8 Best Checking Accounts of October 2022 - NerdWallet Advertiser disclosure
You re our first priority br Every time
We believe everyone should be able to make financial decisions with confidence. And while our site doesn’t feature every company or financial product available on the market, we’re proud that the guidance we offer, the information we provide and the tools we create are objective, independent, straightforward — and free. So how do we make money? Our partners compensate us. This may influence which products we review and write about (and where those products appear on the site), but it in no way affects our recommendations or advice, which are grounded in thousands of hours of research. Our partners cannot pay us to guarantee favorable reviews of their products or services. Here is a list of our partners.BEST OF - Virginia 8 Best Checking Accounts of October 2022
Chanelle Bessette Oct 3, 2022 Many or all of the products featured here are from our partners who compensate us. This may influence which products we write about and where and how the product appears on a page. However, this does not influence our evaluations. Our opinions are our own. Here is a list of our partners and here's how we make money. To get the most from your checking account, you need low fees, good customer support and free ATMs nearby. If you earn interest on your cash, even better. Why trust NerdWallet: Our writers and editors follow strict editorial guidelines to ensure fairness and accuracy in our coverage to help you choose the financial accounts that work best for you. See our criteria for evaluating banks and credit unions. NerdWallet staff analyzed, compared and rated dozens of institutions, including banks, nonbanks and credit unions, before selecting the checking accounts that offer the best combination of consumer-friendly features. (Nonbanks provide many of the same services that traditional institutions offer, but are not technically banks.) Some of these providers are NerdWallet partners, which was not a factor in our evaluations. To get the most from your checking account, you need low fees, good customer support and free ATMs nearby. If you earn interest on your cash, even better. Why trust NerdWallet: Our writers and editors follow strict editorial guidelines to ensure fairness and accuracy in our coverage to help you choose the financial accounts that work best for you. See our criteria for evaluating banks and credit unions. NerdWallet staff analyzed, compared and rated dozens of institutions, including banks, nonbanks and credit unions, before selecting the checking accounts that offer the best combination of consumer-friendly features. (Nonbanks provide many of the same services that traditional institutions offer, but are not technically banks.) Some of these providers are NerdWallet partners, which was not a factor in our evaluations.Show best offers available in Best Checking Accounts
Bank/institutionNerdWallet ratingNerdWallet's ratings are determined by our editorial team. The scoring formulas take into account multiple data points for each financial product and service.Monthly feeAPYBonusLearn more SoFi Checking and SavingsLearn more at SoFi, Member FDIC 5.0/5$02.50% SoFi members with direct deposit can earn up to 2.50% annual percentage yield (APY) interest on all account balances in their Checking and Savings accounts (including Vaults). Members without direct deposit will earn 1.20% APY on all account balances in Checking and Savings (including Vaults). Interest rates are variable and subject to change at any time. Rates of 2.50% APY (with direct deposit) and 1.20% APY (without direct deposit) are current as of 09/30/2022. Additional information can be found at http://www.sofi.com/legal/banking-rate-sheetWith $0 min. balance for APY$300Earn up to $300 with direct deposit. Terms apply.Learn more at SoFi, Member FDIC Consumers Credit Union Free Rewards CheckingLearn more at Consumers Credit Union, Federally insured by NCUA 4.5/5$03.00%With $0 min. balance for APY N/ALearn more at Consumers Credit Union, Federally insured by NCUA Axos Bank Rewards CheckingLearn more at Axos Bank, Member FDIC 5.0/5$01.25% Receive monthly direct deposits totaling $1,500 or more to earn 0.40% APY. Use your Axos Visa Debit Card for a total of 10 transactions per month (min $3 per transaction) or sign up for Account Aggregation/Personal Finance