9 Best Online Checking Accounts of 2023
The best online checking accounts offer special features and good remote customer service.
Many or all of the products featured here are from our partners who compensate us. This influences which products we write about and where and how the product appears on a page. However, this does not influence our evaluations. Our opinions are our own. Here is a list of our partners and here's how we make money.
To open an online checking account, you'll want to look at what's offered by online banks, credit unions and nonbank financial institutions. The best online checking accounts have low or no fees and higher interest rates than traditional banks do, in part because of the money online banks save by not operating branches.
These accounts are secure, backed by the Federal Deposit Insurance Corp. or the National Credit Union Administration. (Although they are not technically banks, nonbanks offer most of the same services that traditional institutions do.)
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.
Here are our favorite online checking accounts.
APYs shown are current as of June 5, 2023. All other information is current as of December 14, 2022.
To open an online checking account, you'll want to look at what's offered by online banks, credit unions and nonbank financial institutions. The best online checking accounts have low or no fees and higher interest rates than traditional banks do, in part because of the money online banks save by not operating branches.
These accounts are secure, backed by the Federal Deposit Insurance Corp. or the National Credit Union Administration. (Although they are not technically banks, nonbanks offer most of the same services that traditional institutions do.)
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.
Here are our favorite online checking accounts.
APYs shown are current as of June 5, 2023. All other information is current as of December 14, 2022.
Best Online Checking Accounts
| Bank/institution | NerdWallet rating | Monthly fee | APY | Bonus | Learn more |
|---|---|---|---|---|---|
 SoFi Checking and Savings Learn more at SoFi, Member FDIC | Best for Online Checking Accounts | $0 | 1.20% With $0 min. balance for APY | $250 Earn up to $250 with direct deposit. Terms apply. | Learn more at SoFi, Member FDIC |
 Axos Bank® Rewards Checking Learn more at Axos Bank®, Member FDIC | Best for Online Checking Accounts | $0 | 3.30% With $0 min. balance for APY | $100 Earn $100 with direct deposit. Terms apply. | Learn more at Axos Bank®, Member FDIC |
 Chime Checking Account Learn more at Chime, Deposits are FDIC Insured | Best for Online Checking Accounts | $0 | N/A | N/A | Learn more at Chime, Deposits are FDIC Insured |
 Current Account Learn more at Current, Deposits are FDIC Insured | Best for Online Checking Accounts | $0 | N/A | N/A | Learn more at Current, Deposits are FDIC Insured |
 Varo Bank Account Learn more at Varo Bank, Member FDIC | Best for Online Checking Accounts | $0 | N/A | N/A | Learn more at Varo Bank, Member FDIC |
 TIAA Bank Yield Pledge® Checking | Best for Online Checking Accounts | $0 | 0.12% With $0 min. balance for APY | N/A | Read review |
 Ally Bank Interest Checking Account | Best for Online Checking Accounts | $0 | 0.10% With $0 min. balance for APY | N/A | Read review |
 Alliant Credit Union High-Rate Checking | Best for Online Checking Accounts | $0 | 0.25% With $0 min. balance for APY | N/A | Read review |
 Capital One 360 Checking | Best for Online Checking Accounts | $0 | 0.10% With $0 min. balance for APY | N/A | Read review |
You may also like these
People often identify opening a savings account as their next money move.
SoFi Checking and Savings
APY
With $0 min. balance for APY
Bonus
Earn up to $250 with direct deposit. Terms apply.
at SoFi, Member FDIC
Discover Bank Online Savings
APY
With $0 min. balance for APY
Bonus
Requirements to qualify
at Discover Bank, Member FDIC
Capital One 360 Performance Savings™
APY
With $0 min. balance for APY
at Capital One, Member FDIC
Our pick for
Online Checking Accounts
$0
1.20%
With $0 min. balance for APY
$250
Earn up to $250 with direct deposit. Terms apply.
Why We Like It
SoFi offers a strong interest rate in addition to cash back opportunities and a bonus.
