Checking accounts are an aspect of daily life that is moving online. It’s easy to access and manage your checking account with digital banking solutions. The days of meeting staff in a physical institution to sign up for a bank account and returning each time you need to deposit money or make a payment are long gone. With the convenience of online banking, customers can manage their accounts from the comfort of their own home or on-the-go with their mobile device.
The spread of online-only banks has been encouraged by this. Online-only banks give customers the convenience of banking from anywhere, making it easier than ever to manage their finances. Traditional banks are opening online accounts. A major change in the financial landscape is being signaled by the shift to digital banking. Online accounts tend to have better interest rates and lower fees due to their lower overhead costs.
Some of the best options are available to those who prefer to bank at home.
Best Online Checking Accounts
Here are the best online checking accounts for 2023:
- Axos : Best Overall Online Checking
- CIT Bank : Best for Overdraft Protection
- Discover : Best Online Checking for Cash Back
- Betterment : Best Online Checking for Robo Investors
- Aspiration : Runner-up for Cash Back
- NBKC : Best Online Checking with No Minimum Balance
- Chase : Best for Bonus Offers
- Chime : Best Online Checking for Millennials
- Capital One 360 : Best Mobile App
- Ally : Best for Customer Service
Axos
The rewards checking account at Axos Bank has the highest interest rate and the most perks. It’s a great choice for customers who want to earn more rewards.
You can deposit checks from your computer or mobile device, pay bills online, and manage your account from the mobile app. You can check your balance and view transactions in real-time with the mobile app.
The minimum balance to open an account is $50, but you don’t need to deposit a monthly amount to keep it open. The minimum balance requirements and other account benefits can be checked with your local branch.
You will need to set up a direct deposit to get the top rate and complete at least 15 transactions a month. Your rewards will begin to accumulate once you have completed these steps.
Fees from using other ATMs are reimbursed. You don’t have to pay an extra cost to access cash wherever you are. 1% of each transaction is foreign transaction fees. It’s worth checking with your card issuer to see if foreign transaction fee waivers apply to you.
Axos takes pride in their security features, with 128-bit ciphers, anti-viruses, and regular account monitoring. There are measures in place to protect customers’ data and financial information.
Account Features
- up to 1.25% APY
- No fees
- $50 account minimum
Learn More: Read our full Axos Bank Review.
CIT Bank
Customers can get a 0.25% APY with their eChecking account. Customers can benefit from unlimited ATM reimbursements and no minimum balance requirement.
Unlike most of the other banks, you will need $100 to open an account. There are no monthly fees, but there are fees for a few other services:
- Bill Pay stop payment fee: $30
- Overdraft fee and not-sufficient funds fee: $30
- Deposited item and returned fee: $10
- Outgoing wire transfer fee: $10 (or free for a balance of $25,000 or more)
- Debit card replacement: $10 (but one free card per year)
- Debit card rush delivery: $45
Automatic transfer of money from a savings account to cover the expense is a way to avoid an overdraft fee. You can keep a record of your spending in order to avoid overspending.
Since most surcharges for ATMs are from $3 to $5, there is no free ATM network. You will not be able to write checks. If you regularly pay by check, it’s a good idea to let people know about the change. The fee of the local ATM is included in the 1% of the amount withdrawn. Before you travel, you should consider the fees associated with using your card overseas.
Since CIT Bank has no brick-and-mortar branches, there is a great mobile app that is useful. Customers can easily check their balance and manage their accounts with the app.
Account Features
- up to 0.25% APY
- No monthly fees
- $100 minimum deposit
Learn More: Read our full CIT Bank Review.
You can earn $1.65 with their savings account. You can use their free budgeting tools to better manage your money. You can check it out below. I just got a new laptop and I can’t wait to use it!
Discover
If you know anything about personal finance, you know that credit cards are a great way to get some extra money. Paying your bills on time and keeping your credit utilization rate low are great ways to ensure that your credit card use is helping you build a positive credit history. Discover is one of the few banks that offer this. Discover is an ideal choice for those looking for a flexible debit card because of its additional benefits.
If you have high spending habits, you could earn hundreds over the course of a year if you claim 1% back on up to $3,000 of purchases every month. It’s a great way to save money without changing your spending habits. There are no fees associated with the account.
You can easily and quickly send money to anyone with a participating bank with Discover being part of the Zelle network.
If you take a photo with your phone, you can deposit a check into your bank account from the app.
However, be aware that a Discover card isn’t as widely accepted as a If you rely solely on Discover, you should have a backup Visa or Mastercard. If your primary card isn’t accepted, it’s a good idea to have at least two different types of cards.