Manager (PFM) in Online Banking to earn 0.30% APY. Maintain an average daily balance of $2,500 per month in an Axos Managed Portfolios Invest Account to earn 0.20% APY. Maintain an average daily balance of $2,500 per month in an Axos Self Directed Trading Invest Account to earn 0.20% APY. Use your Rewards Checking account to make your full monthly Axos consumer loan payment to earn 0.15% APY.With $0 min. balance for APY$100Earn $100 with direct deposit. Terms apply.Learn more at Axos Bank, Member FDIC Alliant Credit Union High-Rate CheckingRead review 5.0/5$00.25% You’ll qualify for an annual percentage yield of 0.25% if you opt out of paper statements and have at least one electronic deposit made to your account each month, such as a direct, ATM or mobile deposit or a transfer from another financial institution.With $0 min. balance for APY N/ARead review Quontic Cash Rewards CheckingRead review 5.0/5$0 N/A N/ARead review Connexus Credit Union Xtraordinary CheckingRead review 5.0/5$01.75% 1.75% APY earned on balances of $25,000 or less when qualifications are met. Accounts in excess of $25,000 earn 0.25% APY.With $0 min. balance for APY N/ARead review Lake Michigan Credit Union Max CheckingRead review 4.5/5$03.00%To earn the most on a 3.00% Max Checking account, follow these requirements. 1. Minimum of 1 direct deposit into your Max Checking account per month 2. Minimum of 10 posted debit card or credit card purchases per month 3. Minimum of 4 logins to home banking per month 4. Sign up to receive eStatements/eNoticesWith $0 min. balance for APY N/ARead review LendingClub Rewards CheckingRead review 5.0/5$00.10% 0.10% APY on balances of $2,500–$99,999With $2,500 min. balance for APY N/ARead reviewLearn more at SoFi, Member FDIC SoFi Checking and Savings
5.0NerdWallet rating NerdWallet's ratings are determined by our editorial team. The scoring formulas take into account multiple data points for each financial product and service.Monthly fee$0 APY2.50% SoFi members with direct deposit can earn up to 2.50% annual percentage yield (APY) interest on all account balances in their Checking and Savings accounts (including Vaults). Members without direct deposit will earn 1.20% APY on all account balances in Checking and Savings (including Vaults). Interest rates are variable and subject to change at any time. Rates of 2.50% APY (with direct deposit) and 1.20% APY (without direct deposit) are current as of 09/30/2022. Additional information can be found at http://www.sofi.com/legal/banking-rate-sheet With $0 min. balance for APY Bonus$300 Earn up to $300 with direct deposit. Terms apply. View details Learn moreat SoFi, Member FDIC View details Bonus $300 Earn up to $300 with direct deposit. Terms apply. Why we like it SoFi’s Checking and Savings account allows customers to put their cash into a general checking and savings balance, and the savings balance can be broken down into subaccounts called Vaults. You can earn 2.50% APY (variable and subject to change) on all account balances as long as you set up direct deposit. There’s no minimum direct deposit amount to earn interest or to get your paycheck two days early, but you’ll need a minimum monthly direct deposit of $1,000 to qualify for overdraft coverage and protection. SoFi is part of the Allpoint network, so customers have access to more than 55,000 ATMs for cash withdrawals. Read Full ReviewLearn more at Consumers Credit Union, Federally insured by NCUA Consumers Credit Union Free Rewards Checking
4.5NerdWallet rating NerdWallet's ratings are determined by our editorial team. The scoring formulas take into account multiple data points for each financial product and service.Monthly fee$0 APY3.00% With $0 min. balance for APY BonusN/A View details Learn moreat Consumers Credit Union, Federally insured by NCUA View details Bonus N/A Why we like it The Free Rewards Checking account offers an exceptionally high annual percentage yield of 3.00% for balances of up to $10,000, as long as you’re able to meet a few spending and online banking requirements. Jumping through some additional hoops will land you as much as 5.00% APY on balances of up to $10,000. If you can’t qualify for these rates, your APY will be 0.01%, and you won’t get unlimited ATM fee refunds. Consumers Credit Union is easy to join: Just pay $5 to become a member of the Consumers Cooperative Association. The credit union participates in shared branching, so you’ll have access to thousands of branches and ATMs.Read Full ReviewLearn more at Axos Bank, Member FDIC Axos Bank Rewards Checking
