8 Best Online Checking Accounts of 2024
Online banks may provide features not seen at their local bank for customers searching for a new checking account.
These features for checking accounts might also be offered by physical banks, but they might have a catch: keeping a high minimum balance. In contrast, the minimum balance requirements for an online checking account are usually negligible or nonexistent.
These are the top online checking accounts, according to Bankrate.
Best Online Checking Accounts
| Bank/institution | NerdWallet rating | APY | Bonus | Monthly fee | Overdraft star rating | Learn more |
|---|---|---|---|---|---|---|
 SoFi Checking and Savings |
Best for Online Checking Accounts |
0.50%
With $0 min. balance for APY
|
$250
Earn up to $250 with direct deposit. Terms apply.
|
$0
|
5.0/5
|
LEARN MORE
at SoFi Bank, N.A., Member FDIC |
 Capital One 360 Checking |
Best for Online Checking Accounts |
0.10%
With $0 min. balance for APY
|
N/A |
$0
|
4.5/5
|
LEARN MORE
at Capital One, Member FDIC |
 Discover Cashback Debit |
5.0 /5 Best for Online Checking Accounts |
N/A |
N/A |
$0
|
4.5/5
|
LEARN MORE
at Discover Bank, Member FDIC |
 Axos Bank® Rewards Checking |
5.0 /5 Best for Online Checking Accounts |
3.30%
With $0 min. balance for APY
|
$300
Earn $300 with direct deposit. Terms apply.
|
$0
|
4.5/5
|
LEARN MORE
at Axos Bank®, Member FDIC |
 LendingClub Rewards Checking |
5.0 /5 Best for Online Checking Accounts |
0.10%
With $2,500 min. balance for APY
|
N/A |
$0
|
4.0/5
|
READ REVIEW
|
 nbkc bank Everything Account |
5.0 /5 Best for Online Checking Accounts |
1.75%
With $0 min. balance for APY
|
N/A |
$0
|
4.0/5
|
READ REVIEW
|
 Quontic High Interest Checking |
4.5 /5 Best for Online Checking Accounts |
1.10%
With $0.01 min. balance for APY
|
N/A |
$0
|
4.0/5
|
READ REVIEW
|
 American Express Rewards Checking |
5.0 /5 Best for Online Checking Accounts |
Bankrate’s picks for best online checking accounts
- Ally Bank: Best online checking account overall
- Discover Bank: Best online checking for cash back and no fees
- Chime: Best online checking for beginners
- Charles Schwab: Best online checking for travelers
- Navy Federal Credit Union: Best online checking for teens
- LendingClub Bank: Best online checking for cash back
- Quontic Bank: Best online cash-back checking/savings combo
A closer look at the best online checking accounts
Ally Bank: Best online checking account overall
The Interest Checking Account from Ally Bank includes a high rating app, free standard and official checks, and free domestic and international wire transfers—features that most banks charge for. It also generates a little amount of interest. Customers that use Interest Checking have access to over 43,000 Allpoint ATMs. In the event that you are unable to use one of those ATMs, Ally Bank will repay up to $10 in fees for using an ATM outside of its network each statement cycle. Additionally, Ally Bank offers a toll-free number that is open 24/7 and online chat support for customers.
What to watch:
In order to receive the highest annual percentage yield (APY), you must have at least $15,000. Money market accounts or high-yield savings accounts are good options for savers seeking a higher interest on their investments, particularly if the funds are designated for savings.
Discover Bank: Best online checking for cash back and no fees
In addition to earning 1 percent cash back on debit card purchases up to $3,000 each month, the Discover Bank Cashback Debit account is a great option for those who don’t want to worry about monthly maintenance fees or insufficient funds fees.
Account holders can access 60,000 U.S. locations without paying a premium. ATMs connected to the Allpoint and MoneyPass networks. Clients with direct deposit enabled can get their paychecks up to two days ahead of schedule.
What to watch:
Unlike some other banks’ rewards checking accounts, which generate interest, the Cashback Debit account does not.
Chime: Best online checking for beginners
For inexperienced bank customers, Chime’s main selling point is that there are no overdraft fees. Chime checking account holders are permitted to overdraw their accounts up to $20 initially, with the possibility of up to $200 over time, based on transaction history. A $200 monthly qualifying direct deposit or more is needed for the service.
Charles Schwab: Best online checking for travelers
The High Yield Investor Checking account from Charles Schwab Bank reimburses ATM fees anywhere in the world indefinitely. The account has no minimum balance requirements and no monthly fees. Additionally, Schwab doesn’t impose a foreign transaction fee on transactions made from overseas. Additionally, a small amount of interest will be earned on your balance.
What to watch:
Opening a Schwab One brokerage account is a prerequisite for opening a Schwab High Yield Investor Checking account.
Navy Federal Credit Union: Best online checking for teens
Members of Navy Federal Credit Union who are enrolled full-time have access to a free checking account called the Campus Checking, which they can use throughout high school and college. Members between the ages of 14 and 24 can open this account with no monthly service fees and no minimum balance requirements. Students can access any ATM for free (as long as it doesn’t exceed the reimbursement amount) because ATM fees of up to $10 per month are repaid each statement cycle. There is some interest earned on the Free Campus Checking account as well.
What to watch:
To obtain this account, you must be eligible for membership in the Navy Federal Credit Union. All Active Duty members of the Department of Defense and the Coast Guard, as well as civilians, contract workers, veterans, and their families, are eligible to join. Although the account earns interest, a savings account can still give a higher yield. It’s not hard to find checking accounts elsewhere that offer attractive annual percentage rates and no minimum balance requirements—they just might not be referred to as student savings accounts.
