BEST CHECKING ACCOUNTS OF JUNE 2024
12 Best Checking Accounts of 2024
Best Overall
nbkc bank Everything Account
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Why We Chose It
This hybrid checking and savings account from nbkc bank offers all the best perks of a checking account, including no monthly service fees, wide-reaching ATM access and more. You also get the opportunity to earn interest on your balance and set up savings goals. Although it’s primarily an online bank, nbkc is based in Kansas City and has some brick-and-mortar branches.
Pros
- No monthly service fee
- Earn interest on all balances with no minimum
- Fee-free access to over 37,000 ATMs and up to $12 per month reimbursement for out-of-network ATM fees
Cons
- No 24/7 customer support line
- Limited branch locations, all in Kansas City and surrounding areas
- New account is closed if not funded within 60 days
Best for Earning Interest
Axos Bank Rewards Checking
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Why We Chose It
Though you’ll need to meet specific criteria to qualify, the Axos Bank Rewards Checking account has the potential for an industry-leading APY. You’ll build your own APY and get a rate boost towards the up to 3.30% APY for activities like receiving $1,500+ in monthly direct deposits, making purchases with your debit card and managing your investments or loans through Axos Bank. Account holders also get unlimited reimbursements for domestic ATM withdrawals and no monthly fees.
Pros
- No monthly maintenance or overdraft fees
- Industry-leading APY for customers with other Axos accounts
- New account holder bonus offer available
Cons
- Must have several qualifying Axos accounts to unlock highest APY
- Strict requirements for welcome bonus
Best for No-Fee ATM Access
Capital One 360 Checking
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Why We Chose It
With more than 70,000 fee-free ATMs in-network, Capital One 360 Checking provides account holders with easy access to their money. Plus, there are no account opening fee or monthly maintenance fees. Although 360 Checking is primarily an online account, you can still deposit cash at CVS and Walgreens stores using the Capital One Mobile app. Learn more with our guide to Capital One checking accounts.
Pros
- More than 70,000 fee-free ATMs, plus you can deposit cash at CVS and Walgreens up to five times a month
- No overdraft fees or foreign transaction fees
- Access your paycheck up to two days early on qualifying direct deposits
Cons
- Fees associated with both personal and cashier’s checks
- Lower APY than some competitor accounts
- Must make a deposit in first 60 days to keep account open
Best for Cash Back Earning
Discover Cashback Debit Checking
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Why We Chose It
This unique checking account avoids many of the fees other banks charge and offers users the opportunity to earn 1% cash back on up to $3,000 in debit card spending each month. If you don’t use cash back credit cards, this account could be a good alternative to earn rewards on spending. Plus, access cash at their network of 60,000+ fee-free ATMs. Learn more with our guide to Discover checking accounts.
Pros
- No monthly maintenance fee, insufficient funds fee or cashier’s check fee
- Access money up to two days early on eligible direct deposits
- Offers the chance to earn cash back on debit card transactions
Cons
- Does not earn interest
- No physical branch locations
- No cash deposits
Best for No Monthly Fees
Ally Spending Account
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Why We Chose It
In addition to no monthly service fee, the Ally Spending Account charges no fees for overdrafts, low daily balances, incoming wires or cashier’s checks. Account holders also have extensive fee-free ATM access and 24/7 customer support. Learn more with our guide to Ally checking accounts.
Pros
- Minimal fees, thanks to no monthly service fee, overdraft fee and more
- Up to two days early access to funds on qualifying direct deposits
- Categorize spending into automated “buckets” for better money management
Cons
- Only earns the 0.25% interest rate on balances of $15,000 or more (0.10% APY below that threshold)
- Online-only bank with no way to make cash deposits
- You must fund with a direct deposit or transfer within 30 days to keep the account open
Best for New Account Bonus
Citibank Access Checking Account
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Why We Chose It
Citibank’s Access Checking account is a checkless account with basic features. But it offers plenty of opportunities to earn more benefits if you increase your account balance. Once you cross certain balance thresholds across linked Citi accounts, your checking account will automatically upgrade to a new “Relationship Tier” with different perks. New account holders also have a chance to earn a generous welcome bonus.
