Best Checking Accounts January 2023

Investment accountsWhile you might be able to make a lot of money, checking accounts are useful for everyday transactions. You can deposit your paychecks, send money, pay off credit cards, withdraw cash and transfer funds with a checking account. savings accountsPay for purchases using a debit card.

The best checking accounts offer a wide variety of deposit and payment services, with no minimum balances or monthly maintenance fees. They will not charge for ATM withdrawals. They will also reimburse any non-network ATM fees incurred by other banks. The best checking accounts offer reasonable interest on your account balance. You can open a checking bank account online, in person, or at any credit unions or other financial institutions such as neobanks.

Our picks for the best checking accounts are available for you, whether you’re looking for high interest, no fees or physical branches. The accounts with the highest interest rates might have restrictions such as minimum balances or a certain number of transactions. debit cardPurchases per month to achieve the highest annual percentage yield (or APY).

Best checking accounts

Axos Bank

Axos Rewards Checking offers high interest rates and reasonable requirements. You automatically earn 0.40% interest on your checking account if you receive $1500 per month in direct deposits payments 

Your debit card can be used 10 times per month ($3 minimum purchase), and you will earn an additional 0.30% on top for a easy 0.70% return. A minimum balance in an investment or trading account of $2,500 will each add 0.20% to your checking balance. Paying off an Axos loans adds 0.15, bringing your maximum annual percentage yield up to 1.25%.

Axos’s ability to deposit cash is one of the best features. Axos makes use of the Green Dot NetworkYou can use this service to deposit cash, or even pay your bills with cash, at stores like CVS Kroger, Safeway, Walmart and Safeway. However fees may apply.

Axos charges no monthly maintenance fees and has no minimum balance requirements. A $50 minimum deposit is required to open an account. Rewards checking requires a $50 minimum. Axos offers unlimited reimbursements for non-network ATM fees, while Ally is limited at $10 per month. Axos, unlike Ally does not support Zelle, the free, person-to-person electronic payments system.

  • Monthly fee: None
  • Minimum opening deposit: $50
  • ATM fees for customers outside of the network: None
  • Out-of-network ATM reimbursements: Unlimited
  • ATMs in-network: 91,000 (MoneyPass)
  • Direct deposit funds available early:
  • Mobile check deposit: Yes; $10,000 daily cap; $50,000 monthly cap
  • Cash deposits: Yes; MoneyPass ATMs & Green Dot Network
  • APYDepending on usage and other Axos account details, APY ranges from 0.40% to 1.255%


Formerly called the National Bank of Kansas City (and Horizon National Bank before it), NBKC provides a variety of banking options, primarily online checking and competitive interest rates to its users. It has four branches in Kansas City. However, it does not offer much in-person assistance to the rest of us.

The NBKC offers the Everything checking account, which currently offers a 1.01% APY without spending or balance requirements. It’s a good rate with no strings attached. This account has no monthly maintenance fees, overdraft or inadequate funds fees, foreign transaction fees, and no non-network ATM fees. MoneyPass gives you access to approximately 37,000 ATMs across the country.

NBKC offers online checking accounts as well as CDs and money markets accounts. However, there is no standard savings account so there are not integrated features such round-up savings. 

The Everything account gives users early paychecks and reimburses non network ATM fees up to $12 per month. NBKC Everything is a good option if losing your money to bank charges bums you out.

  • Monthly fee None
  • Minimum opening deposit: $0
  • ATM fees for customers outside of the network: None
  • Out-of-network ATM reimbursements: $12 per month
  • ATMs in-network: 37,000 (MoneyPass)
  • Direct deposit funds available early:
  • Mobile check deposit:
  • Cash depositsMoneyPass ATMs
  • APY1.01% on all balances

Quontic Bank

Quontic, a digital bank, offers three options for checking accounts: Bitcoin Rewards Cash Rewards and High interest. High Interest is my favorite checking account collection. It offers a simple 1.10% interest rate on balances upto $150,000, if you complete 10 debit cards transactions above $10 each within a monthly billing cycle. Although the interest requirements for checking accounts are more strict than Axos’, they are still manageable for most users.

Quontic has eliminated its reverse interest rate on checking balances. All balances will now earn 1.10% annually, provided that you have completed 10 qualifying debit card transactions. It also comes with virtually no fees: no monthly maintenance, overdraft fees, or non network ATM fees.

This checking account supports Zelle personal payments and cash withdrawals from 90,000 ATMs via the AllPoint network. However, it limits withdrawals to $500 per day. It does allow mobile deposits via iOS or Android. However, I was unable to find any mobile deposit limits.

Consumers Credit UnionQuontic’s biggest competitor in this area is Quontic, which offers up 4.09% on checking accounts balances. However, Consumers Credit Union’s highest rates are dependent on associated credit card purchases. The initial rate is 2.09% if you do not make minimum credit card purchases. Consumers Credit Union drops to 0.20% for the first $10,000 balance. That means a $100,000 balance would earn you $389 per annum, while Quontic would make you $1,100.

