- A checking account is a great tool for managing your day-to-day transactions such as bill payments, direct deposits and everyday expenses.
- According to our latest banking survey, 85% of users prioritized fee-free banking when choosing a checking account.
- We personally opened accounts with most of the banks on our list so we could give you first-hand recommendations and insights.
The listings that appear are from companies from which this website may receive compensation, which may impact how, where and in what order products appear. Not all companies, products or offers were reviewed in connection with this listing.
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Learn more about our top rated checking accounts.
Best Checking Accounts for December 2024
To help you choose a checking account that’s in lockstep with your unique needs, the MarketWatch Guides team researched checking accounts from 154 banks and credit unions. We then narrowed our list to focus on these 9 accounts that can help you easily access, grow or better manage your money. Our resulting top nine checking accounts offer few fees, easy ATM access, budgeting tools and perks such as debit card rewards, interest or welcome bonuses.
Best Checking Accounts:
- Discover Bank: Our Top Pick
- SoFi Bank: Best for Cash-Back Incentives
- Ally Bank: Best for Financial Tools
- Chase Bank: Best for Kids
- Axos Bank: Best for Loyalty Benefits
- Capital One Bank: Best for Payment Options
- LendingClub Bank: Best for ATM Benefits
- USAA Bank: Best for Military Families
- PenFed Credit Union Review: Best Credit Union Checking Account
The listings that appear are from companies from which this website may receive compensation, which may impact how, where and in what order products appear. Not all companies, products or offers were reviewed in connection with this listing.
Discover Bank Cashback Debit Account
OUR TOP PICK
SoFi High-Interest Checking Account
Best for Cash-Back Incentives
Ally Bank Spending Account
BEST FOR FINANCIAL TOOLS
Chase First Banking Checking Account
BEST FOR KIDS
Axos Bank Rewards Checking Account
BEST FOR LOYALTY BENEFITS
Capital One Bank 360 Checking Account
BEST FOR PAYMENT OPTIONS
LendingClub Rewards Checking Account
BEST FOR ATM BENEFITS
USAA Bank Classic Checking Account
Best for Military Families
PenFed Credit Union Free Checking Account
BEST CREDIT UNION CHECKING ACCOUNT
Summary: Best Checking Accounts of 2024
The listings that appear are from companies from which this website may receive compensation, which may impact how, where and in what order products appear. Not all companies, products or offers were reviewed in connection with this listing.
|
Best For
Best for Cash-Back Incentives
APY*
0.50%
Bonus
$50 to $300
Monthly Fee
$0
|
|
Best For
Our Top Pick
APY*
0%, but 1% cash-back
Bonus
None currently
Monthly Fee
$0
|
|
Best For
Best Financial Tools
APY*
0.10% or 0.25%
Bonus
None currently
Monthly Fee
$0
|
|
Best For
Best for Kids
APY*
0%
Bonus
None currently
Monthly Fee
$0
|
|
Best For
Best Loyalty Benefits
APY*
Up to 3.30%
Bonus
$300
Monthly Fee
$0
|
*Annual percentage yield (APY) valid as of November 15, 2024.
**0.10% ($2,500 minimum balance required) or 0.15% (with $100,000 and up)
Types of Checking Accounts
Checking accounts are a type of bank account you use to manage money that you use for everyday expenses, such as paying bills, withdrawing cash or making debit card purchases. The type of checking account you should pick depends on what’s most important to you — brick-and-mortar locations, rewards, interest-earning capabilities or mobile features.
Whether you’re looking for a free checking account or one with premium perks, consider your options carefully.
A traditional checking account is the basic option you might get at a credit union or bank with local branches. It may support in-person and digital transactions, such as using a debit card, writing checks and transferring funds electronically. You usually won’t earn interest, and you may pay a monthly service fee.
Online checking accounts are typically offered by financial institutions that don’t have physical branches. You’ll usually handle most of your banking online or through a mobile app. If your account allows for cash deposits, you might visit ATMs or participating retailers. These accounts often come with low (or no) fees and may offer more perks than traditional accounts.
