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10 Best Checking Accounts of June 2022

Jun 1, 2022

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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.

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Discover Bank Cashback Debit

Checking

Member FDIC

5.0

/5
 NerdWallet rating 
Monthly fee
$0
APY
N/A
Bonus
N/A
Learn more

at Discover Bank

Why we like it
Customers earn 1% cash back on up to $3,000 in debit card purchases each month. The account also has no monthly fee, no monthly balance requirement and access to over 60,000 fee-free ATMs. The bank also doesn’t charge overdraft fees; if you try to initiate a transaction that will result in an overdraft, Discover will pull that money from a designated funding account if you’ve enabled overdraft protection. If you haven’t enabled it, then Discover will decline the transaction and you won’t be charged a fee. You can get your paycheck up to two days early when you set up direct deposit with this account.
Discover’s mobile banking apps have high customer ratings, which is helpful because the bank only has one physical branch, in Delaware.
Alliant Credit Union High-Rate Checking

Checking

Federally insured by NCUA

5.0

/5
 NerdWallet rating 
Monthly fee
$0
APY
0.25%
With $0 min. balance for APY
Bonus
N/A
Learn more

at Alliant Credit Union

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.
Axos Bank® Rewards Checking

Checking

Member FDIC

5.0

/5
 NerdWallet rating 
Monthly fee
$0
APY
1.25%
With $0 min. balance for APY
Bonus
$100
Requirements to qualify
Learn more

at Axos Bank®

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.
Consumers Credit Union Free Rewards Checking

Checking

Federally insured by NCUA

5.0

/5
 NerdWallet rating 
Monthly fee
$0
APY
2.09%
With $0 min. balance for APY
Bonus
N/A
Learn more

at Consumers Credit Union

Why we like it
The Free Rewards Checking account offers an exceptionally high annual percentage yield of 2.09% 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 4.09% 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.
Quontic Cash Rewards Checking

Checking

Member FDIC

5.0

/5
 NerdWallet rating 
Monthly fee
$0
APY
N/A
Bonus
N/A
Why we like it
Quontic’s Cash Rewards Checking Account gives customers 1.50% cash back on qualifying debit card purchases along with access to more than 90,000 fee-free ATMs. There’s no monthly fee and no minimum daily balance requirement for customers to earn cash back, although there’s a minimum opening balance requirement of $100.
Monifi Spend Balance

Checking

Deposits are FDIC Insured

5.0

/5
 NerdWallet rating 
Monthly fee
$0
APY
N/A
Bonus
N/A
Why we like it
Monifi customers get two linked accounts, a Spend Balance and a Save Balance. For the Spend Balance, which is like a checking account, there is no monthly fee or minimum balance requirement, and customers have access to more than 55,000 free Allpoint ATMs.
For a limited time, customers can also earn a $250 bonus when they set up direct deposit with their employer and receive at least two direct deposits of $1,000 each into their Monifi Spend Balance account.
Connexus Credit Union Xtraordinary Checking

Checking

Federally insured by NCUA

5.0

/5
 NerdWallet rating 
Monthly fee
$0
APY
1.75%
With $0 min. balance for APY
Bonus
N/A
Why we like it
The Xtraordinary Checking account earns an APY as high as 1.75% for balances of up to $25,000. The credit union also gives up to $25 per month in rebates for out-of-network domestic ATM fees. In order to get these benefits, customers must meet certain criteria, including opting in for paperless statements and meeting some spending and deposit requirements. If the requirements aren’t met, you won’t earn interest that month.
Keep in mind that Connexus charges a $29.95 overdraft fee. Customers can, however, link a savings account to their checking account to cover any overdrafts for free.
Lake Michigan Credit Union Max Checking

Checking

Federally insured by NCUA

5.0

/5
 NerdWallet rating 
Monthly fee
$0
APY
3.00%
With $0 min. balance for APY
Bonus
N/A
Why we like it
Lake Michigan Credit Union gives customers a stellar 3.00% APY on their Max Checking account for balances up to $15,000 as long as you meet some qualifications. To earn the interest rate, customers must have at least one direct deposit per month, a minimum of 10 debit or credit purchases, a minimum of four account logins per month and sign up to receive e-statements. There’s no monthly fee or minimum balance requirement on the account, customers have access to more than 55,000 fee-free ATMs and customers can also be reimbursed up to $10 per month for out-of-network ATM fees.
LendingClub Rewards Checking

Checking

Member FDIC

5.0

/5
 NerdWallet rating 
Monthly fee
$0
APY
0.10%
With $2,500 min. balance for APY
Bonus
N/A
Why we like it
The LendingClub Rewards Checking account gives customers two cash-earning benefits: an interest rate and cash back on spending. For the interest rate, if your balance hits $2,500, a 0.10% annual percentage yield kicks in. If you have $100,000 or more, the rate becomes 0.15% APY. For the cash-back benefit, customers can earn unlimited 1% on online and signature-based “credit” purchases with their debit card.
LendingClub is also part of a network of thousands of SUM and MoneyPass ATMs that customers can use for free. In addition, customers receive unlimited ATM surcharge reimbursements if they use an out-of-network ATM worldwide. Users can also get their paychecks up to two days early via direct deposit, depending on their employer.
SoFi Checking and Savings

Checking

Member FDIC

5.0

/5
 NerdWallet rating 
Monthly fee
$0
APY
1.50%
With $0 min. balance for APY
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 1.50% 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.

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 June 1, 2022

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People often identify opening a savings account as their next money move.

Discover Bank Online Savings

5.0

NerdWallet rating 
Discover Bank Online Savings

APY

1.00%

With $0 min. balance for APY

Bonus

$200

Requirements to qualify

at Discover Bank, Member FDIC

American Express® High Yield Savings Account

4.5

NerdWallet rating 
American Express® High Yield Savings Account

APY

0.90%

With $1 min. balance for APY

at American Express National Bank, Member FDIC

LendingClub High-Yield Savings

5.0

NerdWallet rating 
LendingClub High-Yield Savings

APY

1.26%

With $0 min. balance for APY

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.

Frequently asked questions