What is a checking account?

A checking account is a deposit account at a bank or credit union. The account holder deposits money into the account and takes it out when it's needed. Money can be taken out by writing a check, including the date and the name of the person or institution to whom or to where the money should be paid. Also included should be the amount and the account holder's signature. Money can also be withdrawn from a checking account via an ATM or at a bank branch.

Can I open a checking account with no money?

Many banks indicate that their checking accounts have no minimum balance or no minimum opening deposit, but you do need to have some money to deposit into a checking account when you open it. If you don't deposit money into a new account within a certain time frame, the bank will simply close the account.

What is a free checking account?

A free checking account has no monthly maintenance fees. In other words, you won't pay a fee for simply having the account. A free checking account may incur other fees, however, such as overdraft fees or charges for bank checks or to stop payment on a check you wrote.

Can I get free money by opening a checking account?

Some banks will offer bonuses as an incentive to open a new account. To qualify, you usually need to open an account and then deposit a certain amount of money within a specific time frame or sign up for direct deposit.

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9 Best Online Checking Accounts for October 2024

October 10, 2024

Written by Karen Doyle

Edited by Melanie Grafil

A smiling young Indian woman sends her paycheck to the bank via Remote Deposit Capture with her mobile phone.

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The checking account may be the most common and most useful type of bank account. With a checking account, you deposit money into the account, then take it out as you need it. It used to be that you wrote checks for your monthly expenses, but now most expenses are debited directly from your checking account. In fact, many checking accounts no longer offer physical checks.

Online banks — and brick-and-mortar banks that feature online banking — have a wide variety of checking accounts, so you can choose the one that best fits your needs. They all offer a:

Free debit card
Mobile app with mobile deposit
Funds transfer with Zelle, Popmoney or some other method

9 Best Online Checking Accounts

Here are some of the best online checking accounts.

Ally Bank: Best Interest-Bearing Checking Account
Discover, Member FDIC: Best Checking Account With a Cash-Back Debit Card
Capital One: Best Youth Checking Account
Chase: Best Checking Account for College Students
Citizens Bank: Best Relationship Checking Account: Citizens Quest Checking
SoFi®: Best Combination Checking and Savings
Schwab: Best Checking Account for Investors
American Express: Best Rewards Checking Account
Axos Bank: Best High-Yield Account

1. Best Interest-Bearing Checking Account: Ally Bank

For balances under $15,000, Ally’s Spending Account pays APY, and for a minimum daily balance of $15,000 or more, you’ll earn APY. Outgoing domestic wire transfers have a $20 service charge.

Fees

Ally Bank charges no account fees, including overdraft fees. Outgoing domestic wire transfers have a $20 service charge.

Minimum Deposit

Ally Bank does not require a minimum deposit to open the Spending Account.

Why We Like It

Ally Bank offers one of the highest interest rates of any checking account. They offer a wide variety or products as well, including a high-yield savings account with a competitive APY and some of the best CD rates.

2. Best Checking Account With a Cashback Debit Card®: Discover

“Cash back” is a term often associated with credit cards. Most credit cards give you points for each purchase you make, which you can then redeem for a credit to your statement. Discover offers the same perk with its debit card.

Fees

The Discover checking account has:

No maintenance fees
No overdraft fees
Access to over 60,000 surcharge-free ATMs nationwide

Minimum Deposit

Discover does not require a minimum deposit to open this account. There are no minimum balances required, either.

Why We Like It

When you use your debit card to make a purchase, either online or in a store, Discover gives you 1% cash back on up to $3,000 in purchases each month. So, if you spend $3,000 on your debit card every month, you’ll get $30 back, or a total of $360 a year.

3. Best Youth Checking Account: Capital One Money Teen Checking Account

Your teen can be in charge of managing their money through Capital One’s highly-rated mobile app, while also giving you the ability to keep a close eye on the account — and lock and unlock the card if necessary. Capital One Money Teen Checking Account is primarily geared towards teens, but anyone 8 years old or older can have an account and earn APY on any balance.