LendingClub Bank: Best online checking for cash back
With no monthly fees, you can earn 1% cash back on regular purchases with LendingClub Bank’s Rewards checking account. The account also earns a little bit of interest and enables access to thousands of free ATMs across the globe. All it takes to open the account is $25. With this account, you can also receive your direct deposit up to two days early.
What to watch:
To guarantee your eligibility for the 1 percent cash-back program, you can either maintain an average balance of at least $2,500 or have at least $2,500 in direct deposits delivered to your account each month.
Even though this checking account pays interest, the top-tier APY can only be obtained with a minimum balance of $100,000. Furthermore, to earn any interest, $2,500 is needed.
Quontic Bank: Best online cash-back checking/savings combo
You can earn one percent cash back on eligible debit card purchases with the Quontic Bank Cash Rewards Checking account. The reward is credited to your account at the beginning of each new statement cycle.
Quontic’s High Yield Savings offers a competitive annual percentage yield (APY) of 4.5 percent for savings.
Both accounts have a $100 minimum opening deposit requirements, but neither has a monthly cost.
What to watch:
There are other banks out there with smaller initial deposit requirements.
https://www.youtube.com/watch?v=W6zaa1Z1oT8
How to choose the best online bank
Like with any purchase, you may choose the finest online bank by doing your homework and comparing them. A few things to think about are:
- Does the account come with a debit or ATM card?
- Does the account come with free checks or is there a fee for checks?
- Does the bank have branches or is it an online-only bank?
- Does the debit card earn rewards or cash back?
- Is the app or website easy to use and reliable?
- How can you transfer money to other accounts or people?
Be mindful of any fees as well. The average monthly service charge for interest-bearing accounts is $15.33, while the average monthly price for non-interest checking accounts is $5.31, according to Bankrate’s 2023 report on checking account and ATM fees. Finding an online bank without a minimum balance requirement or maintenance fee can be a wise decision if you want to save money on fees, which can be expensive. Certain accounts at physical banks can need direct deposit in order to avoid a monthly maintenance charge.
The pros of online checking accounts
24/7 access.
You may safely access your account at any time with internet banking.
Fewer fees.
Because internet providers have smaller overhead than traditional banks, online checking accounts typically have lower costs.
User-friendly technology.
For all your banking needs, including paying bills and depositing checks, online providers usually feature attractive websites and mobile apps.
The cons of online checking accounts
No in-person customer service.
Since most online institutions don’t have physical locations, this could be a deal breaker for clients who want in-person support.
Cash deposits can sometimes be difficult.
While some online banks and nonbanks only accept direct deposits, mobile check deposits, or electronic transfers from other banking accounts, others enable cash deposits made through ATM networks.
How do I deposit cash with an online checking account?
Using an ATM that accepts deposits or depositing cash in a traditional bank account and then transferring that money to your online account are the standard ways to deposit cash at an online provider. Alternatively, you might turn the cash into a money order, which you could be able to electronically deposit through the mobile app of your online provider.
Methodology for Bankrate’s Best Checking Accounts
Advertisers do not directly pay the editorial staff at Bankrate, and all of our material is fact-checked for accuracy. More than 100 publicly accessible financial organizations, including some of the largest banks and credit unions, as well as several well-known online banks, were examined by our editorial and research teams.
The editorial staff at Bankrate examined a number of variables, including fees, minimum balance restrictions, and the annual percentage yield (APY) given, in order to determine which checking accounts were the best. The National Credit Union Share Insurance Fund (NCUSIF) at credit unions administered by the National Credit Union Administration (NCUA) or the Federal Deposit Insurance Corp. (FDIC) at banks guarantee all of the above checking accounts (often through partner banks).
When selecting a checking account, there are a few key factors to take into account: ATM costs, monthly service charges, and account minimums. Finding a checking account with low minimum balance requirements and no fees is simple. They are available from various online banks and suit a lot of customers.
Selecting a federally backed bank or credit union will guarantee the security of your funds. Make sure you abide by the NCUA and FDIC requirements and limits.
The editorial staff at Bankrate selected the standards, created a score system, and utilized their expertise in banking and financial services to identify the most appropriate methods of rating the top checking accounts.
Banks we monitor
The following banking institutions are included in our study on CD rates:
Alliant Credit Union, Ally Bank, Amerant Bank, America First Credit Union, American Express National Bank, Axos Bank, Bank5 Connect, Bank of America, Barclays, Bask Bank, BB&T, BECU (Boeing Employees Credit Union), Bethpage Federal Credit Union, BMO Harris Bank, Bread Financial (formerly Comenity Direct), BrioDirect, Capital One Bank, Chase Bank, CIBC USA, CIT Bank, Citibank, Citizens, Citizens Bank (Rhode Island), Comerica Bank, Customers Bank, Delta Community Credit Union, Discover Bank, Emigrant Direct, EverBank (formerly TIAA Bank), Fifth Third Bank, First Citizens Bank, First Internet Bank, First Technology Federal Credit Union, FNBO Direct, Golden 1 Credit Union, Marcus by Goldman Sachs, Morgan Stanley Private Bank, Huntington National Bank, KeyBank, Limelight Bank, Live Oak Bank, M&T Bank, MySavingsDirect, Navy Federal Credit Union, NBKC Bank, PenFed Credit Union, PNC Bank, Popular Direct, PurePoint Financial, Quontic Bank, Randolph-Brooks Federal Credit Union, Regions Bank, Salem Five Direct, Sallie Mae Bank, Santander Bank, SchoolsFirst Federal Credit Union, Security Service Federal Credit Union, State Employees’ Credit Union, Suncoast Credit Union, Synchrony Bank, TD Bank, Truist Bank, UFB Direct, U.S. Bank, USAA Bank, Vio Bank, VyStar Credit Union, Wells Fargo and Zions Bank.
TheMOneyMAn