5 Best Checking Accounts for This Year

webymoneycom
Mar 24
13 min read

Are you tired of dealing with high fees and limited features on your current checking account?

Look no further!

This blog post introduces this year's top 5 checking accounts, guaranteed to meet your financial needs and exceed your expectations.

Searching for the ideal checking account can be daunting. With many choices in the market, it's easy to feel overwhelmed and unsure about which is right for you. But fret not! We've done the legwork for you and handpicked the best of the best, providing you with a sense of relief and confidence in your financial decision.

Our team of experts has analyzed various checking accounts based on factors such as fees, interest rates, accessibility, and customer satisfaction. We comprehend that everyone has different financial goals and preferences, so we have curated a diverse list that caters to a broad range of requirements.

Whether you're a student looking for an account with no minimum balance requirement, a frequent traveler needing a checking account that offers free ATM withdrawals worldwide, or a retiree seeking a high-interest checking account, we've got you covered. These diverse checking accounts ensure everyone's financial needs are catered to, making you feel included and valued.

This blog post will examine each checking account in-depth, providing a comprehensive overview of its features, benefits, and potential drawbacks. By the end, you will have all the information you need to make an informed decision and choose the account that best suits your financial goals.

So, say goodbye to unnecessary fees, limited access, and subpar customer service. It's time to take control of your finances and find the perfect checking account that empowers you to reach your financial goals.

Let's dive into the exciting world of this year's five best checking accounts!

What is a Checking Account?

A checking account is a deposit account delivered by banks and credit unions. It is designed to provide easy access to your money for everyday transactions. It allows for numerous withdrawals and deposits, making it ideal for managing daily expenses such as paying bills, making purchases, and receiving direct deposits. Unlike savings accounts, checking accounts are intended for frequent transactions and don't limit the number of withdrawals.

One of the primary features of a checking account is the ability to access funds using checks and debit cards. Writing checks is a traditional way to make payments, though its use has declined with the rise of digital banking. Debit cards linked to checking accounts are more commonly used today, allowing you to withdraw cash from ATMs, purchase in stores, and perform online transactions. This versatility makes checking accounts a cornerstone of personal finance.

In addition to physical checks and debit cards, checking accounts typically offer online and mobile banking services. These digital tools enable you to manage your account from anywhere, anytime. Utilizing a mobile app, you can monitor your balance, transfer money between accounts, pay bills electronically, and even deposit checks. This convenience is a significant advantage in today’s fast-paced world.

While checking accounts are essential for managing day-to-day finances, they often come with fees. Remember these points: Monthly maintenance, overdraft, and ATM fees are potential charges for checking accounts. Some banks might waive these fees if you satisfy certain requirements, such as maintaining a minimum balance or setting up direct deposits. The interest rates for checking accounts are usually lower than those for savings accounts.

A checking account is a crucial financial tool for everyday money management needs. Its features and accessibility provide the flexibility to manage daily financial activities efficiently. With the added benefits of digital banking and potential overdraft protection, checking accounts help ensure you can quickly and securely manage your finances.

5 Best Checking Accounts for This Year

Choosing the best checking account depends on your specific financial needs, but here are five popular options that consistently rank well:

1. Chime® Checking Account

0%APY

$0 Minimum Deposit

Chime, a banking service provider, partners with traditional brick-and-mortar banks to offer a wide range of high-value services. With your funds FDIC insured up to $250,000, you can enjoy fee-free access to 65,000 ATMs nationwide. Eligible accounts also benefit from up to $200 in overdraft protection and convenient security controls for peace of mind. These features make the Chime® Checking Account a valuable choice for your financial needs.

Key Features:

The Chime® Checking Account offers a variety of features designed to provide convenience, security, and financial flexibility. Here are the key features:

No Monthly Fees: No monthly maintenance fees, minimum balance requirements, or overdraft fees exist.
Free ATM Access: Through the Allpoint®, MoneyPass®, and Visa Plus Alliance networks, you can enjoy fee-free access to over 65,000 ATMs nationwide.
SpotMe®: Eligible members can overdraw their account by up to $200 on debit card buys without incurring an overdraft fee. Eligibility is based on account activity and direct deposit history.
Early Direct Deposit: Set up direct deposit with Chime to receive your paycheck up to two days earlier.
Tax Refunds: Get tax refunds faster with direct deposit.
Chime Mobile App: Manage your account on the go with the highly-rated Chime mobile app, available on iOS and Android. Features include mobile check deposits, balance tracking, and transaction alerts.
Instant Transfers: Send money instantly to friends and family using Chime.
FDIC Insured: Deposits are FDIC insured up to $250,000 through Chime's partner banks.
Chime's security controls offer peace of mind. If your debit card is lost or stolen, you can instantly disable it through the app. Real-time transaction alerts inform you of all account activity, ensuring you are always aware of your financial transactions.
Automatic Savings: You can save money by rounding up debit card purchases to the closest dollar and transferring the difference to your Chime Savings Account.
No Foreign Transaction Fees: Use your Chime debit card internationally without paying foreign transaction fees.
24/7 Support: Access customer support anytime through the Chime app, website, or phone.

