11 Best Checking Accounts for December 2024
Dec 3, 2024
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Checking accounts are best for day-to-day financial tasks such as making purchases and paying bills. They come with a debit card for spending, and checking account owners can typically make mobile check deposits, ATM transactions, peer-to-peer payments and more with their account.
The best checking accounts come with low fees, good customer support and free ATMs nearby. Some also offer rewards or earn interest.
In 2024, SoFi Checking and Savings won NerdWallet’s annual award for best overall checking account. The new winner for the upcoming year will be announced in January 2025.
Checking accounts are covered by federal insurance, either through the Federal Deposit Insurance Corp. for banks or through the National Credit Union Administration for credit unions. Federal insurance covers up to $250,000 per depositor, per institution, per account ownership category.
Strict editorial guidelines to ensure fairness and accuracy in our coverage to help you choose the financial accounts that work best for you. See our criteria for evaluating banks and credit unions.
More than 100 financial institutions surveyed by our team of experts.
More than 50 data points considered for each bank, credit union and banking technology firm (or neobank).
» Looking for higher rates? See our list of the best cash management accounts
APYs shown are current as of Dec. 3, 2024. All other information is current as of Nov. 27, 2024.
Nerdy Tip
When shopping for a checking account, consider factors such as monthly fees, interest rates, overdraft policies, ATM fees and access to customer service. Make sure that you’re getting the features and services you want from your bank.
That's on top of any financial institution sign-on bonuses. Get access by joining NerdWallet+.
That's on top of any financial institution sign-on bonuses. Get access by joining NerdWallet+.
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Best Checking Accounts
Bank/institution | NerdWallet rating | APY | Bonus | Monthly fee | Overdraft star rating | Learn more |
|---|---|---|---|---|---|---|
5.0/5 | 0.50% With $0 min. balance for APY | $300 Earn up to $300 with direct deposit. Terms apply. | $0 | 5.0/5 | Learn more at SoFi Bank, N.A., Member FDIC | |
5.0/5 | N/A | N/A | $0 | 3.8/5 | Learn more at Upgrade, Deposits are FDIC Insured | |
5.0/5 | N/A | $360 Up to $360 per year. See website for details. | $0 | 5.0/5 | Learn more at Discover® Bank, Member FDIC | |
5.0/5 | 1.00% | N/A | $0 | 3.8/5 | ||
5.0/5 | 1.75% With $0 min. balance for APY | N/A | $0 | 4.8/5 | ||
5.0/5 | 1.75% With $0 min. balance for APY | N/A | $0 | 4.2/5 | ||
5.0/5 | 0.10% With $0 min. balance for APY | N/A | $0 | 4.8/5 | ||
5.0/5 | 2.00% | N/A | $0 | 3.8/5 | ||
5.0/5 | 0.01% With $0.01 min. balance for APY | $300 Requirements to qualify | $0 | 4.3/5 | ||
5.0/5 | 1.00% With $0 min. balance for APY | N/A | $0 | 4.4/5 | ||
5.0/5 | 3.50% With $0.01 min. balance for APY | N/A | $0 | 3.8/5 |
Our pick for
Checking Accounts
APY
0.50%
With $0 min. balance for APY
Bonus
$300
Earn up to $300 with direct deposit. Terms apply.
Monthly fee
$0
Overdraft star rating
5.0/5
APY
N/A
Bonus
N/A
Monthly fee
$0
Overdraft star rating
3.8/5
APY
N/A
Bonus
$360
Up to $360 per year. See website for details.
Monthly fee
$0
Overdraft star rating
5.0/5
APY
1.00%
Bonus
N/A
Monthly fee
$0
Overdraft star rating
3.8/5
APY
1.75%
With $0 min. balance for APY
Bonus
N/A
Monthly fee
$0
Overdraft star rating
4.8/5
APY
0.10%
With $0 min. balance for APY
Bonus
N/A
Monthly fee
$0
Overdraft star rating
4.8/5
APY
2.00%
Bonus
N/A
Monthly fee
$0
Overdraft star rating
3.8/5
APY
0.01%
With $0.01 min. balance for APY
Bonus
$300
Requirements to qualify
Monthly fee
$0
Overdraft star rating
4.3/5
Want to compare more options? Here are our other top picks:
What's the best checking account for me?
