8 Best Checking Accounts of June 2023 (2023)

Best Checking Account Overall

Axos Bank Rewards Checking Account

3.5 out of 5 rating154 Reviews154 Reviews

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APY	Monthly Fee	Signup Bonus
3.30%	None	None

APY	Monthly Fee
3.30%	None

No Overdraft Fee

Editors’ Thoughts

The Axos Bank Rewards Checking Account is an outstanding online checking account with no physical branches. It provides unlimited domestic ATM reimbursements and has no minimum balance requirements or overdraft fees. With a remarkable 3.30% APY, it offers one of the highest interest rates among online checking accounts. Moreover, there are no monthly maintenance fees or ongoing minimums to worry about.

Best Checking Account with Rewards

Axos Bank CashBack Checking

3 out of 5 rating6 Reviews6 Reviews

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APY	Monthly Fee	Signup Bonus
0.00%	None	None

APY	Monthly Fee
0.00%	None

Editors’ Thoughts

The Axos Bank CashBack Checking Account offers a 1% cash-back-earning debit card, unlimited ATM fee reimbursements and no monthly maintenance fees, making it competitive against traditional checking accounts from major banks.

Best Business Checking Account

Axos Bank Business Interest Checking

3.5 out of 5 rating35 Reviews35 Reviews

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APY	Monthly Fee	Signup Bonus
0.10% - 1.01%	$10	$200

APY	Monthly Fee
0.10% - 1.01%	$10

Editors’ Thoughts

The Axos Bank Business Interest Checking Account is a complete package, offering an enticing combination of features. It includes a competitive 1.01% APY and the option to avoid the $10 monthly fee by maintaining a $5,000 average daily balance. Additionally, it provides the advantage of 100 free account transactions per month. This account is particularly well-suited for those who do not require access to a physical branch location.

Consumers Credit Union Free Rewards Checking

4 out of 5 rating31 Reviews31 Reviews

APY	Monthly Fee	Signup Bonus
0.10% - 5.00%	None	None

APY	Monthly Fee
0.10% - 5.00%	None

Editors’ Thoughts

The Consumers Credit Union Free Rewards Checking Account offers customer-friendly benefits with no monthly fees or minimum balance requirements. You can enjoy the convenience of free in-network ATM withdrawals. The account provides an attractive APY of up to 5% on balances up to $10,000 by meeting specific criteria.

Best Student Checking Account

Chase College Checking

4 out of 5 rating76 Reviews76 Reviews

APY	Monthly Fee	Signup Bonus
0.00%	None	$100

APY	Monthly Fee
0.00%	None

Editors’ Thoughts

Chase College Checking stands out as a unique student bank account with rewarding features. Currently, it offers a $100 bonus for new account openings, with no minimum deposit requirement. To qualify for the bonus, account holders must complete at least 10 qualifying transactions, such as purchases, payments, or deposits, within the first 60 days.

Moreover, the benefits of this account extend beyond the initial bonus. Students can enjoy up to 5 years without any monthly fees while they are in college. Additionally, there are no charges for withdrawing cash from Chase ATMs. However, it's important to note that there is a $3 fee for using out-of-network ATMs.

Best Online-Only Checking Account

Heritage Bank eCENTIVE Checking Account

4.5 out of 5 rating2 Reviews2 Reviews

APY	Monthly Fee	Signup Bonus
0.14% - 2.02%	None	None

APY	Monthly Fee
0.14% - 2.02%	None

No Foreign Fee

Editors’ Thoughts

The Heritage Bank eCENTIVE Checking Account is an interest-bearing checking account, currently offering 2.02% APY on balances up to $100,000 and 0.14% APY on balances above that amount. Requirements to earn this APY include making at least $500 in monthly debit card purchases (excluding ATM transactions), having at least one monthly direct deposit or ACH payment and receiving monthly eStatements. For any month you do not meet the necessary requirements, you will earn 0.05% APY on your eCentive balance.

Best Checking Account for International Travel

Charles Schwab Bank High Yield Investor Checking

4 out of 5 rating405 Reviews405 Reviews

APY	Monthly Fee	Signup Bonus
0.45%	None	None

APY	Monthly Fee
0.45%	None

No Overdraft Fee No Foreign Fee

Editors’ Thoughts

The Charles Schwab Bank High Yield Investor Checking Account offers Unlimited fee rebates at ATMs worldwide. That, plus the $0 foreign transaction fees makes Schwab's account a top choice for people who travel a lot and want easy access to their cash. It even earns you a small amount of interest, specifically 0.45% APY, which is a nice bonus.

