Best Checking Accounts of June 2024: Features, Rewards, and More (2024)

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Checking accounts are optimal tools for everyday expenses and transactions. There are many different types of checking accounts out there, and finding the right one may help you manage your money more efficiently.

Best Checking Accounts of 2024

• Capital One 360 Checking: Best for avoiding common bank fees
• SoFi Checking and Savings: Best for a variety of rewards perks
• Upgrade Rewards Checking Plus: Best for cash-back rewards
• Chime® Checking Account: Best second chance bank account
• Alliant High-Interest Checking Account: Best credit union for minimal effort
• Schwab Bank High Yield Investor Checking® Account: Best for avoiding ATM fees
• Capital One MONEY Teen Checking Account: Best for students
• Experian Smart Money: Best for financial tools
• Primis Novus Checking: Best for a high yield

Compare the Top Checking Accounts

We reviewed over 30 financial institutions to find the best banks for checking accounts. To help you find a checking account based on your preferences, we narrowed down our top picks by creating multiple categories, so you know why a particular account stands out.

Overall, the best checking accounts have low opening requirements, minimal bank fees, and nationwide accessibility. We noted why each checking account stands out. We also selected options from different types of financial institutions — banks, credit unions, investment platforms, and fintech companies — so you can find the right account, whether you want a traditional or non-traditional banking experience.

Best for Avoiding Bank Fees: Capital One 360 Checking

Capital One Checking has one of the most well-rounded checking accounts if you'd like to bank with a national brand. This checking account has a $0 minimum opening deposit, no monthly service fees, no overdraft fees, and no foreign transaction fees.

This account also stands out as one of the best banks for avoiding overdraft fees. For example, one overdraft service offered is free savings transfers. To utilize the service, you'll link your checking account to a savings account. If you overdraw, Capital One will cover your overdraft by transferring money from your savings account automatically. There's no fee involved for this service, which is an added bonus because typically financial institutions charge a fee.

Something to keep in mind with Capital One is that it has Capital One Cafes in select areas throughout the US. At Capital One Cafes, you can get bank services through a Cafe Ambassador. You'll still have to be primarily comfortable with an online-only banking experience when opening a Capital One bank account, though.

Capital One 360 Checking Review

Best Credit Union for Minimal Effort: Alliant High-Interest Checking Account

The Alliant High-Interest Checking Account is a good choice if you prioritize banking with a credit union over a bank and want an account with minimal fees. This checking account does not have monthly service fees or overdraft fees. You'll also be reimbursed up to $20 in out-of-network ATM fees per month.

Alliant ranks as one of our best credit unions because it's easy to join regardless of where you live in the US. Anyone can join by becoming a member of Foster Care for Success, a nonprofit organization that helps foster teens in the US (Alliant will also cover the one-time $5 membership fee).

Like other credit unions, Alliant compounds interest monthly or daily. This may make a difference in how much interest you'll earn depending on how much money you'd like to keep in an account.

Alliant Credit Union Checking Review

Best for Avoiding ATM Fees: Schwab Bank High Yield Investor Checking® Account

The Schwab Bank High Yield Investor Checking Account is another good option if you'd like to open a checking account with a familiar brand. In particular, this account might be worth exploring if you already have a brokerage account with Charles Schwab.

This account's strongest feature is its ATM perks. Charles Schwab doesn't charge ATMs and offers unlimited refunds worldwide when an ATM provider charges a fee.

Charles Schwab Bank Review

Best for Perks: SoFi Checking and Savings

SoFi Checking and Savings might be worth exploring if you'd like a well-rounded checking account that offers interest and a cash bonus.

SoFi pays 4.60% APY on savings balances if you set up a direct deposit or deposit a minimum $5,000 per month and 0.50% APY on checking balances.

SoFi Checking and Savings also has a cash bonus of up to $300 with qualifying direct deposit for eligible customers (offer expires 12/31/24). You may qualify for the bonus as long as you're a new SoFi Checking and Savings customer, or an existing SoFi Checking and Savings customer who hasn't set up direct deposit yet.

Keep in mind this account works best if you set up a direct deposit or deposit a minimum $5,000 per month. That way, you'll qualify for a $300 cash bonus and the highest-tier interest rate.

SoFi Checking and Savings Review

Best for Cash-Back Rewards: Upgrade Rewards Checking Plus

Upgrade Rewards Checking Plus is a strong option if you're looking for a rewards checking account that offers cash-back perks. Upgrade Rewards Checking Plus lets you earn 2% cash back on everyday debit card purchases (purchases at convenience stores, drugstores, restaurants, bars, or gas stations) and payments on utility and monthly subscriptions. You may also get 1% cash back on any other debit card purchases.

