A checking account is an essential tool for managing everyday expenses. But not all checking accounts are created equal. The best checking accounts offer a range of benefits, from high annual percentage yields (APYs) to low or no monthly fees and special offers for opening an account.
In this article, we’ll introduce you to the best checking accounts available in January 2024. Whether you’re looking for rewards, high APYs, AI assistance, or easy cash deposits, we’ve got you covered.
Best Checking Accounts Compared 2024
| Bank | Bonus | Monthly Fee | Rewards |
|---|---|---|---|
| SoFi Checking | Up to $300 bonus with qualifying direct deposits | No monthly fee | SoFi Member Rewards |
| Axos Rewards Checking | Up to $300 welcome bonus with promo code AXOS300 | $6.95 (waived in several ways) | Up to 3.30% APY on balances up to $50,000 with qualifying activities |
| U.S. Bank Smartly Checking | Up to $800 after completing qualifying activities | $7 – $25 (waived in several ways) | Smart Assistant and Smart Rewards |
| Chase Total Checking | $300 bonus for new customers | $12 (waived under certain conditions) | Convenient mobile app features |
| Quontic High Interest Checking | Free pay ring ($29 value) upon account opening | No monthly fee | 1.10% APY with qualifying transactions |
| Ally Bank (Member FDIC) Spending Account | Overdraft Transfer Service, early direct deposit, spending buckets, interest on checking account | No monthly fee | Easy overdraft protection and cash management |
| Current Spend | Up to 4.00% APY with Savings Pods | No monthly fee | Free teen debit cards and customizable spending insights |
| Chime Checking Account | Customizable debit card security settings | No monthly fee | Real-time transaction alerts and zero fees |
| CIT Bank eChecking | 0.25% APY with a balance of $25,000 or more; 0.10% with a balance of under $25,000 | No monthly fee | Zero fees for ATM withdrawals and overdraft |
| Nationwide First Checking | No fees for overdrawn or insufficient funds | No monthly fee | Daily transaction limits for teens |
| First Citizens Free Checking | Manage My Money program and overdraft protection | No monthly fee | Convenient money management and no overdraft fees |
| Capital One 360 Checking Account | Easy cash deposits at CVS locations | No monthly fee | Overdraft protection options and budgeting tools |
| Citi Basic Banking | $12 monthly fee (waived under certain conditions) | Regular checking features | Unlimited check writing and fee-free ATM withdrawals |
| PNC Virtual Wallet | Checking and savings accounts combined | $7 to $25 (waived in several ways) | Low Cash Mode and convenient money management features |
Our Recommendations for the Best Checking Accounts
Best for Rewards: SoFi Checking
When you open a SoFi Checking account, you’ll be eligible for a bonus of up to $300, depending on your deposit amount. But the rewards don’t stop there. SoFi Member Rewards allows you to earn points for various activities, such as getting paid, spending at select retailers, and monitoring your credit. You can redeem these points for cash, shares in an investment account, or a statement credit on a SoFi credit card. Plus, managing and redeeming your points is easy with the SoFi app.
Best APY for High Balances: Axos Rewards Checking
If you have monthly direct deposits of at least $1,500, you can start earning interest on your Axos Rewards Checking account. By meeting additional requirements, such as making debit card purchases, maintaining an average daily balance in a managed or self-directed investment portfolio, or making a monthly loan payment, you can increase your APY to a maximum of 3.30% on balances up to $50,000. Axos is also offering a limited-time welcome bonus of up to $300 with promo code AXOS300.
Best for AI Assistance: U.S. Bank Smartly Checking
The U.S. Bank Smartly Checking account features a Smart Assistant that helps you complete various tasks through the app. With voice commands, you can transfer money, pay credit card bills, and more, making mobile banking even more convenient. U.S. Bank also offers a welcome bonus of up to $800 when you open a new Smartly Checking account and a Standard Savings account and complete qualifying activities.
Best for Mobile App: Chase Total Checking
For a seamless banking experience on your mobile device, Chase Total Checking is a top choice. The Chase mobile app allows you to send and receive money instantly with zero fees using Zelle, deposit checks easily with Chase QuickDeposit, set up automatic savings, create budgets, track spending, and monitor your credit health. Plus, new customers can enjoy a $300 bonus when opening a Chase Total Checking account with qualifying activities.
