We independently evaluate all recommended products and services. If you click on links we provide, we may receive compensation. Learn more. Your checking account might be your most important financial account. You receive income, pay bills, and make purchases from that account, so it’s crucial to have everything working smoothly. Not only do you need an account that functions well, but a bank that minimizes fees so you can keep more of what you earn. With those goals in mind, we’ve identified the best banks for your next checking account. These accounts all offer essential checking account features, and your deposits are insured up to federal limits by the FDIC or NCUA. Best Banks for Checking Accounts Best Banks for Checking Accounts Compare Providers What Is a Checking Account? What Makes a Good Checking Account? Key Checking Account Terminology Capital One helps children and teenagers learn about money with a free checking account designed for kids. Minors get a debit card for spending, accounts are available for children as young as eight years old, and there are no monthly fees or account minimums. Parents or guardians can monitor the account with online access and account activity alerts. Some parents may appreciate that the debit card cannot be used to make purchases at businesses that are considered inappropriate for young adults, such as liquor stores and bars. The account pays 0.10% APY (Annual Percentage Yield). Capital One’s 360 Checking also offers an APY of 0.10%. The mobile app features instant purchase notifications, mobile check deposit, and allows you to send money via Zelle. You can also lock your card via the app if you ever lose it. Pros Interest-bearing account for kids and teens ages 8 and up Provides a substantial level of autonomy (if parents want that) Cons No paper checks, though teens may not need those often Cash back rewards may seem plentiful with credit cards, but debit cards are less generous. Discover® Bank’s Cashback Debit account is a free online checking account with rewards. Earn 1% cash back on up to $3,000 of qualifying debit card purchases each month, for total monthly rewards of up to $30. See website for details. There are no monthly fees, and there’s no minimum balance requirement. If you already use your debit card for everyday spending, the extra cash is a bonus. But if you prefer credit card rewards, this may not be the best fit. Pros Rare opportunity to earn rewards on debit card spending Discover’s robust offering of accounts for one-stop shopping Cons Users may forgo advantages of spending with a credit card Although the 1.75% APY you’ll earn in your personal account at nbkc won’t make you rich, in today’s low-interest environment, this rate stands out. The account has no monthly fees, and unlike some accounts that pay relatively high interest, nbkc Bank does not set significant restrictions. For example, you don’t need to use your debit card numerous times per month or limit certain withdrawals to six per month. nbkc doesn't require a minimum deposit when opening an account, and you can deposit checks with your mobile device. Pros Easy to qualify for the rate Up to $12 per month in global ATM fee rebates Cons Modern, informal vibe might not appeal to fans of traditional banking If you keep substantial amounts of cash in checking and want to earn interest, Wealthfront is worth a look. The Cash Account pays 5.00% APY on your balance (5.50% when you refer a friend), and you can have up to $8 million dollars covered by FDIC insurance—in a single account ($16 million for joint accounts). To provide that level of coverage (above the standard $250,000 limit), Wealthfront spreads your money among several FDIC-insured banks. You can spend from your account with a debit card or by setting up electronic transfers. If you have more than $250,000 to deposit, a checking account might not be the best place for your funds (unless you constantly use that money). Consider a high-yield savings account, where you can potentially earn more on your savings. Pros Automatically spread funds among multiple banks No monthly fees or overdraft charges Cons Individual accounts only (no joint account at this time) For fans of customer-owned institutions, Alliant Credit Union offers a free checking account that pays 0.25% APY on your balance. Credit unions require you to be eligible before joining, but that’s easy with Alliant. Anybody can become a member after joining Foster Care to Success, which helps teens in foster care throughout the U.S. To earn interest on your balance, you need to sign up for electronic statements and complete at least one electronic deposit into your account each month. If you don’t meet those requirements, you won’t earn anything, but there are still no monthly fees. Pros No account minimum or monthly fees ATM rebates up to $20 per month Cons Must have electronic statements and make one electronic deposit per month to earn interest Big banks may not have a reputation for low-cost accounts, but Chase Bank’s Total Checking account comes pretty close. With nearly 4,700 branches available, you can bank in person if you so choose. You can also waive the monthly fee by direct depositing at least $500 per month or keeping a daily balance of at least $1,500 in the account. If you don’t qualify for a waiver, expect to pay $12 per month. Pros Several ways to eliminate the monthly fee A basic, adequate account with numerous physical locations Cons Potential for steep ATM, overdraft, and other fees The Charles Schwab Bank High Yield Investor Checking account has the essential features you’d expect in a checking account, and it’s well-suited for travel. Schwab provides unlimited ATM fee rebates around the world, and there is no foreign transaction fee for purchases or withdrawals in foreign currency. There are no monthly fees or account minimums, and you earn 0.45% APY on your checking account balance. Pros Unlimited ATM fee rebates in the U.S. and abroad No monthly fees or minimums required Cons Must open a linked brokerage account whether you want it or not A checking account is a bank account that allows for frequent transactions. You might deposit your pay (or have your employer do it automatically through direct deposit) and use the account as a holding area for funds you plan to use soon. Spending money from these accounts is easy. For example, you can: It’s often wise to keep funds in a checking account and spend electronically instead of walking around with large sums of cash. When your bank or credit union is federally insured, your deposits are covered up to $250,000 if the bank goes under. A checking account should be inexpensive and easy to use. Monthly fees are particularly problematic because they’re easy to avoid, and they slowly drain your