There are no monthly fees or account minimums, and you earn 0.03% APY on your checking account balance. For most Americans, their checking account is at the core of how they manage their money on a daily basis. These include white papers, government data, original reporting, and interviews with industry experts. We want security, convenience, and simplicity. For example, you don’t need to use your debit card numerous times per month or limit certain withdrawals to six per month. Fees and Requirements to Avoid. You can discover how to get these top offers in the sections below. For accounts used for basic operations, such as a business checking account, interest is probably not a big concern. Get free access to Grant's best tips along with exclusive videos, never-released podcast episodes, wealth-building how-to's, time-saving calculators, mind-blowing courses, and way more. This site does not include all financial companies or financial offers. CIT Bank is an online-only bank that offers good rates with no monthly service fees – and with that alone, it definitely ticks a lot of the boxes for millennials. 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. "Mobile Solutions." If you’re spending too much time contesting fees or reading the fine print of your bank account’s terms and conditions, you’re losing freedom. 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. The Balance uses cookies to provide you with a great user experience. One of the most common forms of banking, checking accounts let you withdraw cash from ATMs, deposit checks, set up automated payments, send funds through third-party apps, and even make online purchases without a credit card. You can find higher interest rates at other online-only banks, but it’s harder to beat Ally’s convenience. We want guidance but also freedom. Discover Bank has solid savings rates. Keep that number secret because it helps prevent unauthorized users from accessing your account. With more than 13,000 ATMs and 5,200 branches across the U.S., the bank is both reputable and accessible. Chime encourages saving money by rounding up checking transactions and depositing the difference in savings. Its upsides include a solid yield on all balances, a low minimum opening deposit requirement, and no ongoing monthly balance requirement. "Enjoy High-Interest Checking With No Account Fees." The account has no monthly fees, and unlike some accounts that pay relatively high interest, nbkc Bank does not set significant restrictions. If you’re looking into certificates of deposit, though, CapitalOne can outperform most other banks. Monthly fees are particularly problematic because they’re easy to avoid, and they slowly drain your account. Our final pick for best high-interest checking accounts is Bank5 Connect. Ally can deliver great savings rates, low fees, and a broad variety of account options. Accessed Nov. 5, 2020. Withdrawing money from the Interest Checking Account is as easy as swiping your Ally debit … Betterment: Best for ATM Fee Reimbursement. Huntington Bank has a growing presence in the Midwest, especially among younger customers looking for higher interest on savings. As a traditional bank, PNC has branded ATMs and branches throughout its East Coast market. Thank you so much for sharing! SmartAsset set out to find the top checking accounts on the market, taking into account their fee schedules, online and mobile features, … I’ve been excited about this for a while. If you’re considering another bank or credit union, make sure it’s an FDIC member. Wells Fargo: Best Checking Account Why we like it: Founded in 1852, Wells Fargo has a longstanding history as one of America’s top banks. Eric Estevez is financial professional for a large multinational corporation. Endorsement: To deposit funds, you may need to sign the back of checks and other payments you receive. Naturally, Radius Bank has a robust online platform for its customers: mobile deposits, on-app transfers. 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. I like online banks because they can pay higher-than-average interest rates on your savings and sometimes even on your checking. There’s no need to pay a maintenance fee for your checking account. The Balance requires writers to use primary sources to support their work. Ally Bank sets a high standard for online banks. I love everything you post but this one in particular stuck out to me. Discover. Speaking of ATMs, Radius Bank will reimburse you for all ATM fees charged by other banks — very unusual. However, if you’re maintaining any savings on behalf of your organization, a good interest rate can make all the difference. But within that region, you’ll have access to about 1,800 ATMs, and you’ll have a checking account without hefty fees or unreasonable overdraft policies. We also reference original research from other reputable publishers where appropriate. PNC Bank is a large East Coast institution with a traditional approach to banking. "Chase Checking Accounts." Though it does have the convenience of an online bank, PNC Bank does not compete with online-only banks’ high-yield savings rates. The Cash Account pays 0.35% APY on your balance, and you can have up to $1 million dollars covered by FDIC insurance—in a single account. 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. PIN: Your personal identification number (PIN) is a numeric code that helps to protect your account. Learn More: Read our Discover Bank Review. Overdraft: When your bank allows you to spend more money than you have in your account, you become overdrawn. Consumer Financial Protection Bureau. You won’t find a Huntington Bank branch outside of its eight-state territory (Ohio, Pennsylvania, West Virginia, Illinois, Wisconsin, Indiana, Kentucky, and Michigan). U.S. Bank: A bonus of $100, $200 or $400 for new checking accounts with at least two recurring direct deposits that total minimums of, respectively, … 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. Chase. 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. Betterment, the innovative robo-advisor, has now officially launched Betterment Checking. You can use that card like a credit card for in-person purchases or with online merchants. You’ll get: I recommend Radius Bank because of its interest checking. PNC Bank: Best for Managing Finances. They also typically offer other free … Not only does this bank offer some of the most popular business credit cards available today, but they provide dynamic business banking products and one of the best online platforms you can find. Capital One. Discover Bank’s Cashback Debit account is a free online checking account with rewards. Still, if you don’t anticipate needing to call for help very often, Aspiration will be worth a close look. Accessed Nov. 5, 2020. Additional Disclosures: Millennial Money has partnered with CardRatings and creditcards.com for our coverage of credit card products. Like Simple, Chime does not charge overdrafts. Earn 1% cash back on up to $3,000 of qualifying debit card purchases each month, for total monthly rewards of up to $30. The best checking accounts I found each offer a good mobile setup, FDIC insurance and good customer service. The best online banks of 2021 feature competitive interest rates, low or no fees, convenient digital access, FDIC insurance and excellent customer service. Capital One. By Thomas (TJ) Porter Updated: Feb 02, 2021 This is several dollars higher than many other banks’ charges. That’s why the banks on this list offer the convenience of mobile and online banking and the freedom of avoiding fees. That’s why the banks on this list offer the convenience of mobile and online banking and the freedom of avoiding fees. 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. Wealthfront. Some even go above and beyond. With a Betterment Checking account, you can easily transfer funds to and from your investing account. 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. Chase for Business: Best Big Bank Business Checking Account. If you don’t meet those requirements, you won’t earn anything, but there are still no monthly fees. Ally Bank has many account options, most notably the Interest Checking Account. Overdraft charges and other fees can also add up to hundreds of dollars per year.. It offers customers free access to … Like all the banks on this list so far, CapitalOne’s interest rates exceed the national average. With those goals in mind, we’ve identified the best banks for your next checking account. Accessed Nov. 5, 2020. If you don’t live near a branch, that’s OK: You’ll still get one of the best online banking experiences out there, including customer service via chat or Twitter and nice budgeting tools. He has an MBA from the University of Colorado, and has worked for credit unions and large financial firms, in addition to writing about personal finance for nearly two decades. 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. Unlimited ATM fee rebates in the U.S. and abroad, Must open a linked brokerage account whether you want it or not. This site does not include all financial companies or financial offers. Parents or guardians can monitor the account with online access and account activity alerts. Insufficient funds: If you try to spend more than your available balance, you may have to pay an insufficient funds fee. If the money isn’t in your account, Chime will decline the transaction. In fact, the bank doesn’t allow overdrafts. "Rate and Fee Schedule (Including TIS Disclosure), and Account Disclosures."