Banking Checking Accounts

Best Checking Accounts of November 2024

Your checking account enables you to pay bills and manage your money. Check out our favorites for convenience and benefits.

Updated Nov. 1, 2024
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Holding a checking account is a great way to keep your money safe yet easily accessible to you. Most checking accounts also come with a debit card, allow you to take cash out of an ATM, and can be managed online or from your smartphone.

If you’re just getting started with a checking account, the options can be overwhelming. That’s why we’ve created a list of the best checking accounts available and provided a guide for how to choose the right checking account for you.

How we evaluate products

Featured checking account offers for November 2024

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SoFi Checking and Savings Benefits

  • Earn up to 4.20% APY1and collect up to a $300 cash bonus with direct deposit or $5,000 or more in qualifying deposits2
  • No account, overdraft, or monthly fees3
  • Get your paycheck up to two days early4
  • Access additional FDIC insurance up to $2 million5
Open an account with SoFi here

The best checking accounts of November 2024

Checking accounts at a glance

Checking Account Best for APY
SoFi® Combined online checking and savings
  • Up to 4.20% with direct deposit2
Discover® Bank Cash back N/A
Chime Minimal-fee checking N/A
Chase Checking Accounts Young people
  • 0.01% (as of 06/26/24) on Chase Premier Plus Checking
  • 0.01% (as of 06/28/24) on Chase Private Client Checking
  • 0.01% (as of 06/26/24) on Chase Sapphire Checking
Bank of America In-person banking
  • 0.01%-0.02% (as of 10/28/24) on Bank of America Advantage Relationship Banking
BMO Smart Advantage Checking Unlimited ATM transactions N/A
PenFed Large ATM network access
  • 0.15%-0.35% (as of 07/01/24) on PenFed Access America Checking
Axos Rewards Checking Earning interest
  • Up to 0.10% (as of 10/28/24) on Axos Golden Checking
  • Up to 1.00% (as of 10/28/24) on Axos Cashback Checking
  • Up to 3.30% on Axos Rewards Checking
Varo Online Checking Online-only banking N/A

SoFi®

Best for combined online checking and savings

Pros
  • No monthly service or overdraft fees36
  • Up to 4.20% APY on savings with direct deposit2
Cons
  • Must have direct deposit to earn highest APY
  • No standalone checking or savings account

SoFi® makes it easy to manage your funds from anywhere with its online checking and savings accounts. You don't have to worry about going to an in-branch location to access your money.

You also don’t have to stress about overdraft fees or a monthly maintenance charge. I’d recommend opening a savings account at Sofi in order to take advantage of their overdraft protection. If your checking account becomes overdrawn, Sofi will automatically pull from your savings to cover the charge. Plus, that savings account offers up to 4.20% APY with direct deposit.2

SoFi is a Member, FDIC 5 and offers up to $250,000 of standard FDIC insurance or up to $2 million coverage through its insured deposit program (no extra charge to opt-in).

Visit SoFi Checking and Savings | Read our SoFi® review.

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SoFi Checking & Savings - Earn Up to $300 When You Set Up Direct Deposit

Earn up to 4.20% APY1 and collect up to a $300 cash bonus with direct deposit or $5,000 or more in qualifying deposits.2 FDIC Insured.5

Learn More

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Truist One Checking - Earn $4007

Terms apply. No overdraft fee, low minimum deposit of $50. $100 Negative Balance Buffer8for eligible clients. Ways to waive monthly maintenance fee.9 Member FDIC.

Open Account

Discover® Bank

Best for cash back

Pros
  • 1.00% cash back on up to $3,000 in qualifying debit card purchases each month
  • Early access to paychecks
  • No NSF fee or minimum balance requirement
Cons
  • Can only deposit cash at Walmart

I have to say, there aren’t many checking accounts that offer cash back on your spending. If you like the idea of earning money back on your debit transactions, you may want the Discover® Cashback Checking account.

It offers an impressive 1% cash back on up to $3,000 in qualifying debit card transactions each month. This is in addition to standard checking features such as no minimum balance requirements and early access to paychecks. It also has an extensive ATM network and a fee-free overdraft protection service.

One drawback to Discover Bank’s checking account is that you can only make cash deposits at Walmart. You can make electronic deposits by transferring money from another institution, however. Member FDIC.

Visit Discover®️ Cashback Debit | Read our Discover review

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Discover®️ Cashback Checking

Earn 1% cash back on up to $3,000 in debit card purchases each month.10 No minimum deposit or balance. FDIC Insured.