account. Overdraft charges and other fees can also add up to hundreds of dollars per year. Be sure to choose a checking account with the services you need. Several features you might find valuable include: Available balance: The amount that you’re free to spend from your checking account. The available balance might be different from your account balance due to new deposits into your account or holds on funds in your account. Debit card: A debit card is a plastic payment card linked to your account. You can use that card like a credit card for in-person purchases or with online merchants. You can also withdraw cash from an ATM with your debit card. PIN: Your personal identification number (PIN) is a numeric code that helps to protect your account. You may need to enter your PIN when you withdraw cash at an ATM or perform other transactions. Keep that number secret because it helps prevent unauthorized users from accessing your account. Insufficient funds: If you try to spend more than your available balance, you may have to pay an insufficient funds fee. Always check your balance and stay up-to-date on your account by balancing the account monthly and setting up alerts. Overdraft: When your bank allows you to spend more money than you have in your account, you become overdrawn. Banks often allow you to opt in to a feature known as “overdraft protection,” which allows you to cover the difference between the amount you want to spend and the amount you have in your account. Overdraft protection often has a maximum limit and may come with a fee. It may be smart to pass on this feature and only spend what you can afford. Remote or mobile deposit: When you receive a check, you can deposit the funds by taking a picture of the check with your bank’s mobile app. Endorsem*nt: To deposit funds, you may need to sign the back of checks and other payments you receive. This is known as endorsing the item, and you can add restrictions, such as endorsing a check “for deposit only.” Article Sources FDIC. "Deposit Insurance FAQs." Consumer Financial Protection Bureau. "Student Banking 101."Best Banks for Checking Accounts of 2024
Best for Minors : Capital One
Best for Cash-Back Rewards : Discover® Bank
Best for Earning Interest : nbkc Bank
Best for More Than $250,000 : Wealthfront Cash Account
Best Credit Union : Alliant Credit Union
Best With Branches : Chase Bank
Best for Global Travel : Schwab Bank
Compare Providers
Bank or Credit Union Why We Picked It Capital One Best for Minors Discover® Bank Best for Cash-Back Rewards nbkc Bank Best for Earning Interest Wealthfront Cash Account Best for More Than $250k Alliant Credit Union Best Credit Union Chase Bank Best With Branches Schwab Bank Best for Global Travel What Is a Checking Account?
What Makes a Good Checking Account?
Key Checking Account Terminology
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FAQs
Best Banks for Checking Accounts of 2024? ›
Recap: Best Banks of 2024
Varo won best bank for savings thanks to its lack of monthly fees and the competitive interest rate on its high-yield savings account. Discover came out on top because of its promise of no fees, which includes no monthly maintenance fees, no overdraft fees and no ATM fees.
Recap: Best Banks of 2024
Varo won best bank for savings thanks to its lack of monthly fees and the competitive interest rate on its high-yield savings account. Discover came out on top because of its promise of no fees, which includes no monthly maintenance fees, no overdraft fees and no ATM fees.
1. JPMorgan Chase. JPMorgan Chase, or Chase Bank, is the biggest bank in America with nearly $3.4 trillion in assets. It boasts a vast network of over 4,800 physical branches and more than 15,000 ATMs.
What bank is the safest to put your money in? ›JPMorgan Chase, the financial institution that owns Chase Bank, topped our experts' list because it's designated as the world's most systemically important bank on the 2023 G-SIB list. This designation means it has the highest loss absorbency requirements of any bank, providing more protection against financial crisis.
Which bank is giving 7% interest in savings accounts? ›7% Interest Savings Accounts: What You Need To Know. Why Trust Us? As of May 2024, no banks are offering 7% interest rates on savings accounts. Two credit unions have high-interest checking accounts: Landmark Credit Union Premium Checking with 7.50% APY and OnPath Credit Union High Yield Checking with 7.00% APY.
Is there a downside to switching banks? ›Con: Potentially Incur New or Higher Fees
Before switching banks, read the fine print to make sure the new account doesn't charge higher (or more) fees than your current bank or moving your money may cost you.
The ideal number of bank accounts depends on your financial habits and needs. You might be happy with just two accounts – checking and savings – or you may want multiple accounts to separate business and personal expenses, share a bank account with a partner or maintain separate accounts for various financial goals.
What percentage of Americans have $1000000 in the bank? ›In fact, statistically, just 10% of Americans have saved $1 million or more for retirement.
Is Chase for rich people? ›JPMorgan Chase: Based in New York City, and, with over$2.7 trillion in assets under management, JPMorgan Chase is one of the best private banks with a lot of different services and investment options available. JPMorgan was one of the banks that started the trend of tailoring their services toward the wealthy.
What bank do high net worth individuals use? ›HSBC. HSBC's Private Banking services are designed for high net worth individuals and families with complex, international financial needs. The bank's global presence and expertise make it an attractive choice for clients with assets and business interests in multiple countries.
Will bank interest rates go up in 2024? ›
According to the Summary of Economic Projections, the Fed may implement up to three 25-basis point interest rate cuts in 2024—bringing the federal funds rate closer to 4.60%. If this happens, it won't be surprising to see banks following suit and decreasing their savings account rates.
What happens if FDIC takes over the bank? ›After a seizure, the bank's employees work for the FDIC. The customer experience does not change much. Depositors are still able to retrieve their money, usually up to the insured amount, including by writing checks, accessing their safe deposit boxes, and withdrawing money through an ATM.
Are credit unions safer than banks? ›Generally, credit unions are viewed as safer than banks, although deposits at both types of financial institutions are usually insured at the same dollar amounts. The FDIC insures deposits at most banks, and the NCUA insures deposits at most credit unions.