We independently evaluate all recommended products and services. If you click on links we provide, we may receive compensation. Learn more. Your checking account might be your most important financial account. You receive income, pay bills, and make purchases from that account, so it’s crucial to have everything working smoothly. Not only do you need an account that functions well, but a bank that minimizes fees so you can keep more of what you earn. With those goals in mind, we’ve identified the best banks for your next checking account. These accounts all offer essential checking account features, and your deposits are insured up to federal limits by the FDIC or NCUA. Best Banks for Checking Accounts Best Banks for Checking Accounts Compare Providers What Is a Checking Account? What Makes a Good Checking Account? Key Checking Account Terminology Capital One helps children and teenagers learn about money with a free checking account designed for kids. Minors get a debit card for spending, accounts are available for children as young as eight years old, and there are no monthly fees or account minimums. Parents or guardians can monitor the account with online access and account activity alerts. Some parents may appreciate that the debit card cannot be used to make purchases at businesses that are considered inappropriate for young adults, such as liquor stores and bars. The account pays 0.10% APY (Annual Percentage Yield). Capital One’s 360 Checking also offers an APY of 0.10%. The mobile app features instant purchase notifications, mobile check deposit, and allows you to send money via Zelle. You can also lock your card via the app if you ever lose it. Pros Interest-bearing account for kids and teens ages 8 and up Provides a substantial level of autonomy (if parents want that) Cons No paper checks, though teens may not need those often Cash back rewards may seem plentiful with credit cards, but debit cards are less generous. Discover® Bank’s Cashback Debit account is a free online checking account with rewards. Earn 1% cash back on up to $3,000 of qualifying debit card purchases each month, for total monthly rewards of up to $30. See website for details. There are no monthly fees, and there’s no minimum balance requirement. If you already use your debit card for everyday spending, the extra cash is a bonus. But if you prefer credit card rewards, this may not be the best fit. Pros Rare opportunity to earn rewards on debit card spending Discover’s robust offering of accounts for one-stop shopping Cons Users may forgo advantages of spending with a credit card Although the 1.75% APY you’ll earn in your personal account at nbkc won’t make you rich, in today’s low-interest environment, this rate stands out. The account has no monthly fees, and unlike some accounts that pay relatively high interest, nbkc Bank does not set significant restrictions. For example, you don’t need to use your debit card numerous times per month or limit certain withdrawals to six per month. nbkc doesn't require a minimum deposit when opening an account, and you can deposit checks with your mobile device. Pros Easy to qualify for the rate Up to $12 per month in global ATM fee rebates Cons Modern, informal vibe might not appeal to fans of traditional banking If you keep substantial amounts of cash in checking and want to earn interest, Wealthfront is worth a look. The Cash Account pays 5.00% APY on your balance (5.50% when you refer a friend), and you can have up to $8 million dollars covered by FDIC insurance—in a single account ($16 million for joint accounts). To provide that level of coverage (above the standard $250,000 limit), Wealthfront spreads your money among several FDIC-insured banks. You can spend from your account with a debit card or by setting up electronic transfers. If you have more than $250,000 to deposit, a checking account might not be the best place for your funds (unless you constantly use that money). Consider a high-yield savings account, where you can potentially earn more on your savings. Pros Automatically spread funds among multiple banks No monthly fees or overdraft charges Cons Individual accounts only (no joint account at this time) For fans of customer-owned institutions, Alliant Credit Union offers a free checking account that pays 0.25% APY on your balance. Credit unions require you to be eligible before joining, but that’s easy with Alliant. Anybody can become a member after joining Foster Care to Success, which helps teens in foster care throughout the U.S. To earn interest on your balance, you need to sign up for electronic statements and complete at least one electronic deposit into your account each month. If you don’t meet those requirements, you won’t earn anything, but there are still no monthly fees. Pros No account minimum or monthly fees ATM rebates up to $20 per month Cons Must have electronic statements and make one electronic deposit per month to earn interest Big banks may not have a reputation for low-cost accounts, but Chase Bank’s Total Checking account comes pretty close. With nearly 4,700 branches available, you can bank in person if you so choose. You can also waive the monthly fee by direct depositing at least $500 per month or keeping a daily balance of at least $1,500 in the account. If you don’t qualify for a waiver, expect to pay $12 per month. Pros Several ways to eliminate the monthly fee A basic, adequate account with numerous physical locations Cons Potential for steep ATM, overdraft, and other fees The Charles Schwab Bank High Yield Investor Checking account has the essential features you’d expect in a checking account, and it’s well-suited for travel. Schwab provides unlimited ATM fee rebates around the world, and there