Our experts answer readers’ banking questions and write unbiased product reviews (here’s how we assess banking products). In some cases, we receive a commission from our partners; however, our opinions are our own. Terms apply to offers listed on this page.
The best checking accounts at online banks can be great choices if you want an account with low fees, unique perks, or a combination of both.
Best Online Checking Accounts of November
Capital One 360 Checking: Best for minimal bank fees and lenient opening requirementsSoFi Checking and Savings: Best checking/savings comboUpgrade Rewards Checking Plus: Best for cash-back rewardsAxos Bank Rewards Checking: Best for ATM accessVaro Bank Account: Best for easy depositsExperian Smart Money: Best for financial toolsRedneck Bank Rewards Checkin’ Account: Best for a high interest rateSchwab Bank High Yield Investor Checking® Account: Best for strong customer serviceWealthfront Cash Account: Best cash management account
Best Online Checking Account Reviews
Capital One 360 Checking – Product Name Only
Capital One 360 is a strong online bank with a well-rounded checking account.
Capital One 360 Checking – Product Name Only has a Capital One 360 Checking® minimum opening deposit, Capital One 360 Checking® – Fees Display, no foreign transaction fees, and a variety of overdraft protection options.
You’ll be able to receive your paycheck up to two days early with the early paycheck feature and you’ll have access to over 70,000 fee-free ATMs. Last but not least, Capital One 360 is an online bank that accepts cash deposits.
You may be subject to other fees from a out of network ATM owner, though.
SoFi Checking and Savings – Product Name Only
SoFi Checking and Savings is a solid all-in-one bank account. It’s a great option if you would like to keep your savings and checking in one account. This account comes with a debit card and offers early direct deposit, like many checking accounts. It also has a savings tool called Money Vaults, which helps you save for individual goals.
This rewards bank account also stands out because you can earn interest, cash back, and a cash bonus.
This account is offering a cash bonus of up to SoFi Checking and Savings – Featured Reward Value if you’re a new SoFi Checking and Savings customer or an existing SoFi Checking and Savings customer who hasn’t set up direct deposits, yet.
To get the reward, you have to meet the following requirements:
Open SoFi Checking and Savings by December 31, 2023.To earn a $50 cash bonus, you must receive between $1,000 and $4,999.99 in qualifying direct deposits during the first 30 days of opening an account.To earn a SoFi Checking and Savings – Featured Reward Value cash bonus, you must receive over $5,000 in qualifying direct deposits during the first 30 days of opening an account.
The account works best if you set up a direct deposit or deposit minimum $5,000 per month. That way, you’ll qualify to earn SoFi Checking and Savings – APY APY on savings balances (Vaults included) and 0.50% APY on checking balances.
If you don’t set up a direct deposit or deposit minimum $5,000 per month, you’ll only earn 1.20% APY on both balances.
SoFi Checking and Savings Review
Upgrade Rewards Checking – Product Name Only
Upgrade Rewards Checking Plus offers 2% cash back on everyday debit card purchases and payments on utilities and monthly subscriptions, and 1% cash back on all other debit card purchases. Upgrade describes an everyday purchase as an online or in-person purchase at a convenience store, drugstore, restaurant, bar, or gas station.
The 2% cash back perk has a limit of $500 per year. Once you reach the annual limit, you’ll get 1% cash back on all eligible purchases for the rest of the year.
To get the most out of the Upgrade Rewards Checking Plus Account, like ATM fee reimbursements and loan discounts, you’ll have to maintain a $2,500 daily checking account balance, receive at least $1,000 in direct deposits each month, or make eight or more monthly debit card purchases. Otherwise, you won’t qualify for these perks.
Money transfers, ATM transactions, check purchases, gift cards, foreign currency, money orders, refunds, or fraudulent transactions aren’t eligible for any cash back rewards.
Upgrade Checking and Savings Review
Axos Bank Rewards Checking – Product Name Only
Axos Bank Rewards Checking has access to a robust ATM network. You’ll be able to make free withdrawals at approximately 91,000 ATMs across the US.
If you have Axos Bank Rewards Checking, you’ll also get unlimited domestic ATM fee reimbursements. Some of the other banks on our list won’t reimburse you for these fees, and also might charge you an additional fee for using another ATM provider.
You can earn Axos Bank Rewards Checking – APY APY with Axos Bank Rewards Checking, but you’ll need to meet certain requirements.
