BEST OF

7 Best Checking Accounts of January 2021

Chanelle BessetteJanuary 1, 2021
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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. 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 January 2021

Radius Bank Rewards Checking

at Radius Bank, Member FDIC

Radius Bank Rewards Checking

5.0

NerdWallet rating 
Radius Bank Rewards Checking

Monthly Fee

$0

APY

0.10%

With $2,500 minimum balance

Bonus

N/A

at Radius Bank, Member FDIC


Bonus

N/A

Why we like it

The Radius 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 1% on online and signature-based “credit” purchases with their debit card and an additional 0.50% on purchases made with certain merchant categories.

Radius is also part of a network of thousands of SUM and MoneyPass ATMs which 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.

Read Full Review
nbkc bank Everything Account

at nbkc bank, Member FDIC

nbkc bank Everything Account

5.0

NerdWallet rating 
nbkc bank Everything Account

Monthly Fee

$0

APY

0.50%

With $0 minimum balance

Bonus

N/A

at nbkc bank, Member FDIC


Bonus

N/A

Why we like it

The Everything Account from NBKC offers the features of both a checking and savings account, along with a solid 0.50% APY and no monthly fees or minimum balance. NBKC belongs to the MoneyPass network — which provides 34,000 free ATMs to customers — and also provides up to $12 in fee reimbursements per month for customers who use an out-of-network ATM.

Read Full Review
Axos Bank® Rewards Checking

at Axos Bank®, Member FDIC

Axos Bank® Rewards Checking

5.0

NerdWallet rating 
Axos Bank® Rewards Checking

Monthly Fee

$0

APY

1.25%

With $0 minimum balance

Bonus

N/A

at Axos Bank®, Member FDIC


Bonus

N/A

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%, depending on your account activity. To earn maximum interest, you’d need to have monthly direct deposits of $1,000 or more and use your debit card at least 15 times a month, with a minimum $3 purchase.

In addition, Axos Bank (formerly Bank of Internet) offers unlimited domestic ATM reimbursements on several of its checking accounts, including this one.

Read Full Review
Consumers Credit Union Free Rewards Checking

at Consumers Credit Union, Federally insured by the NCUA

Consumers Credit Union Free Rewards Checking

5.0

NerdWallet rating 
Consumers Credit Union Free Rewards Checking

Monthly Fee

$0

APY

2.09%

With $0 minimum balance

Bonus

N/A

at Consumers Credit Union, Federally insured by the NCUA


Bonus

N/A

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.

Read Full Review

Bank5 Connect High Interest Checking

4.5

NerdWallet rating 
Bank5 Connect High Interest Checking

Monthly Fee

$0

APY

0.20%

With $100 minimum balance

Bonus

N/A


Bonus

N/A

Why we like it

Bank5 Connect offers a solid APY of 0.20% for balances of at least $100. The online-only bank belongs to the SUM network of thousands of ATMs, which are free to use, and it doesn’t charge for use of out-of-network ATMs. If another bank or ATM operator charges a fee, Bank5 reimburses customers up to $15 per month. Bank5 charges no monthly maintenance fee. Its $15 insufficient funds fee is unusually low, but it can charge this fee up to six times a day.

Read Full Review

Connexus Credit Union Xtraordinary Checking

5.0

NerdWallet rating 
Connexus Credit Union Xtraordinary Checking

Monthly Fee

$0

APY

1.75%

With $0 minimum balance

Bonus

N/A


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 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 to cover any overdrafts for free.

Read Full Review

FNBO Direct Online Checking

5.0

NerdWallet rating 
FNBO Direct Online Checking

Monthly Fee

$0

APY

0.25%

With $0 minimum balance

Bonus

N/A


Bonus

N/A

Why we like it

FNBO Direct’s Online Checking account offers a 0.25% APY with no monthly fees and no minimum balance requirements, with a minimum opening deposit of one dollar. The bank gives customers access to more than 2 million ATMs, although there are no branches.

Read Full Review

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.

  • Discover Bank Cashback Debit: Offers 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).

  • Ally Bank Interest Checking: Offers excellent customer service, access to 43,000 ATMs and an APY of 0.10% (read full Ally 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).

  • 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).

Last updated on January 1, 2021

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, Comenity Bank, Comerica Bank, Commerce Bank, Connexus Credit Union, Consumers Credit Union, Discover Bank, E*TRADE Bank, Fifth Third Bank, First Foundation Bank, First National Bank, First Tech Federal Credit Union, Flagstar Bank, FNBO Direct, GoBank, Golden 1 Credit Union, Goldman Sachs Bank USA, HSBC Bank, Huntington Bank, KeyBank, Live Oak Bank, M&T Bank, Nationwide Bank, Navy Federal Credit Union, NBKC Bank, 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, State Employees' Credit Union of North Carolina, Suncoast Credit Union, SunTrust Bank, Synchrony Bank, TAB 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.

Frequently asked questions