5.0NerdWallet rating NerdWallet's ratings are determined by our editorial team. The scoring formulas take into account multiple data points for each financial product and service.Monthly fee$0 APY1.25% Receive monthly direct deposits totaling $1,500 or more to earn 0.40% APY. Use your Axos Visa Debit Card for a total of 10 transactions per month (min $3 per transaction) or sign up for Account Aggregation/Personal Finance Manager (PFM) in Online Banking to earn 0.30% APY. Maintain an average daily balance of $2,500 per month in an Axos Managed Portfolios Invest Account to earn 0.20% APY. Maintain an average daily balance of $2,500 per month in an Axos Self Directed Trading Invest Account to earn 0.20% APY. Use your Rewards Checking account to make your full monthly Axos consumer loan payment to earn 0.15% APY. With $0 min. balance for APY Bonus$100 Earn $100 with direct deposit. Terms apply. View details Learn moreat Axos Bank, Member FDIC View details Bonus $100 Earn $100 with direct deposit. Terms apply. Why we like it Rewards Checking has no minimum balance aside from a $50 balance required to open an account, and no monthly maintenance, overdraft or nonsufficient-funds fees. The account also has an annual percentage yield as high as 1.25% on up to $50,000, depending on your account activity. To start earning interest, you need to have at least $1,500 in monthly direct deposits. That earns you 0.40%. To earn the maximum APY, you have to: make 10 debit card purchases — with a minimum of $3 per transaction — or sign up for the Account Aggregation/Personal Finance Manager tool (earns 0.30%). You also need to have an average daily balance of $2,500 in a managed investment portfolio (earns 0.20%), have an average daily balance of $2,500 in a self-directed portfolio (earns 0.20%) and make a monthly Axos consumer loan payment from Rewards Checking (earns 0.15%). In addition, Axos Bank (formerly Bank of Internet) offers unlimited domestic ATM reimbursements on several of its checking accounts, including this one.Read Full ReviewRead review Alliant Credit Union High-Rate Checking
5.0NerdWallet rating NerdWallet's ratings are determined by our editorial team. The scoring formulas take into account multiple data points for each financial product and service.Monthly fee$0 APY0.25% You’ll qualify for an annual percentage yield of 0.25% if you opt out of paper statements and have at least one electronic deposit made to your account each month, such as a direct, ATM or mobile deposit or a transfer from another financial institution. With $0 min. balance for APY BonusN/A View details Read reviewView details Bonus N/A Why we like it It’s easy to apply for Alliant membership. Just agree to support an Alliant-affiliated nonprofit if you don’t meet the other criteria, and Alliant will make a $5 donation on your behalf. Once you open an account, you’ll have access to Alliant’s services, including more than 80,000 surcharge-free ATMs. You’ll qualify for an annual percentage yield of 0.25% if you opt out of paper statements and have at least one electronic deposit made to your account each month, such as a direct, ATM or mobile deposit or a transfer from another financial institution. Alliant’s digital tools are a step ahead of those offered by other credit unions. Its mobile check-deposit feature, for instance, lets members make daily deposits of up to $100,000. The account also doesn’t charge a monthly fee. However, the credit union has very limited branch locations and doesn’t participate in shared branching.Read Full Review Want to compare more options? Here are our other top picks:Quontic Cash Rewards CheckingConnexus Credit Union Xtraordinary CheckingLake Michigan Credit Union Max CheckingLendingClub Rewards Checking Frequently asked questions
What' s the best checking account for me
When choosing a new checking account, take a close look at fees, branch and ATM accessibility, and interest rate. People who do online banking should select an institution that offers a good website along with a mobile app that lets them deposit checks remotely. As a rule, it’s a good idea to avoid checking accounts that charge — and don’t allow you to waive — fees. » Looking for somewhere to stash your savings? Check out NerdWallet's picks for best savings accounts Should I have more than one checking account