Here are the requirements for earning interest:
Earn 0.40% APY if you receive at least $1,500 in direct deposits in a month. You have to meet this requirement to be able to earn any additional interest.Earn an additional 0.30% APY if you make 10 debit card transactions in a month (minimum $3 per transaction) or you need to sign up for Account Aggregation/Personal Finance Manager.Earn an additional 1.00% APY if you keep at least a daily average of $2,500 in an Axos Managed Portfolios Invest Account monthly.Earn an additional 1.00% APY if you keep at least a daily average of $2,500 in an Axos Self Directed Trading Invest Account monthly.Earn an additional 0.60% APY if you make a monthly Axos consumer loan payment with your Reward Checking account.
If you accomplish all goals in a month, you earn the maximum available APY.
Varo Bank Account – Product Name Only
You may like the Varo Bank Account – Product Name Only if you want an online account that offers easy ways to deposit money into your account.
You can receive your paycheck up to two days early with direct deposit or use the mobile app to deposit checks.
Not all online banks allow you to deposit cash, but with Varo, you can deposit cash at Green Dot locations. You can find these at common retailers such as Walmart, CVS, Walgreens, and Kroger.
This account also pays up to 6% cash back at select retailers.
Although you can deposit cash at Green Dot locations, you may have to pay a few dollars as a fee. (This is standard for any bank that allows you to deposit cash with Green Dot.) Also, keep in mind that Varo doesn’t offer joint bank accounts.
Experian Smart Money – Product Name Only
The Experian Smart Money Account stands out because it is automatically linked to a unique financial tool called Experian Boost. Experian Boost allows you to build credit for making on-time payments for phone bills, utility bills, rent payments, and more. The account also offers early direct deposits and a Experian Smart Money – Intro Bonus.
Experian Smart Money is a good option if you want an account that’s easy to open. It has a Experian Smart Money – Minimum Deposit minimum opening deposit, Experian Smart Money – Fees Display, and no overdraft fees.
However, if you want overdraft protection, you might prefer one of our other top picks. If you try to overdraw from Experian Smart Money, your transaction will simply be denied.
Redneck Bank Rewards Checkin’ Account – Product Name Only
The Redneck Bank Rewards Checkin’ Account pays a high bonus interest rate of 5.30% APY on account balances up to $15,000, and 0.50% APY on amounts over $15,000. To qualify for the bonus rate, you’ll have to make 10 qualifying debit card transactions per monthly statement cycle and receive online bank statements.
If you do not meet the monthly requirements, you’ll earn a standard rate of 0.25% APY. Redneck Bank also requires a steep minimum opening deposit of $500 to open the Redneck Bank Rewards Checking Account. You might prefer another financial institution if you’d like to open an account with less money upfront.
Schwab Bank High Yield Investor Checking® Account – Product Name Only
Schwab Bank High Yield Investor Checking® Account is one of the investment companies banking products.
Charles Schwab Bank is rated the highest in overall customer satisfaction among checking account providers, according to a 2022 JD Power Direct Banking Satisfaction Study.
This study evaluates customer experiences with online banks and neobanks by looking at overall customer service, bank trustworthiness, mobile banking, online banking, potential bank fees, how easy it is to move money, and how easy it is to grow money.
Charles Schwab has 24/7 online chat with customer service representatives. You may also call a representative Monday through Friday, 7 a.m. to 11 p.m. ET, and weekends from 9a.m . to 10:30 p.m. ET.
To open a Schwab Bank High Yield Investor Checking® Account, you must also have a Schwab brokerage account.
Wealthfront Cash Account – Product Name Only
The Wealthfront Cash Account is a strong cash management account. A cash management account is a type of account that’s offered by online-only institutions that aren’t technically banks, like investing platforms or fintech companies. A cash management account could be a good option if you already have an account with a specific brokerage or investment firm or if you’re looking for an account with a high interest rate.
You’ll earn Wealthfront Cash Account APY as long as you deposit Wealthfront Cash Account.
Fintech companies partner with banks that provide FDIC insurance for cash management accounts. Wealthfront is partnered with multiple banks so it spreads your money across four banks — meaning it can insure up to $5 million in an individual bank account.
Wealthfront Cash Account Review
Best Online Checking Accounts FAQs
How does an online-only checking account work?
If you open a checking account at an online bank, you’ll primarily manage your account through online and mobile banking.
How do you open a checking account online?
You’ll submit an application through the online bank’s website. When you’re filling out your application, you may need a government-issued ID, your Social Security number, and proof of address. Generally, you’ll receive a confirmation email once the information has been verified and your application is approved.
Can you open a free online checking account?
Yes. Many online banks have checking accounts with zero monthly maintenance fees. Capital One 360, Varo, Redneck Bank, SoFi, Upgrade, Axos Bank, Charles Schwab, and Wealthfront are a few examples of financial institutions with free checking accounts.
