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 RyanJLane / iStock.com When choosing a checking account, the factors that matter most can vary from person to person. You may want to consider any fees that may be associated with having a low balance, whether or not the institution has locations close to you and how user-friendly the institution’s mobile app is. You might also want to look at checking accounts that pay interest, which, although rare, do exist. GOBankingRates took all of these factors into consideration when selecting the Best Checking Accounts of September 2022. Over 80 checking accounts were analyzed and ranked based on the following:
Based on GOBankingRates’ thorough analysis, these are the Best Checking Accounts of September 2022. Our Best Checking AccountWells Fargo Bank: Wells Fargo Everyday CheckingWhy it stands out: The Wells Fargo Everyday Checking account comes with online banking and a contactless debit card. It also offers over 4,000 branch locations, making it a great option for someone who wants to bank in person. Pros:
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What to look for: The Wells Fargo checking account does have a monthly fee of $10, but there are multiple ways to waive it. This account offers solid online banking and access to over 4,000 branches, which is more than many others on this list. There is a minimum balance requirement of $500 and a minimum deposit of $500. The overdraft/NSF fee here is $35. READ OUR FULL REVIEW More of the Best Checking Accounts of 2022JPMorgan Chase Bank: Chase Total Checking®Why it stands out: The Chase Total Checking® account comes with no minimum deposit and access to almost 5,000 branch locations, making it a strong option depending on your banking needs. Pros:
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What to look for: This checking account has no minimum deposit requirement. It does have a monthly fee of $12 and a minimum balance of $1,500 required to waive it, which is on the higher end. However, you will have access to thousands of branch locations and ATMs. You'll also have online banking and more mobile financial services. READ OUR FULL REVIEW Bank of America: Bank of America Advantage Plus Banking®Why it stands out: The Bank of America Advantage Plus Banking® comes with 24/7 security and convenient options for payments that keep it competitive as far as basic banking needs. Pros:
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What to look for: The checking account at Bank of America, Member FDIC, gives you access to thousands of branch locations, as well as online banking and various options for making payments. This account does have a higher minimum deposit of $100 and a monthly fee of $12 that's waivable with a $1,500 minimum daily balance or enrollment in Preferred Rewards. The overdraft/NSF fee is $10. READ OUR FULL REVIEW Ally Bank: Interest Checking AccountWhy it stands out: Ally Bank's Interest Checking Account offers a higher-than-average annual percentage yield. CoverDraft provides fee-free protection against overdrafts, up to $100. Pros:
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What to look for: Ally Bank is an online-only bank, so you won't have branches to access here. However, the advantage of this checking account is the lack of fees and APY. You will not have a monthly fee, minimum deposit or required minimum balance here. Along with all that, the APY on the checking account ranges from 0.25% to 0.25% depending on your daily balance. READ OUR FULL REVIEW Discover Bank: Cashback Debit Online CheckingWhy it stands out: The Cashback Debit Online Checking account allows you to earn 1% cash back on up to $3,000 of debit card spending, which is a unique perk that not many accounts offer. Pros:
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What to look for: Discover is also an online-only bank. It's competitive in that it has no monthly fee for its checking account, along with no minimum deposit or minimum balance requirement. It also doesn't have an overdraft/NSF fee. With Discover's checking account, you can earn cash back with your debit card. You'll also have access to over 60,000 fee-free ATMs. READ OUR FULL REVIEW Axos Bank: Essential CheckingWhy it stands out: The Essential Checking account comes with no monthly service fees or overdraft fees and Direct Deposit Express to help you get paid faster. All these benefits can help you to keep more of your money. Pros:
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What to look for: Axos Bank's checking account comes with no fees, much like many of the other online-only banks on this list. However, you won't have access to in-person banking with this account. The Essential Checking account does have other benefits like Direct Deposit Express, which helps you to get paid faster. It also comes with unlimited domestic ATM fee reimbursements so you don't have to worry about getting cash on the go. READ OUR FULL REVIEW TIAA, FSB: Yield Pledge CheckingWhy it stands out: The Yield Pledge Checking account offers a stronger APY at 0.10%, which is uncommon for checking accounts and worth taking advantage of. Also, there's no overdraft fee. Pros:
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What to look for: TIAA's checking account comes with a 0.10% APY, which is uncommon for checking accounts. There's no monthly fee, overdraft fee or minimum balance requirement. However, there is a required minimum deposit of $100, which is higher than some of the other checking accounts, especially those from other online-only banks. READ OUR FULL REVIEW KeyBank: Key Smart CheckingWhy it stands out: The Key Smart Checking account comes with the competitive offer of no monthly fee and secure online and mobile banking. Pros:
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What to look for: KeyBank's checking account has no monthly fee and no minimum balance requirement. It does require a minimum deposit of $10. While you'll have access to secure online and mobile banking here, you'll also have access to over 900 bank branches. The overdraft/NSF fee here is $33. READ OUR FULL REVIEW Arvest Bank: Free Blue Checking AccountWhy it stands out: The Free Blue Checking Account comes with no monthly fee, a free debit card and online and mobile banking. You also get up to $400 in overdraft coverage, subject to approval. Pros:
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What to look for: Arvest Bank's checking account has no monthly fee or minimum balance requirement. For this checking account, there is a minimum deposit requirement of $50. The overdraft/NSF fee is smaller here at $17. This account also offers the potential for $400 overdraft coverage, but that is subject to approval. READ OUR FULL REVIEW Fifth Third Bank: Fifth Third Momentum CheckingWhy it stands out: The Fifth Third Momentum Checking account doesn't have a monthly service fee or minimum balance requirement, which makes it a good option for your basic banking. Pros:
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What to look for: Fifth Third Bank's checking account is competitive with many of the other accounts as it has no monthly fee, no minimum deposit or minimum balance requirement. Its overdraft/NSF fee is $37, but you can avoid it with Extra Time, which gives you until the business day after you overdraw your account to make a deposit. In addition, this checking account has the option to get you your paycheck sooner with direct deposit. You can also get a low-cost cash advance on your next qualified deposit with MyAdvance and access over 50,000 fee-free ATMs. READ OUR FULL REVIEW Capital One: 360 Checking AccountWhy it stands out: The 360 Checking account comes with no minimums and no fees — keeping it in line with some of these more competitive checking accounts. You can add cash to your account at any CVS store. Pros:
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What to look for: Capital One's 360 Checking Account ranks among the best of them when it comes to fees and minimum requirements. It has no monthly fee, no overdraft/NSF fee, no minimum deposit requirement and no minimum balance requirement. And while there are over 70,000 fee-free ATMs available with this checking account, there are fewer branch locations available if you want in-person banking. READ OUR FULL REVIEW PNC Bank: Virtual Wallet®Why it stands out: PNC Bank's Virtual Wallet® combines checking and savings accounts to help you to track your spending and budget your finances. Pros:
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What to look for: The Spend account in PNC Bank's Virtual Wallet does come with a monthly fee of $7, but there is the ability to waive that fee. It also has a required minimum deposit of $25 and a minimum balance of $500 to avoid the service fee. However, you can easily monitor your activity and receive various notifications through this account. The overdraft/NSF fee is $36. READ OUR FULL REVIEW E-Trade: E-Trade CheckingWhy it stands out: The E-Trade Checking account offers no fees and no minimum balances. Pros:
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What to look for: This online-only, non-interest-bearing checking account is competitive with the other accounts when it comes to fees and minimum requirements. It doesn't have a monthly fee or requirements for deposit or balance. READ OUR FULL REVIEW Huntington National Bank: Asterisk-Free CheckingWhy it stands out: The Asterisk-Free Checking Account stays competitive because it is free to open and free to maintain. Early Pay lets you access your paychecks up to two days early. Pros:
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What to look for: This checking account doesn't have a monthly fee. It also doesn't have a minimum deposit or minimum balance requirement. The overdraft/NSF fee here is $36, but you can avoid it with 24-Hour Grace and a $50 Safety Zone. While there are not as many ATMs to access for this checking account, you do have the benefit of Standby Cash, which might be able to help you to access extra money when you're in need. READ OUR FULL REVIEW Charles Schwab: High Yield Investor Checking AccountWhy it stands out: The High Yield Investor Checking Account offers a higher annual percentage yield than most accounts on the list. Pros:
