The 7 best checking accounts of 2024

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A checking account is an integral part of your financial toolbox. It allows you to pay bills, make everyday purchases, and access funds when you need them.

If you already have a checking account, you know how they work. But that doesn’t mean you shouldn’t explore other options. Switching checking accounts can often lead to better interest earnings, convenience, or affordability.

Here are the best checking accounts to consider. These options all have no monthly maintenance fees or minimum balance thresholds. You’ll also have access to an extensive ATM network and other benefits.

Best checking accounts

• Best for new account bonus: SoFi Online Checking Account
• Best for cash back rewards: Discover Cashback Debit Checking
• Best for online checking: Chime Online Checking Account
• Best from a credit union: Alliant High-Rate Checking Account
• Best for earning interest: Nbkc bank Everything Account 
• Best for service members: Navy Federal 
• Best for physical branches: Capital One 360 Checking

Best for new account bonus: SoFi Online Checking Account

If earning a bonus for opening a new checking account sounds appealing, SoFi should be at the top of your list. When you open a new account and set up direct deposit, you could receive up to $300 as a welcome bonus. See terms.

This account skips the pesky monthly maintenance fees or minimum initial deposit requirements. You’ll also get 0.50% APY on your checking account funds, better than many brick-and-mortar banks.

Other perks include early direct deposit and overdraft protection of up to $50 (if you’re signed up for direct deposit).

Keep in mind there’s no option for a standalone checking account. You’ll also have to open a savings account, offering 4.60% APY on balances with direct deposit. Read our full review of SoFi here.

Best for cash back rewards: Discover Cashback Debit Checking

Discover's checking account is a smart pick for debit card users who want to maximize rewards.

Cardholders earn 1% cash back on up to $3,000 in monthly purchases — a generous return compared to most other debit cards. You could pocket up to $360 annually from your everyday purchases.

This checking account comes with early direct deposit and fee-free overdraft protection. There are also no fees to worry about. You can also access Discover’s extensive ATM network for fee-free cash withdrawals.

Best for online checking: Chime Online Checking Account

Chime is not an online bank but a financial technology company offering banking services through The Bancorp Bank, N.A. or Stride Bank, N.A. It also offers one of the best no-fee checking accounts out there.

Still, it offers robust banking services and a mobile app that makes it easy for customers to manage their money efficiently on the go. This account has no monthly fees or minimum balance requirements, and customers can access their cash at over 60,000 fee-free ATMs.

You’ll get overdraft protection of up to $200 with SpotMe® — a free, optional service you can enroll in. To qualify, you must receive $200 or more in qualifying direct deposits to your account each month.

If you need to build or repair your credit, Chime also offers a secured Visa card to help you meet your goals.

Chime offers a feature that rounds up debit card purchases to the nearest dollar and deposits the difference into your Automatic Savings Account. It’s an effortless way to build your savings over time.

Best from a credit union: Alliant High-Rate Checking Account

Credit unions often provide the same services as banks but with a focus on members rather than profits. Alliant reflects these values by offering a competitive interest rate on their checking account and minimal fees.

You’ll earn 0.25% APY on your checking account funds — no matter how much you have in your account. To open an account, you must deposit at least $25 and opt into eStatements to waive the monthly paper statement fee.

You can access your funds at 80,000+ fee-free ATMs nationwide. Alliant also offers up to $20 monthly for fees incurred from out-of-network ATM withdrawals.

Checking accounts are limited to members, but you can join by making a $5 contribution to the Alliant Credit Union Foundation.

Best for earning interest: The nbkc Everything Account

This checking account offers a competitive interest rate — significantly higher than most banks. You can earn 1.75% APY on your balance.

This account also has tools that help you track and save money. You can also make fee-free withdrawals at over 37,000 ATMs nationwide. And if you need to access funds outside of the ATM network, up to $12 in withdrawal fees are reimbursable monthly.