What bank makes it easiest to open a checking account online?
Varo Bank and Chime probably make it easiest to open a checking account online. Neither uses ChexSystems to look into your past banking history, so you can still open an account even if you have a history of unpaid bank fees or bounced checks. Neither bank checks your credit score, either, so your application shouldn’t be denied if you have a low or no credit score.
Which Banks Are the Most Trustworthy?
The Better Business Bureau assigns companies grades, ranging from F to A+. A good BBB grade indicates a company responds effectively to customer complaints, advertises honestly, and is transparent about business practices. The only institution on our list that hasn’t received a BBB rating yet is Redneck Bank.
Here are the BBB grades for our top picks:
Financial institutionBBB ratingCapital One 360A+Varo A-ExperianC+Consumers Credit UnionA+SoFiA+UpgradeA+ (C- rating from partner bank)AxosA+Charles SchwabA+WealthfrontF
Wealthfront and has received an F rating because it has several customer complaints on the BBB website and have failed to respond to complaints filed against the business. Varo has an A- grade due to the high number of customer complaints on the BBB website.
Upgrade received an A+ rating from the BBB. Its partner bank, Cross River Bank, received a C- rating because it has received a high volume of customer complaints on the BBB website, and it has six unresolved complaints.
Experian received a C+ rating from BBB because it has received a high volume of customer complaints, had government actions taken against the company, and has taken a long time to respond to customer complaints.
In November 2022, Experian was required to pay a total of $13.67 million regarding two settlements over data breaches that occurred in 2012 and 2015. The 2015 breach occurred when an authorized person obtained access to personal information in the Experian network, primarily affecting people who applied for T-Mobile services between September 2013 and September 2015. The 2012 breach involved identity theft.
Online Checking Account Comparison
Here are our top picks for the best online checking accounts. We know that the “best” means something different for everyone, so we’ve listed each account’s strengths and limitations. All of the financial institutions on our list are protected by FDIC or NCUA insurance. Although First Republic Bank was recently shut down, bear in mind your money is safe at a federally insured financial institution. When a financial institution is federally insured, up to $250,000 per depositor is secure in a bank account.
Why You Should Trust Us: Our Expert Panel for the Best Online Checking Accounts
We consulted banking and financial planning experts to inform these picks and provide their advice on finding the best checking accounts for your needs.
Insider
We’re focusing on checking accounts with no monthly maintenance fees, but we’re also taking fees for foreign transactions, out-of-network ATMs, and more into consideration.
Here’s what they had to say about checking accounts. (Some text may be lightly edited for clarity.)
What makes a checking account good or not good?
Roger Ma, certified financial planner with lifelaidout® and author of “Work Your Money, Not Your Life”:
“I would look at the ATM branch locations and then minimum balance amounts to not incur a monthly fee. I think there’s other stuff that could make life easier, whether it’s free checks, online bill pay, are they in the Zelle network?”
Sophia Acevedo, certified educator in personal finance, banking reporter, Personal Finance Insider:
“I would look for a checking account that either doesn’t have any monthly services fees or offers multiple ways to waive the fee. I would also look at customer support availability and mobile app ratings.”
How can someone determine whether a bank is the right fit for them?
Tania Brown, certified financial planner at SaverLife:
“Obviously, you want to make sure it’s FDIC insured. Also, your banking experience — do you like walking into a bank? Well, then you need someone local. Do you just not care if you ever see your bank? Then you’re okay online. Do you write checks? Do you not write checks? So it’s thinking through how your experience with it is going to be before you make that decision.”
Mykail James, MBA, certified financial education instructor, BoujieBudgets.com:
“The No. 1 thing about a checking account is you should know what provider the debit card is coming from. And a lot of people don’t think about that, because there are places that don’t accept MasterCard or don’t accept an Amex.”
Methodology: How We Chose the Best Online Checking Accounts
To find the best online checking accounts, we considered two dozen online financial institutions.
We narrowed down our top picks by reviewing features and perks. We looked at how financial institutions charge common bank fees — for example, monthly service fees, out-of-network ATM fees, overdraft fees, or foreign transaction fees. If a financial institution offered a unique perk, like a high interest rate or a cash bonus, we evaluated the criteria needed to get the reward.
To learn more about how we rate and review products, see our editorial standards page.