Fees

Teens get a free debit card they can use at over 70,000 ATMs with no fees. There are no maintenance fees or minimum balances.

Children as young as eight years old — along with a parent — can open a Money account.

*Capital One interest rates accurate as of Oct. 10 2024. See website for all current rates.

Minimum Deposit

There is no minimum deposit required with Capital One Money Teen Checking Account.

Why We Like It

Capital One offers a joint account for teens and their parents. Each has their own login on the mobile app, letting teens manage their money while parents maintain visibility. Parents can link any account — even one at another bank — so they can transfer money as the teen needs it.

4. Best Checking Account for College Students: Chase College Checking℠

Chase is not a 100% online bank, but its College Checking account has all the features college students expect:

No monthly service fee
No minimum balance
Free ATM transactions
Mobile app and free transfers

Fees

College students ages 17 to 24 pay no monthly maintenance fee until they graduate — up to five years. After that, the $12 monthly maintenance fee is waived if you have direct deposit of at least $500 or if you maintain a $1,500 average daily balance.

Minimum Deposit

Chase College Checking has no minimum deposit requirement to open an account.

Why We Like It

Students can earn a bonus of $100 when they open a new Chase College Checking account and complete 10 transactions within 60 days. Transactions include:

Online bill payments
Debit card purchases
Mobile deposits
Zelle transactions
ACH credits

5. Best Relationship Checking Account: Citizens Quest Checking

The Citizens Quest Checking account is a relationship account, meaning it’s intended for those who keep all — or most — of their accounts at the same bank.

Fees

With this account, Citizens won’t charge you any ATM fees when you use another bank’s ATM, although the other bank may charge you a fee. You’ll also pay no fees for:

Personal style checks
Bank checks
Money orders
Stop payments
Paper statements

You’ll pay no fees on overdraft plans. And if your account is overdrawn, you have until 10 p.m. ET the following day to deposit the funds to cover the overdraft. If you do so, any overdraft fees will be reversed.

The Citizens Quest Checking account is subject to a $25 monthly maintenance fee, but it will be waived when you do either of the following:

Make $5,000 in deposits in a month
Maintain a combined balance of $25,000 between all your Citizens deposit and investment accounts

Minimum Deposit

Touting no extra fees, there’s no minimum deposit required when opening a Citizens Quest Checking account.

Why We Like It

Citizens Bank has brick-and-mortar branches but has also embraced online banking. The Citizens Quest Checking account pays APY interest regardless of balance.

6. Best Combination Checking and Savings Account: SoFi® Checking

SoFi is a 100% online bank with a full suite of financial products, including:

Investment accounts
Loans
A high-yield checking account that comes bundled with a high-yield savings account

Fees

With SoFi Checking and Savings, Member FDIC, members pay no service fees, no ATM fees or overdraft fees.¹

Minimum Deposit

The account has no minimum deposit or balance requirement.

Why We Like It

With an Annual Percentage Yield (APY) of , SoFi Checking has one of the best rates available in a checking account. Accepting direct deposit into your account earns you a APY on your SoFi Savings balance.*

7. Best Checking Account for Investors: Schwab Bank Investor Checking

Schwab Bank Investor Checking links to your Schwab One Brokerage account to provide a cash management solution with all the functionality and benefits of a regular checking account.

Fees

Schwab Bank Investor Checking has no monthly service fees or overdraft fees. In addition, Schwab will rebate unlimited ATM fees for cash withdrawals you make anywhere in the world. You can also get free:

Standard checks
Foreign transactions
Stop payments

Minimum Deposit

There is no minimum deposit requirement for this account.

Why We Like It

Linking the Schwab Bank Investor Checking account to a Schwab One Brokerage account allows for instant and seamless funds transfers into your brokerage account. At the same time, Investor Checking offers the features you want and need from your checking account including:

Debit card
Mobile banking
Security
Customer service

8. Best Rewards Checking: American Express Rewards Checking

If you’re an American Express U.S. Basic Consumer Card holder, you’re eligible to apply for Rewards Checking from American Express. Rewards Checking is a high-yield account that also pays Membership Rewards on eligible debit card purchases.