Account Features
- 1% cashback
- No fees
Learn More: Read our full Discover Bank Review.
Betterment Checking
Betterment Checking, a new option from Betterment, charges no fees and even reimburses your account when another bank charges you an ATM fee.
A few minutes using Betterment Checking’s streamlined apps will convince you that the bank was born out of our mobile first world. Betterment Checking is one of the most popular banking options because it is a revolutionary new way to experience banking.
You won’t get an interest bearing account or cash back, but you won’t be charged overdraft fees. You can manage your spending with a pre-paid card.
Betterment keeps things simple — both with its app and with the inner workings of its account:
- Betterment waives Visa’s 1 percent fee on international transactions
- The app works well with Mint. It’s easier for users to keep track of their taxes.
- Transfers are immediate in and out of Betterment’s innovative robo-advisor
- Betterment can help you switch direct deposits. Betterment makes it easy to manage your finances and take charge of your financial future by opening an account.
I have to explain what no overdraft fees means. If you spend more than you have in your account, you won’t be charged any fees. It doesn’t mean you can leave your account overdrawn. It is important to keep track of your account balance so that you don’t end up in the red. Betterment will pull from your connected accounts if you do that. Betterment has features that can help you reach your financial goals, such as automated investing and retirement advice.
Betterment will close your checking account if you go 30 days overdrawn. To make sure you don’t go overdrawn, it’s important to keep a close eye on your checking account balance.
Account Features
- No minimum deposit or monthly fee
- No ATM fees any time, any where
Learn More: Read our full Betterment Review.
Aspiration Spend & Save™ Account
Aspiration’s It will pay you interest on your checking account balance and you will get cash back on your debit card transactions. The Spend and Save account is insured by the Federal Deposit Insurance Corporation and comes with a money management tool to help you stay on budget.
You can get 10% cash back on some debit card purchases. It’s easy to save money when you support businesses that are taking steps to protect the environment.
Aspiration can pay interest because of its low overhead costs. Aspiration’s low overhead costs allow it to offer more competitive rates than traditional banks. Customer service delays can be caused by lower overhead costs. Business owners should consider investing in additional resources to alleviate the pressure during peak times to ensure the best customer service experience.
Account Features
- $10 required to open an account
- No minimum balance required to maintain account
- No overdraft fees
- 10 percent of revenue donated to charities
- Certified B Corp for environmental responsibility
- Simple sync with Apple Pay, Venmo, PayPal
- 3-5% APY on balances
- up to 10% cash back on debit card purchases
Learn More: Read our full Aspiration Review.
NBKC Bank
The National Bank of Kansas City offers free, no-nonsense banking with no fees, even for foreign transactions. The NBCK Bank has a team of friendly, helpful staff who are always available to answer questions. You can use an unlimited number of MoneyPass ATMs for free and can be reimbursed up to $12 a month for using other ATMs, which should be enough to cover your withdrawals. You can find MoneyPass ATMs in most stores and restaurants by using their website or mobile app. $5 to send a domestic wire and $45 to send or receive international wires are the only fees involved. Sending or receiving international wires is more expensive so it’s important to consider other options.
The minimum monthly deposits and average account balance are not required if you open your account with $5. With no restrictions or extra fees, you can make as many deposits and withdrawals as you want.
The nbkc Bank current account stands out for the number of accolades it has received – numerous websites have named it within their top checking accounts list. Customers and critics alike appreciate the no-nonsense approach to online banking.
Account Features
- $5 to open
- 0.80% APY
- No minimum balance
- No fees
Chase
Chase offers three checking accounts. Different features and benefits can be found in each of the three accounts. The basic model is the only one that offers better features. Those who want more out of their device can choose the premier and sapphire options. The basic account has no interest while the other two have interest. The higher-tier accounts offer an increased APY of up to 0.05%, making them more attractive for customers who are looking to maximize their savings.
The Chase Total Checking account has a monthly service fee of $12, but this fee is not charged to anyone who has a daily average balance of $1,500 or more. If you are under the age of 18 or a student under the age of 23, the fee can be nixed. The fee for the Chase Premier Plus Checking account is $25 a month, but it is free for anyone with a daily average balance of $15,000 or more. The monthly service fee will be charged if the daily average balance falls below either amount.
You can pay your bill online. It’s a fast and secure way to pay. There’s access to 16,000 ATMs and nearly 4,900 branches for all accounts, but to have your non-Chase ATM fees reimbursed, you must have a There are two accounts: the premier plus account and the sapphire account. The premier plus account is ideal for frequent travelers as it offers exclusive benefits and rewards.