  • Monthly fee: None
  • Minimum opening deposit: $100
  • ATM fees for customers outside of the network: None
  • Out-of-network ATM reimbursementsNo
  • ATMs in-network: 90,000 (Allpoint)
  • Direct deposit funds available earlyNo
  • Mobile check deposit:
  • Cash depositsNo
  • APY: 1.10%

Charles Schwab

Schwab Bank High Yield Investor-Checking is an online checking account which compares well to most competitors. All accounts have an APY of 0.40%. There are no monthly balance requirements or debit card spending restrictions. Schwab does not offer in person banking. 

Schwab will reimburse any fees incurred by other ATM providers. There are no monthly maintenance fees. Schwab accounts can be used with Visa and Visa Plus Alliance networks. This network includes more than 1 million ATMs across more than 200 countries. Plus Alliance includes retail outlets such CVS, Target CostCo, CostCo, Walgreens, and more.

Schwab doesn’t allow you to deposit cash, but it supports Zelle and allows you to make personal payments. Foreign transactions are free of charge. This is a great bonus for travelers who use international ATMs.

A Schwab Bank High-Yield Investor Checking Account requires a Schwab One brokerage accounts. These accounts cost $0 and have no balance requirements. Schwab’s checking accounts allow you to schedule automatic transfers into your brokerage account. This makes it easy for new investors to put extra cash to work.

Schwab does not charge overdraft fees and will cover transactions made with money from other Schwab accounts. Schwab will charge $25 for insufficient funds fees if there isn’t enough money in your account to cover the transaction. It also offers standard mobile apps on iOS and Android. There are no restrictions for mobile deposits, and a daily ATM cash withdrawal limit at $1,000.

  • Monthly fee: None
  • Minimum opening deposit: None
  • ATM fees for customers outside of the network: None
  • Out-of-network ATM reimbursements: Unlimited
  • ATMs in-network: Visa/Visa Plus Alliance
  • Direct deposit funds available earlyNo
  • Mobile check deposit:
  • Cash depositsNo
  • APY: 0.40%

Chase Bank

It is difficult to choose the best checking account for people who want to have access to banking services at a branch. This is because you need balance between the best account terms and the number and location brick-and-mortar banks.

While my runner up choice was, Capital One 360 CheckingChase Total Checking offers better terms than,®It doesn’t have nearly as many branches or geographic coverage. According to Chase, there are more than 4,700 Chase offices in 48 states (sorry North Dakota and West Virginia), while Capital One has approximately 770, mainly on the East Coast, Texas, and Louisiana. Branchspot.

Chase does not provide interest on checking accounts, but it offers a $200 bonus if you open an account or set up direct deposits. Capital One offers 0.10% interest on money. To earn $200, however, you would need $200,000 in your account.

Chase does not require a minimum balance or make a deposit. However, non-network ATM transactions are subject to a fee. It accepts mobile deposits via the iOS and Android apps. The daily limit is $10,000 and the monthly limit is $25,000.

  • Monthly fee $12
  • To avoid a monthly fee, you will need to comply with these requirements: Monthly direct deposit of at least $500; Or $1,500 daily balance; Or $5,000 combined average balance
  • Minimum opening deposit: None
  • ATM fees for customers outside of the network: $3
  • Out-of-network ATM reimbursements: None
  • ATMs in-network16,000 ATMs, over 4,700 branches
  • Direct deposit funds available earlyNo
  • Mobile check deposit:
  • Cash depositsBranches & ATMs
  • APYNo

Check out the top checking accounts

Best digital checking account Best checking account with no fees Checking account with the highest APY Best checking for investors Best in-person checking
Bank/institution Axos NBKC Bank Quontic Schwab Bank Chase
Account Rewards Checking Everything Account High Interest Checking Check out High Yield Investors Total Checking
Branch access No Limited (4 branches) No No (361 brokerage offices) Yes, there are 4700 branches
ATMs (number/network). 91,000 (MoneyPass) 34,000; MoneyPass 90,000 (Allpoint, MoneyPass) Visa/Visa Plus Alliance 16,000
Monthly reimbursement of out-of-network ATM fees Unlimited $12 None Unlimited None
Overdraft fee $25 None None $34 $34 
Foreign transaction fee None None None None 3%
Monthly fee None None None None $12
Minimum opening deposit $50 None $100 $0 $0


Is it necessary for me to have a checking or savings account to manage my finances?

It is possible to pay your bills and get approved for credit accounts with a checking account, but not always. A checking account can be seen as just one component of a multifaceted personal financial plan. While it can be difficult to manage, there are benefits to using a variety tools. You can use a checking account to receive money and pay your bills, a credit account for spending and earning rewards, and a savings account to store short-term savings. There are also brokerage and investment accounts that will help you save for retirement and college.