Usually there won’t be many downsides to keeping multiple checking accounts open as long as you are able to meet the requirements of those accounts to avoid fees. The number of checking accounts you should have is based on your personal situation. If you’re single, for example, you may be fine with just one checking account. If you’re married, you may want to have a personal account and a joint account that you share with your spouse. There are also a number of accounts that offer bonuses and promotions for opening an account, so if you’re able to juggle the requirements, you could make some extra cash by opening multiple accounts. You also may want to consider opening multiple checking accounts at different institutions for different uses, such as keeping an account at a provider that works well for international travel if you go out of the country a lot, or keeping a checking account open with the bank that handles your mortgage for faster payment transfers. Last updated on October 3, 2022 You may also like these
People often identify opening a savings account as their next money move. SoFi Checking and Savings
5.0NerdWallet rating NerdWallet's ratings are determined by our editorial team. The scoring formulas take into account multiple data points for each financial product and service.APY2.50% SoFi members with direct deposit can earn up to 2.50% annual percentage yield (APY) interest on all account balances in their Checking and Savings accounts (including Vaults). Members without direct deposit will earn 1.20% APY on all account balances in Checking and Savings (including Vaults). Interest rates are variable and subject to change at any time. Rates of 2.50% APY (with direct deposit) and 1.20% APY (without direct deposit) are current as of 09/30/2022. Additional information can be found at http://www.sofi.com/legal/banking-rate-sheetWith $0 min. balance for APY Bonus$300 Earn up to $300 with direct deposit. Terms apply.Learn more at SoFi, Member FDIC Discover Bank Online Savings
5.0NerdWallet rating NerdWallet's ratings are determined by our editorial team. The scoring formulas take into account multiple data points for each financial product and service.APY2.35% Annual Percentage Yield (APY) is accurate as of 10/20/2022With $0 min. balance for APY Bonus$200 To get your $150 or $200 Bonus: What to do: Apply for your first Discover Online Savings Account, online, in the Discover App or by phone. Enter Offer Code NW922 when applying. Deposit into your account a total of at least $15,000 to earn a $150 Bonus or deposit a total of at least $25,000 to earn a $200 Bonus. Deposit must be posted to account within 30 days of account open date. Maximum bonus eligibility is $200. What to know: Offer not valid for existing or prior Discover savings customers or existing or prior customers with savings accounts that are co-branded, or affinity accounts provided by Discover. Eligibility is based on primary account owner. Account must be open when bonus is credited. Bonus will be credited to the account within 30 days of the account qualifying for the bonus. Bonus is interest and subject to reporting on Form 1099-INT. Offer ends 12/15/2022, 11:59 PM ET. Offer may be modified or withdrawn without notice.Requirements to qualifyLearn more at Discover Bank, Member FDIC LendingClub High-Yield Savings
4.5NerdWallet rating NerdWallet's ratings are determined by our editorial team. The scoring formulas take into account multiple data points for each financial product and service.APY3.12% With $0 min. balance for APYLearn more at LendingClub Bank, Member FDIC Methodology
We took a close look at over 80 financial institutions and financial service providers, including the largest U.S. banks based on assets, internet search traffic and other factors; the nation’s largest credit unions, based on assets and membership; and other notable and/or emerging players in the industry. We rated them on criteria including annual percentage yields, minimum balances, fees, digital experience and more. Financial institutions and providers surveyed are: Affirm, Alaska USA Federal Credit Union, Alliant Credit Union, Ally Bank, America First Credit Union, American Express National Bank, Axos Bank, Bank of America, Bank of the West, Bank5 Connect, Bank7, Barclays, BB&T (now Truist), BMO Harris, Boeing Employees Credit Union, Bread Savings, BrioDirect, Capital One, Charles Schwab Bank, Chase, Chime, CIBC U.S., CIT Bank, Citibank, Citizens, Citizens Bank, ConnectOne Bank, Connexus Credit Union, Consumers Credit Union, Current, Discover Bank, E-Trade, Fifth Third Bank, First Foundation, First Tech Federal Credit Union, FNBO Direct, GO2bank, Golden 1 Credit Union, HSBC Bank, Huntington Bank, Industrial Bank, KeyBank, Lake Michigan Credit Union, LendingClub Bank, Live Oak Bank, M&T Bank, Marcus by Goldman Sachs, Monifi, Nationwide (by Axos), Navy Federal Credit Union, NBKC, One, OneUnited Bank, Pentagon Federal Credit Union, PNC, Popular Direct, PurePoint Financial, Quontic Bank, Redneck Bank, Regions Bank, Revolut, Salem Five Direct, Sallie Mae Bank, Santander Bank, Scarlet, SchoolsFirst Federal Credit Union, Security Service Federal Credit Union, Service Credit Union, State Employees’ Credit Union of North Carolina, SoFi, Suncoast Credit Union, SunTrust Bank (now Truist), Synchrony Bank, TAB Bank, TD Bank, TIAA Bank, Truist Bank, U.S. Bank, UFB Direct, Union Bank, Upgrade, USAA Bank, Varo, Vio Bank, Wells Fargo and Zynlo Bank. How we rate banks and credit unions To recap our selections... NerdWallet' s Best Checking Accounts of October 2022
SoFi Checking and SavingsConsumers Credit Union Free Rewards CheckingAxos Bank Rewards CheckingAlliant Credit Union High-Rate CheckingQuontic Cash Rewards CheckingConnexus Credit Union Xtraordinary CheckingLake Michigan Credit Union Max CheckingLendingClub Rewards Checking Frequently asked questions
What is a checking account? A checking account is an account offered by a bank, nonbank or credit union that allows a customer to deposit and withdraw money as well as make transactions through electronic payment, check, money order and/or with a debit card. Here are NerdWallet's picks for the best checking accounts.Do checking accounts earn interest? Some do, but interest rates are typically low for checking accounts. If you’re looking for a high annual percentage yield, you may want to consider one of NerdWallet’s picks for a high-yield savings account or a CD with a high rate instead.How are prepaid debit cards different from checking accounts? Prepaid debit cards and checking accounts are similar in that you have an account with a certain balance to make purchases. Most prepaid debit cards, however, have no overdraft programs or related fees. Checking accounts traditionally have overdraft services that let you spend more than you have in your account in exchange for what can be steep fees.How do I close an old checking account? Make a list of that account’s recurring deposits and payments. Then, arrange to have future scheduled deposits sent to a new account and to have recurrent bill payments or transfers drawn from that account. Wait for any outstanding charges or payments to clear the old account. This will take a month or two, and you'll want to ensure that the new account arrangements have kicked in. When that has happened, withdraw any remaining funds from your old bank and get a written confirmation of closure from a bank manager. Get rid of unnecessary apps and items from your old account. At your convenience, you can remove the bank’s app from your phone and shred any remaining paper checks from the old account.How do I get a checking account bonus? Some institutions offer sign-up bonuses when you open a new account. To qualify, you typically have to be a new customer and keep your checking account open for at least three months to a year. You will also have to meet other requirements, such as receiving direct deposits or using a linked debit card a certain number of times each month.Why was I rejected by a bank when I tried to open an account? It’s possible that you are on the ChexSystems black list. Unpaid bank fees and bounced checks can result in a negative file on ChexSystems, a consumer reporting agency that financial institutions use to evaluate a prospective customer’s banking history. The more blemishes on your report, the less likely that a bank will approve you for a new account. Here are some steps to take if you need to clear up your ChexSystems record. About the author
Chanelle Bessette
Chanelle Bessette is a personal finance writer at NerdWallet covering banking. She specializes in checking and cash management accounts. Read moreEmailLinkedIn