There has been an evolution of checking account over the years and they’re no longer the regular debit cards and paper checks that people are used to. Now, if you’re not being provided with free ATM usage and checks, 24/7 access to your funds or an interest on your account balances, there are other ways to build your finances.
We’ve evaluated different kinds of banks, non-bank checking service providers and credit unions to help you find the ones that are offering the best services. From accessibility and fees to APYs and other benefits, here’s what we found out. Check out our ranking methodology.
Best Overall
The following accounts are the best option for storing money meant for daily use because of the short-term high-interest yields, numerous ATM locations and low fees.
1. Chime Spending Account
The Chime Spending Account is not only insured by the FDIC, it also comprises of a great lineup feature which cannot be found in the ever-evolving online banking age. The no minimum balance, no-fee account enables you to get admittance to their Round Ups feature: which is the fastest method to contribute to the company’s connected online savings account that’s high-yielding. Thanks to the paycheck deposit program, you can receive payment at least 2 days early.
2. Consumers Credit Union High-Interest Checking Account
Consumers Credit Union tried providing the wall approach to checking accounts but it wasn’t eventful. However, they take the cake when it comes to their high-interest yield on account balances. They a 4.09% APY for balances of 10,000 or more, plus their checking accounts have better rates compared to any other cash account available out there,
3. Axos Bank Rewards Checking
Axos also has high interest checking account and it provides a 1.25% APY on account balances to people who uphold their monthly requirement of not less than 1,000 in all deposits made (this can only be achieved by making direct deposit automated paychecks)
Honorable Mentions
The following to-tier banks provide customers with comparable benefits, features and similar low-fee structures like most of their elite counterparts.
4. Alllant Credit Union High-Rate Checking
Even with a $0 minimum balance and no monthly charges, you’ll be earning a 0.25% on all available balance. The ATM reimbursements of at least $20 every month.
5. CIT Bank eChecking
The eChecking option (no monthly charges) from CIT Bank is almost free, and you’ll get monthly reimbursements of up to $30 in ATM charges as well as high interest rates for balances of more than $25,000 (or 0.25%). You’ll also get a APY of 0.01% if your balance is less than $25,000 and can open an account with a minimum of $100. (Learn More)
6. Capital One
This is a great checking account that comes with all the benefits and discounts including no ATM fees, mobile app that can be operated with ease, early paycheck deposit program and overdraft protection. (Learn More)
7. nbkc bank Everything Account
Opening an account with nbkc means that you’ll be getting holistic approach to banking since it has some of the best features in the banking industry. Bill autopay, no fee ATMs, goal/bucket-oriented saving options, mobile banking and account balances earn a 0.15% interest are some of the beneficial features you’ll receive. (Learn More)
8. Discover Bank Cashback Debit Checking
A pioneer in the online banking industry, offering 1% cashback on all purchases done with a debit card when you open an account with them. There are completely no chargers, they have a mobile banking platform which allows you to complete all your checking transaction with ease. (Learn More)
9. Schwab Bank High Yield Investor Checking Account
Are you looking for a big-name traditional bank that has a trusted and long history in the industry? You can’t go wrong with The Schwab High Yield Checking Account. Thanks to the bank’s ability to provide smooth transactions, you can transfer cash between your checking account and investment vehicles through a combined banking interface. There’s minimum balance or account fees and you get an APY of 0.03% on all balances in your checking account. (Learn More)
How Millionable Rates Checking Accounts
We evaluate checking account by looking for several important factors which help to determine where the account falls on our rating scale:
- Check cost
- Account balance requirements
- Annual percentage yield (also known as APY), where applicable
- Mobile app reviews
- Fees and whether a customer will incur them
- Customer service
Fees and APY play a major role when it comes to the rating we give to checking accounts because they affect your finances directly.
Advantages of a Checking Account
Everyone has their own unique personal finances and they can’t be identical to someone else’s, but everybody should make sure that they open a checking. The way we handle our daily finances is determined by our checking accounts.
Checking accounts is an account where money is deposited which are provided by credit unions and banks where we store the money we use for our day-to-day activities. They’re a more casual partner to a savings account, meaning that it holds money that’s meant for long-term use. Since savings accounts are compared with wine cellars, then checking accounts can be compared to a kitchen cabinet or refrigerator.
The FDIC (Federal Deposit Insurance Corporation) insures all deposit accounts with at least $250,000 in every bank, so that customers don’t risk losing the principal in their checking accounts. You can use an electronic funds transfer (EFT), check or debit card to pay for things through you checking account as well as access the funds when you need them.
Although checking accounts and savings account are separate, they both have their own set of rules and regulations but they are still insured by the Federal Deposit Insurance Corporation. You don’t need a savings account to be able to open a checking account but both accounts can be opened at once.
Fees to Watch Out For
Maintenance Fees: There are banks that charge monthly maintenance fees when the customer starts maintaining a specific balance threshold. The maintenance fees vary between $3 and $12 monthly but have the possibility of being waived if you maintain a minimum balance in your account. Before you open an account, make sure you confirm the required minimum maintenance balance.
A couple of banks don’t ask for a maintenance fees, so if you don’t want to be charged for having a low balance in your account, contemplate about switching banks.
Overdraft Fees: If you have a negative balance in your checking account, you’ll be charged fee until you manage to reinstate to a positive balance (i.e., depositing some money into your account). Overdraft fees are charged at about $34 and can sometimes be charger a couple of times a day.
Stop Payment Fees: If you discover a check that was issued to isn’t valid and you suspect that you were scammed or swindled, you can contact your bank and have them cancel the payment. The bank will charge a cancellation fee ranging from $15 to $35.