Pros
- Bonus available for new checking customers
- More than 65,000 fee-free ATMs
- Unlock higher APY on Citi savings accounts
Cons
- Ultra-high balance requirement for highest bonus amount
- Must meet deposit or relationship tier requirements to waive $5 monthly service fee
- Does not earn interest
Best for Credit Union Checking
Connexus Xtraordinary Checking Account
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Why We Chose It
Connexus Credit Union’s Xtraordinary Checking combines a no-monthly fee checking account option with the opportunity to earn a competitive interest rate. Plus, requirements for earning the maximum yield are much more attainable than at other institutions. Anyone in the U.S. is eligible for membership by making a one-time $5 donation to the Connexus Association (waived for residents of certain areas and members of certain groups).
Pros
- No monthly maintenance fee or minimum balance requirement
- Earn high APY by making 15 debit card transactions per month or spending $400 in eligible purchases per month
- Up to $25 per month in ATM-fee reimbursements for out-of-network ATMs
Cons
- Maximum APY only applies on balances up to $25,000; higher balances earn a lower rate
- No ATM-fee reimbursements any month you don’t meet account requirements
- Must be a Connexus credit union member to open an account
Best for Relationship Perks
Wells Fargo Premier Checking Account
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Why We Chose It
Though it charges higher fees than other accounts on this list, the Wells Fargo Premier Checking account offers extensive benefits for customers who maintain a relationship with the bank, including interest rate discounts on select loans and more. To waive the $35 monthly fee, you must have $250,000 or more in statement-ending qualifying linked balances, which can include savings and investments you keep with Wells Fargo.
Pros
- No fees for wire transfers, checks (including cashier’s checks) or money orders
- Higher earning rates on select CDs and savings accounts
- Unlimited worldwide ATM fee reimbursements
Cons
- High balance requirement to waive monthly service fee
- $25 minimum opening deposit
- High balance requirement for highest APY
Best for Investors
Schwab Bank Investor Checking
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Why We Chose It
If you invest with Charles Schwab (or plan to) and want to streamline your money management, this account will allow you to manage your checking and brokerage activities in one place. You can quickly transfer money between the two and invest immediately with the funds. This account is also a good option for travelers, thanks to the worldwide ATM fee waivers and lack of foreign transaction fees.
Pros
- No monthly service fees, foreign transaction fees or overdraft fees
- Linked to your brokerage account for easy transfers and money management
- Unlimited ATM fee reimbursements and free checks
Cons
- You must also have (or open) a linked brokerage account
- Charles Schwab only has brick-and-mortar branches in seven states
Best for Guaranteed Interest
EverBank Yield Pledge Checking
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Why We Chose It
This account has one of the best checking account offers if you want confidence that your interest rate will never drop too low. The “Yield Pledge Promise” guarantees that the account’s APY will always stay within the top 5% of competitive accounts. EverBank primarily operates online but has financial centers throughout Florida.
Pros
- Interest rates that constantly adjust to stay in the top 5% of accounts
- Access to 80,000 fee-free ATMs and unlimited out-of-network ATM fee rebates for accounts with $5,000 minimum balance. Otherwise, $15 ATM fee reimbursement per month
- No overdraft or non-sufficient funds fees and optional overdraft protection services
Cons
- Although the interest rate beats many competitors, it’s not the highest on the list
- No branch locations outside Florida
- Charges fees for stop payments and expedited bill pay services
Best for Free Membership
Alliant Credit Union High-Rate Checking Account
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Why We Chose It
Alliant Credit Union is a digital credit union that prides itself on putting its members first. Anyone is eligible to become a member by joining the Alliant Credit Union Foundation. Instead of charging fees to their members, Alliant flips the script by making an initial $5 contribution to the Foundation on your behalf when you join. Plus, they’ll fund your new checking account with a complimentary $5 opening deposit.