Do I have to pay fees to use my checking account?

No. No. There are many free checking options that will allow you to receive income and make payments. You won’t have to pay any monthly service fees.

How many checking account should I have?

The answer is simple for most people. Although you may be able to make a little extra cash by combining rewards and interest, it is not worth the effort. Your personal checking account should be easy to manage and offer overdraft protection. You should consider opening a separate business checking bank if you own a business. It is different than a regular checking account.

How does MoneyPass and Allpoint operate?

Many financial institutions are now online-only, like some of the banks mentioned above. They do not have their own branches or ATM networks. Online banks will partner with established networks like MoneyPass and Allpoint, which can place ATM locations at popular retail establishments, such as convenience stores, grocery shops, and pharmacies. To ensure that they don’t pay an ATM fee, people with an online checking account can use the “Find a nearby ATM” feature on their bank’s website or mobile app.

Banks and credit unions may charge “Checking account” fees.overdraft fees.” Overdraft fees are penalties that are levied on withdrawals or payments greater than your checking account balance.

Banks will process your withdrawal or payment and give you a negative amount if there is a true overdraft. Banks may charge an overdraft fee in the range $30-40. Many banks offer overdraft protection for free. They will transfer money to cover your negative balance if you have an account with them.

While they are often abbreviated NSF, “Nonsufficient funds” fees are slightly different from overdraft fees. The “bounced” check is the most common example. This is when your withdrawal is rejected and your checking account doesn’t go into a negative balance. You will be charged a fee of usually $25.

Banks are becoming more numerous eliminating overdraft and nonsufficient funds fees entirely. Banks without overdraft or NSF charges will generally refuse payments and withdrawals greater than your checking balance and will not charge you any fees.

What is the difference between a checking account and a savings account?

Although many accounts offer an APY as a selling point for their accounts, it is important to remember that a checking account’s rate of interest will rarely net you much. A $2,500 balance at a 0.10% interest rate earns you approximately $2.50 per year. Savings accounts usually offer between 0.60% & 1%, which would net between $15 and $25 per annum. You won’t find an excellent or good interest-bearing account if you’re searching for one. Consider a savings account instead.

We looked at over two dozen options across both traditional and online-only banks to find the best checking accounts. A few key features are essential for any financial account. These include ATM and branch availability, overdraft coverage, fees, bank bonuses enticements, reimbursements, minimum deposit requirements, and how easy it is to move money into and out of an account. This can be done via direct deposit, mobile deposit, or old-fashioned cash deposit. Standard checking accounts don’t have an interest rate. Read more. 

We evaluated the online banking capabilities of each financial institution. We also examined some trendy features like banks making funds available a few more days before customers who sign up to receive direct deposit paychecks. 

We paid attention to bank account charges. Although a bank may claim to offer a “free checking account,” it might not be true. When you are considering a new checking bank account, make sure to review the fee schedule. This will show you how much the bank charges for a “monthly fee”, using an out-of network ATM, falling below a minimum account balance requirement, or spending more than the account has (resulting in an excess fund fee). For making an ATM withdrawal at the wrong bank machine, you don’t want to be charged a $4 fee.

You should carefully examine waivers of fees that may be applicable to you if you don’t have direct deposit or if you don’t want to receive monthly paper statements. You don’t want to be in a situation where you have to miss your minimum deposit by a few bucks or keep your account balance slightly below the required amount. This will result in a monthly maintenance fee.

We are also a little skeptical about checking accounts with cash-back and rewards incentives. A 1% cash-back account is possible. could be moderately lucrative, this type of account may obligate you to hit a monthly spending threshold or maintain a certain minimum balance. If you want to earn cash back or reward points, you should consider a cash-back credit cardThe best offers significantly higher rates. You might also consider putting some of your checking account cash in a savings account, CD, or money market that offers a higher annual percentage return.

Research into checking accounts

  • LendingClub Rewards Checking
  • NBKC Bank Every Account
  • Chase Total Checking®
  • Consumers Credit Union Rewards – Checking
  • Alliant Credit Union High Rate Checking
  • Chime Spending Account
  • Axos Essential Checking
  • Connexus Credit Union Xtraordinary checking
  • Simple, simple account
  • CIT Bank eChecking
  • Wells Fargo Everyday Checking
  • Bank of America Advantage Plus Banking
  • Discover Cashback Debit
  • Capital One 360 Checking
  • Aspiration
  • PNC Virtual Wallet with Performance Spend
  • Betterment
  • Fidelity Cash Management Account
  • HSBC Choice Checking
  • TD Checking
  • Current Bank
  • Varo Checking Account
  • Wealthfront Cash Account
  • Novo
  • BlueVine Business Checking
  • Ally Bank 

More personal finance advice 

This page’s editorial content was created solely from objective, independent assessments by our writers. Advertising or partnerships are not considered. It was not provided or commissioned by any other party. We may be compensated if you click on links to products and services offered by our partners.

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