BEST OF

9 Best Online Checking Accounts of 2023

The best online checking accounts offer special features and good remote customer service.

Jan 23, 2023

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The best online banks, nonbank financial institutions and credit unions offer checking accounts with fewer fees and higher interest rates than traditional banks do, in part because of the money they 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 January 23, 2023. All other information is current as of December 14, 2022

Best Online Checking Accounts

Our pick for

Online Checking Accounts

NerdWallet rating 

5.0

/5
SoFi Checking and Savings
Learn more

at SoFi, Member FDIC

APY

2.50%

With $0 min. balance for APY

Bonus

$250

Earn up to $250 with direct deposit. Terms apply.

Monthly fee

$0

Overdraft star rating

5.0/5

NerdWallet rating 

5.0

/5
Axos Bank® Rewards Checking
Learn more

at Axos Bank®, Member FDIC

APY

1.25%

With $0 min. balance for APY

Bonus

$100

Earn $100 with direct deposit. Terms apply.

Monthly fee

$0

Overdraft star rating

5.0/5

NerdWallet rating 

4.5

/5
Alliant Credit Union High-Rate Checking

APY

0.25%

With $0 min. balance for APY

Bonus

N/A

Monthly fee

$0

Overdraft star rating

4.5/5

NerdWallet rating 

4.5

/5
Ally Bank Interest Checking Account

APY

0.10%

With $0 min. balance for APY

Bonus

N/A

Monthly fee

$0

Overdraft star rating

5.0/5

NerdWallet rating 

5.0

/5
Capital One 360 Checking

APY

0.10%

With $0 min. balance for APY

Bonus

N/A

Monthly fee

$0

Overdraft star rating

4.5/5

NerdWallet rating 

4.5

/5
Chime Checking Account
Learn more

at Chime, Deposits are FDIC Insured

APY

N/A

Bonus

N/A

Monthly fee

$0

Overdraft star rating

5.0/5

NerdWallet rating 

4.5

/5
Current Account
Learn more

at Current, Deposits are FDIC Insured

APY

N/A

Bonus

N/A

Monthly fee

$0

Overdraft star rating

5.0/5

NerdWallet rating 

4.5

/5
TIAA Bank Yield Pledge® Checking

APY

0.12%

With $0 min. balance for APY

Bonus

N/A

Monthly fee

$0

Overdraft star rating

Not yet rated

NerdWallet rating 

4.5

/5
Varo Bank Account
Learn more

at Varo Bank, Member FDIC

APY

N/A

Bonus

N/A

Monthly fee

$0

Overdraft star rating

5.0/5

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.

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 January 23, 2023

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

SoFi Checking and Savings

5.0

NerdWallet rating 
SoFi Checking and Savings

APY

3.75%

With $0 min. balance for APY

Bonus

$250

Earn up to $250 with direct deposit. Terms apply.

at SoFi, Member FDIC

Discover Bank Online Savings

5.0

NerdWallet rating 
Discover Bank Online Savings

APY

3.30%

With $0 min. balance for APY

Bonus

$200

Requirements to qualify

at Discover Bank, Member FDIC

Capital One 360 Performance Savings™

5.0

NerdWallet rating 
Capital One 360 Performance Savings™

APY

3.30%

With $0 min. balance for APY

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 Harris, 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

Frequently asked questions