Fees

American Express charges $0 for you to open or maintain a Rewards Checking account. Withdrawals at Allpoint and MoneyPass ATMs in the U.S. are also free.

Minimum Deposit

Rewards Checking has no minimum deposit.

Why We Like It

American Express Rewards Checking members earn a APY on their checking account balances, plus one Membership Rewards point for every $2 of eligible debit card purchases. You can redeem Membership Rewards as deposits into your Rewards Checking account.

9. Best High-Yield Checking: Axos Bank Rewards Checking

Even in the current high-rate environment, average checking rates are abysmally low. Axos Bank breaks the mold with a high-interest Rewards Checking account with a maximum APY that puts most savings account rates to shame. Each type of financial activity you engage in with Axos increases your rate, up to a maximum APY, making it a great choice for Axos lending and investing customers.

Fees

Axos Bank Rewards Checking has no fees. It costs nothing to open or maintain your account, and Axos doesn’t charge for overdrafts. Nor does it charge ATM fees. In fact, it reimburses unlimited domestic ATM fees charged by out-of-network providers.

Minimum Deposit

Rewards Checking has no minimum opening deposit.

Why We Like It

Axos Rewards Checking customers earn 0.70% just for accepting $1,500 or more in direct deposits and using the debit card 10 times per month. Add $2,500 in self-directed and managed trading for a 0.99% APY per account. Using your Rewards Checking account to make eligible Axos loan payments adds another 0.60% to your APR. All in all, you can earn a maximum APY.

Pros and Cons of Online Checking Accounts

The most immediate pro of an online checking account is convenience–you can open and do most of your banking online, on your own schedule. That may work for some, but if you prefer to bank at a brick-and-mortar, this could be more of a disadvantage than anything. Here are some of the pros and cons of opening a checking account at an online bank.

Pros

Higher APYs may be offered
Lower fees overall
Convenience and the ability to bank from anywhere

Cons

Lack of ability to deposit cash
No in-person teller services or branch support
Risk of scams from online hackers and phishing

Best of Checking Accounts

Daria Uhlig, Melanie Grafil and Cynthia Measom contributed to the reporting for this article.

Rates are subject to change; unless otherwise noted, rates are updated periodically. All other information on accounts is accurate as of Oct. 10, 2024.

Editorial Note: This content is not provided by any entity covered in this article. Any opinions, analyses, reviews, ratings or recommendations expressed in this article are those of the author alone and have not been reviewed, approved or otherwise endorsed by any entity named in this article.

The information related to Chase College Checking was collected by GOBankingRates and has not been reviewed or provided by the issuer of this product/card. Product details may vary. Please see the issuer’s website for current information. GOBankingRates does not receive commission for this product.

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*SoFi members with Direct Deposit or $5,000 or more in Qualifying Deposits during the 30-Day Evaluation Period can earn 4.30% annual percentage yield (APY) on savings balances (including Vaults) and 0.50% APY on checking balances. There is no minimum Direct Deposit amount required to qualify for the stated interest rate. Members without either Direct Deposit or Qualifying Deposits, during the 30-Day Evaluation Period will earn 1.20% APY on savings balances (including Vaults) and 0.50% APY on checking balances. Only SoFi members with direct deposit are eligible for other SoFi Plus benefits. Interest rates are variable and subject to change at any time. These rates are current as of 10/8/2024. There is no minimum balance requirement. Additional information can be found at http://www.sofi.com/legal/banking-rate-sheet.

¹SoFi’s account fee policy is subject to change at any time.

Editorial Note: This content is not provided by American Express. Any opinions, analyses, reviews, ratings or recommendations expressed in this article are those of the author alone and have not been reviewed, approved or otherwise endorsed by American Express. American Express credit card products are not available through GOBankingRates.com.

Editorial Note: This content is not provided by Chase. Any opinions, analyses, reviews, ratings or recommendations expressed in this article are those of the author alone and have not been reviewed, approved or otherwise endorsed by Chase.