Pros
- Membership donation and opening deposit are paid for you
- Network of 80,000+ fee-free ATMs
- Free overdraft protection and optional extra Courtesy Pay service
Cons
- Interest rate is above the national average but requires e-statement signup and a monthly electronic deposit
- No Zelle access for P2P transfers
- Digital bank with no physical access for cash deposits
Best for Earning Cash Back on Purchases
Bank5 Connect Checking
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Why We Chose It
With Bank5 Connect’s Checking account, you can earn rewards on purchases you’d make anyway. Enrolling in the program is free, and you simply need to link your Bank5 Connect Checking account to the Purchase Rewards program to get started. Plus, this deposit account earns an impressive 2.70% APY if you maintain a $100 balance.
Pros
- Checking earns high APY with minimum $100 balance
- Returned purchases don’t deduct from rewards earned
- Up to $15 ATM surcharge reimbursement per statement cycle
Cons
- $500 daily ATM withdrawal limit
- Only one linked checking account allowed for Purchase Rewards program
- Not available to Massachusetts or Rhode Island residents
What Is a Checking Account?
Checking accounts are financial tools that allow you to store your money with a bank or other financial institution and make deposits, withdrawals and transfers. Not only does this provide a safe place for you to keep your money, but it also comes with tools like debit cards, personal checks and wire transfers.
Designed for shorter-term money management, checking accounts typically do not offer interest. If they do, it is a lower rate than you’d see on a savings account. There are many fees that are associated with maintaining a checking account, including monthly maintenance fees (which may be waived if you meet certain requirements), overdraft fees, check ordering fees and more.
What Is the Best Checking Account for Me?
The best checking account for you depends on your financial needs and priorities. While some benefit from an account with no minimum balance requirement or monthly fee, others might benefit from an account that charges a fee in exchange for perks like relationship bonuses or earning interest.
The most important factors to consider when choosing a checking account are associated fees, balance requirements, ATM access, interest-earning potential and customer service. The best banks for checking accounts will have a mix of favorable features in these categories.
Fees
It’s common for checking accounts to charge a monthly service fee alongside other fees for things like overdrafting your account, ordering checks or making a foreign transaction. But many accounts opt out of some or all of these fees or offer the opportunity to waive the fee if you meet certain requirements.
Take a close look at the terms and conditions of the account you are considering to ensure the associated fees and any waiver requirements are within your budget and spending habits. For instance, if you need to make a direct deposit every month to qualify for a fee waiver, but you are paid by paper check, you might choose a different account.
Minimum Balance
Some checking accounts require a minimum deposit to open the account, a minimum daily balance or both. If you fail to meet these criteria, you could have your account closed or be charged a fee. If you decide that an account that requires a minimum balance is best for you, make a plan to ensure you do not drop below the threshold to avoid penalties.
ATM Access
In order to withdraw cash from your checking account, you’ll need to be able to access an ATM. Many banks charge fees if you use an ATM not part of its network. For those who need to withdraw cash frequently, this cost can add up quickly.
Consider the number of fee-free ATMs you’ll access as part of your checking account, especially in your area. Some accounts might also offer a monthly reimbursement for out-of-network ATMs.
Interest-Earning
Some of the best checking account offers come with the opportunity to earn interest. Just pay close attention to terms and conditions, as you might need to meet certain balance requirements to unlock the highest APYs.
Customer Service
The last thing you want is to have a question about your own money and no answer. If you lose your debit card, have fraudulent transactions or are charged an errant fee, it’s important to get issues resolved quickly and efficiently.
When choosing a bank, consider their customer service. Is it easy to access at any time? Some banks provide live customer service 24/7. But other banks may only make someone available during business hours. Make sure to also check resources such as the Better Business Bureau and Consumer Reports before opening an account.
