Best Online Checking Accounts for November 2022 Bankrate Caret RightMain Menu Mortgage Mortgages Financing a home purchase Refinancing your existing loan Finding the right lender Additional Resources Elevate your Bankrate experience Get insider access to our best financial tools and content Caret RightMain Menu Bank Banking Compare Accounts Use calculators Get advice Bank reviews Elevate your Bankrate experience Get insider access to our best financial tools and content Caret RightMain Menu Credit Card Credit cards Compare by category Compare by credit needed Compare by issuer Get advice Looking for the perfect credit card? Narrow your search with CardMatch Caret RightMain Menu Loan Loans Personal Loans Student Loans Auto Loans Loan calculators Elevate your Bankrate experience Get insider access to our best financial tools and content Caret RightMain Menu Invest Investing Best of Brokerages and robo-advisors Learn the basics Additional resources Elevate your Bankrate experience Get insider access to our best financial tools and content Caret RightMain Menu Home Equity Home equity Get the best rates Lender reviews Use calculators Knowledge base Elevate your Bankrate experience Get insider access to our best financial tools and content Caret RightMain Menu Loan Home Improvement Real estate Selling a home Buying a home Finding the right agent Additional resources Elevate your Bankrate experience Get insider access to our best financial tools and content Caret RightMain Menu Insurance Insurance Car insurance Homeowners insurance Other insurance Company reviews Elevate your Bankrate experience Get insider access to our best financial tools and content Caret RightMain Menu Retirement Retirement Retirement plans & accounts Learn the basics Retirement calculators Additional resources Elevate your Bankrate experience Get insider access to our best financial tools and content Advertiser Disclosure

Advertiser Disclosure

We are an independent, advertising-supported comparison service. Our goal is to help you make smarter financial decisions by providing you with interactive tools and financial calculators, publishing original and objective content, by enabling you to conduct research and compare information for free - so that you can make financial decisions with confidence.
Bankrate has partnerships with issuers including, but not limited to, American Express, Bank of America, Capital One, Chase, Citi and Discover.

How We Make Money

The offers that appear on this site are from companies that compensate us. This compensation may impact how and where products appear on this site, including, for example, the order in which they may appear within the listing categories. But this compensation does not influence the information we publish, or the reviews that you see on this site. We do not include the universe of companies or financial offers that may be available to you. SHARE: Jose Luis Pelaez Inc/Getty Images October 31, 2022 Matthew Goldberg is a consumer banking reporter at Bankrate. Matthew has been in financial services for more than a decade, in banking and insurance. Brian Beers is the managing editor for the Wealth team at Bankrate. He oversees editorial coverage of banking, investing, the economy and all things money. Bankrate logo

The Bankrate promise

At Bankrate we strive to help you make smarter financial decisions. While we adhere to strict editorial integrity, this post may contain references to products from our partners. Here's an explanation for how we make money. Bankrate logo

The Bankrate promise

Founded in 1976, Bankrate has a long track record of helping people make smart financial choices. We’ve maintained this reputation for over four decades by demystifying the financial decision-making process and giving people confidence in which actions to take next. Bankrate follows a strict , so you can trust that we’re putting your interests first. All of our content is authored by and edited by , who ensure everything we publish is objective, accurate and trustworthy. Our banking reporters and editors focus on the points consumers care about most — the best banks, latest rates, different types of accounts, money-saving tips and more — so you can feel confident as you’re managing your money. Bankrate logo

Editorial integrity

Bankrate follows a strict , so you can trust that we’re putting your interests first. Our award-winning editors and reporters create honest and accurate content to help you make the right financial decisions. Here is a list of our .

Key Principles

We value your trust. Our mission is to provide readers with accurate and unbiased information, and we have editorial standards in place to ensure that happens. Our editors and reporters thoroughly fact-check editorial content to ensure the information you’re reading is accurate. We maintain a firewall between our advertisers and our editorial team. Our editorial team does not receive direct compensation from our advertisers.

Editorial Independence

Bankrate’s editorial team writes on behalf of YOU – the reader. Our goal is to give you the best advice to help you make smart personal finance decisions. We follow strict guidelines to ensure that our editorial content is not influenced by advertisers. Our editorial team receives no direct compensation from advertisers, and our content is thoroughly fact-checked to ensure accuracy. So, whether you’re reading an article or a review, you can trust that you’re getting credible and dependable information. Bankrate logo