Chime’s Checking Account combines modern banking conveniences with no hidden fees, making it an adorable option for those seeking a straightforward and user-friendly banking experience.

Pros:

Get your paycheck up to two days in advance with direct deposit.
You can benefit from fee-free overdraft protection of up to $200 if you are an eligible member.
There are no hidden fees, providing transparent banking.
Access over 60,000 fee-free ATMs at convenient locations such as Walgreens, 7-Eleven, CVS, and more.
Automatically grow your savings.
Earn a 2.00%⁺ Annual Percentage Yield (APY) on an integrated high-yield savings account.

Cons:

There are no physical branch locations.
Limited options for account contributions outside of paycheck direct deposit or the Round Ups feature.

2. Axos Bank® Rewards Checking

3.30% APY*

$50 Minimum Deposit

Axos Bank® Rewards Checking is a type of checking account that offers various rewards and benefits to account holders. This account typically includes features such as earning interest on your balance, having no monthly maintenance fees, and providing access to a nationwide network of fee-free ATMs.

Key Features:

Critical aspects of the Axos Bank® Rewards Checking account often include:

Interest Earnings: Account holders can earn competitive interest rates, which could increase based on specific account activities or balances.
No Monthly Fees: No monthly maintenance fees make it a cost-effective option for managing your money.
ATM Access: Access to an extensive network of fee-free ATMs, ensuring convenient cash withdrawals without additional charges.
Online and Mobile Banking: Robust online and mobile banking platforms that enable you to efficiently manage your account, pay bills, and swiftly transfer funds from anywhere.
Security Features: Enhanced security measures, including fraud protection and FDIC insurance, ensure your funds are safe and secure.
Rewards Program: Opportunities to earn rewards or higher interest rates by meeting specific criteria, like direct deposits, maintaining a minimum balance, or using your debit card for a specified number of transactions.

Overall, the Axos Bank® Rewards Checking account is designed to offer a rewarding banking experience, focusing on convenience, cost savings, and earning potential.

Pros:

There are no monthly maintenance fees.
No overdraft or NSF fees.
There are no minimum monthly balance requirements.
Unlimited reimbursements for domestic ATM fees.
Online debit card management.
Easy 3-step process for setting up direct deposit.
Only $50 is required to open an account.
Earn over a $50 referral bonus for each friend you invite to the bank with Axos.

Cons:

There is a high monthly deposit requirement to unlock the highest APY tier.
Must use the Axos Visa® Debit Card at least ten times per month.
There are no physical bank branches.

3. SoFi Checking Account

0.50% APY

$0 Minimum Deposit

SoFi, short for Social Finance, Inc., is a financial technology business offering various financial products and services designed to assist individuals manage their money more effectively. Founded in 2011, SoFi has grown rapidly and now provides a comprehensive suite of financial solutions.

Key Features:

Checking for Now, Savings for the Future: SoFi combines the benefits of high-yield checking and savings accounts in a single, easy sign-up process. This integration lets users manage their daily finances while growing their savings effectively. The account offers a competitive 0.50% APY on checking balances and up to 4.60% APY on savings balances when direct deposit is set up, extremely higher than the national average for similar accounts.
Early Paychecks: With SoFi’s direct deposit feature, users can obtain their paychecks up to two days early. This early access to funds can provide a crucial financial cushion, allowing for more flexible and timely bill payments or other expenses.
No-Fee Overdraft Coverage: SoFi offers up to $50 in overdraft protection with no fees, provided you have direct deposits totaling at least $1,000 per month. This feature helps prevent the costly fees associated with overdrafts and provides peace of mind for those occasional financial slip-ups.
Extensive ATM Network: Users can access their funds quickly and without fees at over 55,000 ATMs within SoFi’s network. This extensive ATM network ensures you can conveniently withdraw cash, no matter where you are, without worrying about additional fees.
Automatic Roundups: SoFi makes saving effortless with its automatic roundups feature. Every time you purchase with your SoFi debit card, the transaction is rounded to the nearest dollar, and the difference is then transferred to your savings Vault. This micro-saving strategy helps accumulate savings over time without any extra effort.
Comprehensive Mobile App: The SoFi mobile app offers a comprehensive platform for managing your finances. You can pay bills, deposit checks, transfer money, and manage your digital wallet all from the convenience of your smartphone. The app’s intuitive design ensures that all these tasks are streamlined and user-friendly.
Competitive Rates: SoFi provides a high APY of up to 0.50% on checking and an impressive 4.60% on savings with direct deposit. These rates are extremely high compared to the national average, allowing users to maximize their checking and savings balance earnings. This makes SoFi an attractive option for those looking to grow their funds efficiently.