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Chime®

Best for minimal-fee checking

Pros
  • No monthly service fees
  • Offers fee-free overdraft protection of up to $200 to qualifying members
  • Potential early access to paychecks
Cons
  • Out-of-network ATM withdrawal fees11
  • Not all members are eligible for mobile check deposit

If you tend to carry a low balance and cut it a little tight with spending (really, who doesn’t from time to time?), then the Chime checking account could be the best fit for you because of their no minimum balance, monthly fees, or overdraft fees.

There’s plenty to like about this account, including a large fee-free ATM network, a debit card, and no minimum balance requirements. I also like this account if your income and expenses might be a little erratic and occasionally lead to a lower balance.

You also might find some of Chime’s other accounts useful, like the Secured Visa Credit Builder Credit Card12 or high-yield savings account, and it’s nice to have more than one account at the same institution for ease of managing those accounts.

Like some of the other accounts on this list, Chime offers the ability for you to get your paycheck up to two days early with direct deposit. But on top of that, Chime SpotMe®13 overdraft protection covers any accidental overdrafts up to $200 so your purchases aren’t declined, and it won’t charge you an overdraft fee either.141516

Visit Chime® | Read our Chime review

Chase Checking Accounts

Best for young people

Pros
  • Offers accounts for kids, teens, and college students
  • Overdraft Assist
Cons
  • High monthly fees for certain checking accounts (could be waived for some accounts if you meet certain requirements)
  • Limited ATM network

Chase offers a variety of checking account options for children, teens, and young adults, including Chase First Banking, which is available for kids as young as 6 years old if their parent or guardian has an eligible account. If I banked with Chase, I’d absolutely look into accounts for my kids.

For kids between 6 and 17, there’s no monthly fee, but Chase College Checking has a $12 monthly fee that can be waived with a certain average balance or electronic deposit minimum.

Adults also have a variety of accounts to choose from, including Chase Total Checking®, its most popular option. That account includes Chase Overdraft Assist, which offers no overdraft fee if you’re overdrawn by $50 or less at the end of a business day.

It has a relatively limited ATM network of 15,000, but it does have in-person branches, so it could be a good fit if you prefer face-to-face customer service. Member FDIC.

Visit Chase Total Checking® | Read our Chase Bank review

Bank of America

Best for in-person banking

Pros
  • Preferred Rewards® program
  • Large branch network
Cons
  • Minimum deposit requirements

I would look to the Bank of America Advantage SafeBalance Banking® account if you don’t want or need to keep a large balance, because you only need a minimum of $500 for your daily balance in order to waive the $4.95 monthly fee. 

Bank of America has thousands of branches nationwide, which is convenient for frequent travelers and snowbirds. It has three checking account options:

  • Bank of America Advantage SafeBalance Banking®: Designed for students and young adults.
  • Bank of America Advantage Plus Banking®: Their basic banking account. As of Nov. 21, 2023, you won't have to pay the $12 monthly maintenance fee each statement cycle that you make a qualifying direct deposit of $250 or more, maintain a $1,500 minimum daily balance, or have a Preferred Rewards® membership.
  • Bank of America Advantage Relationship Banking®: Best for those with higher balances who want to earn interest.

Bank of America also has a Preferred Rewards program, which provides interest rate discounts on certain products, credit card reward bonuses, and more if you meet certain account balance requirements across your Bank of America and Merrill accounts.

For example, if you have a Bank of America® Customized Cash Rewards credit card and you qualify for Preferred Rewards, you’ll earn an elevated rewards rate on credit card purchases.

Member FDIC.

Visit Bank of America Advantage Banking | Read our Bank of America review

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Bank of America Advantage Banking

$300 bonus offer. Click ‘Learn More for more details.

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BMO Smart Advantage Checking

Best for unlimited ATM transactions

Pros
  • No monthly maintenance fee with paperless statements
  • Access to 40,000+ fee-free ATMs
  • Minimum opening deposit is just $25
Cons
  • Has overdraft fees

I really like the BMO Smart Advantage Checking Account because it combines the convenience of excellent mobile access with in-person branches to visit if needed. Plus, it’s easy to avoid paying fees on your account.

You only need to make a $25 minimum deposit when opening your account, and there are no balance requirements or monthly fees. You can waive the $3 fee for paper statements by choosing paperless statements, which is a pretty easy solution.

