Rates updated as of Feb. 3 | Content updated Feb. 24
A checking account is designed for everyday spending such as paying bills, writing checks, making purchases and withdrawing cash. Look for a checking account that best meets your needs regarding digital banking features and ATM access. It also pays to find an account that doesn’t charge service fees (or makes them easy to avoid), and that requires a low (or no) minimum balance.
Checking accounts have many financial benefits. They can assist you in the following ways:
The following accounts can be found at most banks and credit unions. They’re federally insured for up to $250,000 and offer a safe place to put your money while earning interest.
CDs are best for individuals looking for a guaranteed rate of return that’s typically higher than a savings account. In exchange for a higher rate, funds are tied up for a set period of time and early withdrawal penalties may apply.
Checking accounts are best for individuals who want to keep their money safe while still having easy, day-to-day access to their funds. ATM and other transactional fees may apply.
Savings and MMAs are good options for individuals looking to save for shorter-term goals. They’re a safe way to separate your savings from everyday cash, but may require larger minimum balances and have transfer limitations.
Note: Annual percentage yields (APYs) shown are as of Feb. 24. Bankrate's editorial team validates this information regularly, typically biweekly. APYs may have changed since they were last updated and may vary by region for some products. Bankrate includes only FDIC banks or NCUA credit unions in its listings.
Morgan Stanley Private Bank offers a pair of checking accounts for people who’d like to earn interest on their checking. Neither the Checking nor Max-Rate Checking accounts require a minimum deposit to open.
Bank5 Connect is a division of BankFive, which has 13 locations in Massachusetts and Rhode Island. Bank5 Connect is an online-only bank. The Bank5 Connect High-Interest Checking account offers a competitive 2 percent APY with a minimum balance requirement of $100 to earn interest, and there are no monthly maintenance fees.
Heritage Bank is known for its eCentive Checking Account. The eCentive checking account offers a competitive yield on balances up to $100,000. But there are hoops to jump through to get that APY. You’ll have to opt to receive electronic statements, have an automated payment or direct deposit each month and make at least $500 worth of monthly debit card purchases.
NBKC Bank is known for offering a competitive checking yield on all balances. It also doesn’t require a minimum opening deposit on its Everything Account. The account has ATM access and is a part of the MoneyPass network. That means customers have access to more than 37,000 fee-free ATMs. But if you find yourself at an out-of-network ATM, you’re still in luck: NBKC reimburses up to $12 a month for out-of-network ATM fees.
EverBank's Performance Checking account offers a competitive yield on every balance. You only need a $100 minimum opening deposit for this account.
The Performance Checking account doesn’t have a monthly fee, reimburses up to $15 worth of ATM fees per month, and provides unlimited fee reimbursement for those with at least $5,000 in the account.
Serving millions of military members and their families, Navy Federal Credit Union is the largest credit union in the United States. It’s a good fit for anyone looking for a credit union who qualifies to be a member. It has around 366 branches worldwide.
Customers are eligible for up to $10 in ATM fee rebates per statement period with direct deposit.
The Navy Federal Credit Union Flagship Checking account offers a competitive interest rate with tiered dividends, allowing members to earn interest more based on their account balance. There is a monthly fee of $10 unless the average daily balance is maintained at $1,500 or higher.
Ally is an online bank that has nearly every type of account. Ally Bank’s Spending account offers interest on all balances, with no requirements needed to earn the rate, though you’ll need at least a $15,000 balance to earn the bank’s top checking yield.
It also has no monthly maintenance fees and no overdraft fees.
Account holders can access more than 75,000 ATMs nationwide and receive up to $10 in ATM fee reimbursements per statement cycle. Ally also offers early direct deposit, which allows you to access funds up to two days sooner.
LendingClub Bank is an FDIC-insured online bank known for its Rewards Checking account that earns cash back and interest and also offers ATM fee reimbursement.
It's a solid option for consumers looking for an online bank that offers competitive yields, low fees and ample ATM access.
Capital One Bank is ideal for consumers looking for a full-service bank with a wide network of no-fee ATMs and access to branches in select states. The 360 Checking Account has early direct deposit available, the ability to deposit cash at any CVS or Walgreens store, earns a little interest and doesn’t have a monthly service fee.
With a massive branch network and breadth of product offerings, Chase is often viewed as the country's signature banking institution. Chase is an option to consider if you live near its branches and ATMs. Its checking and savings yields are generally very low, if not almost nonexistent. Chase is known for having checking account bonuses for new customers, and electronic deposits of at least $500 per month can waive the monthly service fee on the Total Checking account.
Our banking editorial team regularly evaluates data from more than a hundred of the top financial institutions across a range of categories (brick-and-mortar banks, online banks, credit unions and more) to help you find the options that work best for you.
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The Federal Reserve held rates steady at its first meeting of the year on Jan. 29, delaying additional interest rate cuts as it reassesses the direction of inflation, currently at 3.0 percent, and how President Donald Trump’s policies could affect the U.S. economy. The Federal Open Market Committee (FOMC) will maintain its benchmark federal funds rate at a range of 4.25-4.5 percent until its next meeting in March.
