Easy and Affordable Online Payment AccountsUpdated on September 27, 2022 Show
We recommend the best products through an independent review process, and advertisers do not influence our picks. We may receive compensation if you visit partners we recommend. Read our advertiser disclosure for more info. An online checking account is an excellent choice for convenient, low-cost banking. With the dizzying number of options available, we’ve highlighted some of the best accounts that can help you manage your day-to-day finances online. These offerings keep fees to a minimum, they offer essential (and sometimes unique) features, and they protect your money with federally backed deposit insurance. We surveyed more than 150 banks and credit unions with online checking accounts, taking into consideration fees, customer service, and availability. Here are our picks for the best online checking accounts. We partnered with the following banks to bring you the checking account offers in the table below. Under that, you'll find additional details on our editors' picks for the best online checking accounts and up-to-date rates. All of the banks and credit unions listed are insured by the Federal Deposit Insurance Corporation (FDIC) or National Credit Union Administration (NCUA). Best Online Checking Accounts of 2022
Best Overall and Best for ATM Access: Discover BankIt’s hard to go wrong with Discover Bank’s Cashback Debit account. There’s no minimum initial deposit or ongoing balance requirement, and Discover charges no monthly fees in this account. Discover Bank keeps fees low overall, charging nothing for things like standard checks, expedited delivery of a replacement card, insufficient funds, and official bank checks. If you’re a fan of rewards, Discover’s online checking account pays 1% cash back on qualifying debit card purchases up to $3,000 per month. If you maximize that reward, you can collect up to $360 per year. Discover Bank’s live customer service line is available 24/7, so you can get help when you need it. Plus, with both the Allpoint and MoneyPass networks on board, more than 60,000 fee-free ATMs are available to customers nationwide. Finally, you can use the app for things like freezing your debit card and depositing paper checks. Given all of that, Discover is among the top three banks in J.D. Power’s 2020 U.S. Direct Banking Satisfaction Study. The Cashback Debit account does not pay interest, but it’s a checking account designed for everyday spending. If you want to earn interest on unused cash, look at Discover Bank’s online savings account, or browse our list of the best banks for savings accounts. Pros & Cons Pros
Cons
Runner-Up: Ally BankAlly Bank’s Interest Checking account is an easy-to-use account with no monthly maintenance charge. Ally Bank has been prominent in online banking for several years, giving the bank plenty of opportunity to enhance the offering. The checking account does not require any minimum deposit to open an account, you earn a small amount of interest on your balance, and standard checks are always free. When you need help, Ally Bank has phone representatives available 24/7. Ally ranks well in the J.D. Power 2020 U.S. Direct Banking Satisfaction Study, and the bank’s mobile app also earned the top spot in our review of banking apps. When it comes to ATM access, customers can use over 43,000 Allpoint ATMs fee-free. Ally Bank also rebates up to $10 in ATM charges you pay to other banks. Pros & Cons Pros
Cons
Best for Fees: nbkc BankIt’s not hard to find an online checking account with no monthly fees, but you might still pay charges for activity in your accounts. nbkc Bank keeps fees at a minimum and pays a competitive rate on your checking account balance. At nbkc, you’ll find no monthly fee, no charge for returned (bounced) payments, no overdraft or insufficient funds fees, free stop payments, and free wire transfers. If you’re tired of getting nickeled-and-dimed, this should get your attention. Plus, if you can’t find one of nbkc’s 32,000 free ATMs, the bank reimburses you for ATM fees that you pay to other banks (up to $12 per month). There’s no minimum deposit required, so this account is accessible to anybody. If you prefer mobile banking, nbkc’s app allows you to deposit checks, set up alerts, and more. Pros & Cons Pros
Cons
Best for APY: Consumers Credit Union Consumers Credit Union
Logo Consumers Credit Union as of late July offered one of the highest rates currently available in a checking account. This is a “rewards” checking account, meaning you need to meet specific criteria to maximize your rate. But Consumers Credit Union has several reward tiers available, allowing you to earn a small amount of interest when you don’t meet all of the criteria—and earn the highest rate when you can check all the boxes. The rate applies to balances up to $10,000, and requirements include:
To open an account, you need to start with $5, but there’s no ongoing minimum balance requirement. There are no monthly fees, and anybody can join Consumers Credit Union. To become eligible, join the Consumers Cooperative Association with a $5 fee. As part of the CO-OP Shared Branch Networks, you have access to over 6,000 branches and 30,000 ATMs in the U.S. Pros & Cons Pros
Cons
Best for Rewards: Liberty Federal Credit UnionThe Vertical Checking account at Liberty Federal Credit Union is a rewards checking account. What makes it unique is that it pays a competitive rate on a relatively high balance—earn the maximum rate on up to $20,000. Many banks have lower caps. To earn the highest rate, you’ll need to complete the following:
