Best Checking Accounts of September 2023

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Checking accounts are optimal tools for everyday expenses and transactions. We reviewed over 30 financial institutions to find banks that offer strong checking accounts with minimal bank fees and features like free overdraft protection and waived ATM fees. Some even have unique features, such as cash-back rewards or a high interest rate.

Best Checking Accounts

• Alliant High-Interest Checking Account
• Betterment Checking Account
• Capital One 360 Checking®
• Chime Checking Account
• Consumers Credit Union Free Rewards Checking Account
• Discover Cashback Debit Account
• LendingClub Rewards Checking Account
• Quontic Cash Rewards Checking Account
• Redneck Bank Rewards Checkin’ Account
• Schwab Bank High Yield Investor Checking® Account
• Upgrade Rewards Checking
• Wealthfront Cash Account

Here are our top picks for the best checking accounts.

Compare the Best Checking Accounts

Checking Account FAQs

Best Banks for Checking Accounts

Capital One 360 Checking®

With no monthly service fees, no foreign transaction fees, and a variety of overdraft protection options, Capital One is one of the strongest free checking accounts out there. The bank has access to over 70,000 Capital One and AllPoint ATMs and connects to Zelle for digital money transfers. All balances earn 0.10%. 

What to look out for: Though Capital One Cafés are popping up in big cities around the US, the bank only operates about 280 branches in nine states.

Capital One 360 Review

Discover Cashback Debit Account

You might like Discover if you want a rewards checking account that doesn’t charge overdraft fees or non-sufficient funds fees. The Discover Cashback Debit Account also lets you earn 1% cash back on up to $3,000 of purchases per month. 

What to look out for: If you don’t sign up for overdraft protection, any transactions that would result in a negative balance in your account would be denied.

Discover Bank Review

LendingClub Rewards Checking Account

The LendingClub Rewards Checking Account account gives you the opportunity to earn both cash-back rewards and interest if you maintain a $2,500 balance. You can earn cash back on an unlimited amount each month, and you’ll earn up to 1% on select purchases. 

What to look out for: You must have $2,500 to make the most of your checking account. LendingClub also compounds interest monthly rather than daily, which will affect how much you earn in the long run.

LendingClub Bank Review

Quontic Cash Rewards Checking Account

 If you’re looking for a rewards checking account, the Quontic Cash Rewards Checking Account could be a good choice. You’ll earn 1% cash back on debit card transactions, up to $50 in cash-back rewards per statement cycle.

What to look out for: ATM withdrawals or PayPal transfers aren’t considered eligible debit card transactions for earning cash back. 

You’ll also need at least $100 to open an account. If you’d prefer to make a lower initial deposit, consider one of the other options on our list.

Quontic Bank Review

Redneck Bank Rewards Checkin’ Account

You might find Redenck Bank appealing if you’re looking to earn a high interest rate on a checking account. Redneck Bank pays a bonus interest rate of 5.30% APY on account balances up to $15,000, and 0.50% APY on amounts over $15,000. To qualify for the bonus rate, you’ll have to make 10 qualifying debit card transactions per monthly statement cycle and receive online bank statements.

What to look out for: If you do not meet the monthly requirements, you’ll earn a standard rate of 0.25% APY. Redneck Bank also requires a steep minimum opening deposit of $500 to open the Redneck Bank Rewards Checking Account. You might prefer another financial institution if you’d like to open an account with less money upfront.

Redneck Bank Rewards Checking Account

Schwab Bank High Yield Investor Checking® Account

Charles Schwab doesn’t charge ATM fees, and the bank offers unlimited refunds worldwide when an ATM provider charges you a fee. Charles Schwab also doesn’t charge foreign transaction fees, and it has free overdraft protection.

What to look out for: You must open a brokerage account with Charles Schwab before opening a checking account.

Charles Schwab Bank Review

Best Credit Unions for Checking Accounts

Alliant High-Interest Checking Account

Alliant ranks as one of our picks for the best credit unions, so if you prefer a credit union over a bank, then this checking account could be a good choice. You don’t need to meet any qualifications to earn interest. Alliant’s free network includes over 80,000 ATMs, and the credit union reimburses up to $20 per month in fees charged by out-of-network ATM providers. Alliant does not charge overdraft fees should you overdraw your account.

What to look out for: Like many credit unions, Alliant compounds your interest monthly rather than daily, which will limit how much you earn.

Alliant Credit Union Review

Consumers Credit Union Free Rewards Checking Account

Consumers Credit Union is also featured in our best credit unions guide.

The Consumers Credit Union Free Rewards Checking Account pays up to 5.00% APY on the first $10,000 in your account and offers unlimited ATM fee refunds if you meet specific monthly requirements. 

