Best checking accounts
Many savvy consumers are catching on to the benefits of high-yield savings accounts that earn interest at APYs up to 10 times higher than traditional ones. Similarly, many Americans are looking at their checking accounts to see if they could be doing more.
If you haven't shopped for a new checking account in a while, you may be missing out on beneficial features. Right now, the best checking accounts provide valuable benefits like cash back rewards on purchases, no fees and the ability to earn interest on your balance.
Below, we'll break down some of the best checking accounts that deliver higher interest rates and other benefits. Explore your checking account options to see how much more interest you could be earning here now.
Best checking accounts
Here are five of the best checking accounts currently available, broken down into five categories (rates/fees/bank information current as of December 26, 2023):
- Best for yield/interest rate: Axos Bank Rewards
- Best for maintenance fees: Ally Bank
- Best for minimum deposit: Capital One 360
- Best for mobile banking: PNC Bank
- Best for flexibility: TIAA Bank
Best for yield/interest rate: Axos Bank Rewards
If you're shopping for a checking account with the best annual percentage rate (APY), Axos Bank Rewards Checking takes the cake with extra frosting. The online checking account offers an APY of up to 3.30%, far outpacing its competitors.
While its APY is impressive for a checking account, it does come with conditions. You must receive direct deposits of at least $1,500 to earn interest on your balance. And, to earn the maximum APY, you have to hold various types of accounts.
If you can meet the conditions, you'll have a high-earning checking account that doesn't charge maintenance fees and offers unlimited domestic ATM fee reimbursements.
Best for maintenance fees: Ally Bank
Ally Bank is one of the pioneers in online banking and continues to offer benefit-driven banking products, including its checking account. If you're tired of seeing maintenance and other fees on your checking statement, Ally Interest Checking Account could be a good option. This account doesn't charge fees for monthly maintenance or overdrafts.
One issue with many online banks is the ATM fees you incur when you make withdrawals out of network. Ally offers free access to 43,000 ATMs for free withdrawals and will reimburse you up to $10 per month for fees you incur at non-partner ATMs.
Best for minimum deposit: Capital One 360
Some banks require a significant minimum deposit to open a checking account or receive certain benefits. That's not the case with the Capital One 360 Checking Account. While the account's interest rate isn't the highest, it excels as a simple, no-fuss checking account that doesn't impose balance minimums or fees on its account holders.
Capital One has one of the largest ATM networks, with over 70,000 ATMs where you can make free withdrawals. The account also offers unique benefits like an early paycheck feature that allows you to get paid up to two days sooner and the option to deposit cash into your account at any CVS location.
Best for mobile banking: PNC Bank
PNC Bank's checking accounts offer an impressive suite of tools to help you manage your account and finances. You can receive push alerts when your balance is low or a payment due date is coming up. Also, PNC's money management resources can help you set up and manage a budget.
The mobile app also allows you to cancel pending checks or other transactions that could overdraw your account. If an overdraft does go through, the bank allows 24 hours to deposit money into your account and avoid the overdraft fee.
Best for flexibility: TIAA Bank
TIAA Bank offers a variety of checking account features that can benefit you in numerous ways. Specifically, TIAA's Yield Pledge Checking guarantees its rate will be among the top 5% of competitive accounts. Additionally, the account doesn't charge a monthly fee that can eat into your return and you can open an account with just a $100 minimum deposit.
The Yield Pledge Checking account's debit card provides warranty protection on eligible purchases for up to one year. You'll also receive 60-day price protection, so if the price drops within 60 days of purchase, you could receive the difference between what you paid and the new advertised price, up to $250. Finally, the Bank Yield Pledge account offers unlimited ATM fee reimbursements for customers with a balance of at least $5,000.
How to open a checking account
Before you open a checking account—whether you open a checking account online or at a brick-and-mortar bank office— research multiple banks for account features that align with your needs. Once you choose the best checking account for your situation, gather your Social Security number, valid identification and proof of address to prepare for the application process.
If you're opening a checking account at a physical bank, visit a branch office and request to open an account. Alternatively, for an online bank, visit the bank's website and follow the steps to open your account. Most online banks offer a streamlined process to open your account entirely online in minutes.
You'll need to fill out your application, provide the required documents and agree to the terms. Some banks may require you to make an initial deposit. Don't forget to carefully review and understand the fees and account terms before you sign up for a new account. Get started here now.
