13 types of checking accounts

Checking accounts are a household money management staple, allowing you to pay bills and make purchases through electronic transfers, paper checks and debit cards.

Consumers usually keep their checking accounts for a long time. The average U.S. checking customer has been with their bank for about 19 years, according to a Bankrate’s 2025 Checking Fees Survey.

The best checking accounts either don’t have monthly fees or allow you to easily avoid these fees by meeting certain requirements. Many of the best checking accounts also have ways to avoid out-of-network ATM fees, or even to get free checks.

Here are 13 types of checking accounts and what makes them each unique:

Types of checking accounts

These are some of the most widely available types of checking accounts offered at banks and credit unions.

Traditional checking account

A standard checking account normally offer checks, a debit or ATM card and online bill pay options. Often you can waive a monthly maintenance fee by maintaining a minimum balance, while some traditional checking accounts don’t charge such a fee at all.

These accounts may also offer overdraft protection to cover payments beyond your account’s available balance, though such services often come with a fee.

• Who it’s best for: Anyone seeking an account to use for paying bills and making debit card transactions
• Common key features: Checks, a debit card, online bill payment

Interest-bearing account

Interest-bearing checking accounts help you earn interest. Some of these may have specific requirements to earn a certain annual percentage yield (APY), such as having a minimum direct deposit or a minimum number of debit card transactions.

There may also be limitations on how much of your balance earns a certain APY. While some interest checking accounts offer higher APYs than savings or money market accounts, interest-checking accounts are more likely to only pay a higher APY on funds up to a certain balance threshold, with additional funds earning a lower rate.

Other interest-checking accounts will only give you a fraction of the yield you can get on a top-yielding savings account. For instance, a checking account may pay a 0.1 percent APY, whereas the top savings accounts currently pay upwards of around 4.5 percent APY. With that in mind, it may be wise to keep a small chunk of money in your checking account, and open a high-yield savings account to park your additional funds.

American Express, Heritage Bank and SoFi are a few banks with checking accounts that earn interest.

• Who it’s best for: Those who maintain a large checking account balance
• Common key features: Pays interest on the balance

Premium checking account

This account typically offers perks that you’d otherwise have to pay for. A premium checking account might also have “relationship” in its name. These may include a free safe deposit box, free personal checks, free money orders and fees waived on some or all out-of-network ATMs. You’ll usually need to maintain a higher minimum balance on a premium account.

Citibank and Wells Fargo are two banks that have premium checking accounts.

• Who it’s best for: Customers with a high account balance, since you’ll likely need to qualify for the account and/or want to avoid the monthly service fee
• Common key features: Free checks, money orders and safe deposit box, waived out-of-network ATM use

Free checking account

A free checking account is free or can become free through a monthly direct deposit. Or it can be an account that doesn’t have a minimum balance requirement and a monthly service fee.

You can find a free account through direct deposit at big banks such as Chase, Bank of America or Wells Fargo. Or you can find a free account at online-only banks such as Ally.

• Who it’s best for: Customers looking to avoid fees
• Common key features: No monthly fee

Student checking account

These accounts are usually for students ages 18-23. Student checking accounts might not have maintenance fees for those who qualify. They may also offer overdraft forgiveness, ATM fee reimbursement, free checks or other perks. These accounts can be a useful way for students to begin managing their money, using their own debit card for purchases or cash withdrawals.

• Who it’s best for: Students between the ages of 18 and 23 (minimum and maximum age can vary)
• Common key features: Overdraft forgiveness, waived monthly fees, ATM fee reimbursement, free checks

Teen checking account

A teen checking account is a checking account that generally allows students aged 13-17 to open a checking account, but ages can vary. Banks might require someone under 18 years old to open a joint account with someone that’s at least 18 years old, such as a parent or guardian. Parental controls and monitoring tend to be a part of teen checking accounts.

And some banks might allow you to be younger than 13 to have a checking account. For instance, Capital One allows a student to be as young as eight years old for a student checking account and Chase allows students as young as six years old to have a Chase First Banking account.

• Who it’s best for: Teens aged 13-17
• Common key features: Parental controls, low or no fees

Joint checking account

A joint checking account is when at least two people are signers on a checking account. All owners usually have access to the entire balance and can generally close the account without any of the signers being present.

Pros of a joint checking account 

• It can be great for a married couple to pay joint expenses and create a household budget.
• A joint account can be a way to help a family member with their finances. For instance, a parent on a joint account with a student can help the parent teach the child about money management.

Cons of a joint checking account 

• Generally, any of the joint owners can close the account without the other signers.
• The funds generally aren’t split evenly. So a signer could spend or withdraw all the money in the account if that account owner wanted to.

Senior checking account

These accounts are typically available to people ages 55 or 60 and older. They may offer free checks, waived monthly maintenance fees and other perks beneficial to those who are retired or living on a fixed income.

However, don’t just look at the account name and assume it’s the right account for you without shopping around. You may find a better deal with an account that isn’t marketed to seniors.

Regions Bank, East West Bank and Valley National Bank are some banks that offer a senior checking account.

• Who it’s best for: Those around 55 years of age and older
• Common key features: Free checks, waived monthly maintenance fees

Business checking account

This type of checking account can help a business run. For instance, a business may have one checking account for payroll and another for operating expenses. It also could have other accounts for specific purposes.