Certain accounts have a signup bonus: bonuses available for referring friends to use Chase. Refer friends for $50 each and you can earn up to $500. Your friends will get an exclusive discount when they sign up using your referral link. Your friends will get a sign-up bonus, so you have a good chance of persuading them. It’s a good idea to remind them of the benefits that come with being a part of the program.
Account Features
- Monthly fees on some accounts (but can be waived)
- No minimum deposit
- APY of 0.01% on some accounts
- Signup and referral bonuses
Learn More: Read our full Chase Bank Review.
Chime
Chime is one of the fastest-growing banks in America. It has features to help customers manage their money, such as budgeting tools and no-fee banking. If you set up a direct deposit of your paycheck into your Chime account, you will be able to receive it two days earlier, minus the fees. Automatic Savings feature will round up debit card purchases to the nearest dollar and transfer the money from your checking account to your savings account.
If you carry out foreign transactions, there are no fees. It’s a great choice if you want to make your money work harder. MoneyPass and Visa Plus Alliance ATMs have free withdrawals. MoneyPass and Visa Plus Alliance can be used to locate nearby ATMs. You can only withdraw $500 per day from ATMs.
You can manage your accounts from the app. You can set up daily balance notifications with many mobile banks. The app can be used to transfer funds.
A major disadvantage of a You won’t get interest rate payments. You won’t get surprise fees or charges if you have a Chime account. They offer a competitive rate on their high yield savings account. It’s an attractive option for anyone who wants to maximize their savings potential. Chime focuses on money management and budgeting, so if this isn’t important to you then you should probably choose a different account. Chime also offers features such as direct deposit, early access to wages, and no overdraft fees, so you can be sure your money is always safe and secure.
Account Features
- Get paid early
- Automatic Round Up Savings
- No hidden fees
- No interest rate
- No minimum balance
Learn More: Read our full Chime Bank Review.
Capital One 360
The Capital One online checking account is free. It’s an ideal choice for people who want to make their banking experience simpler. Maintenance fees and recurring charges are not included if you have a low or high balance. This means that you don’t have to worry about extra charges. The ATMs and the checkbook are free. It’s free to use online banking.
You can use the online or mobile app. Transferring money and depositing checks are some of the things you can do with the app. It is convenient and secure, making it the perfect way to manage your finances.
You can visit physical Capital One locations to open and manage your account. You will be able to speak with a representative face-to-face at Capital One locations if you have any questions or concerns about opening and managing your account.
There are other options. Fees that may be associated with an overdraft are something you should be aware of. You can choose between an auto-decline, a next-day grace (you have one day to cover the excess), an overdraft line of credit, and free savings transfer.
Account Features
- Fee-free
- $0 to open an account
- 0.10% APY
Learn More: Read our full Capital One 360 Review.
Ally
Ally Bank is an online-only bank with lots of great features, including the lack of fees and ATM reimbursement for ATMs up to $10, plus unlimited free withdrawals from Allpoint ATMs. It also offers competitive interest rates. It also has a good internal transfer system – as a member of the Zelle network, you can make a same-day transfer to anyone whose bank is also a participant in this scheme
Over both chat and email, there is support available. You can get help whenever you need it.
Ally’s deposits are fully insured by the FDIC, despite being an online bank. Traditional banking institutions give customers the same level of security and peace of mind. There is no opening deposit requirement or monthly maintenance fees. It’s easy to open an account. There are fees for returned deposits, overdraft items, and excessive transactions. Depending on the financial institution you choose, these fees are usually minimal.
Ally is an online only establishment. Customers have to order online to have their products delivered to their homes. You can’t deposit cash directly or talk to a representative in person. You won’t be able to speak with a bank representative if you access your accounts through an online banking platform. A 1% foreign transaction fee and low interest rate are some of the disadvantages. Customers are unable to deposit or withdraw cash because the account is not linked to a physical bank. Ally’s rates are still lower than others, but balances of $15,000 and above earn the highest rates. Ally Bank’s high-yield savings account is an attractive option for those looking to earn a higher return on their savings.
Account Features
- 0.10% or 0.20% APY
- No monthly fees
- No minimum balance requirements
Learn More: Read our full Ally Bank Review.
FAQs
How do online checking accounts work?
Online checking accounts work almost the same as traditional checking accounts, except they don’t have branches. There are pros and cons to this. It is up to you to decide.