You’ll get the most out of the account if you do the following: 

• Earn 3.00% APY if you have less than $10,000 when you sign up to receive eDocuments, make 12 monthly debit card purchases, and receive $500 in monthly direct deposits, mobile check deposits, or transfers from other banks
• Earn 4.00% APY if you meet the requirements to earn 3% and spend $500 per month with your Consumers Credit Union Credit Card
• Earn 5.00% APY if you meet the requirements to earn 3% and spend $1,000 per month with your Consumers Credit Card
• Earn 0.20% APY if you have an account balance between $10,000.01 and $25,000 when you receive eDocuments, make 12 monthly transactions, and receive $500 per month in direct deposits, mobile check deposits, or transfers from other banks
• Earn 0.10% APY if you have an account balance over $25,000 when you receive eDocuments, make 12 monthly transactions, and receive $500 per month in direct deposits, mobile check deposits, or transfers from other banks

Otherwise, you’ll only earn 0.10% APY on your account balance.

What to look out for: To be eligible to open the Consumers Credit Union Free Rewards Checking Account, you must become a member of Consumers Credit Union first.

Anyone in the US is eligible for membership online as long as you pay a one-time $5 membership fee to the Consumers Cooperative Association and open the Consumers Credit Union Membership Share Savings Account with at least $5.

Consumers Credit Union Review

Best Banking Platforms for Checking Accounts 

Betterment Checking Account

If you want to invest and save at the same place, the Betterment Checking Account is a solid option. Betterment doesn’t charge overdraft fees and offers unlimited reimbursements for ATM fees. 

The Betterment Checking Account also offers cash back with thousands of retailers.

What to look out for: The amount you’ll earn in cash back for a particular purchase may vary depending on the business.

Betterment only offers a checking and cash reserve account. If you’d like to open CDs or a money market account, you might prefer a bank or credit union instead.

Betterment Checking and Cash Reserve Review

Chime Checking Account

Chime checking accounts do not require a credit check or review by ChexSystems, so it could be a good option if you’re searching for a second chance bank account.

You can use 38,000 ATMs for free. Chime doesn’t charge foreign transaction fees. You can receive your paycheck up to two days early. If you also have a high-yield Chime Savings Account, then you can round each debit card purchase up to the nearest dollar and automatically put the spare change into savings.

What to look out for: Chime’s SpotMe feature allows you to overdraw by up to $200 with no overdraft fee — but you must receive at least $200 in direct deposits each month to qualify for SpotMe. Any transactions that overdraw more than $200 won’t be processed. You’ll just be denied the purchase.

Chime Banking Review

Upgrade Rewards Checking

Upgrade Rewards Checking lets you earn 2% cash back on everyday debit card purchases and payments on utilities and monthly subscriptions. Any other debit card purchases can earn 1% cash back. Upgrade describes an everyday purchase as an online or in-person purchase at a convenience store, drugstore, restaurant, bar, or gas station.

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

What to look out for: To get the most out of the Upgrade Rewards Checking Account, like ATM fee reimbursements and loan discounts, you’ll have to maintain a $2,500 daily checking account balance, receive at least $1,000 in direct deposits each month, or make eight or more monthly debit card purchases. Otherwise, you won’t qualify for these perks.

Money transfers, ATM transactions, check purchases, gift cards, foreign currency, money orders, refunds, or fraudulent transactions aren’t eligible for any cash back rewards.

Upgrade Checking and Savings Review

Wealthfront Cash Account

Why it stands out: You can receive your paycheck up to two days early. You don’t need to meet any qualifications to earn interest on your balance. Set the maximum amount you want in your account through Wealthfront’s Autopilot feature. When your balance exceeds that amount by over $100, Wealthfront will move the excess funds into a Wealthfront investment account.

What to look out for: Wealthfront doesn’t charge overdraft fees, but this also means you don’t even have the option to overdraw from the account. Your purchase would just be denied.

Wealthfront Cash Account Review

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. 

Other Checking Accounts We Considered 

The following our checking were considered for top picks, but we ultimately didn’t choose them. You may still want to consider some of these options, depending on your preferences:

