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The best checking accounts tend to have a few things in common: low fees, low minimums and a sizable ATM network. Customer and digital experience matter as well, and all the better if the account earns a little interest. When shopping for the best checking account for you, consider your habits and needs when managing your daily finances.
We’ve compared 157 checking accounts at 66 nationally available banks and credit unions to find some of the best options available. See below to learn more about why we picked each account, the pros and cons, and to access individual bank reviews.
Annual percentage yields (APYs) and account details are accurate as of July 2, 2022.
Checking accounts are a type of deposit account that allows you to deposit and withdraw money as you wish, providing easy access to your cash at any time. You can use a checking account to pay bills, make purchases and otherwise manage your daily financial transactions. These accounts can be opened at brick-and-mortar banks, online banks and credit unions. They’re designed for everyday use and to hold money for expenses in the near future.
Checking accounts typically come with a debit or ATM card and paper checks. They also may allow you to make ACH and wire transfers.
There are many checking accounts on the market, and choosing an account isn’t always cut and dried. Here’s what to consider when shopping for a new checking account:
It’s also important to consider your banking habits to see which checking account features are most valuable to you.
For example, if you often tend to overdraft your account, look for a checking account that doesn’t charge overdraft fees. If you like being able to bank on the go, choose an account with a highly rated mobile app. Your behavior can help guide you toward the checking account that’s best for you.
Checking accounts are primarily used for everyday spending, while savings accounts are used for saving your money. Here are a few of the significant differences between the two:
To create this list, Forbes Advisor analyzed 157 checking accounts at 66 financial institutions, including a mix of traditional brick-and-mortar banks, online banks and credit unions. We ranked each account on 17 data points within the categories of fees, access, customer experience, digital experience, minimums and APY.
The following is the weighting assigned to each category:
Specific characteristics taken into consideration within each category included monthly fee, ability to waive the monthly fee, overdraft fee, NSF fee, other fees, ATM network, branch access, Better Business Bureau rating, Trustpilot rating, live chat availability, mobile app ratings, online bill pay availability, online banking access, minimum deposit requirements and minimum balance requirements.
Checking accounts offering no or very low fees scored the highest, as did those offering low minimum requirements and high customer service and digital experience scores. To appear on this list, the checking account must be nationally available.
To attract new customers and new deposits, some banks offer bonus opportunities for opening a checking account. These promotions are generally offered for finite periods, but are often renewed. The best way to take advantage of one of these offers is to keep an eye on the best bank bonuses.
Some banks and credit unions offer a service called overdraft protection. This allows customers to overdraw their checking accounts, but it’s generally for a fee. Having overdraft protection allows transactions to clear when you don’t have enough funds in your account.
Checking accounts allow you to deposit money and withdraw it as needed. How you can deposit cash varies by bank, but here are a few ways you can typically deposit into your account:
In the past, you would write paper checks to withdraw money. But these days, there are often many ways to withdraw cash, including:
The process to open a checking account varies by bank or credit union.
You can generally fill out an application to open a checking account online or at a bank or credit union branch. Expect to provide a government-issued photo ID, your Social Security number or Individual Taxpayer Identification Number. The bank or credit union will also likely ask for your date of birth, address, phone number and other contact information.
Not all checking accounts earn interest and those that do often have some basic requirements you need to meet each statement cycle to earn the yield. These may include making a certain number of debit card transactions per month or maintaining a particular minimum balance in your account.
Yes, checking accounts are safe places to stash your money. Make sure the checking account you choose is insured by the FDIC (Federal Deposit Insurance Corporation) at a bank or the NCUA (National Credit Union Administration) at a credit union.
Both organizations insure your deposits up to $250,000 per depositor, per bank or credit union, for each account ownership category, in the event of a bank or credit union failure.
Checking accounts aren’t all the same. The accounts found on this list are considered interest-bearing checking accounts—they help you get the most for the money you’re using for short-term purposes. However, interest-bearing checking accounts may not serve the needs of every consumer. Other types of checking accounts include:
