Best Checking Accounts of 2023

A checking account is an essential financial tool that provides convenient access to your money. With so many options, choosing the right checking account can be overwhelming.

The best checking accounts offer a combination of features like:

• No or low monthly fees
• No minimum balance requirements
• Unlimited transactions
• Free or low-cost access to in-network ATMs
• Robust online and mobile banking

We compared over 50 top checking accounts to identify the best available in 2023 based on fees, transaction limits, convenience, and other factors.

How We Evaluated the Best Checking Accounts

We rated and ranked checking accounts across several criteria:

Monthly Fees

The most economical checking accounts charge no monthly maintenance fees at all. Others waive fees when you meet balance minimums or account usage requirements. Low monthly fees with easy-to-avoid charges scored highest.

Minimum Deposits

Ideal checking accounts have low opening deposit requirements, many with no minimums. Accounts requiring high opening deposits or high ongoing balances scored lower.

Transaction Limits

The best accounts place no caps on in-network or debit card transactions. Accounts limiting monthly transactions or imposing fees above certain limits ranked lower.

ATM Access

Convenient ATM access via large fee-free networks gives account holders flexibility. Accounts reimbursing out-of-network ATM fees scored highest.

Online & Mobile Experience

Seamless online banking and intuitive mobile apps increase accessibility. Accounts with sophisticated apps, mobile check deposit, and account alerts ranked higher.

Based on these factors, we identified the top options in different categories to fit diverse needs and preferences.

Best Free Checking Accounts

Free checking accounts have no monthly service fees and require no minimum balances. Our top picks:

Axos Bank Rewards Checking

Axos Rewards Checking is a top free account with robust rewards on top of all-around solid features.

Key Perks

• No monthly fees or minimum balance
• Unlimited fee-free transactions
• ATM fee reimbursement up to $12/month
• Up to 1.25% APY rewards on balances

The account earns rewards based on monthly activity like debit purchases, direct deposits, and online bill payments. Interest compounds daily and is credited monthly. Axos offers a premium rewards program for a monthly fee as well.

Axos Bank provides top-notch digital banking experiences through their desktop and mobile app. Zelle person-to-person payments are free. Axos consistently offers some of the best free checking account features available.

Discover Cashback Debit

Discover is best known for credit cards but also offers a cashback checking account with no monthly fees or balance requirements.

Key Perks

• No monthly fees or minimums
• 1% cashback on up to $3,000 in debit purchases per month
• 100% U.S.-based customer service
• Access to over 60,000 fee-free ATMs

Account holders can earn up to $30 per month in debit card cashback rewards. Discover will match the cashback earned during the first year up to $30 per month as well.

The Discover account lacks some convenience features like mobile check deposit and ATM fee reimbursement provided by other top picks but otherwise provides a solid fee-free option.

Chime Checking

Chime offers a straightforward free checking account with early access to direct deposit funds and overdraft fee protection.

Key Perks

• No monthly fees, minimums, or overdraft fees
• Early paycheck access by 2 days
• Over 60,000 fee-free ATM locations
• No out-of-network ATM fees (up to $10/month)

Chime’s debit card round up program helps account holders grow savings by rounding up purchases to the nearest dollar and depositing the difference into a separate Auto-Savings account.

While it lacks rewards, the Chime account focuses on fundamental features like security alerts and easy transfers that benefit those looking for convenience and accessibility in everyday banking.

Best Interest Checking Accounts

Interest checking accounts pay account holders for unused balances, offsetting fees in some cases. Our top options:

Citizens Access High Yield Checking

Citizens Access offers one of the highest APYs available on an interest checking account with minimal fees.

Key Perks

• Up to 0.40% APY on balances
• $8 monthly fee waived with $500 minimum balance
• Out-of-network ATM fees reimbursed
• Early paycheck access

The account pays high rates compared to others with solid interest yields across multiple tiers, from 0.25% to 0.40% APY depending on account balance. Interest compounds daily and credits monthly.

Citizens Access operates digitally with a well-designed web interface and mobile app for convenient access. External account transfers and deposits are easy.

Quontic High Yield Checking

Quontic’s high yield account offers competitive interest rates with the convenience of no maintenance fees or balance minimums.

Key Perks

• 0.50% APY on balances
• No monthly service fees
• No minimum opening deposits or balances
• Free debit card and online banking

The account yield 0.50% APY applies to all balances and is among the higher nationally available rates. Interest accrues daily and credits monthly.

Quontic is an online-only bank so account holders rely on digital banking tools. But the bank offers robust features in their mobile app and seamless user experience overall.

CIT Bank High Yield Checking

CIT Bank offers a very solid high yield checking account with competitive interest rates and just a $100 minimum balance requirement.

Key Perks

• Up to 0.25% APY
• $100 minimum balance to open
• $10 monthly fee waived with $1,000 balance
• Unlimited free transactions

Balances up to $25,000 earn 0.25% APY. Interest compounds monthly. Account holders can avoid the $10 monthly fee with a $1,000 minimum balance or $5,000 in combined checking and savings balances.

CIT lacks a mobile app but online banking functionality is extensive. Direct deposits and external transfers are easy to set up either way.

Best Student Checking Accounts

Student checking accounts provide cost savings tailored to college students, with perks like no monthly fees, bonus offers, and special protections. Our favorites:

Discover Student Checking

Discover offers a well-rounded free student checking account with cashback rewards, good ATM access, and valuable perks.

Key Perks

• No minimum balance or monthly fees
• Up to 1% cashback on debit purchases
• 100 free monthly ATM transactions
• Free first overdraft forgivness

Discover matches all cashback earned during the first year in addition to their standard rewards. An initial overdraft occurrence is forgiven. Students can receive free monthly credit reports as well.

Mobile check deposit and P2P services allow students to conveniently access and move money. Discover Student Checking provides premium features with no monthly costs.

Chase First Banking(SM) Account

The Chase First Banking account helps students start building credit and earn rewards on a budget with no monthly fees.

Key Perks

• No monthly service fees
• Up to $150 bonus for meeting account milestones
• Earn 1% cashback on debit purchases
• Optional Secured Credit Card helps build credit

Qualifying purchases, payments, and account habits generate a $50 bonus per month over three months. An optional credit-builder secured card reports to credit bureaus when managed responsibly.

The account transitions to a fee-based Chase account after graduation or turning 24. Overall the Chase student option provides well-rounded value.

Wells Fargo Everyday Checking

Wells Fargo Everyday Checking meets student essentials with no fees, digital convenience, and Campus ATMs.

Key Perks

• No monthly service fees
• No monthly transactions limits
• Access to over 13,000 ATMs
• Mobile alerts to prevent overdrafts
• Transfer or account remains fee-free after graduation

Customizable spending alerts via text or email help students track balances. Wells Fargo offers bonus interest rates on linked savings accounts as well.

The account transitions to a standard checking account with fees after graduation unless certain balance requirements are met. But students can request to keep their fee-free account after turning 25 as well.

Best Checking Accounts for Seniors

Senior checking accounts cater to older adults typically aged 55 and up. Our picks feature age minimums with preferred rates and benefits like:

TD Bank Beyond Checking

TD Bank Beyond Checking stands out for its retirement-tailored perks and no age minimum.

Key Perks

• No monthly fees for adults 60+
• Earn interest on balances
• One free overdraft fee reversal per year
• Direct deposit required
• Convenient mobile wallet

Beyond Checking provides senior benefits regardless of age, and pays competitive interest rates: 0.01% APY on under $2,500 and 0.05% APY on over $2,500.

TD also reimburses up to $15 in out-of-network ATM fees per statement cycle. Their mobile app makes deposits and account management simple for seniors.

CIT Bank 57+ Checking

The CIT Bank checking account designed for adults 57+ has no minimum balance and reimburses out-of-network ATM fees.

Key Perks

• No monthly service fees
• No minimum balance requirement
• All ATM fees reimbursed
• Up to 0.10% interest on savings
• Direct deposit required

The account pays 0.05% APY on checking account balances. Interest compounds monthly and credits to accounts monthly as well.

CIT 57+ Checking holders can also open a linked savings account that pays 0.10% APY with no excess activity fees. The convenience and perks benefit older adults.

TD Bank 55+ Checking

TD Bank offers another great senior checking option for those 55 and over. It stands out for paying interest while offering low fees.

Key Perks

• $0 monthly fee with direct deposit
• Only $2 monthly fee otherwise
• Earns interest on balances
• Unlimited transactions
• Free standard checks

Balances under $5,000 earn 0.01% APY. Over $5,000 earns 0.05% APY paid monthly. Interest offsets fees and helps maximize cash flow.

TD Bank’s senior checking accounts cater well to older adults without being restrictive. People at all income levels can benefit from the value.

Best High-Yield Reward Checking

Reward checking accounts offer above average interest rates along with perks for account activity. Our top picks:

Consumers Credit Union Free Rewards Checking

Consumers Credit Union offers a top-tier checking account that combines high rewards with minimal qualifications.

Key Perks

• Up to 5.09% APY on balances
• $8 monthly fee waived with eStatements
• Unlimited fee-free transactions
• Unlimited nationwide ATM fee refunds

Account holders can earn up to 5.09% APY based on monthly activities like credit card transactions and electronic payments. Very few accounts offer rewards and interest this high.

The account is open to people living in most areas nationwide via membership in partner groups like American Consumer Council. Consumers Credit Union accounts consistently offer some of the best rates available.

Genisys Credit Union Maximizer Checking

Genisys Credit Union’s Maximizer account also offers an impressively high interest rate along with cashback on debit card purchases.

Key Perks

• 4.07% APY on balances
• 1% cashback on debit card purchases
• $8 monthly fee waived with eStatements
• Access to 30,000 fee-free ATMs

The 4.07% APY applies to balances up to $15,000 when account qualifications are met. To earn full rewards, members must have a minimum of 12 debit card transactions post and be enrolled in eStatements each monthly qualification cycle.

Genisys membership in Michigan also provides access to a large ATM network. The Maximizer account provides a very competitive combination of high interest and cashback rewards.

All America Bank Interest Checking

All America Bank offers a rewards checking account with competitive rates and minimal requirements.

Key Perks

• Up to 3.01% APY interest
• $2,500 minimum opening deposit
• No monthly service fees
• Unlimited transactions
• ATM fee reimbursement

Balances up to $25,000 earn 3.01% APY and amounts over $25,000 earn 0.25% APY. No monthly transactions or activities are required to earn interest.

All America operates digitally, so online and mobile banking are required to open an account. But customers have access to 30,000+ fee-free AllPoint ATMs. The account offers strong perks overall.

Best Cash Back Checking Accounts

Cashback checking accounts reward account usage and spending by paying back a portion of transactions in cash. Our top cashback accounts:

Porte Checking

Porte pays a very competitive 3% cashback on debit card purchases with few limitations, making it a top cashback account.

Key Perks

• 3% cashback on debit card purchases
• $4,000 monthly cashback limit
• No opening deposit, balance, or monthly fees
• Early access to direct deposits

New members earn 3% on their first $15,000 in debit card spend during the first year. After that, the standard 3% back applies.

While Porte doesn’t offer ATM access or deposits, the account focus on maximizing debit card rewards makes it valuable for frequent spenders.

Current Rewards Checking

Current Rewards Checking stands out for providing unlimited 3% cashback across transaction types.

Key Perks

• 3% cashback on all ACH/debit transactions
• No opening deposit or balance minimums
• No out-of-network ATM fees
• Up to $6,000 per year cashback

The account also provides early access to paychecks and automated savings tools. There’s no cap on total transactions eligible for the 3% cashback rewards.

Current is an online-only account but the mobile app allows easy money movement between accounts. For broad-based cashback rewards the Current checking account is hard to beat.

One Finance Hybrid Checking/Savings

One’s unique setup combines a checking account “pocket” with an auto-savings pocket for balances above a set threshold. This allows customers to earn high interest while still accessing cash instantly via the debit card.

Key Perks

• 1% cashback on debit card transactions
• 3% APY on “Auto-Save” balances
• No minimum balance requirement
• No monthly service fees
• Overdraft protection available

Withdrawing from Auto-Save takes 1-2 business days but otherwise funds can be spent immediately via One’s debit card. Balances up to $50,000 earn 3% APY interest. One Finance provides a distinct combo of liquidity and high yield savings.

Best Checking Accounts for Direct Deposit

Many banks offer promotional rewards and discounts specifically for recurring monthly direct deposits. Our favorites:

Chime Checking

Chime provides an early direct deposit feature where recurring paychecks and deposits post up to 2 days faster.

Key Perks

• Direct deposits post 2 days early
• No opening deposit, balance, or monthly fees
• Over 38,000 fee-free MoneyPass ATMs
• Overdraft protection with no fees

The account also offers automated budgeting and savings tools to maximize funds from each direct deposit. Chime focuses on serving the direct deposit needs of gig workers, contractors, and regular employees alike.

Discover Cashback Debit Account

Discover provides an ongoing 10% cashback match on all debit card rewards when $500 or more is deposited each month.

Key Perks

• 10% cashback match with $500 monthly direct deposits
• 1% cashback on up to $3,000 in monthly debit purchases
• 100% U.S.-based customer service

No minimum balance is required to earn the 10% cashback bonus. Direct deposits include paycheck, pension, or government benefits of $500 or more.

The boost makes Discover’s existing 1% cashback on purchases even more rewarding for recurring depositors.

Chase Premier Plus Checking(SM)

Customers with recurring $500+ monthly direct deposits qualify for enhanced benefits with Chase Premier Plus Checking like higher interest rates, bonus points, and discounts.

Key Perks

• 3% Interest boost on Chase savings accounts
• 50% bonus redemption rate on travel purchased via Ultimate Rewards points
• 5% annual points bonus on Chase Freedom cards
• Reduced fees on select Chase investment products

Chase also offers a $300 bonus opportunity for new sign-ups meeting direct deposit and activity requirements. Overall Chase provides nice perks in exchange for recurring deposits.

Best Second Chance Checking Accounts

Second chance checking accounts are designed for applicants with prior financial issues like overdrafts, unpaid fees, low credit scores. Our top picks provide affordable options by waiving fees and minimums.

Chime Checking

Chime approves applicants through alternate means like direct deposit history rather than credit reports in many cases. This provides more accessibility.

Key Perks

• No ChexSystems or credit check required in most cases
• No monthly fees or minimum balances
• Overdraft fee protection
• Large fee-free ATM network

They also do not run applicants through services like ChexSystems. Chime focuses on recent direct deposit history with less emphasis on past financial mistakes.

U.S. Bank Easy Checking

Easy Checking helps applicants rebuild finances with predictability. Fees and limits provide spending control and accountability.

Key Perks

• No ChexSystems review required
• $4.95 monthly fee
• No paper check writing allowed
• Secured Credit Card option
• Mobile alerts and limits aid responsiblity

While the account carries fees and restrictions, successful management can demonstrate improved financial capability over time. Performance may allow graduates to regular U.S. Bank accounts.

Bank of America SafeBalance Account

The Bank of America SafeBalance account prevents overdrafts which helps rebuild habits.

Key Perks

• No overdraft fees (transactions declined if insufficient funds)
• $4.95 monthly maintenance fee
• Mobile app with account alerts
• Access to 16,000 fee-free ATMs
• Optional secured credit card available

By avoiding overdrafts completely, the SafeBalance account helps address past overspending tendencies. Bank of America also offers a clear path to graduate to a conventional checking account in good standing.

Best Business Checking Accounts

Business checking accounts cater to distinct needs like high transaction volumes, cash flow optimization, and streamlined accounting. Our top options:

Chase Business Complete Checking

Chase Business Complete Checking stands out for its combination of convenience, advanced features, and accessibility for new businesses.

Key Perks

• $0 monthly service fee
• 500 free monthly transactions
• $2,000 cash flow assistance line of credit
• Digital account integration and automation
• Branch and ATM access

Chase also offers a $300 bonus for opening a new account and meeting deposit thresholds. Balances earn 0.01% APY interest.

Business Complete provides the technology integration and cash flow optimization growing businesses need.

BlueVine Business Checking

BlueVine Business Checking is an innovative, tech-focused account specifically for small business banking.

Key Perks

• No monthly service fees
• 1.00% APY on balances
• Unlimited fee-free transactions
• Integration with leading small business platforms
• 1% cashback on debit card purchases

The account can connect directly with platforms like Squre, QuickBooks, Xero, PayPal, Stripe, and more. Deposits are FDIC insured up to $250,000. For tech-enabled banking, BlueVine is a top choice.

Lili Free Business Checking

Lili offers a straightforward free business checking solution with easy account opening and no balance requirements.

Key Perks

• No minimum opening deposit or balance
• No monthly service fees
• Free deposits via Mobile Check Capture
• Integration with accounting tools
• Unlimited fee-free transactions

Lili accounts do not come with business debit cards or earn interest. But the seamless mobile banking experience offers convenient features for solopreneurs and microbusinesses.

Choosing the Best Checking Account for You

With numerous options for free checking, high yield, cashback rewards, and other features determining your top choice involves identifying the accounts that best align with how you manage money.

The first step is honestly evaluating your account usage – things like typical monthly transactions, debit card spending, direct deposit amounts, and balances carried.

Analyze whether you effectively maintain any required minimum balances or account activity levels each month. Avoid accounts with easy-to-trigger monthly fees if consistency is difficult.

Prioritize accounts that offer the features and benefits you need most:

• Frequent ATM users: Seek large no-fee ATM networks or usage fee reimbursements
• Debit card power users: Opt for high flat-rate cashback over tiered rewards
• Carry lower balances: Choose accounts with higher baseline interest rates over high tiers
• Small businesses: Ensure integration with accounting tools you rely on

Take advantage of initial sign-up bonuses and introductory rewards offers from multiple banks when feasible. Opening a new checking account every 1-2 years can maximize perks and the value you gain from your core financial account over time.

Closing Thoughts

The best checking accounts match individual budgets and money management preferences. Fortunately, with so many options the competition benefits consumers.

Banks vie for new customers by providing accessible account opening, attractive rewards on transactions, and digital convenience. This allows people at all income levels to find value.

Avoid accounts with easily incurred fees. Seek out reimbursements for out-of-network ATM usage and foreign transactions when possible. Building a relationship with a bank that offers long-term financial growth can make managing money much simpler.