Monthly fee: None.
Special features: A strong 1.20% APY on all balances and an opportunity to earn a bonus between $50 and $250 depending on your direct deposit total in your first 30 days.
Other pros: Customers can also earn up to 15% cash back when they make purchases with their SoFiI debit card, and they can use more than 55,000 fee-free Allpoint ATMs.
What you should know: SoFi’s account is a combination of checking and savings features, so you can’t open an individual checking account or individual savings account with SoFi. However, the checking and savings balances can be separated, and customers can create subaccounts called Vaults.
$0
3.30%
With $0 min. balance for APY
$100
Earn $100 with direct deposit. Terms apply.
Why We Like It
Like some other Axos Bank checking accounts, the Rewards Checking has great perks: no overdraft fees and no monthly fees, plus domestic ATM fee reimbursements.
Monthly fee: None.
Special features: With Rewards Checking, you also can earn up to 3.30% APY on balances up to $50,000, but you'll have to jump through some hoops.
Other pros: another checking account that you could open in addition to Rewards Checking: CashBack Checking. This account has a rewards program gives you 1% cash back (up to $2,000 per month) on debit card transactions that require your signature, if you keep at least $1,500 as the average daily balance. If your account falls below that, you earn 0.50% cash back instead.
What you should know: To begin earning interest, the bank requires at least $1,500 in monthly direct deposits. That earns 0.40%. Once you meet that requirement, you can earn an additional 0.30% if you make 10 debit card purchases — with a minimum of $3 per transaction — or sign up for the Account Aggregation/Personal Finance Manager tool. You can also earn an additional 1% for each of the following: having average daily balance of $2,500 in a managed investment portfolio and having an average daily balance of $2,500 in a self-directed portfolio. You'll earn another 0.60% for making a monthly Axos consumer loan payment from Rewards Checking.
$0
N/A
N/A
Why We Like It
Chime has a generous overdraft policy and additional benefits such as early paychecks and a large free ATM network.
Monthly fee: None.
Special features: Chime has no minimum balance requirements and gives customers access to more than 60,000 free ATMs. Customers can also receive their paycheck up to two days early with direct deposit.
Other pros: Chime has no overdraft fees and offers a notable overdraft program called SpotMe®. SpotMe® allows eligible customers to overdraft their accounts up to $200, which Chime will cover without a fee, and then the customer’s next deposit will apply to the negative balance.
What you should know: If you want to deposit cash, you’ll have to go through a third- party retailer and you may be charged a fee.
Chime says: "Out-of-network ATM withdrawal fees may apply except at MoneyPass ATMs in a 7-Eleven, or any Allpoint or Visa Plus Alliance ATM."
"Early access to direct deposit funds depends on the timing of the submission of the payment file from the payer. We generally make these funds available on the day the payment file is received, which may be up to 2 days earlier than the scheduled payment date."
"Chime SpotMe is an optional, no fee service that requires a single deposit of $200 or more in qualifying direct deposits to the Chime Checking Account each at least once every 34 days. All qualifying members will be allowed to overdraw their account up to $20 on debit card purchases and cash withdrawals initially, but may be later eligible for a higher limit of up to $200 or more based on member’s Chime Account history, direct deposit frequency and amount, spending activity and other risk-based factors. Your limit will be displayed to you within the Chime mobile app. You will receive notice of any changes to your limit. Your limit may change at any time, at Chime’s discretion. Although there are no overdraft fees, there may be out-of-network or third party fees associated with ATM transactions. SpotMe won’t cover non-debit card transactions, including ACH transfers, Pay Anyone transfers, or Chime Checkbook transactions. See Terms and Conditions."
$0
N/A
N/A
Why We Like It
Current has a cash back rewards program and is part of a large, no-fee ATM network.
Monthly fee: None.
Special features: Current customers can earn points on their spending at more than 14,000 merchants nationwide, and those points can be redeemed for cash. Current also has a high-yield online savings account that you can partner with your checking, and that account earns 4.00% APY on up to $6,000.