The 2% cash back perk has a limit of $500 per year. Once you reach the yearly limit, you'll get 1% cash back on all eligible purchases for the remainder of the year.

To get the most out of the Upgrade Rewards Checking Plus Account — like loan discounts, receive at least $1,000 or more in direct deposits monthly. Otherwise, you won't qualify for these perks.

Upgrade Checking and Savings Review

Best Second Chance Bank Account: Chime® Checking Account

The Chime Checking Account is a solid bank account with easy opening requirements. You might like this account, in particular, if you've struggled to open a bank account in the past due to your banking history. This account does not require a credit check or review by ChexSystems.

Chime also may be worthwhile if your goal is to avoid common bank fees. The online banking platform doesn't charge monthly service fees, overdraft fees, or foreign transaction fees.

That said, Chime's SpotMe® feature does have some limitations. The account only lets you overdraw by up to $200 and to be eligible for this perk, you must receive at least $200 in direct deposits monthly. If you try to overdraw by more than $200, the transaction won't be processed. Instead, it'll just be denied.

Chime Banking Review

Best for Students: Capital One MONEY Teen Checking Account

The Capital One MONEY Teen Checking Account is a strong online-only banking option for any minor that's age 8 or older. It has a $0 minimum opening deposit and no monthly service fee. The teen checking account also pays 0.10% APY.

Parents don't need a Capital One account to get a teen checking account for their child. They can link an external bank account instead.

The Capital One MONEY Teen Checking Account can't be opened at a Capital One location. It's only available online.

Best for Financial Tools: Experian Smart Money

The Experian Smart Money Account is another well-rounded online checking account. It has a $0 minimum opening deposit, no monthly service fee, and no overdraft fees.

This account also might be an appealing choice if you want access to financial tools. The checking account is automatically linked to a tool called Experian Boost. Experian Boost allows you to build credit for making on-time payments for phone bills, utility bills, rent payments, and more. The account also has early direct deposit and you may be eligible for a $50 bonus when you set up direct deposit.

You might prefer one of our other top picks if you want overdraft protection. If you make a transaction that would result in a negative account balance, Experian will deny the purchase.

Experian Smart Money Review

Best for a High Yield:Primis Novus Checking

Primis Novus Checking is our top pick if you're looking to open a a high-yield checking account.

The account offers an interest rate boost of 6.00% APY on balances up to $100,000 for up to six months if you meet certain requirements and 4.00% APY as a base rate. To qualify for the APY boost, you must set up a direct deposit of $1,200 or more within the first 60 days of opening an account at Primis Bank. The deposit must be new to Primis Bank.

Primis will apply the interest rate boost for balances up to $100,000 in the next statement cycle, and you'll need to maintain direct deposits to continue earning the rate boost. After the six-month period has passed, you'll earn 4.00% APY on the account.

If you don't qualify for the interest rate boost, you might prefer getting Primis Premium Checking because it pays 5.07% APY. Also, keep in mind these two accounts are available online only.

Primis Bank Review

How to Open a Checking Account

If you want to know how to open a checking account, here are a few steps to follow:

1. Research a variety of different types of checking accounts to find which is the most suitable for your needs.
2. Once you've narrowed it down to your top pick, gather everything you need to open a bank account. Most banks require a government-issued ID, social security number, and proof of address. Some banks allowimmigrants and non-US citizens to open an account with a Matricula Consular or foreign passport, though.
3. Visit a local branch or go on the bank website to fill out the checking account applicable.
4. Make an opening deposit to your checking account.

Online vs. Traditional Checking Accounts

Online checking accounts are managed primarily through online and mobile banking. In comparison, traditional checking accounts are available at brick-and-mortar banks. You can visit local branches to conduct everyday transactions and speak to a banker.

Most of our top picks are online checking accounts because they charge minimal bank fees. Traditional checking accounts often have minimum balance requirements to waive a monthly service fee or earn interest.

There are other online checking account benefits that make these accounts strong options overall, including high interest rates and cash-back perks.

Different Types of Checking Accounts

There are four types of checking accounts: regular checking accounts, high-interest checking accounts, cash-back checking accounts, and specialty checking accounts. Here's an overview of each type of checking account:

• Regular checking: These are the standard checking accounts that you'd find at a brick-and-mortar bank.
• High-interest checking: A high-interest checking account helps you earn interest on your checking account balance. High-interest checking accounts are commonly found at online banks or credit unions.
• Cash-back checking: Cash-back checking accounts offer a percentage of cash back on debit card purchases.
• Specialty checking: These are checking accounts specifically tailored for a particular demographic. For example, some banks offer student checking accounts or senior checking accounts.

The best checking account for you may hinge on your banking preferences and goals.For example, if you regularly maintain a high checking account balance, the best high-yield checking accounts may be appealing options.