Pros:

Earn 0.50% APY on checking balances and up to 4.60% APY on savings balances with direct deposit.
No monthly maintenance fees, no overdraft fees up to $50, and no minimum balance requirements.
Accept your paycheck up to two days early with direct deposit.
Access over 55,000 fee-free ATMs nationwide.
Manage all your finances, including bill payments, check deposits, money transfers, and digital wallet management.
Access other financial products and services, including loans, investment options, and insurance.

Cons:

Limited in-person support as SoFi operates entirely online.
The highest APY on savings requires direct deposits.
Depositing cash can be cumbersome due to the lack of physical branches.
Overdraft protection covers only up to $50.
Checking and savings accounts are combined, which may not appeal to those who prefer separate accounts.

4. Capital One 360 Checking Account

0.10% APY

$0 Minimum Deposit

Capital One 360 is an online banking forum offered by Capital One, one of the biggest financial institutions in the United States. It presents a wide array of banking products and services, including checking accounts, certificates of deposit, and personal loans.

Key Features:

Capital One 360 is an online checking account provided by Capital One that offers convenience, flexibility, and financial benefits without many traditional banking fees.

No Monthly Fees: There are $0 monthly maintenance fees, no minimum balance requirements, and minimal charges for standard banking transactions.
High ATM Accessibility: Customers can access their funds through over 70,000 fee-free ATMs nationwide.
Overdraft Options: Various overdraft protection options are available, including auto-decline, free savings transfer, no-fee overdraft, and an overdraft line of credit.
Digital Banking Tools: The account has a comprehensive mobile app and online banking platform, offering services like mobile check deposit, bill pay, and money transfers.
Early Direct Deposit: Customers can receive their paychecks up to two days early when they set up direct deposit.
Interest Earnings: The account pays interest on balances, although the rate is typically lower than that of high-yield savings accounts.
24/7 Customer Service: You can access customer support anytime, and in-person assistance is available at Capital One Cafés and branches.
Enhanced Security: Features include real-time alerts, card lock/unlock options, and robust fraud monitoring.

The Capital One 360 Checking Account is well-suited for individuals seeking a low-cost, highly accessible, digitally integrated checking account.

Pros:

FDIC insurance and robust fraud coverage protect your online checking account.
Choose fee-free overdraft protection that suits your needs.
Access your paycheck up to two days before payday with early direct deposit.
Visit branches and Cafés for help from friendly Ambassadors.
Deposit cash at CVS®, Walgreens®, and Duane Reade locations.
Pay bills online or send money with Zelle® quickly and efficiently.

Cons:

There are fewer physical branches than traditional banks, which may be inconvenient for those who prefer in-person banking.
APY on checking balances is lower compared to high-yield savings accounts.
The overdraft line of credit option may incur interest, leading to potential additional costs if not managed properly.
Depositing cash can be less convenient as it requires visiting partner stores like CVS®, Walgreens®, and Duane Reade instead of bank branches.
While the ATM network is extensive within the U.S., international access may be more limited and could incur fees.

5. LendingClub Rewards Checking

0.10% APY

$0 Minimum Deposit

LendingClub is a prominent financial services company in the United States known for its innovative approach to lending and banking. It primarily operates as an online marketplace that connects borrowers with investors, allowing individuals and small businesses to secure loans more efficiently while providing investment opportunities for individual and institutional investors.