There’s no monthly fee or ongoing balance requirement in the Vertical Checking account, but you need to start with at least $25. If you’re not already eligible to join LFCU as an employee, retiree, or relative of someone tied to the organizations in its field of membership, one way to join, for example, is to become a member of the Mater Dei Friends Alumni Association with a $5 donation. ETFCU offers access to almost 5,000 fee-free ATMs nationwide. The LFCU mobile app offers essential banking features like mobile deposit, and you can verify if you meet the monthly criteria required to earn the highest rate. Pros & Cons Pros
Cons
Best for Customer Service: Charles Schwab BankYour checking account is the central hub of your day-to-day finances, so everything needs to work smoothly. When there are problems, they should be rare, and it must be easy to remedy whatever is wrong. With the top ranking in J.D. Power’s 2020 U.S. Direct Banking Satisfaction Study, Charles Schwab Bank should be able to help you minimize service issues. Pros & Cons Pros
Cons
Best Bonus Offer: Chase BankWhile Chase Bank is a bricks-and-mortar bank, you can open and use the Total Checking account entirely online. Plus, you can get a $200 bonus if you meet certain criteria. While bigger bonuses might exist elsewhere, this offer is one of the most accessible offers nationwide. The Total Checking account has a potential $12 monthly service fee. But you can get the fee waived by meeting one of the following criteria: direct deposit of at least $500 per month, $1,500 minimum daily balance, or at least $5,000 every day in qualifying Chase accounts. There is no minimum opening deposit required, but you’ll need to deposit funds to qualify for the bonus and avoid fees. Chase Bank customers have access to 16,000 ATMs and more than 4,700 branches. With the resources of a big bank, you can expect an online experience that mirrors the best online-only banks. With the mobile app, you can pay bills, deposit checks, lock your card, and more. Pros & Cons Pros
Cons
Benefits of Online Checking AccountsOverall, choosing online banking, versus a bank with local or national branches, can deliver both positives and negatives:
Drawbacks of Online Checking Accounts
How Should You Choose an Account?Your checking account is one of the financial accounts you’ll use most often, so it’s crucial to get the features you need. Look at how you spend and save money, and evaluate your current checking account to identify the things you like best (and least). FeesIt doesn’t make sense to pay monthly fees in an online checking account. There are too many options with no monthly maintenance charges or easy-to-reach fee waivers. Also, consider how you use your account: Do you order official checks or overdraw your account occasionally? If so, look for banks and credit unions that can help you minimize costs as you use your account. Customer ServiceChoose a bank that can make your life easy. Every bank can make mistakes, but it’s best to avoid banks when the bad customer reviews outweigh the good ones. Plus, life occasionally brings surprises that require help from bank personnel. Review your options for customer service, such as live chat, secure messaging, and phone support. How easy is it to contact somebody, and is customer service available at times that are convenient for you? FeaturesDecide what’s most important in your next checking account, and verify that you can get what you need.
Additional Bank OfferingsAs you compare checking accounts, take note of other offerings available at each bank. It might make life easy to have your checking account, savings account, and CDs at the same bank. That’s certainly not a requirement—it’s pretty easy to transfer funds from bank to bank online—but one-stop shopping helps minimize passwords and record-keeping. How We Chose the Best AccountsWe started with a universe of over 150 online checking accounts available to customers nationwide. From there, we focused on the best offerings. Low fees (or a somewhat attainable fee waiver) are a must, and we favored banks that are most likely to make your day-to-day banking experience satisfying. Because a checking account is primarily an account used to make payments (as opposed to a high-yield account), interest paid on your balance is not a primary factor—except in those categories that focus on earnings. Instead, we selected banks that make it easy to pay bills, make purchases online and in person, and manage your account online. Ultimately, the goal of this list is to highlight high-quality offerings that don’t include “gotchas” like surprise fees or teasers that deliver less than they promise. What's the easiest bank to open an account with?The 8 Easiest Banks To Join. Chime. Chime1 is probably the easiest to join. ... . TD Bank. To sign up with TD, users can go online and enter their basic information, including a driver's license number or state ID. ... . United Bank. United Bank has the same requirements as TD. ... . Synchrony. ... . Chase Bank. ... . Axos Bank. ... . Ally. ... . Wells Fargo.. What banks let you open a checking account online?For those without a deposit account, many banks open accounts for most customers online.. BayVanguard Bank*. Altamaha Bank.. Androscoggin Bank*. Axos Bank*. BankFive.. Bank of America*. Bank of Travelers Rest.. Bank Independent*. What banks will let you open an account for free?Here's a look at a few banks that offer free checking accounts.. Ally: Interest Checking Account. ... . Capital One: 360 Checking Account. ... . Discover Bank: Cashback Debit account. ... . Heritage Bank: eCentive Account. ... . NBKC: Everything Account.. What is best bank to open a checking account with?The best checking accounts for October 2022. Best overall rate: Heritage Bank.. Best for no/low fees: NBKC Bank.. Best for members of the military and veterans: Navy Federal Credit Union.. Best for mobile app high-yield rate: Ally Bank.. Best for unlimited ATM fee rebates: LendingClub Bank.. |