An interest checking account lets you earn money. You may need to meet minimum balance requirements or take other actions to qualify for interest. For example, a bank might require a minimum amount of qualifying direct deposits each month or have a tiered system that gives you higher interest rates for having other accounts.
A rewards checking account typically offers cash back or points for using your debit card. To earn rewards, you may need to shop with participating retailers or make specific types of purchases, and banks may set limits on how much you can earn. You may need to meet account requirements (such as getting direct deposits) to qualify for rewards.
Many banks offer age-specific checking accounts, such as options for children, students or seniors. These types of accounts often have lower monthly fees (or none at all). Accounts for children may support limited banking services and require a parent to link one of their accounts. Student and senior accounts usually include access to common banking features, though senior accounts are more likely to have monthly fees.
A checkless checking account — generally offered by online-only banks — doesn’t come with a checkbook or the ability to write checks. Instead, you’ll rely on your debit card, direct deposits and other types of electronic transactions. These accounts usually come with fewer fees.
A premium checking account will likely have a higher monthly fee, but it also typically comes with more perks and personalized financial support. For example, you may get overdraft coverage, free checks, discounts on other banking products and reimbursement for using out-of-network ATMs.
How To Choose the Best Checking Account
To find a checking account that fits your financial situation and the ways you like to bank, consider what each option offers in these areas:
Benefits vs. Costs
When comparing checking accounts, focus on maximizing benefits and minimizing costs. While one account may pay interest or offer debit card rewards, it might not be the best option if there are fees you can’t easily waive. Also check whether you need to meet certain requirements to get perks, such as keeping a minimum balance in your account or receiving a minimum amount in qualifying direct deposits.
“Factors like fees, interest rates and product availability should weigh into the decision.”
ATM and Branch Access
Banking accessibility is another key point to consider. Several of our picks for the top checking accounts are from online-only financial institutions. This means it’s more important to pay attention to factors such as:
- Locations where you can make cash deposits
- ATM network access, including fee-free options
- Whether fee reimbursements are offered for out-of-network ATMs
If you’re interested in a checking account through a traditional bank, look for convenient access to ATMs and branches.
Mobile Banking and Online Banking
Research features for the bank’s mobile app and online banking site. You may want an account that offers peer-to-peer transfers, mobile check deposits, spending tools, additional account security and 24/7 customer support.
Mendelsohn advised consumers to look for banks with both self-service options and good track records when it comes to customer service.
“If I have a problem or need advice, including concerns with fraud, how to handle unexpected expenses [and] large financial decisions, will there be a person there for me to help navigate these challenges?” he said.
Account Requirements
Make sure you meet the requirements before choosing a new checking account. These may include being a certain age or having an affiliation, such as being a student or service member. You may need an existing account with that financial institution, especially for children’s checking options, or a minimum deposit to open the account.
“Opening a new checking account can be a straightforward process with a few key considerations. Compare fees and features among different banks to find one that suits your needs, whether it’s low fees, convenient ATM access or online banking capabilities. Before committing, review the fine print regarding fees for overdrafts, out-of-network ATM usage and monthly maintenance charges to ensure transparency and avoid surprises.”
Benefits of a Checking Account
While checking accounts may come with fees, many banks and credit unions provide benefits and tools, such as:
- Sign-up bonuses: Some of our recommended accounts pay sign-up bonuses up to $300 if you meet certain requirements.
- Debit card rewards: Many of the institutions on our list offer cash-back for using your debit card, as high as 15% for select retailers.
- Interest paid on checking balances: While you may have to meet some complex requirements to get a large APY for your checking account, several banks offer checking account interest rates.
- Early direct deposits: Most of the financial institutions on our list offer early direct deposit, which allows you to be paid one or two days earlier.
- Financial-planning tools: Several banks display your credit score and a credit report, while others offer buckets or vaults to help you with budgeting money in your checking account. Some also offer the ability to track outside accounts to see your total net worth.
- Overdraft protection: Most of our recommendations allow you to link a savings account for overdraft protection or offer coverage with direct deposit. There are only a few banks that still charge overdraft fees.
