Rates updated as of Feb. 3 | Content updated Feb. 3
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.
Our team of experts evaluate numerous checking accounts based on factors such as convenience, fees and balance requirements to help you make well-informed decisions on your finances.
Bankrate's picks for best checking accounts
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. 3. 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 Checking nor Max-Rate Checking accounts require a minimum deposit to open. Morgan Stanley closed its acquisition of E*Trade in October 2020 to become Morgan Stanley Private Bank.
Bank5 Connect is a division of BankFive, which has 13 locations in Massachusetts and Rhode Island. Bank5 Connect is an online-only bank.
Heritage Bank is based in Spicer, Minnesota, and is known for its eCentive Checking Account. The eCentive checking account offers a competitive yield on balances up to $100,000. But you’ll need to earn that competitive APY by receiving electronic statements, having an automated payment or direct deposit each month and making 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.
EverBank is known for its Performance accounts which, it says, guarantees high-yielding APYs. The bank's Performance Checking account is one account that 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, and it reimburses up to $15 worth of ATM fees per month for everyone 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 world’s largest credit union. It’s a good fit for anyone looking for a credit union who qualifies to be a member. It has around 350 branches worldwide, and Navy Federal’s Active Duty Checking account holders can have as much as $20 per statement cycle of ATM fees reimbursed.
Ally Bank launched in 2009 as a one-stop shop for online-only banking customers from coast to coast. It is known as an online bank that has nearly every type of account and offers a competitive yield. Ally Bank’s interest checking offers interest on all balances. You’ll need at least a $15,000 balance to earn the bank’s top checking yield.
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. On the savings side, LendingClub has competitive yields on its savings account and CDs. The bank acquired Radius Bank in February 2021.
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. It offers most of the accounts that people need. The 360 Checking Account has early direct deposit available, the ability to deposit cash at any CVS store, it earns a little interest and it 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. 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 2.9 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 on March 19.
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 2.3 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.
Although yields on deposit accounts have been decreasing slightly over the last four months, overall they 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.
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.