If you’re someone who frequently visits ATMs, you want a bank with no ATM fees, and the BMO Smart Advantage Checking account is an excellent option. Make unlimited transactions at their over 40,000 fee-free ATMs nationwide. (There is a $3 fee for using non-BMO ATMs, however.)

BMO makes it easy for you to bank from anywhere with access to mobile check deposit and fee-free Zelle money transfers. You can set up a BMO checking account online in less than five minutes.

BMO Bank is a Member FDIC.

Visit BMO

PenFed

Best for large ATM network access

Pros
  • Offers a free checking account option
  • Network of 85,000 fee-free ATMs
  • 24/7 digital banking
Cons
  • Minimum opening deposit requirement
  • Savings account required for membership

PenFed is a credit union that offers membership to everyone. You do need to open a savings account with a $5 minimum deposit to join. It’s insured by the NCUA, which is similar to the FDIC.

PenFed offers a free checking account with no minimum balance requirement. Plus, you can participate in the PenFed Honors Advantage program, which offers a PenFed Power Cash Rewards Visa Signature® Card with up to 2% cash back on your spending.

The Access America checking account is another PenFed offering, which has a $10 monthly fee, but you can fairly easily waive this with either a minimum daily balance of $500 or monthly direct deposits of $500 or more. This pays a 0.15%-0.35% (as of 07/01/24) APY depending on the balance.

Visit PenFed

Axos Rewards Checking

Best for earning interest

Pros
  • Earn interest on your checking account
  • No overdraft or NSF fees
  • Unlimited ATM fee reimbursements
Cons
  • To earn the maximum amount of interest, you must have investment accounts and a loan with Axos Bank
  • High minimum direct deposit to unlock interest-earning options

Axos Rewards Checking offers you the opportunity to earn rewards for using your account in a variety of ways. If I were able to meet the requirements, I’d take advantage of the opportunity for a significant APY on checking balances with Axos. (The maximum APY is almost comparable with that of high-yield savings accounts.)

You must receive at least $1,500 in monthly direct deposits to qualify for an APY and any other additions to your APY, so if your income and employer fit that model, it’s a great option.

Other activities that make you eligible for further rate increases include:

  • Minimum of 10 debit card transactions per month or link an account to Personal Finance Manage
  • Average daily balance of $2,500 in an Axos Invest Managed Portfolios Account
  • Average daily balance of $2,500 in an Axos Invest Self Directed Trading Account
  • Make full monthly loan payments (mortgage, personal, or auto loan) with your Axos Rewards Checking

Altogether you have the opportunity to earn up to 3.30% APY on your account balance.17 Given that checking accounts rarely pay interest at all, this is a pretty high interest rate.

In addition, this rewards checking account does not charge overdraft or insufficient fund fees. There are also no maintenance fees or minimum balance requirements. Plus, there is no initial deposit requirement to open the account and Axos will reimburse all domestic ATM fees, making it a really simple bank, even if you don’t meet the requirements for the higher APY.

Member FDIC.

Visit Axos Bank | Read our Axos Bank review

Varo Online Checking

Best for online-only banking

Pros
  • No minimum balance requirement
  • Early access to paychecks18
  • Instantly lock debit card in the Varo app
Cons
  • Out-of-network ATM withdrawal fees

The Varo Online Checking Account is a great fit if you’re looking to avoid as many banking fees as possible. It has no monthly maintenance fee, no minimum balance fee, no foreign transaction fee, no overdraft fee, and no ATM withdrawal fee for in-network use.

You do want to be comfortable with an all-online or mobile banking experience to use Varo, since there aren’t any physical branches to visit.

The Varo Online Checking Account also offers both mobile check deposit and the ability to issue checks from your account, making it a convenient banking experience. You can also make purchases from the Varo app by using your Apple Wallet or Google Wallet.

Varo also makes it easy to save money because if you have a Varo Savings Account, Varo rounds up debit purchases and transfers the spare change into your savings. It’s a painless way to boost your savings rate since it’s automatic.

Read our Varo Bank review

Our advice for picking a checking account

As you compare the best checking accounts available, you’ll need to consider your goals and lifestyle. Here's what to look at as you research account options:

Navigating fees

These days, there’s almost no reason to pay a banking institution for your checking account. While some of the banks included here charge monthly account fees, you can typically get those fees waived. Plus, a lot of banks don’t charge account maintenance fees anymore, so you should be able to access the checking features you need without losing money.

If you plan on keeping a decent-sized balance in your checking account, then an account that waives monthly fees when you meet a minimum balance might be a good fit for you.