How we make money

You have money questions. Bankrate has answers. Our experts have been helping you master your money for over four decades. We continually strive to provide consumers with the expert advice and tools needed to succeed throughout life’s financial journey. Bankrate follows a strict , so you can trust that our content is honest and accurate. Our award-winning editors and reporters create honest and accurate content to help you make the right financial decisions. The content created by our editorial staff is objective, factual, and not influenced by our advertisers. We’re transparent about how we are able to bring quality content, competitive rates, and useful tools to you by explaining how we make money. Bankrate.com is an independent, advertising-supported publisher and comparison service. We are compensated in exchange for placement of sponsored products and, services, or by you clicking on certain links posted on our site. Therefore, this compensation may impact how, where and in what order products appear within listing categories. Other factors, such as our own proprietary website rules and whether a product is offered in your area or at your self-selected credit score range can also impact how and where products appear on this site. While we strive to provide a wide range offers, Bankrate does not include information about every financial or credit product or service. Consumers looking for a new checking account may find that online banks offer features that aren’t available at the bank down the street. Brick-and-mortar banks may offer these , too, but they may come at a cost: maintaining a high minimum balance. Online checking accounts, meanwhile, typically have no or low minimum balance requirements. Here are Bankrate’s picks for the best online checking accounts.

Bankrate s picks for top online checking accounts

: Best online checking overall : Best online checking for beginners : Best online checking for travelers : Best online checking for teens : Best online checking for cash back : Best checking/savings combo Note: Annual percentage yields (APYs) shown are as of Oct. 31, 2022, and may vary by region for some products. Bankrate includes only Federal Deposit Insurance Corp. (FDIC) banks or National Credit Union Administration (NCUA) credit unions in its listings.

A closer look at the top online checking accounts

Ally Bank Best online checking overall

Interest Checking Account earns a little bit of interest, has a highly rated app, and offers free standard and official checks, as well as free domestic and international wire transfers, features some banks charge fees for. Interest Checking customers have access to more than 43,000 Allpoint ATMs. But for those times when you’re not able to use one of those ATMs, Ally Bank reimburses up to $10 worth of fees charged at out-of-network ATMs per statement cycle. At Ally Bank, you also have the ability to chat with customer service online and access a 24/7 toll-free number. What to watch: You’ll need at least $15,000 to earn the top-tier APY. Savers looking for a higher yield on their money, especially if it’s earmarked for saving, should consider or .

Chime Best online checking for beginners

Chime’s chief attraction for novice banking consumers is that it waives fees on overdrafts. Based on transaction history, Chime allows account holders to overdraw their accounts for up to $20 at first and then potentially up to $200 over time. The service requires a qualifying direct deposit of $200 or more each month. According to , the average overdraft fee is $29.80. Chime customers also have access to direct deposits up to two days early, which can help beginners on tight budgets more easily meet monthly expenses. Chime also has a network of more than 60,000 fee-free ATMs. What to watch: Chime is a challenger bank, a term used to describe technology companies that act as banks. Chime’s banking services are provided by The Bancorp Bank or Stride Bank. Both banks are backed by the Federal Deposit Insurance Corp. (FDIC).

Charles Schwab Best online checking for travelers

Charles Schwab Bank’s High Yield Investor Checking account gives you unlimited worldwide ATM fee reimbursement. The account charges no monthly fee and has no minimum balance requirement. Schwab also doesn’t charge a foreign transaction fee when making overseas purchases. You’ll also earn a little bit of interest on your balance. What to watch: The Schwab High Yield Investor Checking account requires new account holders to also open a Schwab One brokerage account.

Navy Federal Credit Union Best online checking for teens

Free Campus Checking account gives members who are full-time students an account they can use through high school and college. With this account, members ages 14-24 pay no monthly service fees and have no minimum balance requirement. ATM fees of up to $10 a month are reimbursed each statement cycle, giving students the ability to access any ATM for free (as long as it doesn’t exceed the reimbursement amount). The Free Campus Checking account also earns a bit of interest. What to watch: You’ll have to qualify for Navy Federal Credit Union membership to get this account. Membership is open to all Department of Defense and Coast Guard Active Duty, civilian, contract personnel, veterans and their families. The account offers interest, but you can still earn a higher yield in a savings account. Checking accounts that offer competitive annual percentage yields (APY) and no minimum balance requirement are easily found elsewhere, though they may not be called student savings accounts.

LendingClub Bank Best online checking for cash back

Rewards checking account helps you earn 1 percent cash back on everyday purchases without incurring a monthly fee. The account also earns a little bit of interest, and offers access to thousands of free ATMs around the globe. Only $25 is needed to open the account. You also can get your direct deposit up to two days early with this account. What to watch: Keeping an average balance of at least $2,500 or having at least $2,500 in direct deposits each month are two ways to ensure eligibility for the 1 percent cash back program. Though this checking account earns interest, at least $100,000 is required to earn the top-tier APY. And $2,500 is required to earn any interest.