is no foreign transaction fee for purchases or withdrawals in foreign currency. There are no monthly fees or account minimums, and you earn 0.45% APY on your checking account balance. Pros Unlimited ATM fee rebates in the U.S. and abroad No monthly fees or minimums required Cons Must open a linked brokerage account whether you want it or not A checking account is a bank account that allows for frequent transactions. You might deposit your pay (or have your employer do it automatically through direct deposit) and use the account as a holding area for funds you plan to use soon. Spending money from these accounts is easy. For example, you can: It’s often wise to keep funds in a checking account and spend electronically instead of walking around with large sums of cash. When your bank or credit union is federally insured, your deposits are covered up to $250,000 if the bank goes under. A checking account should be inexpensive and easy to use. Monthly fees are particularly problematic because they’re easy to avoid, and they slowly drain your account. Overdraft charges and other fees can also add up to hundreds of dollars per year. Be sure to choose a checking account with the services you need. Several features you might find valuable include: Available balance: The amount that you’re free to spend from your checking account. The available balance might be different from your account balance due to new deposits into your account or holds on funds in your account. Debit card: A debit card is a plastic payment card linked to your account. You can use that card like a credit card for in-person purchases or with online merchants. You can also withdraw cash from an ATM with your debit card. PIN: Your personal identification number (PIN) is a numeric code that helps to protect your account. You may need to enter your PIN when you withdraw cash at an ATM or perform other transactions. Keep that number secret because it helps prevent unauthorized users from accessing your account. Insufficient funds: If you try to spend more than your available balance, you may have to pay an insufficient funds fee. Always check your balance and stay up-to-date on your account by balancing the account monthly and setting up alerts. Overdraft: When your bank allows you to spend more money than you have in your account, you become overdrawn. Banks often allow you to opt in to a feature known as “overdraft protection,” which allows you to cover the difference between the amount you want to spend and the amount you have in your account. Overdraft protection often has a maximum limit and may come with a fee. It may be smart to pass on this feature and only spend what you can afford. Remote or mobile deposit: When you receive a check, you can deposit the funds by taking a picture of the check with your bank’s mobile app. Endorsem*nt: To deposit funds, you may need to sign the back of checks and other payments you receive. This is known as endorsing the item, and you can add restrictions, such as endorsing a check “for deposit only.” Article Sources FDIC. "Deposit Insurance FAQs." Consumer Financial Protection Bureau. "Student Banking 101."Best Banks for Checking Accounts of 2024
Best for Minors : Capital One
Best for Cash-Back Rewards : Discover® Bank
Best for Earning Interest : nbkc Bank
Best for More Than $250,000 : Wealthfront Cash Account
Best Credit Union : Alliant Credit Union
Best With Branches : Chase Bank
Best for Global Travel : Schwab Bank
Compare Providers
Bank or Credit Union Why We Picked It Capital One Best for Minors Discover® Bank Best for Cash-Back Rewards nbkc Bank Best for Earning Interest Wealthfront Cash Account Best for More Than $250k Alliant Credit Union Best Credit Union Chase Bank Best With Branches Schwab Bank Best for Global Travel What Is a Checking Account?
What Makes a Good Checking Account?
Key Checking Account Terminology
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FAQs
Best Banks for Checking Accounts of 2024? ›
1. JPMorgan Chase. JPMorgan Chase, or Chase Bank, is the biggest bank in America with nearly $3.4 trillion in assets. It boasts a vast network of over 4,800 physical branches and more than 15,000 ATMs.
What is the best bank to have an account with? ›Best Checking Accounts
| Bank/institution | NerdWallet rating NerdWallet's ratings are determined by our editorial team. The scoring formulas take into account multiple data points for each financial product and service. |
|---|---|
| Schwab Bank Investor Checking™ Read review | 5.0 /5 |
| American Express Rewards Checking Read review | 5.0 /5 |
Apr 15, 2024
Summary: Easiest Bank Accounts To Open in 2024
| Account | Approximate time to complete application | Minimum opening deposit |
|---|---|---|
| Chime® Checking Account: Best for Bad Credit | 3 to 4 minutes | $0 |
| Current Savings Pod: Best for Debit Card Rewards | 3 to 4 minutes | $0 |
| Capital One 360 Checking Account: Best for ATMs | 3 to 4 minutes | $0 |
Apr 2, 2024
The best checking account bonuses: our top picks
| Institution | Bonus | See details |
|---|---|---|
| Huntington Bank | $400–$600 | Learn more |
| Axos Bank | $300 | View offer |
| Citi | $300 | Learn more |
| Chase | $300 | Learn more |
Apr 10, 2024
Summary: Best Banks That Don't Use ChexSystems
| Bank / Credit Union | Forbes Advisor Rating | Learn More CTA text |
|---|---|---|
| Capital One 360 Checking Account | 4.5 | |
| Chime® Checking Account | 4.4 | Learn More |
| LendingClub Bank Rewards Checking | 4.2 | Learn More |
| Varo Bank Account | 4.1 | Learn More |
Apr 3, 2024
1. JPMorgan Chase. JPMorgan Chase, or Chase Bank, is the biggest bank in America with nearly $3.4 trillion in assets. It boasts a vast network of over 4,800 physical branches and more than 15,000 ATMs.