• Chase Total Checking®: Chase is a popular brick-and-mortar bank. None of Chase’s checking accounts made our list because they have monthly service fees unless you qualify to waive them.
• Axos Bank Rewards Checking: Axos offers a good interest rate, but some of our top picks have even higher interest rates or lower minimum opening deposits.
• Ally Spending Account: This is a solid online checking account that pays interest on your balance, but its features aren’t as unique as what you’ll find with some of our top picks.
• Fidelity Cash Management Account: This is a good free account that combines saving, spending, and investing features. The interest rate isn’t as high as what you’ll earn with other high-yield checking accounts, though.
• Citi Checking Account: A fine checking account with options to waive the monthly fee, but customer satisfaction is below average, according to J.D. Power’s US National Banking Satisfaction Study.
• U.S. Bank Smartly® Checking: A standard checking account from US Bank with options to waive the $6.95 monthly fee, and customer satisfaction is slightly above average, according to J.D. Power’s US National Banking Satisfaction Study.
• CIT Bank eChecking Account: The minimum opening deposit for this account is $100 and it only offers up to $15 of fee-free ATM visits a month; otherwise it’s a fine account earning 0.10% APY on balances below $25,000.
• TD Bank Convenience Checking Account: TD Bank ranked No. 3 on J.D. Power’s US National Banking Satisfaction Study. But its only ATM and branch locations are on the East Coast, and there’s a $3 fee each time you use a non-TD ATM.
• TD Bank Beyond Checking Account: This account is favorable for people with high balances. Non-TD ATM fees are reimbursed, but only with a $2,500 minimum daily balance.
• PNC Performance Select Checking: PNC ranked No. 4 on J.D. Power’s 2022 US National Banking Satisfaction Study. But in order to waive the $25 monthly fee, you need $5,000 or more in monthly direct deposits, or a $5,000 average balance, or $25,000 in all PNC accounts (including investments). Branch access is limited to the Eastern US.
• PNC Virtual Wallet® with Performance Spend: In order to waive the $15 monthly fee, you need $2,000 or more in monthly direct deposits, or a $2,000 average balance, or $10,000 in all PNC deposit accounts. Branch access is limited to the Eastern US.
• HSBC Premier Checking: To become an HSBC Premier client and avoid a $50 monthly service fee, you have to keep $75,000 in bank/investment accounts, receive $5,000 in direct deposits each month, or take out a mortgage of at least $500,000.
• Axos Bank Essential Checking: A solid online-only checking account with unlimited ATM fee reimbursement, but nothing extra special.
• Axos Bank Rewards Checking: This account offers up to 1% cash back on purchases (you can earn up to $2,000 per month), but doesn’t count transactions from grocery stores and requires an average daily balance of $1,500 to earn the cash back. If your balance falls below that limit, you get 0.50% cash back.
• TIAA Bank Basic Checking: A solid account that waives the already low $5 fee with a daily average balance of $25. To enjoy unlimited ATM reimbursement, however, you need to keep an average daily balance of at least $5,000.
• TIAA Yield Pledge® Checking Account: No monthly service fees and all balances earn a competitive APY for the first year; after that, the rate drops. To enjoy unlimited ATM reimbursement you need to keep an average daily balance of at least $5,000. You also need at least $100 to open the account.
• Wells Fargo Everyday Checking Account: Wells Fargo’s account is comparable to other checking accounts, but Wells Fargo ranked lower on J.D. Power’s US National Banking Satisfaction Study than other banks.
• Acorns Spend Account: When you swipe your Acorns Spend debit card, Acorns will round your purchase up to the nearest dollar and immediately transfer the spare change to your Acorns Invest Account.
• USAA Classic Checking: USAA is specifically for military members and family, and new recruits get paid a day early with a checking account.
• Varo Bank Account: This is a solid checking account with no monthly fees, but Varo will charge you for using an out-of-network ATM.
• Aspiration Account: You have the option to plant a tree every time you swipe your debit card, and you can earn 3% to 5% cash back when you shop at companies like TOMS and Blue Apron.
• Aspiration Plus Account: You’ll receive 10% cash back on select purchases and earn interest on your balance, but there’s a monthly fee.
• First Tech Rewards Checking®: This is a good high-yield checking account, but you have to meet certain requirements to become a member of the credit union.

Bank Trustworthiness and BBB Ratings

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. The only institution on our list that hasn’t received a BBB rating yet is Redneck Bank.

Here are the BBB grades for our top picks:

Wealthfront, Betterment, and Chime BBB ratings can be attributed to a high volume of customer complaints and several unresolved customer complaints.

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

LendingClub has an A grade due to government action against the business.

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

Capital One, LendingClub, and Chime have been involved in recent public controversies.

In 2020, Capital One paid $80 million after the Office of the Comptroller of the Currency stated that the bank was partially responsible for a 2019 data breach in which a hacker accessed over 100 million credit card applications. The OCC said Capital One’s security was inefficient at the time.

In July 2021, LendingClub Corporation paid $18 million in a settlement with the Federal Trade Commission when accused of deceptive lending practices that charged consumers hidden fees and said they were approved for loans even when they weren’t.

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 advertisements.

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 with lifelaidout® 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 a free checks, online bill pay, are they in the Zelle network?”

Sophia Acevedo, certified educator in personal finance, banking reporter, Personal Finance Insider:

“I would look for a checking account that either doesn’t have any monthly services 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 at SaverLife:

“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 an Amex.”

Our Methodology: How We Chose the Best Checking Accounts

At Personal Finance 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 20 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 20 financial institutions using our checking 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 reimbursement for ATM fees, and mobile banking capabilities.