Checking Account Trustworthiness and BBB Ratings

We assess the ethics of each company, so you can see if a specific financial institution aligns with your values.

We include the settlement history of the last 3 years so you're aware of any recent public controversies involving the bank.

The Better Business Bureau assigns companies grades, ranging from F to A+. A strong BBB score indicates a company responds effectively to customer complaints, advertises honestly, and is transparent about business practices.

Here are the BBB grades for our top picks:

Chime's BBB rating is currently being reviewed so it does not have a rating.

Experian received a B- ratingfrom BBB because it has received a high volume of customer complaints, had government actions taken against the company, and has taken a long time to respond to customer complaints.

Upgrade received anA+ rating from the BBB. Its partner bank, Cross River Bank, received a C- ratingbecause it has received a high volume of customer complaints on the BBB website, and it has seven unresolved complaints.

A strong BBB grade doesn't guarantee you'll have a smooth relationship with a company, though.

SoFi has been involved in a recent public controversy. In 2021, theSecurity and Exchange Commissionrequired SoFi Wealth to pay $300,000 in a settlement that stated the bank failed to tell customers of a conflict of interest when it put account holders' assets into SoFi ETFs instead of third-party ETFs.

Chime used the URL "Chimebank.com" and the words "bank" and "banking," but Chime isn't licensed as a bank. Chime is a banking platform, and is insured by a bank. In 2021, the Commissioner of Financial Protection and Innovation ordered Chime to stop using the terms "Chimebank.com," "bank," and "banking" on its webpage and advertisem*nts.

In November 2022,Experian was required to pay a total of $13.67 million regarding two settlementsover data breaches that occurred in 2012 and 2015. The 2015 breach occurred when an authorized person obtained access to personal information in the Experian network, primarily affecting people who applied for T-Mobile services between September 2013 and September 2015. The 2012 breach involved identity theft.

Capital One is also facing a lawsuit. The bank used to have an account called 360 Savings. In 2019, Capital One launched the new 360 Performance Savings Account, which paid a much higher interest rate. Many customers thought their old savings accounts would transition into this new one, but in reality, they had to open a new 360 Performance Savings Account to earn the higher rate. So some customers have been earning a significantly lower savings rate for years.

In the lawsuit, the plaintiffs' lawyers allege that Capital One didn't inform 360 Savings customers that these were two distinct accounts, or that 360 Performance Savings paid a higher rate. However,Capital One wants this case dismissedbecause it claims people had every opportunity to learn these facts on their own. This case is still ongoing.

Best Checking Account FAQs

Why You Should Trust Us: Our Expert Panel for the Best Checking Accounts

We consulted banking and financial planning experts to inform these picks and provide their advice on finding the best checking accounts for your needs.

Here's what they had to say about checking accounts. (Some text may be lightly edited for clarity.)

What are some good qualities to look for in a checking account?

Roger Ma, certified financial planner withlifelaidout®and author of"Work Your Money, Not Your Life":

"I would look at the ATM branch locations and then minimum balance amounts to not incur a monthly fee … I think there's other stuff that could make life easier, whether it's free checks, online bill pay, are they in the Zelle network?"

Sophia Acevedo, banking editor,Business Insider:

"I would look for a checking account that either doesn't have any monthly service fees or offers multiple ways to waive the fee. I would also look at customer support availability and mobile app ratings."

How can someone find the right bank?

Tania Brown, certified financial planner and vice president of coaching strategy atOfColor:

"Obviously, you want to make sure it's FDIC insured. Also, your banking experience — do you like walking into a bank? Well, then you need someone local. Do you just not care if you ever see your bank? Then you're okay online. Do you write checks? Do you not write checks? So it's thinking through how your experience with it is going to be before you make that decision."

Mykail James, MBA, certified financial education instructor,BoujieBudgets.com:

"The No. 1 thing about a checking account is you should know what provider the debit card is coming from. And a lot of people don't think about that, because there are places that don't accept MasterCard or don't accept Amex."

Methodology

At Business Insider, we strive to help smart people make the best decisions with their money. We spent hours comparing and contrasting the features and fine print of nearly three dozen checking accounts available at over 30 national and online-only banks so you don't have to. Read more about how we rate and review products on Personal Finance Insider's editorial standards page.

We understand that "best" is often subjective, however, so in addition to highlighting the clear benefits of a checking account — no fees, for example — we outline the limitations, too.

We considered offerings at over 30 financial institutions using our bank account methodology to determine the strongest options for the best checking accounts.

We gave precedence to no-monthly-fee checking accounts or those with the option to waive monthly fees with qualifying activities, overdraft protection options, widespread ATM access and/or reimbursem*nt for ATM fees, and mobile banking capabilities.