11 Best Checking Accounts for July 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.
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.
To get the most from your checking account, you need low fees, good customer support and free ATMs nearby. If you earn interest on your cash, even better.
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» Looking for higher rates? See our list of the best cash management accounts
APYs shown are current as of June 26, 2024. All other information is current as of June 26, 2024.
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.
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.
To get the most from your checking account, you need low fees, good customer support and free ATMs nearby. If you earn interest on your cash, even better.
Why trust NerdWallet
» Looking for higher rates? See our list of the best cash management accounts
APYs shown are current as of June 26, 2024. All other information is current as of June 26, 2024.
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.
Best Checking Accounts
ELIGIBLE FOR REWARD
| Bank/institution | NerdWallet rating | APY | Bonus | Monthly fee | Overdraft star rating | Learn more |
|---|---|---|---|---|---|---|
 SoFi Checking and Savings Learn more at SoFi Bank, N.A., Member FDIC | Best for Checking Accounts | 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 |
 Axos Bank® Rewards Checking Learn more at Axos Bank®, Member FDIC | Best for Checking Accounts | 3.30% With $0 min. balance for APY | $500 Earn up to $500 with direct deposit. Terms apply. | $0 | 4.5/5 | Learn more at Axos Bank®, Member FDIC |
 Discover® Cashback Debit Learn more at Discover® Bank, Member FDIC | Best for Checking Accounts | N/A | $360 Up to $360 per year. See website for details. | $0 | 4.5/5 | Learn more at Discover® Bank, Member FDIC |
 nbkc bank Everything Account Learn more at nbkc bank, Member FDIC | Best for Checking Accounts | 1.75% With $0 min. balance for APY | N/A | $0 | 4.0/5 | Learn more at nbkc bank, Member FDIC |
 Connexus Credit Union Xtraordinary Checking | Best for Checking Accounts | 1.75% With $0 min. balance for APY | N/A | $0 | 4.5/5 | Read review |
 LendingClub Rewards Checking | Best for Checking Accounts | 0.10% With $2,500 min. balance for APY | N/A | $0 | 4.0/5 | Read review |
 Schwab Bank Investor Checking™ | Best for Checking Accounts | 0.45% With $0 min. balance for APY | N/A | $0 | 4.5/5 | Read review |
 American Express Rewards Checking | Best for Checking Accounts | 1.00% | N/A | $0 | 3.5/5 | Read review |
 ZYNLO Bank More Spending Account | Best for Checking Accounts | 2.00% | N/A | $0 | 4.0/5 | Read review |
 Upgrade - Rewards Checking Plus | Best for Checking Accounts | N/A | N/A | $0 | 4.0/5 | Read review |
 Laurel Road Loyalty Checking | Best for Checking Accounts | 0.01% With $0.01 min. balance for APY | $300 Requirements to qualify | $0 | 4.0/5 | Read review |
Our pick for
Checking Accounts
0.50%
With $0 min. balance for APY
$300
Earn up to $300 with direct deposit. Terms apply.
$0
5.0/5
Why We Like It
SoFi’s Checking and Savings account earns a 0.50% APY (variable and subject to change) on the balance in its checking portion.
Customers who set up direct deposit or who deposit at least $5,000 every 30 days into their account can also earn 4.60% APY on balances held in the savings portion of the account. Without direct deposit, savings would earn 1.20% APY.
There’s no minimum direct deposit amount to earn interest or to get your paycheck up to two days early, but you’ll need a minimum monthly direct deposit of $1,000 to qualify for overdraft coverage and protection.
If you decide to go with SoFi, you’ll want to make sure to meet the direct deposit requirements to earn the maximum interest rate and get overdraft protection. A potential drawback to banking with SoFi is that if you want to make a cash deposit, you’ll have to go to a Green Dot retail location and pay a fee of up to $4.95 for each deposit. That might not be an issue if you don’t usually handle cash, but if you want to deposit cash regularly — like if you work a tip-based job, for example — those fees could add up quickly.
SoFi is part of the Allpoint network, so customers can access more than 55,000 ATMs for cash withdrawals.
3.30%
With $0 min. balance for APY
$500
Earn up to $500 with direct deposit. Terms apply.
$0
4.5/5
Why We Like It
Rewards Checking has no minimum balance required to open an account, and no monthly maintenance, overdraft or nonsufficient-funds fees. The account also has an annual percentage yield as high as 3.30% on up to $50,000, depending on your account activity. To earn interest, you need at least $1,500 in monthly direct deposits. That earns you 0.40%. To earn the maximum APY, you have to make 10 debit card purchases — with a minimum of $3 per transaction — or sign up for the Account Aggregation/Personal Finance Manager tool (earns 0.30%). You also need to have an average daily balance of $2,500 in a managed investment portfolio (earns 0.99%), have an average daily balance of $2,500 in a self-directed portfolio (earns 0.99%) and make a monthly Axos consumer loan payment from Rewards Checking (earns 0.60%).
Customers have to meet an unusually high number of requirements to earn the top interest rate with Axos, Other highly rated checking accounts make it easier to earn a high interest rate, or you can open a high-yield savings account.
New customers can qualify for a $500 bonus by having $1,500 or more in direct deposits and maintaining a minimum balance of $3,000 in the first six statement cycles that the new account is open.
In addition, Axos Bank offers unlimited domestic ATM reimbursements on several of its checking accounts, including this one.
N/A
$360
Up to $360 per year. See website for details.