Which is the safest bank to bank with? ›Safest Banks in the U.S.
- CITIBANK. ...
- WELLS FARGO. ...
- CAPITAL ONE. ...
- M&T BANK CORPORATION. ...
- AGRIBANK. ...
- COBANK. ...
- AGFIRST. ...
- FARM CREDIT BANK OF TEXAS. Farm Credit Bank of Texas is the fourth member of the U.S. Farm Credit System, providing wholesale lending and business services in states like Texas, Alabama, and New Mexico.
Feb 13, 2024
Summary: Safest Banks In The U.S. Of April 2024
| Bank | Forbes Advisor Rating | Products |
|---|---|---|
| Bank of America | 4.2 | Checking, Savings, CDs |
| Wells Fargo Bank | 4.0 | Savings, checking, money market accounts, CDs |
| Citi® | 4.0 | Checking, savings, CDs |
| Barclays | 3.4 | Savings, CDs |
Jan 29, 2024
Don't worry—while it can be more difficult, it is not impossible to get approved for a new bank account with bad credit. A bad credit score is considered a VantageScore® of 600 or lower and a FICO® score of 670 or lower.
Where is the cheapest place to open a bank account? ›Bankrate's picks for the top free checking accounts
- Discover Bank, Cashback Debit Account: Earns 1% cash back on eligible debit card purchases, $0 minimum deposit.
- NBKC Bank, Everything Account: 1.75% APY; $0 minimum opening deposit.
- Ally Bank, Interest Checking Account: 0.10%-0.25% APY; $0 minimum opening deposit.
What is the $3000 bonus at Chase Bank? ›
Chase Private Client Checking℠: Up to $3,000 bonus offer
Offer: Get a $1,000, $2,000 or $3,000 bonus when you open or upgrade to a new Chase Private Client Open Checking℠ account and complete qualifying transfers within the specified time frame. Minimum deposit to qualify: $150,000. Expiration: 07/24/2024.
The Most Popular Banks for Millionaires
- JP Morgan Private Bank. “J.P. Morgan Private Bank is known for its investment services, which makes them a great option for those with millionaire status,” Kullberg said. ...
- Bank of America Private Bank. ...
- Citi Private Bank. ...
- Chase Private Client.
Jan 29, 2024
A common rule of thumb for how much to keep in checking is one to two months' worth of expenses. If your monthly expenses are $4,000, for instance, you'd want to keep $8,000 in checking. Keeping one to two months' of expenses in checking can help you to stay ahead of monthly bills.
What bank gives you a second chance? ›Second-chance checking accounts allow those who have been denied a traditional account to open a specialized one to help them build a strong financial foundation. Financial institutions offering second-change checking accounts include Capital One, Chime, GO2bank, GTE Financial, Fifth Third, Varo and Wells Fargo.
What to do if no bank will accept me? ›When the bank denies your application for a checking account, checking your ChexSystems report and fixing any problems or errors could help. If you still can't get a regular checking account, consider getting a second-chance bank account or prepaid debit card to help manage your spending.
What bank is second chance checking accounts from banks that do not use ChexSystems? ›Chime Second Chance Banking
Chime is an online-only fintech company that offers banking services through The Bancorp Bank, N.A. or Stride Bank, N.A. Its Second Chance Banking option boasts no monthly fees and no credit or ChexSystems check.
Credit unions can be ideal for a low-interest loan, lower mortgage closing costs, or reduced fees, but you'll need to qualify for membership. Larger banks may offer you more choices regarding products, apps, and international or commercial products and services, and anyone can join.
What is the cheapest bank account to open? ›Best Free Checking Accounts March 2024*
| BANK | MINIMUM OPENING DEPOSIT | APY |
|---|---|---|
| Ally Bank | $0.00 | 0.10% |
| Amalgamated Bank | $100.00 | 0.95% |
| American Express | $0.00 | 1.00% |
| Axos Bank | $0.00 | 0.40% |
6 days ago
What Is the Best Bank With No Fees? In many cases, banks that offer no-fee checking are online-only banks, small regional banks or credit unions. We found that Axos Bank, Discover, PenFed Credit Union, nbkc and EverBank are the best banks with no fees. They all offer some of the top no-fee checking accounts.