Other pros: Customers can use more than 40,000 fee-free Allpoint ATMs.
What you should know: Cash deposits can be made with third-party retailers at more than 60,000 locations. However, you will be subject to third-party fees.
$0
N/A
N/A
Why We Like It
Varo charges no foreign transaction fees, and customers have access to a large network of free ATMs.
Monthly fee: None.
Special features: Varo is part of the AllPoint network, which gives customers fee-free access to more than 55,000 ATMs nationwide. Varo also charges no foreign transaction fees for debit card purchases or cash withdrawals abroad, which makes this account particularly good for international travelers.
Other pros: You can pair your checking account with a high-yield online savings account that can earn up to 5.00% on balances up to $5,000 after meeting some requirements.
What you should know: If you want to deposit cash, you’ll need to visit a Green Dot location or buy a Green Dot MoneyPak, which will cost up to $5.95.
$0
0.12%
With $0 min. balance for APY
N/A
Why We Like It
TIAA has a large free ATM network in addition to offering ATM fee reimbursements. The account also earns a bit of interest.
Monthly fee: None.
Special features: Customers have fee-free nationwide access to more than 80,000 Allpoint and MoneyPass ATMs, and TIAA Bank also offers fee reimbursements for out-of-network ATMs. For customers with a balance of $5,000 or more, ATM fee reimbursements are unlimited; balances under $5,000 receive $15 in reimbursements per month.
Other pros: TIAA interest checking earns 0.12% APY for balances under $50,000.
What you should know: There is a minimum opening deposit of $100 for this account.
$0
0.10%
With $0 min. balance for APY
N/A
Why We Like It
Ally is an online-only bank with a no-fee checking account with a notable rate. Ally reimburses up to $10 in out-of-network ATM fees monthly.
Monthly fee: None.
Special features: Ally’s Interest Checking has a rate of 0.10% APY for balances below $15,000; 0.25% APY for balances of $15,000 and above.
Other pros: Ally has more than 43,000 surcharge-free Allpoint ATMs, solid mobile apps and exceptional customer service. You can contact Ally via phone, real-time chat, messaging and Twitter. You can pair your Ally checking with its savings account, which has a competitive high-yield interest rate.
What you should know: There isn’t a way to deposit cash into an Ally account. Customers must either choose a direct deposit, online transfer or wire transfer or buy a money order for a mobile check deposit.
$0
0.25%
With $0 min. balance for APY
N/A
Why We Like It
Unlike most credit unions, Alliant makes it easy to apply for membership to take advantage of its interest checking and high-quality digital tools. If you don’t meet its other eligibility requirements, you can qualify by supporting an Alliant-affiliated nonprofit at no cost to you.
Monthly fee: None.
Special features: 0.25% APY. To be eligible for this rate, you must opt out of paper statements and make at least one electronic deposit to your account each month.
Other pros: You’ll have access to over 80,000 surcharge-free ATMs and up to $20 monthly in out-of-network ATM fee refunds.
What you should know: If you want overdraft coverage — either through free overdraft protection transfers with Alliant’s Courtesy Pay program — you’ll have to opt in, and to qualify for Courtesy Pay, you’ll need to meet some customer activity requirements.
$0
0.10%
With $0 min. balance for APY
N/A
Why We Like It
Capital One’s checking account earns interest and has no minimum balance.
Monthly fee: None.
Special features: The checking rate is 0.10% APY for any balance.
Other pros: 360 Checking account holders have free access to over 75,000 Capital One, Allpoint® and MoneyPass® ATMs nationwide, and a handful of Capital One locations. The bank’s mobile app is highly rated as well.
What you should know: Capital One offers a feature that can give you access to your direct-deposited paycheck up to two days early.
The pros of online checking accounts
24/7 access. With online banking, you can access your account securely anytime.
Fewer fees. Online checking accounts tend to charge fewer fees than traditional banks since online providers have lower overhead.
User-friendly technology. Online providers typically have well-designed websites and mobile apps for doing your banking, including tasks such as depositing checks and paying bills.