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What to look for: Charles Schwab's checking account is online-only, but it does offer unlimited ATM fee rebates around the world. There is also no monthly fee or overdraft fee here. There are also no minimum requirements here for deposits or balances. On top of that, the APY is higher than many other accounts on this list at 0.40%. READ OUR FULL REVIEW USAA Federal Savings Bank: USAA Classic CheckingWhy it stands out: The USAA Classic Checking account has no monthly service fee or overdraft fee and offers early direct deposit. Pros:
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What to look for: USAA Federal Savings Bank's checking account is online-only, but customers will have access to over 60,000 preferred ATMs. You won't have a monthly fee with this checking account, and there's no minimum balance requirement. This account requires a $25 minimum deposit. READ OUR FULL REVIEW Current: Basic AccountWhy it stands out: Current's Basic account comes with no monthly fee if you're looking for an account to accommodate your basic banking needs. Early direct deposit makes your paychecks available a day early. Pros:
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What to look for: Current's checking account is competitive with many other online-only banks on this list. There are no hidden fees, monthly fees or overdraft/NSF fees. There are also no requirements for minimum deposit or minimum balance. By using this checking account, you'll have access to spending insights to see where your money is going. READ OUR FULL REVIEW BMO Harris Bank: BMO Harris Smart Advantage AccountWhy it stands out: The BMO Harris Smart Advantage Account has no monthly maintenance fee and offers online chat, phone and in-branch support. Pros:
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What to look for: BMO Harris' checking account has a number of benefits, including no monthly fee or minimum balance requirement. It also offers the ability to get cash from an ATM with just your smartphone in case you don't carry a card on you. There is a minimum deposit requirement of $25 and an overdraft/NSF fee of $15, which you can avoid with the several overdraft services BMO offers. READ OUR FULL REVIEW iGObanking.com: iGOchecking No Fees Checking AccountWhy it stands out: The iGOchecking No Fees Checking Account offers truly free checking — no monthly fees, no overdraft fees and no transfer fees. Pros:
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What to look for: iGObanking's checking account has no fees and no minimum balance requirement, although there is a minimum opening deposit requirement of $100. READ OUR FULL REVIEW LendingClub Bank: Rewards CheckingWhy it stands out: The Rewards Checking account offers 1% cash back and a higher APY with no monthly fee, so you can keep and make more money here. Pros:
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What to look for: This checking account can earn you 1% cash back on transactions you make with your debit card. You can get unlimited ATM fee rebates and earn an APY between 0.10% and 0.15%, depending on your balance. There's no monthly fee here, but there is a minimum deposit requirement of $100. READ OUR FULL REVIEW How To Choose a Checking AccountWith so many checking accounts available, choosing the right one can seem like a Herculean task. Simplify the process by analyzing your personal financial situation and prioritizing which checking account features are the most important for you. For example, if you have a large amount of money to deposit, you might be able to access an account loaded with services from a major international bank for no monthly fee. If you aren’t quite ready to make a deposit but want to establish a checking account, you might want to look at online banks that still offer traditional services but don’t require a minimum balance to waive their monthly fee. Your choice may also be affected by how you use ATMs. If you travel a lot, for example, you might prefer a checking account that reimburses overseas ATM fees; if you only use in-network ATMs, you might not care about your bank’s ATM policy and gravitate toward one that offers local discounts, for example. Overall, your choice should provide you with the most amount of services that you will actually use at the lowest possible cost. FAQs About Checking AccountsIt's not hard to understand the concept of a checking account: It's a place to hold your money where you can access it easily, via debit card transactions, checks, ATMs or at your local bank. Because so many different kinds of checking accounts exist, many people still have questions about them. Here are the answers to some of the most frequently asked questions regarding checking accounts.