$0
4.5/5
Why We Like It
Discover® Cashback Debit lets you earn 1% cash back on up to $3,000 in qualifying debit card purchases each month (see website for details). The account also has no monthly fee, no monthly balance requirement and access to more than 60,000 fee-free ATMs. The bank also doesn’t charge overdraft fees; if you try to initiate a transaction that will result in an overdraft, Discover will pull that money from a designated funding account if you’ve enabled overdraft protection. If you haven’t enabled it, Discover will decline the transaction and you won’t be charged a fee. Discover has solid offerings across the board, but its overdraft policy could be limiting for people who regularly rely on overdraft coverage. Some banks offer buffer programs that allow customers to overdraw up to a certain amount without triggering an overdraft fee.
Users can also get their paychecks up to two days early via direct deposit, and Discover’s mobile banking apps have high customer ratings, which is helpful because the bank only has one physical branch, in Delaware.
1.75%
With $0 min. balance for APY
N/A
$0
4.0/5
Why We Like It
NBKC’s free Everything Account offers a 1.75% APY with no minimum opening deposit. NBKC is part of the MoneyPass network, which gives customers free access to more than 37,000 nationwide ATMs, and it also offers up to $12 per month for reimbursement of out-of-network ATM fees. Since NBKC is an online bank, you’ll need to be comfortable with remote customer service.
0.45%
With $0 min. balance for APY
N/A
$0
4.5/5
Why We Like It
Charles Schwab’s Investor Checking account has no monthly fee or overdraft fees, and customers earn a 0.45% APY with no requirements. The interest rate on this account isn’t the highest that consumers could get — especially compared to other online banks — but through Schwab, customers also have access to unlimited ATM fee rebates and no foreign transaction fees, which makes this account great for frequent travelers.
1.00%
N/A
$0
3.5/5
Why We Like It
American Express Rewards Checking is available to American Express customers who have had a consumer credit card for at least three months. The account has a 1.00% APY interest rate and no monthly fees or minimum deposit requirements. Notably, American Express doesn’t have any requirements for customers to earn interest, but the requirement that new banking customers be credit card customers is a rare prerequisite. Customers have access to more than 70,000 MoneyPass and Allpoint ATMs as well.
2.00%
N/A
$0
4.0/5
Why We Like It
Zynlo Bank customers can earn 2.00% APY on their spending account on any balance of a penny or more, which is a relatively high interest rate with no requirements to earn that rate. There’s a $10 minimum opening deposit for the account and no monthly fee. Zynlo is part of the Allpoint network, so customers can access more than 55,000 free ATMs. A large, free ATM network is a beneficial feature when you primarily bank online.
N/A
N/A
$0
4.0/5
Why We Like It
Upgrade gives customers 2% cash back — up to a maximum of $500 per year — on qualified purchases as long as they make at least $1,000 in direct deposits per month. If they don’t meet the direct deposit requirement, customers will earn 1% cash back. Qualified purchases include drug stores, restaurants, gas stations and other everyday places. After customers earn $500 in rewards, they will earn 1% cash back for the rest of the year on everyday purchases. This account is great for cash back, but you’ll have to do a lot of debit card spending to optimize your rewards. You may want to analyze the kinds of rewards that you could earn with a credit card versus this debit card to ensure you’re earning the most cash back possible.
The account has no monthly fee, no overdraft fee and direct deposit up to two days early.
0.01%
With $0.01 min. balance for APY
$300
Requirements to qualify
$0
4.0/5
Why We Like It
Laurel Road’s Loyalty Checking account has no monthly fees, and customers have access to more than 40,000 fee-free ATMs. The account has a very low 0.01% APY, but customers can earn both a welcome bonus and monthly bonuses with qualifying direct deposits. The welcome bonus is $300 if a new customer makes direct deposits of at least $2,500 total in the first 60 days, and customers can earn $20 per month in the first year if they direct deposit at least $2,500 per month. After the first year, customers can earn $10 per month with the same direct deposit requirement. The welcome bonus requires quite a few timely direct deposits, so make sure you’re meeting the stipulations if you have an eye on the maximum bonus amount.
Want to compare more options? Here are our other top picks:
Our Nerds say:
"A checking account is 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
Features of checking accounts | |
Do checking accounts pay interest? | Sometimes; typically minimal. |
Common fees |
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Typical features |
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Other benefits |
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Here is more information about checking accounts.
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
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 June 28, 2024
Methodology
We took a close look at over 90 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, Bank7, Barclays, Bask Bank, Bethpage Federal Credit Union, BMO, BMO Alto, Boeing Employees Credit Union, Bread Savings, BrioDirect, Capital One, Carver Federal Savings 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 National Bank, First Tech Federal Credit Union, Flagstar Bank, FNBO Direct, 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, NASA Federal Credit Union, Navy Federal Credit Union, NBKC, One, OneUnited Bank, Pentagon Federal Credit Union, PNC, 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 and Zynlo Bank.
To recap our selections...
NerdWallet's Best Checking Accounts for July 2024
- SoFi Checking and Savings: Best for Checking Accounts
- Axos Bank® Rewards Checking: Best for Checking Accounts
- Discover® Cashback Debit: Best for Checking Accounts
- nbkc bank Everything Account: Best for Checking Accounts
- Connexus Credit Union Xtraordinary Checking: Best for Checking Accounts
- LendingClub Rewards Checking: Best for Checking Accounts
- Schwab Bank Investor Checking™: Best for Checking Accounts
- American Express Rewards Checking: Best for Checking Accounts
- ZYNLO Bank More Spending Account: Best for Checking Accounts
- Upgrade - Rewards Checking Plus: Best for Checking Accounts
- Laurel Road Loyalty Checking: Best for Checking Accounts
Frequently asked questions
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.
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.
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.
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.
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.
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.
