8 Best Online Checking Accounts of 2023
The best online checking accounts offer special features and good remote customer service.
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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 Nov. 27, 2023. All other information is current as of Aug. 7, 2023.
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 Nov. 27, 2023. All other information is current as of Aug. 7, 2023.
Best Online Checking Accounts
| Bank/institution | NerdWallet rating | APY | Bonus | Monthly fee | Overdraft star rating | Learn more |
|---|---|---|---|---|---|---|
 SoFi Checking and Savings Learn more at SoFi Bank, N.A., Member FDIC | Best for Online Checking Accounts | 0.50% With $0 min. balance for APY | $250 Earn up to $250 with direct deposit. Terms apply. | $0 | 5.0/5 | Learn more at SoFi Bank, N.A., Member FDIC |
 Capital One 360 Checking Learn more at Capital One, Member FDIC | Best for Online Checking Accounts | 0.10% With $0 min. balance for APY | N/A | $0 | 4.5/5 | Learn more at Capital One, Member FDIC |
 Discover Cashback Debit Learn more at Discover Bank, Member FDIC | Best for Online Checking Accounts | N/A | N/A | $0 | 4.5/5 | Learn more at Discover Bank, Member FDIC |
 Axos Bank® Rewards Checking Learn more at Axos Bank®, Member FDIC | Best for Online Checking Accounts | 3.30% With $0 min. balance for APY | $300 Earn $300 with direct deposit. Terms apply. | $0 | 4.5/5 | Learn more at Axos Bank®, Member FDIC |
 LendingClub Rewards Checking | Best for Online Checking Accounts | 0.10% With $2,500 min. balance for APY | N/A | $0 | 4.0/5 | Read review |
 nbkc bank Everything Account | Best for Online Checking Accounts | 1.75% With $0 min. balance for APY | N/A | $0 | 4.0/5 | Read review |
 Quontic High Interest Checking | Best for Online Checking Accounts | 1.10% With $0.01 min. balance for APY | N/A | $0 | 4.0/5 | Read review |
 American Express Rewards Checking | Best for Online Checking Accounts | 1.00% | N/A | $0 | 3.5/5 | Read review |
Our pick for
Online Checking Accounts
0.50%
$250
$0
5.0/5
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 0.50% 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 SoFi debit card, and they can use more than 55,000 fee-free Allpoint ATMs. SoFi customers can insure their deposits on up to $2 million by enrolling in the SoFi Insured Deposit Program, which is a much higher limit than the typical $250,000 of FDIC insurance offered by banks.
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.
0.10%
N/A
$0
4.5/5
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. Capital One also offers a feature that can give you access to your direct-deposited paycheck up to two days early.
What you should know: You can deposit cash at Capital One ATMs, but you can’t deposit cash into Capital One’s partner ATMs.
N/A
N/A
$0
4.5/5
Why We Like It
Discover offers a strong cash-back benefit and large ATM network.
Monthly fee: None.
Special features: Discover Cashback Debit customers can earn 1% cash back on up to $3,000 in debit card purchases each month.
Other pros: Customers also have access to more than 60,000 fee-free ATMs and direct deposit up to two days early. Discover also offers a free overdraft protection service.
What you should know: If you haven’t set up overdraft protection, any transaction that would overdraft your account will be declined.
3.30%
$300
$0
4.5/5
Why We Like It
Axos Bank Rewards Checking has 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: Axos has another checking account that you could open in addition to Rewards Checking: CashBack Checking. This account has a rewards program that 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.
0.10%
N/A
$0
4.0/5
Why We Like It
LendingClub offers a strong cash-back rate and customers get unlimited ATM fee rebates.
Monthly fee: None.
Special features: Customers earn unlimited 1% cash back on all qualified, signature-based “credit” purchases as long as they maintain an average monthly balance of at least $2,500 or receive at least $2,500 in direct deposits each month.
Other pros: Customers receive unlimited ATM fee rebates.
What you should know: There’s a $25 minimum opening deposit for this account.
1.75%
N/A
$0
4.0/5
Why We Like It
NBKC has a strong APY, a large ATM network and a solid ATM fee reimbursement program.
Monthly fee: None.
Special features: Customers earn 1.75% APY on all balances.
Other pros: Customers have access to more than 37,000 fee-free MoneyPass ATMs as well as $12 a month in out-of-network ATM fee reimbursements.
What you should know: NBKC doesn’t have an overdraft program, which means you aren’t able to make any transactions that would result in an overdraft.
1.10%
N/A
$0
4.0/5
Why We Like It
Quontic offers a strong interest rate and has a large, free ATM network.
Monthly fee: None.
Special features: Quontic High Interest Checking customers earn 1.10% APY on all balances as long as they make 10 debit card transactions of at least $10 each per statement cycle.
Other pros: Customers can access more than 90,000 fee-free ATMs nationwide.
What you should know: This account has a minimum opening deposit of $100. Also, Quontic Bank doesn’t have an overdraft program.
1.00%
N/A
$0
3.5/5
Why We Like It
American Express checking customers can earn a strong interest rate, and they have access to a large free ATM network.
Monthly fee: None.
Special features: American Express Rewards Checking customers can earn 1.00% APY.
Other pros: American Express is part of the MoneyPass ATM network, so customers have access to more than 37,000 fee-free ATMs. Customers can reach AmEx customer service 24/7.
What you should know: This account is only available to credit card customers who have had an American Express U.S. Basic Consumer credit card for at least three months. Also, American Express does not offer overdraft protection; if you try to make a transaction without enough funds in your checking account, American Express will decline it.
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? See 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 November 27, 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, All America Bank, 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, Bethpage Federal Credit Union, BMO, BMO Alto, Boeing Employees Credit Union, Bread Savings, Capital One, Carver Federal Savings Bank, Charles Schwab Bank, Chase, Chime, CIBC U.S., CIT Bank, Citibank, Citizens, Citizens Bank, City First Bank, Climate First Bank, Commerce Bank, Community First Credit Union of Florida, ConnectOne Bank, Connexus Credit Union, Consumers Credit Union, Current, Delta Community Credit Union, Discover Bank, E*TRADE, EverBank (formerly TIAA Bank), Fifth Third Bank, First Foundation, First National Bank, First Tech Federal Credit Union, Flagstar Bank, FNBO Direct, GO2bank, Golden 1 Credit Union, Greenwood, Hope Credit Union, Huntington Bank, Industrial Bank, Ivy 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, Quontic Bank, Regions Bank, Revolut, Salem Five Direct, Sallie Mae Bank, Santander Bank, SchoolsFirst Federal Credit Union, Security Service Federal Credit Union, Securityplus Federal Credit Union, Self-Help Credit Union, Service Credit Union, SoFi, State Employees’ Credit Union of North Carolina, Suncoast Credit Union, Synchrony Bank, TAB Bank, TD 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
- Capital One 360 Checking: Best for Online Checking Accounts
- Discover Cashback Debit: Best for Online Checking Accounts
- Axos Bank® Rewards Checking: Best for Online Checking Accounts
- LendingClub Rewards Checking: Best for Online Checking Accounts
- nbkc bank Everything Account: Best for Online Checking Accounts
- Quontic High Interest Checking: Best for Online Checking Accounts
- American Express Rewards 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.