Best Checking Account from Credit Unions (membership restrictions apply)

Pelican State Credit Union Kasasa Cash Checking

0 out of 5 rating

APY	Monthly Fee	Signup Bonus
0.95% - 5.50%	None	None

APY	Monthly Fee
0.95% - 5.50%	None

Editors’ Thoughts

The Pelican State Credit Union Kasasa Cash Checking Account is the perfect choice if you consistently maintain a high balance in your account each month. With this account, you can earn an impressive 5.50% APY on balances up to $10,000. Additionally, for any amount above $10,000, you will continue to earn a competitive 0.50% APY. The account also offers unlimited ATM fee refunds nationwide with no monthly service fees.

Keep in mind though, Pelican State Credit Union requires membership before you can open one of their accounts. To become a member, you must meet one of their criteria.

How to Get the Best Checking Account - 5 Tips

There are many checking accounts on the market, and choosing an account isn’t always straightforward. Here’s what to consider when shopping for a new checking account:

• Fees. It's essential to minimize fees when using a checking account for your day-to-day transactions. Be vigilant of monthly maintenance fees, overdraft fees, and out-of-network ATM fees. Evaluate your banking habits to determine which fees are most significant to you, and then seek a bank or credit union that keeps those fees low.

• Minimum Requirements. Some banks and credit unions have specific requirements for opening a checking account, such as a minimum deposit amount. They may also impose minimum balance requirements to earn the APY or avoid fees. Before opening an account, ensure that you can meet the institution's requirements, or explore options with no minimum requirements at all.

• APY. While not all checking accounts offer interest, if you intend to earn interest on your funds, consider the APY when comparing different accounts.

• Customer service. Regardless of whether you prefer online banking or visiting a branch, it's crucial to have access to responsive and helpful customer service representatives for addressing any issues or queries.

• Digital experience. Particularly if you frequently bank online or through a mobile app, prioritize banks and credit unions that provide innovative online and mobile banking technology to enhance your digital banking experience.

Questions & Answers

Finding the best checking account can be tough. But you’ve got the knowledgeable WalletHub community on your side. We encourage everyone to share their knowledge while respecting our content guidelines. Please keep in mind that editorial and user-generated content on this page is not reviewed or otherwise endorsed by any financial institution. In addition, it is not the financial institution’s responsibility to ensure all posts and questions are answered.

What bank has no monthly fees?

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How do I choose a checking account?

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Do checking accounts earn interest?

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How much money should I keep in my checking account?

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What is a checking account?

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Kathleen Cole

@kathleen_cole

A checking account is a basic deposit account held with a bank or credit union. Features like direct deposit allow employers to directly transfer paychecks into a checking account, and debit cards allow easy access to funds wherever Visa, Mastercard or American Express is accepted.

Key Things to Know About Checking Accounts

Low interest rates. If you're looking to earn interest on your money, don't leave it in a checking account. Their interest rates have historically averaged only 0.03% - 0.14% APY, and some earn no interest at all.
Fees galore. Checking accounts can charge all kinds of fees, including a monthly maintenance fee that many banks will waive if the account's balance is kept above a certain level or if it receives regular direct deposits, such as paychecks. Read your account agreement's fine print carefully to avoid maintenance fees, overdraft fees, and other unpleasant charges.
Funds held in checking accounts are easy to access. You can make purchases and withdraw cash with a debit card, write checks, or even instantly transfer money to a friend via a mobile banking app, making this kind of account great for everyday use. However, if you're trying to save money, having your funds accessible at all times could be a downside.
Rewards? If you're hoping to earn rewards on purchases you make with a debit card, you'll likely be disappointed. It's rare to find a checking account that offers this feature. Only about 5% of personal branch checking accounts offer a rewards program, according to WalletHub's latest Banking Landscape Report.

You can use WalletHub's checking account comparison tool to find the right checking account offer for you.

View more answers

What are the pros and cons of checking accounts?

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What are the best checking accounts that work with Zelle?

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Should I have more than one checking account?

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What banks pay you to open a checking account?

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What is the best bank for checking and savings account?

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About our Editor’s Picks

Our editors' recommendations for the Best Checking Accounts are a reflection of their own subjective opinions, and they should not be relied upon as the sole basis for choosing your financial product.

We work hard to show you up-to-date product terms, however, this information does not originate from us and thus, we do not guarantee its accuracy. Before submitting an application, always verify all terms and conditions with the offering institution. Please let us know if you notice any differences.

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