Checking account showdown: Our guide to the 10 standout options (2024)

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*Last updated July 17, 2024

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The 10 best checking accounts of July 2024

Whether you’re looking for unlimited ATM access, cash-back rewards, or high APYs, we’ve compiled a list of the best checking accounts to make your search easier using a stringent methodology.

Minimum deposit requirements, fees, and other numbers in our list are up to date as of July 17, 2024, and are subject to change.

1. Bank5 Connect: Best checking account for 100% deposit insurance

Why we picked it

The Bank5 Connect Checking account has 100% deposit insurance, meaning you can exceed the typical $250,000 Federal Deposit Insurance Corp. (FDIC) insurance limit without fear. You’ll also get a 2.70% APY on balances over $100 with no maximum, no monthly maintenance fees, and direct deposit up to two days early.

Debit card users can take advantage of cash-back rewards. Your cash-back offers vary by retailer, and you must activate them online before making your purchases. If you use a lot of ATMs, you’ll have access to the entire SUM Network of ATMs for free—plus get up to $15 in ATM fees refunded to you every statement cycle.

We also love the customer support options. They’re available seven days a week, and you can reach an agent via video chat, which is something other banks don’t offer.

What to consider before opening

Paper statements in the mail cost $1 a month, while e-statements are free. Also, if your balance drops below $100, you stop earning an APY. You can reactivate your APY by bringing your balance back to $100.

There’s also a relatively low daily ATM withdrawal limit of $500. That shouldn’t be a problem for most people, but if you take out large amounts of cash frequently, such as for paying rent or other bills in person, it could be a major hassle.

2. Upgrade: Best checking account for debit cash back

Why we picked it

Several of the checking accounts on this list offer cash back, but Upgrade has the best offer: 2% cash back on common everyday expenses, recurring payments, and subscriptions. If a purchase doesn’t qualify for the elevated rate, you’ll still get unlimited 1% cash back.

We also like the ability to get paid up to two days early with direct deposit and no overdraft fees. You’ll also have access to over 55,000 free ATMs in the Allpoint ATM network.

One unique perk of having the Rewards Checking Plus is the ability to get lower rates on new loans and credit cards. Upgrade customers can qualify for 10%–20% lower interest rates on these products for having a checking account.

What to consider before opening

You can only receive many of the premium benefits of the Rewards Checking Plus account, including 2% cash back and mobile check deposit, when you get at least $1,000 in qualifying monthly direct deposits. If you’re a freelancer or part-time worker who doesn’t receive that amount in direct deposits each month, this could nullify many of the selling points of this account.

The Upgrade checking account also does not offer an APY unless you open a Performance Savings account. If you want a stand-alone checking account with an APY, you’ll want to look elsewhere.

3. Current: Best checking account for building credit

Why we picked it

Most of the time, using a debit card doesn’t help you build credit—but not with Current Checking. This account acts as a secured credit card, meaning your credit limit is whatever you have in your account. Account activity is reported to credit bureaus, helping to raise your score over time.

In addition, Current offers two-day early direct deposit and fee-free overdrafts—as long as you receive $500 in qualifying direct deposits each month. You won’t pay in-network ATM or bank transfer fees, and there are no minimum balance requirements. Current also has gas hold removals so your checking account balance isn’t tied up for days.

What to consider before opening

Current is not an FDIC-insured bank. It partners with Choice Financial Group and Cross River Bank to provide FDIC-insured accounts, but only if certain conditions are met. Because of this, it notes that there’s a risk that FDIC insurance might not be available for every consumer, which means you would lose all of your money if the company fails. This is a pretty big risk to take, especially if you’re looking to deposit larger sums here.

4. Hope Credit Union: Best checking account for a high annual percentage yield

Why we picked it

The HOPE Rewards Checking account offers one of the highest APYs available for a checking account—up to 5.12%. This is on par with the top savings account rates, so it’s a rarity. Interest is paid into your account monthly.

In addition, you’ll receive up to $20 in ATM fee refunds every month. Hope Credit Union is part of a network of 30,000 ATMs, so you’ll likely find a free ATM, anyway.

It’s also one of the few banks on this list with brick-and-mortar branches you can visit. There are 23 locations across the Southern United States. If you’re not near one of those, you can also access over 5,000 affiliated credit union locations to do your in-person banking.

What to consider before opening

There are many hoops to jump through before you can earn 5.12% APY. Each month, you’ll need to make 12 debit card transactions, log into your account once, be signed up for e-statements, and receive at least one direct deposit or automatic payment. If you don’t complete all these steps, you’ll get a measly 0.10% APY.

Unfortunately, if you have a balance over $10,000, your APY drops to just 0.50%. If you know you’ll be regularly maintaining a balance that high, you may want an account without maximum balance requirements.

5. American Express: Best checking account for earning membership rewards points

Why we picked it

With the American Express Rewards Checking, you earn one Membership Rewards point for every $2 of eligible debit card purchases. While you can redeem these for deposits into your checking account, you can pool points you earn with an American Express credit card and redeem them for travel, gift cards, and more. You can even transfer them to American Express travel partners to get more value out of them.