Take into account any fees you might encounter before signing up for a new checking account. You can search online for the bank’s name or checking account + “fees” and typically find this information.

Look for the following:

  • Monthly account maintenance fees
  • Overdraft fees
  • ATM fees
  • Non-sufficient fund (NSF) fees
  • Debit card fees

Of course, no one wants to pay any fees, but be sure you understand fee structures of your new account. If you rarely let your balance dip below $500 and that’s the minimum amount to avoid a monthly fee, you’re probably safe. Or if ATMs are important to you, check the bank’s ATM locator to ensure that there are plenty of fee-free machines in your area.

Does the bank offer the features and benefits you need?

Next is a fairly obvious question as well. What do you want from your checking account? Think about fees, how you’ll deposit money and withdraw money, and whether you expect your account to earn interest, for example.

Consider these benefits that many checking accounts offer:

  • Fee-free ATM access: How many ATMs are available? Does the bank reimburse out-of-network ATM transactions?
  • Annual percentage yield (APY): Does the checking account pay more than a pittance in interest on your balance? How do you earn it?
  • No overdraft fees: Does the bank offer overdraft protection if you make a payment and your balance dips temporarily?
  • Early paycheck access: Does the bank provide optional access to funds up to two days before the direct deposit date?
  • Joint accounts: If this applies to you, you might want a joint checking account with a partner or relative.
  • Mobile banking: Can you access your bank account via mobile app? How user-friendly is it?
  • In-person branches: If you prefer in-person banking, choose a bank that has physical branches near you.
  • Cashback rewards: A few checking accounts offer a rewards program on your spending, which can be nice.

Figure out what matters most to you. You probably won’t get all of these features, so prioritize the benefits you need and want.

For me, for example, I prefer mobile banking to in-person, but I don’t really care about ATM access or cash rewards. I tend to keep a relatively high balance in my checking account, too, so I don’t need to worry about a minimum balance or overdraft fees. But your priorities in a checking account may be different, so choose what works best for you.

Tip
Some banks offer account bonuses to new customers opening a checking account. You typically need to meet certain requirements like having a certain amount of qualifying direct deposits.

FAQs

What is required to open a new checking account?

Requirements vary by bank for opening an account, but you’ll typically need to be at least 18 years old and have a valid Social Security number or Individual Taxpayer Identification Number. You’ll also need to submit photo identification and provide proof of your current address.

How many checking accounts should I have?

There’s no magic number; it’s totally okay to have one or multiple checking accounts in your name. Sometimes, having more than one checking account can make money management and budgeting easier. For example, you might want a separate checking account for spending on your kids, or a business checking account for your business expenses.

How much should I keep in checking?

You should keep at least the minimum balance in your checking account and ensure you have enough to cover all your monthly bills. It’s a good idea to have a cushion to protect yourself from accidental overdrafts. I tend to keep more than necessary because that’s what’s comfortable for me, but it’s better to move excess funds into a high-yield savings account where it can earn you more.

Can I use Zelle to pay retailers or merchants from my checking account?

This depends on whether the retailer or merchant can accept Zelle payments. When using Zelle, at least one side of the transaction (sender or receiver) must have access to Zelle through their bank or credit union. Some banks may allow businesses to set up a Zelle business account, which can be used for merchant transactions. However, the bank may charge a small fee for businesses using Zelle, and consumers must be enrolled in the service to make payments.

Do all banks allow international wire transfers?

Most U.S. banks allow international wire transfers. However, some banks may need to use a third-party bank to facilitate the transfer. This can make the transfers more complicated to send or receive.

A couple of banks that can directly send and receive international wire transfers without a third party are Chase and Bank of America. Make sure to contact your bank for details before you initiate a transfer.

Bottom line

Choosing the right checking account is crucial for healthy money management. Some checking accounts offer high interest rates, while others have low or no fees. Some have convenient mobile banking features, while others provide more flexibility and perks.

Among our top recommendations are Chime, Axos, and Sofi. However, there are plenty of options available, so make sure to research and compare your options before making your choice.

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Discover®️ Cashback Debit Benefits

  • Earn 1% cash back on up to $3,000 in debit card purchases each month10
  • No minimum deposit, no minimum balance, and no account fees
  • Easily switch direct deposit via the Discover mobile app or online for Early Pay (get your paycheck up to 2 days early!)
  • 60K+ fee-free ATMs and make cash deposits at Walmart stores nationwide
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