Business checking accounts may charge customers extra for transactions surpassing a certain number. If your business makes regular cash deposits, consider these charges carefully when comparing business checking accounts.

Limited Liability Companies (LLCs), corporations and partnerships are some of the types of businesses that can open a business checking account.

Most brick-and-mortar banks offer business checking accounts. It might be a little more difficult to find online-only banks that offer business checking accounts, but they do exist. Axos Bank, First Internet Bank and Live Oak Bank are a few online banks that offer business checking accounts.

• Who it’s best for: Those who run a business
• Common key features: Business checks, ability to accept credit and debit card payments

Checkless checking account

These accounts don’t offer checks, so you’ll need to rely on using a debit card to make transactions. This type of account might not have overdraft fees. If you can’t remember the last time you’ve written a check, this might be a desirable banking option for you. Some checkless checking accounts charge a monthly maintenance fee that cannot be waived.

M&T Bank, U.S. Bank and Wells Fargo are a couple of banks that offer checkless checking accounts.

• Who it’s best for: Anyone who doesn’t need to write paper checks
• Common key features: Debit card, online bill pay

Rewards checking account

Earning points or cash back is possible with a rewards checking account when you make purchases with your debit card. Make sure you look at the fine print to see if you need to meet certain requirements to earn cash back. Other factors to consider include required minimum balance, maintenance fees and whether there’s a cap on the amount of cash back or number of points that can be earned.

American Express Rewards Checking customers can earn rewards, and Discover Bank Cashback Debit customers can earn one percent cashback on up to $3,000 worth of purchases made with a debit card during a month. Axos Bank also has a rewards checking account. But getting the maximum yield might be difficult for some people since you have to have a loan and investments with the bank to earn the top yield.

• Who it’s best for: Those who make frequent debit card purchases
• Common key features: Cash back or points on debit purchases

Private bank checking account

You’ll usually need to have a certain amount of money deposited at a bank to be eligible for a private bank checking account. Investments and lending relationships may be considered to meet this threshold.

This type of account may give you higher debit card limits, free wire transfers, higher Zelle limits or the ability to withdraw more in a day from an ATM. You may also work with a dedicated representative who handles your account.

A private bank checking account might be a good fit for some people. But if you have too much money sitting in a checking account, it could potentially be better off in a high-yield savings account. But everyone’s individual financial circumstances are unique.

• Who it’s best for: Those who can meet high minimum balance requirements
• Common key features: Access to a private banker, higher rates on deposit products, lower rates on loans, free checks, free safe deposit box

Second-chance checking account

Those denied a standard checking account due to a history of excessive overdrafts or unpaid negative balances should consider second-chance checking. These accounts help you start over and maintain good standing with a bank.

Second-chance checking accounts typically do not offer all of the services as standard accounts. Monthly service fees might be mandatory, and overdraft protection might not be an option. The bank may eventually allow you to convert to a regular checking account if you’ve kept this one in good standing for a certain period of time.

Washington Federal Bank and Wells Fargo are two financial institutions that offer second-chance bank accounts.

• Who it’s best for: Consumers who have been denied standard checking
• Common key features: Mandatory service fees, no overdraft protection

How to choose the right checking account

As you compare different checking accounts, ask yourself these key questions to pick the best fit for your finances.

Is there a minimum balance or direct deposit requirement? Some banks will dangle the appeal of no fees in exchange for meeting a certain minimum balance requirement or arranging a minimum amount of direct deposits each month. If you’re worried about being able to hit these benchmarks, you may be better off comparing no-strings-attached free checking accounts.

What do you need in terms of technology? If you’re hoping to use some of the latest and greatest digital features, take a look at the reviews of the bank’s mobile apps to see what other customers are saying about the experience. Some offer robust budgeting tools, mobile check deposit and other tools that will let you do just about all your banking from your smartphone.

How often do you deal with cash? If you regularly withdraw money or make physical cash deposits, you’re going to need to pay extra close attention to the bank’s ATM network and whether it will reimburse any out-of-network ATM fees.

Can you score a sign-up bonus? A lot of banks will offer a few hundred bucks for opening a new checking account. Compare different offers to see if you can qualify for $200 or $300 for becoming a new customer.

Will you earn extra perks with the account? While the sign-up bonus offers some instant gratification, make sure you consider the long-term benefits of the account. Does it pay a competitive interest rate? Is there a debit card rewards program? Consumers usually keep their checking accounts for a long time – an average of 19 years, according to Bankrate’s latest Checking Account Survey – so it’s important to consider whether you’ll love the account long after you spend the sign-up bonus cash.

Why should I bank with a Federal Deposit Insurance Corp. (FDIC) bank? Banking with an FDIC-insured bank protects your money in case of a bank failure. But you not only have to bank with an FDIC-insured bank, you also have to make sure your balance is within FDIC limits and guidelines.

Bottom line

A checking account is an essential part of managing your finances. Fortunately, there are a variety of options available to meet your needs. Consider factors such as fees, availability of branches and ATMs and minimum balance requirements when selecting the right checking account for you. With a little research, you can find the one that best suits your lifestyle and financial goals.