Yields on many deposit accounts at banks and credit unions began to pull back in late 2024 after the Fed began cutting rates last September as a result of the inflation dropping to 2.4 percent. That’s because yields on some deposit accounts, including savings accounts, tend to move in the same direction as the Fed’s benchmark rate.
Overall, yields remain above the national average, making it a good time to earn interest on many savings accounts, certificates of deposit (CDs) and money market accounts.
Checking accounts often don’t bear interest, so they’re not impacted by macroeconomic conditions, yet your checking account is a vital part of your everyday money management. It’s used to deposit and withdraw money, pay bills, make debit transactions, write checks and send money to peers. However, there are some interest-earning checking accounts available.
A checking account is the transaction account from which you pay your bills. It is best not to intermingle your savings or accumulate excess cash in this account, but instead treat the checking account like a gas tank — payday fills it up and you use up funds until the next payday.Greg McBride, CFA, Bankrate chief financial analyst
Because of their accessibility and safety, checking accounts make for a good financial hub. These versatile accounts can be used to pay bills, make purchases and receive deposits. Checking accounts can simplify your financial life. For example, you can set up your checking account to receive automatic deposits from your employer and make automatic withdrawals to pay your bills. Mobile apps enable you to make payments, transfer money and review your transaction history whether you’re at home or on the go.
Like savings and money market accounts, federally insured checking accounts are insured up to $250,000 by the Federal Deposit Insurance Corp. (FDIC) or by the National Credit Union Share Insurance Fund, depending on whether your account is at a bank or credit union.
Allison Horn
VP of Executive Communication and Legislative Affairs, MSU Federal Credit Union
Consumers have more control over customizing their accounts to fit their unique financial needs. Many checking accounts now feature spending analysis tools, offering greater insight into personal spending habits. With options like automatic transfers to savings and scheduled bill payments, consumers can streamline their finances—building savings while ensuring timely payments of their obligations.
Checking accounts typically have some general requirements, and you’ll need to meet them in order to open an account.
Using a checking account can be expensive. The good news is you can find checking accounts that don't charge monthly maintenance fees as well as make it easy to avoid other common tolls. Here's what you need to know.
Learn moreChecking accounts can be a good place for your money. But in some cases, there are better alternatives.
Here are some pros and cons that comes with having a checking account:
It’s an easy way to pay bills and make everyday purchases.
Many employers and service providers offer direct deposit that goes directly into your checking account.
Your money is protected in an FDIC-insured bank as long as your balances are within FDIC limits and guidelines.
You can generally write checks or access your money from an ATM.
A checking account will allow you to send and receive money through Venmo or Zelle.
Some checking accounts charge fees for things such as not meeting a minimum balance.
Though some checking accounts earn a competitive yield, many earn little or no interest.
Written by: Matthew Goldberg, Senior Consumer Banking Reporter
Matthew is a senior consumer banking reporter with more than two decades of journalism and financial services expertise, helping readers make informed decisions about their personal finance needs. His banking career includes being a banker in New York City and a bank officer at one of the nation's largest banks. Matthew is currently a member of the Board of Governors at the Society for Advancing Business Editing and Writing (SABEW), chairing its training member engagement committee and is co-chair of its Finance Committee.
Read more from Matthew Goldberg
Edited by: Marc Wojno, Senior Editor, Banking
I’ve been a personal finance writer and editor for more than two decades specializing in money management, deposit accounts, investing, fintech and cryptocurrency. Throughout the years of crunching numbers and words, I’ve been passionate about helping readers make informed decisions on managing their money with uniquely helpful advice. I have an MBA from George Washington University, and am an active member of both the National Press Club and SABEW, where I’ve volunteered as a judge for their respective journalism awards programs. Recently, I was elected Treasurer of the Society of Professional Journalists’ SDX Foundation (Washington, DC chapter), raising scholarship money for aspiring young journalists.
Reviewed by: Greg McBride, CFA, Chief Financial Analyst, Bankrate
Greg McBride is a CFA charterholder with more than a quarter-century of experience analyzing banking trends and personal finance. As Bankrate's Chief Financial Analyst, he leads the team that researches and provides guidance on savings vehicles, from high-yield savings accounts to CDs. Through Bankrate.com's Money Makeover series, he has helped consumers develop their saving habits, maximize their returns on deposit accounts, and make smart decisions about where to keep their cash. He is frequently quoted by major media outlets on banking trends and Federal Reserve policy impacts on deposit rates.
Bankrate’s editorial team is made up of five banking experts. These experts have researched numerous banks and at least twice a month review bank websites to make sure readers stay up to date on the latest rates and bank products.
We select banks that have high annual percentage yields, or APYs, and that are popular and broadly available, including some of the largest banks.
Learn about the most-widely available checking account types to decide which is best for you.
Know what to expect and what to look out for when opening a checking account online.
Read Bankrate's expert reviews before deciding where to deposit your money.
