The Best Checking Accounts For June 2022

Checking Account

A checking account, which handles the flow of deposits and withdrawals, is the most practical banking service. You can withdraw cash, deposit business checks, transfer money to a savings account, transfer investment funds, or pay off your credit card balance.

Unlike a savings account, which allows you to accumulate money gradually to meet your financial goals, a checking account allows you to manage your day-to-day money by accepting deposits and facilitating payments.

The best checking account offers a variety of deposit and payment services with no monthly maintenance fees or minimum balance. They charge no fees for ATM withdrawals and will refund non-network ATM fees charged by other banks while offering competitive rates. Whether you are looking for commissions, high interest rates, or real branches, we have a selection of the best checking accounts for you.

The highest interest rate accounts below may contain restrictions such as the minimum balance or number of debit card purchases required to achieve maximum Annual Return (APY).

Axos Rewards checking account

Axos Reward Screening offers relatively high interest rates with reasonable requirements. If you receive $1,500 per month by direct deposit, you will automatically receive 0.40% interest on your checking balance.

If you use your debit card 10 times a month (minimum purchase of $3), you can easily get a return of 0.70% with an additional 0.30% interest. If the minimum balance on your investment and/or other trading account is $2,500, then 0.20% interest will be added to your checking balance and 0.15% will be added when you repay your Axos loan, resulting in a maximum APY of 1.25%. savings account.

One feature that sets Axos apart from my other digital banking options, Ally, is the ability to deposit cash. Axos uses the Green Dot network, which charges a fee, but allows you to deposit cash or pay your bills in cash using stores like CVS, Kroger, Safeway and Walmart.

Axos has no monthly maintenance fees and no minimum balance requirements. Bonus Check requires a minimum deposit of $50 to open an account. Axos also offers unlimited repayment on offline ATM fees, while Ally is limited to $10 per month. Unfortunately, Axos, unlike Ally, does not yet support Zelle, a free peer-to-peer electronic payment system.

NBKC Bank Everything Account

Formerly Kansas City National Bank (formerly Horizon National Bank), NBKC offers its users a variety of banking services, including primarily online checking accounts, at competitive rates. There are 4 regional offices in Kansas City.

NBK’s Check Everything account offers 0.25% APY with no current balance or spending requirements. Affordable rates with no restrictions. The account also has no overdraft or underfunding fees, monthly maintenance fees, out-of-network ATM fees, and international transaction fees. nbkc provides access to approximately 37,000 ATMs across the country through MoneyPass.

In addition to online checking accounts, nbkc also offers CD and short-term market accounts, but there are no standard savings accounts, so no integration features like nbkc’s built-in consolidated savings for everything.

The Everything account offers users early payroll and pays offline ATM fees up to $12 per month. If you don’t mind losing money due to bank fees, take a good look at nkbc Everything.

Quontic High Interest Checking

Quontic is a fully digital bank with three checking account options: Bitcoin Rewards, Cash Rewards and High Interest. We chose High Interest as our best checking account combination because it offers an easy refund of 1.10% on balances up to $150,000 for completing 10 debit card transactions of $10 or more each over a monthly billing cycle. Interest requirements are more restrictive than Axos, but still reasonable for most checking account users.

Quontic eliminates reverse exchange rates when checking balances. All balances now get 1.10% annual interest back (if you have completed 10 eligible debit card transactions). Plus, there are virtually no monthly maintenance fees, minimum balances, overdraft or offline ATM fees.

This Zelle checking account supports face-to-face payments and offers cash at 90,000 ATMs using the AllPoint network, but users can withdraw up to $500 per day. We offer mobile deposits via iOS or Android. I couldn’t find any deposit limits listed for mobile.

Consumer credit unions offering up to 4.09% on checking account balances are Quontic’s big competitors in this category. But keep in mind. The highest consumer credit union rates require linked credit card purchases. If there is no minimum credit card purchase, the initial rate is 2.09%. After the initial $10,000 balance, the consumer credit union interest rate drops below 0.20%. This means that your $100,000 balance in CCU earns $389 per year and Quontic earns $1,100 per year.

Schwab Bank High Yield Investor Screening

Schwab Bank High Yield Investor Checking is a complete online checking account that compares well to almost all of its competitors. APY is 0.03% for all accounts and there are no monthly balance or debit card spending requirements. Schwab has a physical intermediary site, but does not provide personal banking services.

There are no monthly maintenance or offline ATM fees, and Schwab reimburses unlimited other ATM provider fees. Schwab accounts work with the Visa and Visa Plus Alliance networks, which include over 1 million ATMs in over 200 countries. The Plus Alliance network in the US also includes retailers such as CVS, Target, CostCo and Walgreens.

Although Schwab does not accept cash deposits, it supports Zelle for direct payments and does not charge any cross-border transaction fees. This is a huge bonus for travelers using ATMs abroad.

The Schwab Bank High Yield Investor Checking account requires a linked Schwab One brokerage account, costs $0, and has no balance requirements. Schwab’s checking account allows you to schedule direct debits to your brokerage account and is a simple way for new investors to put additional funds into their work.

Schwab does not charge traditional overdraft fees and automatically processes these transactions with funds from another Schwab account. However, if your account does not have enough money to process the transaction, Schwab will reject it and charge an insufficient fee of $25. It also offers a standard mobile app for iOS and Android, no restrictions on mobile deposits, and a maximum daily ATM cash withdrawal limit of $1,000.

Chase Total Cheeking®

Choosing the best checking account for those who want the option of having access to a real branch bank is balancing the best account terms for the number and location of existing bank offices.