» Looking for online banks with top overall ratings? Check out NerdWallet's list of Best Online Banks
The cons of online checking accounts
No in-person customer service. Online institutions typically don’t have branches, which may be a deal-breaker for customers who prefer face-to-face assistance.
Cash deposits can sometimes be difficult. Some online banks and nonbanks work with ATM networks to allow cash deposits, but others allow only mobile check deposits, direct deposit or electronic transfer from other banking accounts.
» More from NerdWallet: What are online banks? Learn the pros and cons
How do I deposit cash with an online checking account?
Options for depositing cash at an online provider usually include using a deposit-accepting ATM or putting cash into a traditional bank account and transferring that money to your online account. You could also convert the cash into a money order, which you might be able to deposit electronically using your online provider's mobile app.
Last updated on June 5, 2023
Methodology
We took a close look at over 90 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.
Financial institutions and providers surveyed are: Affirm, Alaska USA Federal Credit Union, Alliant Credit Union, Ally Bank, Amalgamated Bank, America First Credit Union, American Express National Bank, Andrews Federal Credit Union, Associated Bank, Axos Bank, Bank of America, Bank of the West, Bank5 Connect, Bank7, Barclays, Bask Bank, BMO, Boeing Employees Credit Union, Bread Savings, BrioDirect, Capital One, Charles Schwab Bank, Chase, Chime, CIBC U.S., CIT Bank, Citibank, Citizens, Citizens Bank, City First Bank, Commerce Bank, ConnectOne Bank, Connexus Credit Union, Consumers Credit Union, Current, Delta Community Credit Union, Discover Bank, E-Trade, Fifth Third Bank, First Foundation, First National Bank, First Republic Bank, First Tech Federal Credit Union, Flagstar Bank, FNBO Direct, GO2bank, Golden 1 Credit Union, Hope Credit Union, Huntington Bank, Industrial Bank, KeyBank, Lake Michigan Credit Union, LendingClub Bank, Liberty Bank, Live Oak Bank, M&T Bank, Marcus by Goldman Sachs, Nationwide (by Axos), Navy Federal Credit Union, NBKC, One, OneUnited Bank, Pentagon Federal Credit Union, PNC, Popular Direct, PurePoint Financial, Quontic Bank, Redneck Bank, Regions Bank, Revolut, Salem Five Direct, Sallie Mae Bank, Santander Bank, Scarlet, SchoolsFirst Federal Credit Union, Security Service Federal Credit Union, Service Credit Union, SoFi, State Employees’ Credit Union of North Carolina, Suncoast Credit Union, Synchrony Bank, TAB Bank, TD Bank, TIAA Bank, Truist Bank, U.S. Bank, UFB Direct, Union Bank, Upgrade, USAA Bank, Varo, Vio Bank, Wells Fargo and Zynlo Bank.
To recap our selections...
NerdWallet's Best Online Checking Accounts of 2023
- SoFi Checking and Savings: Best for Online Checking Accounts
- Axos Bank® Rewards Checking: Best for Online Checking Accounts
- Chime Checking Account: Best for Online Checking Accounts
- Current Account: Best for Online Checking Accounts
- Varo Bank Account: Best for Online Checking Accounts
- TIAA Bank Yield Pledge® Checking: Best for Online Checking Accounts
- Ally Bank Interest Checking Account: Best for Online Checking Accounts
- Alliant Credit Union High-Rate Checking: Best for Online Checking Accounts
- Capital One 360 Checking: Best for Online Checking Accounts
Frequently asked questions
Online-only checking accounts offer many features of traditional checking accounts but with primarily online customer service options. Customers may have to use third-party services to deposit cash, but they will typically have access to a broad ATM network to withdraw cash.
Even with strong security measures, financial institutions can still be susceptible to bad actors and data breaches. Online banks have secure technology in place to protect their customers’ assets, but you should safeguard your funds and reduce the risk of having your account hacked by following some simple safety guidelines.