- Reimbursements for out-of-network ATMs: While the financial institutions on our list generally have large ATM networks, some also offer generous reimbursements if out-of-network ATM operators charge you fees.
- Free checks: Most banks offer the first set of checks free, and some offer unlimited free checks.
Josh Miller, head of consumer acquisition, marketing and product development at KeyBank, said many banks reward customers for their loyalty. He advised that at a lot of banks, having direct deposit and using your checking account for everyday needs (such as transfers, ATM services and debit card purchases) could get you access to lower loan rates, more cash back on credit cards and higher interest rates on deposit accounts.
You could even get concierge service such as not waiting when you call the contact center or being assigned a licensed banker for all of your needs.
“For the most rewards and perks, look for checking accounts with a cash bonus for opening, cash back on debit card purchases, ATM fee reimbursement and high-yield interest paid on your deposits.”
How Much Money Should I Keep in My Checking Account?
We surveyed 1,000 American consumers to learn about their banking habits and preferences. We found that the average respondent kept $11,195.38 in their checking account. According to our financial experts, this may be too much.
“Generally, I would suggest keeping no more than one month of expenses in a checking account that gets regular pay deposits. For someone with especially variable monthly expenses, this might need to be adjusted.”
Kates gave three reasons why storing excess cash in a checking account could be problematic:
- Interest rates: Checking accounts usually offer lower interest rates than money market, CD and high-yield savings accounts. Savings accounts insured by the FDIC or the National Credit Union Administration (NCUA) are currently offering APYs in the 4% to 5% range.
- Security: Checking accounts are easy to drain if criminals get access to your debit card or banking credentials, but savings, money market or investment accounts have transfer periods that can act as a buffer between you and fraud.
- Discipline: It’s easy to spend money when it’s in your checking account, but transferring it to other accounts or investments can limit the temptation to overspend.
How To Maximize Your Checking Account
Eric Croak, CFP and president of Croak Capital, has several recommendations for maximizing your checking account:
- Choose the right checking account: if you use your debit card a lot, select an account with good purchase rewards. Know the nature of the rewards, any limits on what you can earn and how rewards are accumulated.
- Treat cash back rewards as savings: Move your rewards into savings after you earn them to avoid the temptation to spend them. Set up an automatic transfer from checking to savings.
- Double up on cash back: If you’re merging finances with a partner, have them open a separate rewards checking account to increase cash-back opportunities.
- Automate your savings: Automatically move money from your checking account to savings, an IRA or a CD to earn higher interest rates and avoid underutilizing funds in your checking account.
Checking Account Customers Insights
Here’s what respondents in our consumer banking survey had to say about what they look for in checking accounts and whether they pay monthly fees for them:
Checking Account Features
We found that when selecting checking accounts, customers care the most about monthly fees (74%), access to free ATMs (58%) and overdraft fees (45%).
Three in four respondents wanted a checking account with minimal or no monthly fees. One respondent explained, “There should not be a monthly maintenance fee because that sometimes puts me into the negatives, which is very inconvenient.” Another respondent loved his bank but wished it was a free account.
Access to free ATMs was a factor important to over half of our respondents. Many of our recommended checking accounts offer large ATM networks and reimbursements for out-of-network fees. Lending Club and Axos both offer unlimited out-of-network ATM fees.
The third most important factor for our respondents was low or no overdraft fees. In January 2022, Capital One was the first large bank to eliminate overdraft fees, and many other banks have followed suit. Only two of our recommended checking accounts charge overdraft fees, so it’s very possible to avoid paying these fees.
Checking Account Fees
Since consumers’ biggest concern when choosing checking accounts was monthly fees, it tracks that 46% of them pay no monthly maintenance fees and 27% meet account requirements for having these charges waived. Just 15% of survey respondents pay $5 or more per month for their checking accounts.
If you are currently paying monthly maintenance or overdraft fees, you may consider switching to an online bank. Online banks, because they have low overhead costs, rarely if ever charge maintenance or overdraft fees, unlike their brick-and-mortar counterparts. None of our recommended online or in-person checking accounts charges monthly fees.
