BEST OF
9 Best Checking Accounts of November 2020
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. 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.
Keep in mind that any institution you may be considering for a new checking account may have temporarily closed their branches or curtailed hours to help protect customers and employees from COVID-19. But many institutions allow you to open new accounts and perform most necessary services online.
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. 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.
Keep in mind that any institution you may be considering for a new checking account may have temporarily closed their branches or curtailed hours to help protect customers and employees from COVID-19. But many institutions allow you to open new accounts and perform most necessary services online.
Summary of Best Checking Accounts of November 2020
| Bank/Institution | NerdWallet Rating | Monthly Fee | APY | Learn More |
|---|---|---|---|---|
$0 | N/A | at Chime, Deposits are FDIC Insured | ||
$0 | 0.10% With $0 minimum balance | at Capital One, Member FDIC | ||
 Alliant Credit Union High-Rate Checking at Alliant Credit Union, Federally insured by the NCUA | $0 | 0.25% With $0 minimum balance | at Alliant Credit Union, Federally insured by the NCUA | |
$0 | 1.25% With $0 minimum balance | at Axos Bank®, Member FDIC | ||
$12.00 Waived with direct deposit or $1,500 minimum balance | N/A | at Chase, Member FDIC | ||
$0 | 0.60% With $0 minimum balance | at Simple, Deposits are FDIC Insured | ||
$0 | N/A | at Varo, Deposits are FDIC Insured | ||
 Consumers Credit Union Free Rewards Checking at Consumers Credit Union, Federally insured by the NCUA | $0 | 2.09% With $0 minimum balance | at Consumers Credit Union, Federally insured by the NCUA | |
$0 | 0.10% With $2,500 minimum balance | Read review |
at Chime,
Deposits are FDIC Insured
Chime Spending Account
Monthly Fee
APY
With $0 minimum balance
Bonus
at Chime,
Deposits are FDIC Insured
at Capital One,
Member FDIC
Capital One 360 Checking®
Monthly Fee
APY
With $0 minimum balance
Bonus
at Capital One,
Member FDIC
at Alliant Credit Union,
Federally insured by the NCUA
Alliant Credit Union High-Rate Checking
Monthly Fee
APY
With $0 minimum balance
Bonus
at Alliant Credit Union,
Federally insured by the NCUA
at Axos Bank®,
Member FDIC
Axos Bank® Rewards Checking
Monthly Fee
APY
With $0 minimum balance
Bonus
at Axos Bank®,
Member FDIC
at Chase,
Member FDIC
Chase Total Checking®
Monthly Fee
Waived with direct deposit or $1,500 minimum balance
APY
With $0 minimum balance
Bonus
Requirements to qualify
at Chase,
Member FDIC
at Simple,
Deposits are FDIC Insured
Simple Checking & Budgeting
Monthly Fee
APY
With $0 minimum balance
Bonus
at Simple,
Deposits are FDIC Insured
at Varo,
Deposits are FDIC Insured
Varo Bank Account
Monthly Fee
APY
With $0 minimum balance
Bonus
at Varo,
Deposits are FDIC Insured
at Consumers Credit Union,
Federally insured by the NCUA
Consumers Credit Union Free Rewards Checking
Monthly Fee
APY
With $0 minimum balance
Bonus
at Consumers Credit Union,
Federally insured by the NCUA
Radius Bank Rewards Checking
Monthly Fee
APY
With $2,500 minimum balance
Bonus
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.
Other top accounts
These providers also offer attractive checking choices and could be a great fit for you. Check them out if you want more options.
Ally Bank Interest Checking: Offers excellent customer service, access to 43,000 ATMs and an APY of 0.10% (read full Ally review).
Bank5 Connect High Interest Checking: Offers an APY of 0.20% for balances of at least $100, plus up to $15 in out-of-network ATM fees reimbursed monthly (read full Bank5 Connect review).
FNBO Direct Online Checking: Offers a free, interest-earning checking account with access to more than 2 million ATMs (read full FNBO Direct review).
Connexus Credit Union Xtraordinary Checking: Earns an APY as high as 1.75% for balances of up to $25,000, if you meet certain requirements (read full Connexus review).
First Tech Federal Credit Union Dividend Rewards Checking: Offers an outstanding 1.25% APY for balances of $10,000 and under, if you meet certain requirements (read full First Tech review).
Schwab Bank High Yield Investor Checking: Provides unlimited fee rebates on ATM withdrawals worldwide and doesn’t charge foreign transaction fees; the account is free and comes with a brokerage account (read full Schwab Bank review).
Discover Bank Cashback Debit: Offers 1% cash back on up to $3,000 in qualifying debit card purchases each month; access to over 60,000 free ATMs (read full Discover Bank review).
Last updated on November 1, 2020
Methodology
We took a close look at over 70 financial institutions, 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 surveyed are: Alaska USA Federal Credit Union, Alliant Credit Union, Ally Bank, America First Credit Union, American Express National Bank, Associated Bank, Axos Bank, Bank5 Connect, Bank7, Bank of America, Bank of the West, Barclays, BB&T, BBVA, BMO Harris, Boeing Employees Credit Union, Capital One 360, Charles Schwab Bank, Chase, Chime, CIBC U.S., CIT Bank, Citibank, Citizens Access, Citizens Bank, Comerica Bank, Commerce Bank, Connexus Credit Union, Consumers Credit Union, Discover Bank, E-Trade Bank, Fifth Third Bank, First National Bank, First Tech Federal Credit Union, FNBO Direct, GoBank, Golden 1 Credit Union, Goldman Sachs Bank USA, HSBC Bank, Huntington Bank, KeyBank, M&T Bank, Nationwide Bank, Navy Federal Credit Union, Pentagon Federal Credit Union, PNC, Popular Direct, PurePoint Financial, Radius Bank, Redneck Bank, Regions Bank, Salem Five Direct, Sallie Mae Bank, Santander Bank, SchoolsFirst Federal Credit Union, Security Service Federal Credit Union, Service Credit Union, Simple, State Employees' Credit Union of North Carolina, State Farm Bank, Suncoast Credit Union, SunTrust Bank, Synchrony Bank, TCF Bank, TD Bank, TIAA Bank, U.S. Bank, UFB Direct, Union Bank, USAA, Varo, Vio Bank, Wells Fargo, Woodforest National Bank and Zions Bank.
To recap our selections...
NerdWallet's Best Checking Accounts of November 2020
Frequently asked questions
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.
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.
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.
First, 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.
Next, wait a month or two to allow outstanding charges or payments to clear the old account and to ensure 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.
Later, at your convenience, remove the bank’s app from your phone and shred any remaining paper checks from the old account.
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.
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.