Besides earning coveted Membership Rewards points, the account also offers 1.00% APY without the need to jump through any hoops or hurdles. You’ll also enjoy fee-free ATM withdrawals at over 70,000 ATMs across the country—one of the largest networks of any bank.

What to consider before opening

To apply for the American Express Rewards Checking account, you need to have been an American Express cardholder for at least three months. So, if you don’t currently have an American Express card, you won’t qualify for this account.

You also have to pay for your own checks, and there’s a foreign currency conversion fee if you use your debit card outside of the country.

6. NBKC Bank: Best account for combined checking and savings

Why we picked it

If you’re looking for an all-in-one account for your checking and savings needs, the NBKC Everything Account is it. You’ll get the benefits of tracking savings goals and seeing all of your money in one place.

The accompanying debit card gives you access to over 37,000 ATMs. If you choose one outside of that network, you can receive up to $12 in ATM fee reimbursem*nts each month. Plus, you can always visit one of the four Kansas City branch locations if you live nearby.

This account also has two-day-early direct deposit so you can enjoy your paychecks faster.

What to consider before opening

During your first 30 days being an NBKC customer, your deposits will be on hold for up to five business days. If you were planning to pay bills or make purchases immediately, this could be a large setback.

There are also daily and monthly external funds transfer limits. You can complete five external transfers daily and 20 monthly, so this account isn’t ideal for someone who likes to move around funds frequently.

7. Varo: Best checking account for cash deposits

Why we picked it

Varo Bank is one of the few options that allows you to make cash deposits directly into its Varo Bank Account. You can deposit up to $1,000 in cash per day (and up to $5,000 a month) from any participating Green Dot retailer.

In addition, this account features a ton of other pros, including getting your direct deposit up to two days early, access to Zelle, and cash flow tracking. Plus, if you use your debit card to make purchases, you can get up to 6% cash back at select brands, such as McDonald’s, Circle K, and Macy’s.

There are also no overdraft fees, along with a 40,000-ATM network with no-fee withdrawals.

What to consider before opening

Depositing cash at a Green Dot location likely won’t be free. Varo doesn’t charge a fee, but merchants can charge a retail service fee of up to $4.95. Also, Varo Bank doesn’t offer any ATM fee rebates if you visit an out-of-network machine. You’ll end up paying $3.50 per transaction. These fees may seem small, but they can add up over time if you plan on depositing and withdrawing a lot of cash.

8. Betterment: Best checking account for ATM access

Why we picked it

If you want totally free access to ATMs, a Betterment Checking account is worth it. It reimburses you automatically for all ATM fees with no limit. That includes foreign transaction fees you might incur when using your debit card to make international purchases.

You can also qualify for various cash-back rewards when using your debit card. These are applied to your account automatically when you shop at specific brands, such as Costco, Adidas, and Sam’s Club.

Another key feature is the lack of overdraft fees. Plus, you can open a joint account with a significant other for common household spending.

What to consider before opening

While Betterment itself doesn’t have FDIC insurance, it does partner with NBKC Bank to provide it. However, if you already have an account at NBKC Bank, your balance at Betterment will combine with your NBKC account balance when counting your total $250,000 deposit limit.

9. Axos Bank: Best checking account for a welcome bonus

Why we picked it

Axos Bank is the only bank on this list to give you free money for opening an account. The $500 checking account welcome bonus does come with a few requirements, but as long as you meet those, you’ll be $500 richer. Another nice bonus is the extremely high APY as long as you can meet the requirements to earn it.

You’ll also enjoy full ATM reimbursem*nts at all domestic ATMs, meaning you won’t have to worry about finding in-network machines. Plus, no overdraft fees or fees for insufficient funds bring greater peace of mind.

All accounts are FDIC-insured for up to $250,000, and if you choose a joint account, it gets $500,000 insurance.

What to consider before opening

To get the welcome bonus, you need to meet two requirements over your first six statement cycles. For every cycle that you receive at least $1,500 in direct deposits and maintain a $3,000 balance, you can receive $100 for a maximum payout of $500.

The 3.30% APY also has five requirements to meet, and each one adds a small bit to the total APY. This could be a hassle, and you may be better off with a less restrictive account instead.

10. Primis: Best checking account for free extra services

Why we picked it

Many services that typically cost money at other banks are free with a Primis Premium Checking account. For example, you won’t pay overdraft fees or domestic ATM fees, regardless of whether or not you’re using an in-network ATM. You’ll also enjoy free cashier’s checks, stop payments, incoming wire transfers, in-person notary services, and check images. Plus, your first pack of checks is free.

On top of all that, Primis offers an extremely high APY without any requirements. All you need is $1 to open your account, and there are no account maximums to worry about. As a final touch, this account also offers two-day-early direct deposit.

What to consider before opening

Primis doesn’t have live chat support, which could be prohibitive if you need a quick answer to a problem. This particular account also doesn’t offer cash back on debit card purchases, and it limits you to $550 in cash withdrawals per day. You also can’t make more than $2,500 a day in purchases using your debit card.