This account also comes with mobile check deposits and domestic or international wires whenever you need to move money. Customers can easily pay bills online or through the mobile app.

Best for service members: Navy Federal Free Easy Checking

Active military personnel know that serving comes with unique financial needs and frequent relocations. Navy Federal Credit Union aims to address those specific banking challenges with its Free Easy Checking account.

This account has no monthly service fees and no minimum balance requirements. You’ll also get up to $10 monthly in ATM fee rebates for out-of-network withdrawals.

To qualify for membership, you or an immediate family member must only have ties to the armed forces, Department of Defense, or National Guard. As the largest military credit union in the country, Navy Federal has the resources to provide specialized support to servicemembers.

Best for no physical branches: Capital One 360 Checking

Opening a checking account shouldn’t mean getting trapped by complex requirements and monthly fees. Capital One 360 Checking is a top pick, thanks to no monthly fees, minimum balances, or incoming wire transfer fees.

Plus, if you need to manage your money in person, you can do so at one of Capital One’s 700+ retail locations nationwide. You also won’t pay fees to use any of the 70,000+ ATMs in Capital One’s extensive network.

Capital One also makes it easy to manage recurring payments, set up direct deposits, or pay your bills online via your checking account. Customers also enjoy free incoming domestic wires and person-to-person transfers via Zelle.

If you’re a business owner, Capital One offers one of the best business checking accounts.

How to pick the best checking account for you

Not all checking accounts are created equal. Even if your current checking account meets all your basic needs, better options may still be available.

Researching your options is important to find the best fit for your financial needs and lifestyle. Andy Chang, finance expert and founder of TheCreditReview, shares some factors to consider when picking the best checking account.

• Accessibility: “Consider the convenience and accessibility the bank provides, including factors such as online and mobile banking features, customer service availability, and branch or ATM proximity,” says Chang.
• Fees: A new checking account shouldn’t eat into your hard-earned money, especially considering so many fee-free options are available. “Look at the account fees — particularly the monthly maintenance fee, transaction fees, and ATM costs,” says Chang. If they are unreasonable, that’s your sign to look elsewhere.
• Perks: “Consumers should not overlook additional benefits like interest or rewards on balances and overdraft protection,” Chang adds. Cash-back incentives, welcome offers, and early direct deposit are other added features to look for.

Types of checking accounts

While checking accounts are focused on everyday spending, there are a few different types of checking accounts. Here are a few of the more popular types:

• Basic checking: As the name suggests, basic checking accounts offer features like a debit card, online bill pay, mobile check deposit, and ATM access for low (or no) fees. They appeal to price-conscious consumers lacking complex banking needs. Just know that lower monthly fees often mean forfeiting convenience and higher interest.
• Rewards checking: Rewards checking accounts have become increasingly popular in recent years, allowing you to earn cash back on eligible debit card purchases. While they may carry higher monthly fees, frequent debit card users can offset those costs through rewards earnings.
• Interest checking: Accounts focused on higher interest appeal to those who maintain moderately higher balances. Compare rates across high-interest accounts to figure out where you can stand to earn the most. Generally, you’ll trade more robust interest earnings for some transaction limitations.
• Premium checking: These checking accounts offer more lavish perks — like free checks or waived fees — in exchange for a higher account balance. These accounts cater to those who can maintain a higher balance in their account in exchange for more perks.

The bottom line

To find the best checking account for you, outline your top priorities — whether it’s earning high rewards or avoiding fees.

Weigh the trade-offs of keeping your money at a national bank versus a smaller credit union or online bank. Checking accounts often serve as the gateway to car loans, mortgages, and other lending opportunities. So, it may be smart to consider the types of credit access different institutions offer.

While the checking accounts above are some of the best out there, your personal best match depends on you.

Editorial Disclaimer: Opinions expressed are author's alone, not those of any bank, credit card issuer, or other entity. This content has not been reviewed, approved, or otherwise endorsed by any of the entities included in the post.