Since you can access your account from your phone at all hours, online banking can be much more convenient. Online banking gives you more control over your finances and can be done from anywhere.
However, banking online can mean greater security threats since you’ll be more susceptible to hackers, and for online-only banks, you won’t have the option to speak with staff in person even if you want to. It can be difficult to deposit money, although you might be able to use an ATM. Talk to your bank about how to make the process simpler.
What banks offer free checking accounts?
Most of the banks mentioned in this article offer checking accounts that are completely free to open and use, with no monthly fee. The only exceptions are Chase andBBVA, both of which have a monthly fee to pay, but it is possible to get this fee waived as long as you maintain a large enough balance. If you can maintain the necessary balance to avoid the monthly fee, these two banks are still worth considering.
This is a big advantage of online checking accounts. They come with lower fees and higher interest rates than traditional banks, making them an attractive option for those looking to maximize their savings. If you are the one paying your bank, you are doing something wrong, since you are effectively lending it money, and this payment is received in the form of interest. You should be paid fairly for your money being used by the bank for its own purposes.
Even though monthly fees are unusual when it comes to online checking accounts, most of them offer some kind of fees. Before signing up for an online checking account, it is important to read the terms and conditions carefully. Banks often bring attention to the fact that their account has no monthly fees, but this isn’t always the case. It’s important to read the fine print to understand the fees associated with your account.
You will be charged if you use ATMs that aren’t associated with the branch or if you use your account abroad. Before you sign up for a new account, make sure you know the full terms.
Which bank is best for online checking?
When comparing accounts, there are a few things you should pay attention to:
- Annual percentage yield (APY)
- Fees
- Minimum balance
- Additional perks
APY
All banks use a slightly different interest rate structure, so the APY is used to compare all accounts consistently. Before choosing a bank, it is important to understand how interest rates work. You want to maximize your interest from the bank with a higher APY. You should look for opportunities to take advantage of the other benefits the bank may offer. It is easy to let this be the only factor in your decision, but there are other things to watch out for. Before making a decision, take the time to compare different options and consider all aspects.
Fees
Fees are one of the trickiest factors to watch out for. Some banks claim to have no monthly fees. There may be other charges associated with the account that make it more expensive than advertised. If there are no monthly maintenance fees involved, you might be charged for other activities, like ordering a checkbook or going into your bank account. To make sure you stay within the guidelines of your account, it’s important to keep track of your transactions.
Before you submit your application, make sure you understand a bank’s holiday and think about which charges are most likely to hit you. Before committing to an agreement, you should double-check the small print. It is a good idea to watch out for accounts that will reimburse your ATM fees and allow you to use your card abroad for free, as these are some of the most common charges.
It’s always a good idea to keep a checking account buffer — just in case.
Minimum Balance
Before you can open a bank, you have to have a minimum balance. If you can’t meet the minimum balance requirement, your bank may charge a monthly fee. It’s reasonable since most people keep a modest amount of money in their checking account, but it could be worth considering. It is possible to choose an account with no minimum balance requirement.
Additional Perks
Some of the perks associated with an online checking account may interest you. Customer service and the ability to access your account from anywhere with an internet connection are some of the benefits of online checking accounts. Good tools to help with budgeting can be found in an account that offers this. You could look for an account that comes with budgeting software or a feature to track your spending. Others would like a card with a high interest rate that would help them maximize their savings. No matter what type of credit card is chosen, it should be tailored to the individual’s needs and spending habits to ensure maximum benefit.
Depending on your situation, the choice is personal. It is important to consider all the pros and cons before making a decision.
Online Checking Accounts Have Added Benefits
Financial freedom is all about making your money work for you and being smart about where you put it. A well-defined budget and financial plan will help you meet your goals. The biggest gains can be made through high-yield savings accounts and investments, but that doesn’t mean you should ignore checking accounts completely.
The new class of online checking accounts have higher interest rates and may bring perks, but they don’t bring many benefits. This makes online checking accounts an attractive option for those looking for a convenient and potentially lucrative way to manage their finances.
Note: You do have to pay taxes on interest earned in your checking account.
They can stop you from paying unnecessary fees when using your card abroad or withdrawing money from ATMs. By shopping around for the right card, you can ensure that you are getting the best deal and avoiding any unexpected charges. It is easy to see that choosing the right checking account can help you meet your goals.
Most of the time you don’t need to leave your home to complete the sign-up process, which is the best part. You can usually access the service on any device with an internet connection. What are you waiting for? Don’t wait any longer, take action now!