What to know about checking accounts

Unlike savings accounts, which are focused on long-term growth, checking accounts are all about cash flow.

Checking accounts are designed to make it easy to access your money. They typically come with unlimited withdrawals and deposits, meaning you can use them to make purchases via a debit card, pay bills, or deposit paychecks.

Types of Checking Accounts

There’s not just one type of checking account. Banks offer checking accounts with various features to appeal to customers with diverse needs. Here’s a quick primer on some of the most common options:

• Traditional checking: The most basic option, traditional checking accounts offer check writing, debit card access, and online bill pay.
• Interest-bearing checking: With this account, you’ll earn interest on your balance. It might require minimum balances or transaction thresholds to qualify.
• Rewards checking: You can earn cash back or points on debit card purchases.
• Student checking: These accounts are designed for students, often with lower fees or minimum balance requirements.
• Online-only checking: With an online-only account, you’ll do all your banking online or in an app without in-person bank access.

How Much Money Should You Keep in a Checking Account?

How much money you should have in your checking account all depends on your individual expenses and whether or not you use the account for everyday purchases.

Ideally, you’ll want to keep at least what you’ll need for your monthly bills in your account, plus a little extra in case any bills are higher than you expect. Because most checking accounts don’t offer a great interest rate, it’s a good idea to not park too much more than you need.

Potential checking account fees

It costs money to run a bank, especially banks with brick-and-mortar branches. Banks offset some of these costs by charging fees for certain services. Fees help banks generate profits they can use to keep their business running. Here are some examples of common fees you might pay:

• Excessive transaction fee
• Foreign transaction fee
• Monthly maintenance fee
• Nonsufficient funds (NSF) fee
• Out-of-network ATM fee
• Overdraft fee
• Paper statement fee
• Stop payment fee
• Wire transfer fee
• Minimum balance fee

How to choose the best checking account for you

When choosing the best checking account for you, you’ll need to think about your priorities. Do you value having no monthly fees? Is earning interest important to you? Consider your must-have items and begin researching accounts from there.

Here are some of the common factors you’ll want to think about:

• Fees: Look for a bank that doesn’t charge a monthly maintenance fee. If it does, see if there’s a way to waive it.
• Minimum requirements: Some banks require you to have a minimum opening deposit or maintain a minimum ongoing balance.
• APY: Not all checking accounts offer an APY. Those that do may have a long list of requirements to earn it.
• Online/mobile banking experience: You ideally want a bank that has a highly rated online experience, especially if you’re choosing a bank without physical locations.
• Safety: Any bank you’re considering should have FDIC or National Credit Union Administration (NCUA) insurance so your money will be safe in case the institution fails.
• Customer service: See what forms of customer service are available. Chat is good for quick questions, but phone support is better for more in-depth problems.
• ATM access: If you frequently use ATMs, you’ll want an account with a large ATM network and ATM fee reimbursem*nt.

Major national banks with checking accounts

While opening an account at a big bank might be convenient, it’s not always the best option. Typically, national banks offer the lowest APYs, if they offer one at all. Many also charge monthly maintenance fees as a way to offset the expenses of managing so many locations.

These accounts aren’t worthless—some come with decent perks. However, most are basic accounts and won’t give you the best bang for your buck.

Frequently asked questions

Our methodology

The Fortune RecommendsTM team compared more than 85 checking accounts across banks, credit unions, and online-only institutions. Our top picks are available to customers across the U.S., regardless of where they’re located, subject to the terms of each checking account.

We ranked the best accounts on the following categories and weighted each category with the percentages listed below:

• Minimum opening deposit (20%): You shouldn’t have to have exorbitant amounts of money to open a checking account. Banks with $0 or $1 opening deposit minimums earned better rankings.
• Monthly service fees (20%): As so many banks offer free checking accounts, those that still charge service fees received lower scores.
• APY (10%): Why not make money on your money? Banks offering interest ranked higher on our list.
• Minimum for APY (5%): Many banks that offer interest checking accounts have minimum deposit requirements. Those with fewer requirements scored better.
• Mobile app rating (10%): As so many customers rely on online and mobile banking, ease of use and good customer ratings are important to consider.
• Cash-back opportunities (5%): Banks that offer cash-back and other rewards for their checking accounts and debit cards ranked higher on our list.
• Opening bonus (10%): If you’re in the market for a new checking account, getting a sign-on bonus is a nice perk. Banks with bonuses ranked higher on our list.
• Direct deposit amount to earn bonus (5%): Most banks offering bonuses require customers to jump through several hoops—those with lower deposit requirements scored higher.
• Overdraft fees (5%): No one wants to pay overdraft fees. Banks with no fees scored higher.
• Branch and ATM access (5%): As the main purpose of a checking account is having easy access to your money, banks with more (free) ATMS scored better.
• Customer service (5%): If you run into problems with your account, you want to be able to talk to a real person to find a solution. Banks offering phone customer service ranked higher, while those with email and chat options were also considered.