Best for High APY: Quontic High Interest Checking
With an APY of 1.10%, the Quontic High Interest Checking account helps you earn extra interest on your money simply by making transactions. Earn the high APY by making at least 10 qualifying transactions on your debit card per statement cycle, with each transaction at least $10. Quontic also offers a unique feature called Quontic Ring Pay, allowing you to make transactions with a wearable ring instead of carrying a debit card. Plus, you’ll receive the pay ring for free when you open an account.
Best for Overdraft Protection: Ally Bank (Member FDIC) Spending Account
Avoid overdraft fees with the Overdraft Transfer Service offered by Ally Bank (Member FDIC). If you accidentally overdraw your account, the service automatically transfers money from your Ally Bank Savings or Money Market Account to cover the negative balance. Ally Bank also offers early direct deposit, budgeting tools, and the option to set aside money in “spending buckets” for regular expenses. With access to 43,000+ free Allpoint® ATMs and no fees for incoming wires, Ally Bank makes managing your money easier.
Best for Families: Current Spend
Current Spend is a great option for families, allowing you to link a teen debit card to your main checking account at no extra charge. This simplifies family banking while giving your teen more financial freedom. Current Spend also provides access to fee-free ATMs through the Allpoint network, offers spending insights to help you manage your budget, and allows you to add up to three Savings Pods for earning up to 4.00% APY with qualifying direct deposits of $200 or more.
Best for Debit Card Security: Chime Checking Account
If debit card security is a top priority, the Chime Checking Account is a standout choice. Customize your debit card security settings to receive daily balance notifications and real-time transaction alerts. If you misplace your card, you can instantly block transactions from the Chime mobile app to prevent unauthorized usage.
Best for Zero Fees: CIT Bank eChecking
CIT Bank eChecking stands out with its zero-fee policy. You won’t be charged ATM fees, overdraft fees, check mailing fees, online transfer fees, or fees for incoming wire transfers. Plus, CIT Bank offers up to $30 per month to reimburse fees charged by other banks’ ATMs. With a high APY of 0.25% for balances of $25,000 or more, and 0.10% for balances under $25,000, CIT Bank eChecking is an attractive option for fee-conscious customers.
Best for Tweens and Teens: Nationwide First Checking
Parents looking to teach their children about money management will find Nationwide First Checking to be an excellent option. Designed for teens aged 13 to 17, this account has daily transaction limits for cash withdrawals and debit purchases to prevent excessive spending. There are no fees for overdrawn or insufficient funds, making it a reliable choice for young account holders.
Best for Money Management: First Citizens Free Checking
First Citizens Free Checking offers access to the Manage My Money program, allowing you to link accounts from other banks to monitor your overall financial health. Categorize transactions, identify areas where you can cut back, and manage your budget effectively. First Citizens also offers overdraft protection and no overdraft fees, making money management hassle-free.
Best for Easy Cash Deposits: Capital One 360 Checking
Capital One 360 Checking makes cash deposits effortless. You can deposit cash at any CVS location using the on-site ATMs, saving you a trip to a bank branch. Capital One also provides overdraft protection options, early paycheck access, and a range of convenient features through their mobile app.
Best for No-Frills Checking: Citi Basic Banking
For a straightforward checking account without any extra bells and whistles, Citi Basic Banking is an excellent choice. It offers unlimited check writing, fee-free ATM withdrawals, and easy money movement. While there is a $15 monthly maintenance fee, you can waive it by meeting certain requirements, such as making direct deposits and bill payments.
Best for Checking and Savings: PNC Virtual Wallet
If you prefer a combined checking and savings account for easier money management, PNC Virtual Wallet is an ideal option. With three account options, Virtual Wallet, Virtual Wallet with Performance Spend, and Virtual Wallet with Performance Select, you can choose the features and benefits that suit your needs. Enjoy Low Cash Mode, convenient money management tools, and more.
Conclusion
Choosing the best checking account for your needs requires careful consideration. Take into account the rewards, APYs, convenience, and fees when comparing different options. Remember, the right checking account for you may not be the same as someone else’s. Take advantage of the competitive offers and services provided by the top checking account providers to find the one that works best for you.
With the Personal Finances Blog’s recommendations, you’re equipped to make an informed decision and optimize your banking experience. So go ahead, open a checking account today and take control of your finances!
Disclaimer: APYs mentioned in this article are subject to change. APYs were updated as of January 2, 2024.
For more information on personal finances and finding the best checking accounts, visit the Personal Finances Blog.