FAQ: Best Checking Accounts
While all of the financial institutions on our list of the best checking accounts have lots of benefits and no monthly fees, SoFi’s checking account pays 0.50% APY and has a sign-up bonus and free checks and overdraft protection. It also comes with a linked savings account that earns at least 1.20% APY.
A checking account is designed for everyday spending, and it usually comes with a debit card and paper checks. Checking accounts generally don’t offer much interest but may have perks such as early direct deposits and debit card rewards. A savings account is for earning interest on money you might be reserving for short- or long-term goals, and it may or may not come with a bank card. Savings accounts earn more interest on average than checking accounts but generally allow fewer withdrawals each month, so they’re not ideal for making regular purchases.
To choose a good bank, think about how much you spend, how often you use ATMs and whether you pay with cash, a debit card or mobile payment services such as ApplePay. Then, look for a bank with features that meet your needs. In general, if you want the lowest fees and the most perks, pick an online bank or credit union insured by the FDIC or NCUA.
If you’re interested in in-person service, try a credit union or a bank with physical branches. Our recommendations include both online and in-person banks and credit unions.
Overdraft protection is a service offered by many financial institutions to prevent transactions from being declined or causing you to be charged hefty fees when you don’t have enough funds in your checking account. Your bank may offer overdraft protection up to a certain dollar amount to protect you in case you spend more than you have in your account.
Your bank may transfer money from your linked savings account or provide you a line of credit or short-term loan to cover the shortfall. If this happens, you’ll need to deposit more money to bring your account back to positive.
Customer Review Methodology
To provide in-depth perspective on how reviewers feel overall about banks that offer checking accounts, the MarketWatch Guides team compiled 20,475 reviews from publicly available user-review sites such as Trustpilot, the Better Business Bureau, Consumer Affairs, WalletHub and Best Company.
We then categorized each review and analyzed the sentiment to determine whether it was positive or negative. With this data, we highlighted the most praised features and most common complaints for each bank.
Methodology
Our team researched 154 of the country’s largest and most prominent financial institutions, collecting information on each provider’s account options, fees, rates, terms and customer experience. We then scored each firm based on the data points and metrics that matter most to potential customers. Read our full methodology.
For our list of the best checking accounts, we chose financial institutions that earned some of the highest scores in the Checking category and are available nationwide. The banks that received top ratings for checking accounts tend to have large, fee-free ATM networks and no monthly maintenance fees, making them accessible to more customers. They often provide perks such as interest earnings, cash back on debit card purchases and reimbursement for fees charged by other ATM operators.
The best scores go to banks, loans and fintech companies with high interest rates and low or no fees or minimum opening deposits.
High marks are given to those with multiple accounts and minimal fees, plus benefits such as reward programs and mobile check deposit.
Top-rated financial institutions have low or no minimum opening deposits, as well as a variety of term options and specialty CDs for flexibility.
Providers that excel in this category have large branch and ATM networks and multiple checking and savings accounts, and they earn more points for offering CDs and money market accounts.
Our survey methodology: MarketWatch Guides surveyed 1,000 American adults via Pollfish in December 2023. Results were weighted to generate nationally representative data based on age, gender, marital status and household income. Pollfish employs organic random device engagement sampling. The margin of error is +/- 3 points with 95% confidence.
*Data accurate at time of publication
**Rates and promotions accurate as of November 15, 2024
Editor’s Note: Before making significant financial decisions, consider reviewing your options with someone you trust, such as a financial adviser, credit counselor or financial professional, since every person’s situation and needs are different.
Sources
- Consumer Financial Protection Bureau (2023), How Quickly Can I Get Money After I Deposit a Check into My Checking Account? What Is a Deposit Hold?
- Consumer Financial Protection Bureau (2021), Checklist for Opening a Bank or Credit Union Account
- Credit Union of Southern California (2024), Is a Debit Card a Checking or Savings Account?
- Federal Trade Commission, Bank Accounts
- Office of the Comptroller of the Currency, Checking Accounts: Understanding Your Rights
Editor’s Note: Parts of this story were auto-populated using data from Curinos, a research firm that collects data from more than 3,600 banks and credit unions. For more details on how we compile daily rate data, check out our methodology here.
