified financial planner at SaverLife:”Obviously, you want to make sure it’s FDIC insured. Also, your banking experience — do you like walking into a bank? Well, then you need someone local. Do you just not care if you ever see your bank? Then you’re okay online. Do you write checks? Do you not write checks? So it’s thinking through how your experience with it is going to be before you make that decision.”Mykail James, MBA, certified financial education instructor, BoujieBudgets.com:”The No. 1 thing about a checking account is you should know what provider the debit card is coming from. And a lot of people don’t think about that, because there are places that don’t accept MasterCard or don’t accept an Amex.”Our Methodology: How We Chose the Best Checking AccountsAt Personal Finance Insider, we strive to help smart people make the best decisions with their money. We spent hours comparing and contrasting the features and fine print of nearly three dozen checking accounts available at over 30 national and online-only banks so you don’t have to. Read more about how we rate and review products on Personal Finance Insider’s editorial standards page.We understand that “best” is often subjective, however, so in addition to highlighting the clear benefits of a checking account — no fees, for example — we outline the limitations, too.We considered offerings at over 30 financial institutions using our bank account methodology to determine the strongest options for the best checking accounts.We gave precedence to no-monthly-fee checking accounts or those with the option to waive monthly fees with qualifying activities, overdraft protection options, widespread ATM access and/or reimbursement for ATM fees, and mobile banking capabilities.The following our checking were considered for top picks, but we ultimately didn’t choose them. You may still want to consider some of these options, depending on your preferences:

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