Other Online Checking Accounts That Didn’t Make the Cut and Why
Quontic Cash Rewards Checking Account – Product Name Only: Quontic lets you earn 1% cash back on eligible debit card purchases. You can get up to $50 in cash back rewards per month. It wasn’t our top pick because Upgrade’s cash-back perks stand out more. You can earn 2% cash back on everyday purchases (up to $500 in rewards per calendar year). Read Insider’s Quontic Bank Review.Chime Checking Account – Product Name Only: Chime has a strong checking account with early direct deposit and cash deposits at Green Dot locations, but it doesn’t offer cash-back rewards like Varo does. Read Insider’s Chime Review.Fidelity Cash Management Account – Product Name Only: You can save, spend, and invest all in one account with Fidelity — but its interest rate is only so-so. Read Insider’s Fidelity Cash Management Review.Consumers Credit Union Free Rewards Checking Account – Product Name Only: Consumers Credit Union pays up to 5% APY on the first $10,000 in your account if you meet certain monthly requirements. However, Redneck Bank offers the possibility to earn a higher bonus interest rate for balances up to $15,000. Discover Cashback Debit Account – Product Name Only: Discover lets you earn 1% cash back on up to $3,000 in debit card purchases per month. However, our top pick Upgrade may be appealing when it comes to earning cash back on everyday purchases. Read Insider’s Discover Bank Review.LendingClub Rewards Checking Account – Product Name Only: LendingClub might be a good option if you’re looking for a rewards checking account, but you’ll need at least $2,500 in your account to get the most out of the account. Read Insider’s LendingClub Review.Bank5 Connect High-Interest Checking Account: You’ll need to maintain at least $100 to earn interest on this checking account. You can also earn a better rate with Redneck Bank. Read Insider’s Bank5 Connect Review.FNBO Direct Online Checking Account: FNBO Direct offers a solid checking account, and it could be worthwhile if you want free stop payments or free incoming domestic wire transfers. The main downsides to the account are that it has mixed mobile app ratings and doesn’t have paper checks. Read Insider’s FNBO Direct Review.Dora Financial Everyday Checking Account: This checking might be appealing if your native language is Spanish or if you currently struggle to open an account due to your bank account history. Customer service is only available through email or the app, though. Read Insider’s Dora Financial Review.Amalgamated Bank Give-Back Checking Account: Amalgamated Bank could be a good choice if you’d like to bank with a mission-driven institution. Amalgamated Bank matches the equivalent of half the interest you earn on the account and lets you donate that amount to a charity partnered with the institution. It pays a lower interest rate than Redneck Bank, SoFi, Wealthfront, and Axos, though. Read Insider’s Amalgamated Bank Review.Daylight Account: Daylight lets you customize your debit card with your chosen name. You may also earn up to 10% cash back on debit card purchases at LGBTQ+ allied businesses. Daylight doesn’t offer joint bank accounts, and it has limited ways to deposit money into the account, though. Read Insider’s Daylight Review.Personal Capital Cash Account: Empower has a solid cash management account with minimal fees, but Wealthfront currently offers a higher interest rate.Alliant High-Interest Checking Account: Alliant offers a solid checking account, but Axos, SoFi, Redneck Bank, and Wealthfront all pay higher interest rates. Read Insider’s Alliant Credit Union Review.NOVA Perks™ by Blue Checking Account – Product Name Only: Blue Federal Credit Union lets you open an account by donating at least $5 to the Blue Foundation. The credit union has a checking account with many unique benefits, but you might have to pay a fee depending on which tier you choose. Read Insider’s Blue Federal Credit Union Review.Connexus Xtraordinary Checking Account: This is a good high-yield checking account, but you can earn a better rate with Redneck Bank. Read Insider’s Connexus Credit Union Review.Bethpage Federal Credit Union Free Checking Account: Bethpage pays a decent interest rate on its high-yield checking account, but you can earn more with Redneck Bank. Read Insider’s Bethpage Credit Union Review.Ally Interest Checking Account: This is a solid online checking account that pays interest on your balance, but its features aren’t as unique as what you’ll find with some of our top picks. Read Insider’s Ally Bank Review.CIT Bank eChecking Account: The minimum opening deposit for this account is $100, and it only offers up to $15 of fee-free ATM visits a month. Our top picks offer more distinct perks. Read Insider’s CIT Bank Review.Betterment Checking Account: This online checking account reimburses ATM and foreign transaction fees, and there are no monthly service charges or overdraft penalties. However, Wealthfront is FDIC insured up to $5 million through partner banks and has early direct deposit. Read Insider’s Betterment Checking and Cash Reserve Review.TIAA Bank Basic Checking Account: To get unlimited ATM reimbursement you need to keep an average daily balance of at least $5,000. You also need at least $100 to open the account. Read Insider’s TIAA Bank Review.First Tech Rewards Checking® – Product Name Only: This account pays a high interest rate, but you have to meet certain requirements to join the credit union.