How to Get a Checking Account
Before opening a checking account, follow these steps:
- Choose the best account for you: The first step should always be researching options and narrowing down to the account that makes the most sense for you.
- Fill out an application online or at a branch: Online-only accounts are becoming more common, but some checking accounts still require you to apply in person at a branch location.
- Provide personal information: Along with your application, you’ll be required to provide identifying information, which may include a valid government ID and proof of address. Account holders under 18 may also need to apply with a legal guardian.
- Fund your account: Once you are approved, it’s time to fund your account, either by transferring money from another institution or depositing a check or cash. Some banks will require a minimum deposit on opening, while others will give you a grace period to add funds.
Checking Account vs. Savings Account
Both checking and savings accounts are an important part of managing your money, but they serve different purposes. While checking accounts are primarily for short-term storage of funds you will use for everyday transactions, the best savings accounts offer a longer-term place for storing money in exchange for earning competitive interest rates.
More Banks With Sign-Up Bonus Offers To Consider
If your primary goal is enrolling in a new checking account with an enticing sign-up bonus, here are a few more options to consider.
Huntington Bank Checking
If you meet Huntington Bank’s sign-up bonus requirements, you can earn a $400 to $600 bonus, depending on the account type you open. The bank’s checking accounts have no monthly maintenance fee if you meet minimum balance requirements.
BMO Smart Advantage Checking
New BMO Smart Advantage Checking account customers can earn a $350 cash bonus with qualifying account activities. You must have a total of $4,000 qualifying direct deposits in the first 90 days of opening the account. There are no monthly maintenance fees, and you can access unlimited fee-free ATM transactions.
Fifth Third Checking
Fifth Third Bank has a limited-time sign-up bonus offer of $200. You must open a new checking account by June 30, 2024, and make at least $500 in direct deposits to the account within 90 days of opening. Its checking account has no minimum opening deposit or maintenance fees.
Chase Total Checking
New Chase Bank customers can earn a $300 welcome bonus for opening a Total Checking account and depositing at least $500 in the first 90 days. Banking with Chase is a good option for those who want to bank at an institution with multiple branches and ATMs throughout the U.S.
Newsweek writer Kate Braun contributed to this post.
Frequently Asked Questions
What Bank Offers a Free Checking Account?
While no bank truly offers completely free checking accounts, there are many options for checking accounts that do not charge a monthly maintenance fee and limit other fees. Some of the best banks for no-fee checking accounts include Axos Bank, Discover Bank, Capital One and Ally Bank.
Which Bank Is Best to Open a Checking Account?
The best bank or credit union will depend largely on the features you are looking for in a checking account. You might also want to consider other products offered by the bank, especially if they offer perks for holding multiple accounts.
Is It Smart to Have Multiple Checking Accounts?
This depends largely on the individual, but there are benefits to having multiple checking accounts. For instance, you might have a joint checking account with a partner for shared expenses as well as a solo account for your own purchases. Alternatively, you might want to keep income earned for a business or for personal use separate.
What Are the Best Online Checking Accounts?
If you don’t need to deposit checks or visit branches in person, consider opening a checking account with an online bank. The best banks for checking accounts online include nbkc bank, Axos Bank, Capital One 360, Ally Bank and Alliant Credit Union. These institutions have some of the current best checking account offers, with perks like zero fees and higher interest rates.
How Do I Get the Most From My Checking Account?
Familiarize yourself with all the features and benefits of your chosen checking account and make sure to leverage them. For instance, you might be able to set up early direct deposit for your paycheck, automatically pay your bills or access peer-to-peer payment services like Zelle. Many banks also have mobile apps that you can use to digitally deposit checks and manage your money from your phone.
The post Best Checking Accounts of June 2024 first appeared on Newsweek Vault.
2024-04-17T19:27:42Z dg43tfdfdgfd