The two second-place options, Capital One 360 ​​​​​Checking®, offer better terms than Chase Total Checking®, but with few branches or geographic coverage. According to Branspot, Chase has more than 4,700 offices in 48 states (North Dakota and West Virginia), while Capital One has about 770 offices, primarily in the East Coast, Texas and Louisiana.

Chase doesn’t offer a 0.01% real interest rate on checks, but does offer a $200 bonus when you open an account and set up direct deposit. Capital One offers a better 0.10% money, but you must have $325,000 in your account for one year to get the $325 interest rate.

Chase has no minimum balance requirement nor any minimum initial deposit, though it does charge $2.50 for non-network ATM transactions. It accepts mobile deposits via its iOS and Android apps, with a daily limit of $10,000 and monthly limit of $25,000.


Do I need a checking account to manage my money?

Not always, but it can be difficult to pay bills or get approved for credit accounts without one. It may be helpful to think of a checking account as one part of a multifaceted personal financial system. Though it may require some management on your end, there are benefits to using an array of tools, with each serving a primary function: a checking account for receiving money and paying bills, a credit card for spending (and earning rewards or cash-back incentives) and a savings account for storing short-term savings or an emergency fund — with investment and brokerage accounts driving long-term savings goals such as college and retirement.

Do I need to pay fees to use a checking account?

No. Some banks may pass off fees as the normal costs of doing business, but with all of the free checking options available, you should avoid fee-heavy accounts. There are plenty of free checking options that will give you the tools you need to receive income and make payments, in addition to other benefits including mobile banking, without incurring any regular charges in the form of a monthly service fee.

How many checking accounts should I have?

For most people, the answer is one. Even if you can earn a little extra money by combining rewards or interest, it’s usually not worth the time and hassle. Your personal checking account should be simple and easy to manage, and should offer overdraft protection and mobile banking. If you run a business, you should look into opening a separate business checking account, which is different from a standard checking account.

How do the ATM networks like MoneyPass and Allpoint work?

An increasing number of financial institutions are online-only (like some of the banks profiled above), without their own branches or ATM networks. Given this, an online bank will partner with established networks like MoneyPass or Allpoint, which place ATM locations in popular retail establishments such as pharmacies, grocery stores and convenience stores. People with an online checking account can use a “Find a nearby ATM” feature on their bank’s website or mobile app before making an ATM withdrawal to insure they won’t incur an ATM fee if their financial institution does not offer ATM fee rebates.

What are overdraft fees?

For checking accounts, banks and credit unions may or may not charge “overdraft fees.” Overdraft fees are penalties levied when withdrawals or payments — cash from an ATM, automatic bill pay or paper check, for example — are bigger than the amount of your checking account balance.

In the case of a true overdraft, banks will process your payment or withdrawal and give you a negative balance. That’s when they may charge an overdraft fee, typically in the range of $30 to $40. Many banks now provide free overdraft protection, meaning that if you have another account with them, they’ll transfer money to cover your negative checking balance.

“Nonsufficient funds” fees, often abbreviated NSF, are related to overdraft fees but slightly different. The most common example of NSF is the “bounced check.” In this case, your withdrawal is rejected, your checking account does not go into a negative balance and you’re charged a fee, usually around $25.

More and more banks are eliminating overdraft and nonsufficient funds fees entirely. Banks that don’t have any overdraft or NSF fees will generally reject payments and withdrawals that are more than your checking balance and not charge you anything.

How much interest can I earn with a checking account vs. with a savings account?

While many accounts use an APY as a selling point, it’s important to note that a checking account’s interest rate will rarely net you much. A balance of $2,500 at a 0.10% APY earns you roughly $2.50 annually. In contrast, savings accounts generally deliver between 0.60% and 1%, which would net you between $15 and $25 per year. So if you’re looking for an interest-bearing checking account, you’re not going to find a great or even good one. Go for a savings account instead.


More than two dozen options were examined across a broad range of categories in both traditional and online-only banks in order to determine these picks for the best checking account. As with any financial account, a handful of key features rise above the rest: ATM and branch availability, overdraft protection, fees, bank bonus enticements and reimbursements, minimum deposit requirements and just how simple it is to move money in and out of an account — whether by direct deposit, mobile deposit or old-school cash deposit. Interest rate isn’t really a factor with a standard checking account (more on that below).

Each financial institution’s online banking capabilities were taken into consideration. We also looked at some new, trendy features, such as banks making funds available a few days early to customers who’ve signed up to receive their paycheck via direct deposit.

We paid close attention to bank account fees. Even if a bank touts a “free checking account,” that might not be the whole truth. If you’re considering a new checking account, scrutinize the fee schedule, which will reveal how much a bank charges for a “monthly maintenance fee,” using an out-of-network ATM, falling below a minimum balance requirement or spending more than you have in the account (resulting in an overdraft fee). You don’t want to get hit with a $4 fee just for making an ATM withdrawal at the wrong machine for your bank account.

Though some fees may apply only in certain conditions — you haven’t set up direct deposit or you want to receive monthly paper statements, for example — such waivers should be carefully scrutinized. You won’t want to be in a position where missing your minimum deposit by a couple of bucks or keeping an account balance that’s slightly too low racks up a “monthly maintenance fee.”

We’re also a bit dubious about checking accounts that feature cash-back and rewards incentives. Though a 1% cash-back accountcouldbe moderately lucrative, this type of account may obligate you to hit a monthly spending threshold or maintain a certain minimum balance. If earning cash back or rewards is your priority, you’re better off using a cash-back credit card, the best of which offer significantly higher rates. And if you tend to maintain a high account balance in your checking account, consider putting some of that cash into a savings account, CD or money market with a higher annual percentage yield.

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