Quontic Bank Best online cash back checking savings combo

The Cash Rewards Checking account helps you earn 1.5 percent cash back on qualifying debit card purchases, and the reward is deposited into your account at the start of each new statement cycle. On the savings side, Quontic’s High Yield Savings pays a competitive APY above 2.30 percent. Neither account charges a monthly fee, although both require a minimum opening deposit of $100. What to watch: You can find other banks that offer lower opening deposit requirements.

Pros and cons of online checking accounts

Pros: Typically offer 24/7 account access Almost all banks will let you mobile deposit checks Some banks provide transaction alerts, including a your account Many online checking accounts let you view bank statements and search transactions online Cons: An online bank without branches won’t be able to help you with in-person banking, including withdrawals Online banks lack some features, such as safe-deposit boxes, that are available at some branches With no branches or onsite ATMs, online banks can be less convenient if you need cash immediately

How to choose the best online bank

As with any purchase, researching and comparing online banks can help you make the best decision. Some things to consider are: How you’ll be able to access your money: Does it come with a debit or ATM card to withdraw money from an ATM? Does it come with free checks or is there a fee for checks? Does it 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? Look out for any fees, too. Bankrate’s 2022 checking account and ATM fee study found the monthly service fees for interest-bearing accounts is $16.19 and the monthly fee on non-interest checking accounts was $5.44. Even one fee can be costly, which is why finding an online bank that doesn’t have a minimum balance requirement or maintenance fee can be a good choice to save money. Brick-and-mortar banks may have direct deposit requirements on some accounts to avoid a monthly maintenance fee.

Online checking account FAQs

Are online banks trustworthy

Make sure you’re banking with a Federal Deposit Insurance Corp. (FDIC) bank or a National Credit Union Administration (NCUA) credit union. They are government-backed organizations. The FDIC insures both brick-and-mortar and online banks.

In some cases, an online bank may be a division of a traditional bank or the funds might be held under the FDIC insurance of a brick-and-mortar bank. Here are some examples: is a division of BankFive. is an online subsidiary of Webster Bank. is a division of First-Citizens Bank & Trust Co. and Investors eAccess are divisions of Citizens Bank.

Do online banks offer debit cards

Online banks usually offer debit cards for their checking accounts but might not offer debit cards or ATM cards for savings accounts or money market accounts.

You can usually use debit cards to make purchases and withdraw money at an ATM. With a money market account or possibly a savings account, a debit card may only be able to withdraw money from an ATM.

How do I get cash with an online bank

Many online checking accounts feature debit or ATM cards for accessing money at an ATM. Knowing your bank’s ATM network, if it has one, can also save you money; in-network ATMs typically don’t charge a fee.

Methodology for Bankrate s Best Checking Accounts

Bankrate’s editorial team receives no direct compensation from advertisers, and our content is fact-checked to ensure accuracy. Our editorial and research teams analyzed more than 100 widely available financial institutions, made up of the biggest banks and credit unions, as well as a number of popular online banks. To find the best checking accounts, Bankrate’s editorial team analyzed various factors, such as fees, minimum balance requirements and annual percentage yield (APY) offered. All of the checking accounts listed are insured (sometimes through partner banks) by the Federal Deposit Insurance Corp. (FDIC) at banks or by the National Credit Union Share Insurance Fund (NCUSIF) at National Credit Union Administration (NCUA) credit unions. Account minimums, monthly service fees and ATM charges are some important things to consider when choosing a checking account. It’s easy to find a checking account that doesn’t charge fees and has minimal balance requirements. Many online banks offer them, and they are a good fit for many consumers. Choosing a bank or credit union that’s backed by the federal government will ensure your money is safe. Be sure to follow FDIC and NCUA limits and guidelines. Bankrate’s editorial team chose the criteria, developed a scoring system to determine the best checking accounts, and used its knowledge of financial services and banking experience to choose the best ways to rate them.

Banks we monitor

These financial institutions are featured in our CD rate research: Alliant Credit Union, Ally Bank, Amerant Bank, America First Credit Union, American Express National Bank, Axos Bank, Bank5 Connect, Bank of America, Bank of the West, Barclays, Bask Bank, BB&T, BECU (Boeing Employees Credit Union), Bethpage Federal Credit Union, BMO Harris Bank, Bread Savings (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, 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, Investors Bank, Investors eAccess, 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, Suntrust Bank, Synchrony Bank, TD Bank, TIAA Bank, UFB Direct, Union Bank (California), U.S. Bank, USAA Bank, Vio Bank, VyStar Credit Union, Wells Fargo and Zions Bank. SHARE: Matthew Goldberg is a consumer banking reporter at Bankrate. Matthew has been in financial services for more than a decade, in banking and insurance. Brian Beers is the managing editor for the Wealth team at Bankrate. He oversees editorial coverage of banking, investing, the economy and all things money.

Related Articles