When choosing a new checking account, take a close look at fees, branch and ATM accessibility, and interest rate. Also consider perks such as early access to direct deposits. People who do online banking should select an institution that offers a good website along with a mobile app that lets them deposit checks remotely.
As a rule, it’s a good idea to avoid checking accounts that charge — and don’t allow you to waive — fees. The rule remains true whether choosing a teen checking account, a college bank account or any checking account.
» Looking for somewhere to stash your savings? See NerdWallet's picks for best savings accounts
Compare the other types of best checking accounts: | ||
Our Nerds say:
"The best checking accounts are designed to be used for all of your regular purchases and transactions, so make sure to pick one that has all of the features that matter to you.
"If you need a flexible overdraft program, pick a bank that has low or no overdraft fees or a buffer or forgiveness program. If you plan to go with an online bank, make sure it has great remote customer service options and an accessible ATM network. And lastly, even though checking accounts aren’t usually known for great interest rates, there are still plenty of accounts that offer a solid return on your money. You can also find rewards checking accounts that offer cash back on your spending."
- Chanelle Bessette, NerdWallet banking writer
Account features | Standard checking accounts | The best checking accounts |
Do checking accounts pay interest? | Sometimes; typically minimal. | Usually a solid rate, sometimes with a bonus or cash back instead. |
Common fees |
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Typical features |
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Other benefits |
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Should I have more than one checking account?
Usually there won’t be many downsides to keeping multiple checking accounts open as long as you can meet the requirements of those accounts to avoid fees.
The number of checking accounts you should have is based on your situation. If you’re single, for example, you may be fine with just one checking account. If you’re married, you may want to have a personal account and a joint account that you share with your spouse.
There are also several accounts that offer bonuses and promotions for opening an account, so if you’re able to juggle the requirements, you could make some extra cash by opening multiple accounts. You also may want to consider opening multiple checking accounts at different institutions for different uses, such as keeping an account at a provider that works well for international travel if you go out of the country a lot, or keeping a checking account open with the bank that handles your mortgage for faster payment transfers.
Last updated on December 3, 2024
Methodology
We took a close look at over 100 financial institutions and financial service providers, including the largest U.S. banks based on assets, internet search traffic and other factors; the nation’s largest credit unions, based on assets and membership; and other notable and/or emerging players in the industry. We rated them on criteria including annual percentage yields, minimum balances, fees, digital experience and more.
