Checking accounts provide a safe location to keep your money, which you can subsequently use to make purchases or pay bills. We’ve evaluated the best checking accounts on fees, minimums, APY, customer service, digital experience, and overall quality.
This checking account is great because you won't have to worry about paying monthly fees if your balance goes to $0.
Not only that, Axos Bank reimburses fees charged by domestics ATMs.
When opening an account, you only need to deposit $50 to open it but it can be removed without any issues and fees.
To get the high APY, up to 1.25%, you need to deposit $1000+ monthly and make 15 debit card transactions a month.
| Range | APY |
|---|---|
| $1 - $150,000 | 1.25% |
| $150,001+ | 0% |
This checking account pays a 0.10% APY on balances under $25,000 and offers $30 per month in reimbursements from out of network ATM fees and no fees for in network.
There is no monthly fees for the checking account, and you need to deposit $100 to open an account, which can be removed after with no monthly charges.
| Range | APY |
|---|---|
| $1 - $24,999.99 | 0.10% |
| $25,000+ | 0.25% |
Empower is a personal finance app that helps you to take control of your money. It allows you to track your spending, find savings in your budget and provides a flexible interest checking account. It has been recommended by Forbes, Time Magazine, and Apple as ‘Best Tech Apps to help you Save, Invest and Manage Finances,’ and ‘New Apps We Love.’
Empower’s checking account does not have minimum balance requirements or minimum first deposit. It offers an estimated APY of 0.20%, which is fairly competitive and comes with a Visa debit card, 24/7 notifications, and unlimited transfers. Also, Empower will float a cash advance of up to $250 when you need it with no interest, late fees, or credit checks.
There are no overdraft fees, insufficient funds fees, and it will reimburse up to three ATM fees per month, up to $10 each time. There is an $8 monthly fee, but access to the budgeting tools and Autosave features might be worth it.
| Range | APY |
|---|---|
| $1+ | 0.20% |
There are several factors to consider before opening a checking account. The first is to consider if a checking account suits you better than a savings account. To do this, see if you are looking to save money or need an account to make purchases.
The next thing to consider is the fees that banks charge for having a checking account. Different banks have different rates and different ways of charging for running a checking account. For example, some banks charge a standard monthly rate for each transaction, while others charge a fee for every check processed through your account.
It is also important for you to look past the promotions on offer by the banks. These promotions are often meant to entice customers but are usually only on for specific periods. Check out the bank’s general practices, conditions and limitations, because these will matter more when the promotions are over.
Finally, check out the other features that each bank offers for their checking account, like debit cards or ATM cards and online banking. This will help you decide which bank to choose.
A checking account has so many benefits, the obvious being that it allows you to keep your money safe. Keeping large amounts of cash at home poses a risk of loss from several factors, like robberies, floods, fires, or disasters. Banks have insurance that protects them against any loss.
Another benefit of using a checking account is that you have access to your money anywhere you are. With different options like an ATM card and online banking, besides the cheques issued by the banks, you have various options to access your money from anywhere and at any time.
A checking account also allows you to track your expenses and bill payments. In case of discrepancies in payments, you can easily keep track because every transaction done on your account registers on transaction ledgers, and you get statements. So you have a paper trail for every transaction you make as proof of transaction.
Also, a checking account does not have limits on transactions. While savings accounts limit withdrawals, transfers, or payments, there are no such limits with a checking account.
A checking account holder incurs some fees a month on the account. These fees vary in amount and types four different Banks. Here is a list of some common checking account fees.
There is no limit to the number of checking accounts you can have, and there are several reasons people have multiple checking accounts. However, unless you have a good reason, one checking account is good enough.
One reason you might consider opening multiple checking accounts is the FDIC insurance. This insurance only covers $250,000 per depositor for a bank. That means if you want to deposit an amount of money above this threshold, consider opening another checking account with another bank.
Email also consider opening another checking account if you wish to keep some transactions separate from others. Keeping separate accounts may qualify you for specific parts like loan discounts or higher interest rates on your deposits.
Each bank has unique features that they offer as part of their package for opening a checking account. Below is a list of what to consider as you choose the best checking account for you.