Key Features:

Unlimited 1% Cash Back: With your Rewards Checking debit card, you can make 1% cash back on all qualified purchases. This feature allows you to maximize your everyday spending, earning rewards on everything from groceries to gas, dining, and more. Meeting simple qualification requirements will enable you to enjoy unlimited cash back, which increases over time and enhances your savings.
Unlimited ATM Fee Rebates: LendingClub provides unlimited rebates on ATM fees charged by other banks, ensuring you never have to worry about extra charges when accessing your cash. This can save you significant money, with average users potentially saving over $180 annually. This benefit, combined with no fees from LendingClub, offers unparalleled access to your money wherever you are.
No Fees: With LendingClub's Rewards Checking, you won't encounter monthly maintenance fees, overdraft fees, or incoming wire transfer fees. This means more money stays in your pocket each month. By eliminating these standard fees, LendingClub ensures that banking is straightforward and cost-effective, allowing you to manage your finances without unnecessary expenses.
No Minimum Balance or Transaction Requirements: Enjoy the flexibility of maintaining your account without the pressure of minimum balance or transaction thresholds. This feature is particularly beneficial for those who prefer not to be constrained by minimums, making it easier to use the account according to your financial habits and needs.
Bank Smarter with LendingClub: LendingClub, named Best Online Bank for 2024 by GOBankingRates, offers superior products and services to promote financial wellness. Its award-winning Rewards Checking account includes the following features:
Unlimited Cash Back: With the Rewards Checking debit card, you can earn 1% cash back on qualified purchases. This is an excellent way to make the most of your everyday spending. Using your debit card for purchases, you accumulate rewards that can be redeemed for cash, adding a valuable perk to your daily transactions.
Free Access to ATMs: LendingClub ensures you have free access to your money, with no ATM fees from their side and unlimited rebates on fees charged by other banks. This lets you withdraw cash from any ATM without worrying about additional charges, offering convenience and financial freedom.
Early Paycheck Access: Set up direct deposit with LendingClub, and you can receive your paycheck up to two days early. This feature gives you quicker access to your funds, helping you manage your cash flow more effectively and avoid potential financial stress caused by waiting for payday.
Fee Freedom: Say goodbye to monthly maintenance fees, overdraft fees, and incoming wire transfer fees with LendingClub's Rewards Checking. This commitment to fee freedom ensures that your money goes further, enhancing your ability to save and spend wisely.
Earn Interest: Earn more than the national average with LendingClub's Rewards Checking. You can earn 0.10% APY on balances between $2,500 and $99,999.99 and 0.15% APY on balances of $100,000 and above. This feature grows your money, providing a higher return on your checking account balance.
FDIC Insurance: The FDIC insures deposits up to $250,000 per depositor, per ownership category. This insurance provides peace of mind, knowing your money is protected to the highest possible amount allowed by law. FDIC insurance is a crucial feature that ensures your deposits' safety and security, adding a layer of trust and reliability to your banking experience.

Experience the financial benefits and superior service of LendingClub's Rewards Checking, designed to help you maximize your money effortlessly.

Pros:

LendingClub Rewards Checking typically offers higher interest rates than traditional brick-and-mortar banks. This means you can earn more on your deposits.
Many online banks, including those offering LendingClub Rewards Checking, waive monthly maintenance fees and offer free ATM usage, saving you money in the long run.
Some LendingClub Rewards Checking accounts offer cashback rewards on purchases made with the associated debit card, providing an extra perk for account holders.
Online banks often provide comprehensive online and mobile banking platforms, enabling you to control your finances conveniently anywhere with an Internet connection.
Like traditional banks, LendingClub Rewards Checking accounts are typically FDIC-insured up to the maximum allowable limit, providing security for your deposits.

Cons:

Online banks offer convenience but lack physical branches. This could be a drawback if you prefer in-person banking services or need access to services like safe deposit boxes.
Some online banks impose limits on daily ATM withdrawals and debit card transactions, which could be inconvenient if you need to make large transactions.
While online banks generally offer customer service via phone, email, or chat, the quality and availability of support may vary compared to traditional banks with local branches.
Online banks rely heavily on technology, so occasional service interruptions due to technical issues or maintenance may impact your access to funds.
Interest rates on checking accounts, including those offered by LendingClub, are subject to change based on multiple factors, including market conditions. This means the interest you earn can fluctuate over time.

Wrap Up

In conclusion, these five checking accounts are undeniably the best choices for this year. With their impressive features, competitive interest rates, and low fees, they offer everything you need to manage your finances effectively. Whether you're looking for convenient online banking, robust mobile apps, or exceptional customer service, these accounts have covered you.

By choosing one of these top-notch checking accounts, you can enjoy knowing your money is in good hands. Say goodbye to unnecessary fees and hello to a seamless banking experience.

Make the smart choice today and open one of these checking accounts. Your financial future will thank you. Remember, managing your money should never be a hassle; these accounts ensure it.

So what are you waiting for? Take advantage of these checking accounts' benefits and features and start your journey towards financial success.

Trust us, you won't regret it.