Daria Uhlig, Dawn Allcot and John Csiszar contributed to the reporting for this article. Rates are subject to change; unless otherwise noted, rates are updated periodically. All other information on accounts is accurate as of Sept. 16, 2022. GOBankingRates is a personal finance and consumer interest rate website owned by ConsumerTrack Inc., an online marketing company serving top-tier banks, credit unions and other financial services organizations. Some companies mentioned in this article might be clients of ConsumerTrack Inc., which serves more than 100 national, local and online financial institutions. Rankings and roundups are completely objective, and no institution, client or otherwise, paid for inclusion or specific placement. Any opinions, analyses, reviews or recommendations expressed in this article are those of the author alone and have not been reviewed, approved or otherwise endorsed by the companies included in the article. All fees and rates are subject to change at the issuers’ discretion. Some interest rates might be short-term or promotional offers only, and it is possible additional terms and conditions must be met to obtain the interest rates listed. Rates and availability might vary by region. Verify terms and conditions before opening an account. GOBankingRates bases its assessment of “best” and “top” products on the above-stated parameters to create a baseline for comparison. This assessment is an approximation of “best” and “top” designed to help consumers find products that might be appropriate for them. There could be other options available as well. Consumers should consider various options appropriate for their circumstances. Methodology: To determine rankings GOBankingRates looked at the following factors: (1) total assets as sourced from the FDIC; (2) number of branch locations as sourced from the FDIC; (3) minimum deposit to open an account; (4) monthly fees associated with the account; (5) minimum balance needed to avoid the fee; (6) APY on the checking account; (6) overdraft fee amount; (7) the average mobile app rating between the Android and Apple stores. All factors were then scored and combined, with the lowest score being best. Factors (1), (4), and (5) were weighted 1.5 times, factor (2) was weighted 2 times, and factor (6) was weighted 0.5 times. Editorial Note: This content is not provided by any entity covered in this article. Any opinions, analyses, reviews, ratings or recommendations expressed in this article are those of the author alone and have not been reviewed, approved or otherwise endorsed by any entity named in this article. Gabrielle joined GOBankingRates in 2017 and brings with her a decade of experience in the journalism industry. Before joining the team, she was a staff writer-reporter for People Magazine and People.com. Her work has also appeared on E! Online, Us Weekly, Patch, Sweety High and Discover Los Angeles, and she has been featured on “Good Morning America” as a celebrity news expert. Learn More Which bank is best to open an account?The best checking accounts for October 2022. Best overall rate: Heritage Bank.. Best for no/low fees: NBKC Bank.. Best for members of the military and veterans: Navy Federal Credit Union.. Best for mobile app high-yield rate: Ally Bank.. Best for unlimited ATM fee rebates: LendingClub Bank.. Which bank is the best bank to join?Our top picks for best national banks of 2021-2022. Capital One - Best Overall.. Bank of America - Best Customer Service.. Wells Fargo - Best Mobile App.. Charles Schwab - Best for Low Fees.. Citibank - Best for High Yield Savings Account.. What is the cheapest bank to open an account?Bankrate's picks for the top free checking accounts. NBKC Bank, Everything Account: 1.01% APY; $0 minimum opening deposit.. Ally Bank, Interest Checking Account: 0.10%-0.25% APY; $0 minimum opening deposit.. FNBO Direct, Online Checking Account: 0.15% APY; $1 minimum opening deposit.. |
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