Financial institutions and providers surveyed are: Affirm, All America Bank, Alliant Credit Union, Ally Bank, Amalgamated Bank, America First Credit Union, American Express National Bank, Andrews Federal Credit Union, Associated Bank, Axos Bank, Bank of America, Bank5 Connect, Barclays, Bask Bank, Bethpage Federal Credit Union, BMO, BMO Alto, Boeing Employees Credit Union, Bread Savings, BrioDirect, Capital One, Carver Federal Savings Bank, CFG Bank, Charles Schwab Bank, Chase, Chime, CIBC U.S., CIT Bank, Citibank, Citizens, Citizens Bank, City First Bank, Climate First Bank, Commerce Bank, Community First Credit Union of Florida, ConnectOne Bank, Connexus Credit Union, Consumers Credit Union, Current, Customers Bank, Delta Community Credit Union, Discover® Bank, E*TRADE, EverBank (formerly TIAA Bank), Fifth Third Bank, First Foundation, First Internet Bank, First National Bank, First Tech Federal Credit Union, Flagstar Bank, FNBO Direct, Forbright Bank, Global Credit Union, GO2bank, Golden 1 Credit Union, Greenwood, Hope Credit Union, Huntington Bank, Industrial Bank, Ivy Bank, Jenius Bank, KeyBank, Lake Michigan Credit Union, Laurel Road Bank, LendingClub Bank, Liberty Bank, Live Oak Bank, M&T Bank, Marcus by Goldman Sachs, My Banking Direct, NASA Federal Credit Union, Navy Federal Credit Union, NBKC, Newtek Bank, One, OneUnited Bank, Pentagon Federal Credit Union, PNC, Poppy Bank, Popular Direct, Quontic Bank, Regions Bank, Revolut, Salem Five Direct, Sallie Mae Bank, Santander Bank, SchoolsFirst Federal Credit Union, Security Service Federal Credit Union, Securityplus Federal Credit Union, Self-Help Credit Union, Service Credit Union, SoFi, State Employees’ Credit Union of North Carolina, Suncoast Credit Union, Synchrony Bank, TAB Bank, TD Bank, Truist Bank, U.S. Bank, UFB Direct, Upgrade, USAA Bank, Varo, Vio Bank, Wells Fargo, Western Alliance Bank and Zynlo Bank.
NerdWallet's Best Checking Accounts for December 2024
- SoFi Checking and Savings: Best for Checking Accounts
- Upgrade - Rewards Checking Plus: Best for Checking Accounts
- Discover® Cashback Debit: Best for Checking Accounts
- American Express Rewards Checking: Best for Checking Accounts
- nbkc bank Everything Account: Best for Checking Accounts
- Connexus Credit Union Xtraordinary Checking: Best for Checking Accounts
- Schwab Bank Investor Checking™: Best for Checking Accounts
- ZYNLO Bank More Spending Account: Best for Checking Accounts
- Laurel Road Loyalty Checking: Best for Checking Accounts
- Bask Bank Interest Checking
- TAB Spend
Frequently asked questions
- What is a checking account?
A checking account is an account offered by a bank, nonbank or credit union that allows a customer to deposit and withdraw money as well as make transactions through electronic payment, check, money order and/or with a debit card.
Here are NerdWallet's picks for the best checking accounts.
- Do checking accounts earn interest?
Some do, but interest rates are typically low for checking accounts. If you’re looking for a high annual percentage yield, you may want to consider one of NerdWallet’s picks for a high-yield savings account or a CD with a high rate instead.
- How are prepaid debit cards different from checking accounts?
Prepaid debit cards and checking accounts are similar in that you have an account with a certain balance to make purchases. Most prepaid debit cards, however, have no overdraft programs or related fees. Checking accounts traditionally have overdraft services that let you spend more than you have in your account in exchange for what can be steep fees.
- How do I close an old checking account?
Make a list of that account’s recurring deposits and payments. Then, arrange to have future scheduled deposits sent to a new account and to have recurrent bill payments or transfers drawn from that account.
Wait for any outstanding charges or payments to clear the old account. This will take a month or two, and you'll want to ensure that the new account arrangements have kicked in. When that has happened, withdraw any remaining funds from your old bank and get a written confirmation of closure from a bank manager.
Get rid of unnecessary apps and items from your old account. At your convenience, you can remove the bank’s app from your phone and shred any remaining paper checks from the old account.
- How do I get a checking account bonus?
Some institutions offer sign-up bonuses when you open a new account. To qualify, you typically have to be a new customer and keep your checking account open for at least three months to a year. You will also have to meet other requirements, such as receiving direct deposits or using a linked debit card a certain number of times each month.
- Why was I rejected by a bank when I tried to open an account?
It’s possible that you are on the ChexSystems black list. Unpaid bank fees and bounced checks can result in a negative file on ChexSystems, a consumer reporting agency that financial institutions use to evaluate a prospective customer’s banking history. The more blemishes on your report, the less likely that a bank will approve you for a new account.
Here are some steps to take if you need to clear up your ChexSystems record.