BEST OF
9 Best Online Checking Accounts
The best online banks, nonbanks 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. And they're 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.)
Here are our favorite online checking accounts.
The best online banks, nonbanks 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. And they're 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.)
Here are our favorite online checking accounts.
Summary of Best Online Checking Accounts
Bank/Institution | NerdWallet Rating | Monthly Fee | APY | Learn More |
---|---|---|---|---|
$0 | N/A | at Chime, Deposits are FDIC Insured | ||
$0 | 0.10% With $2,500 minimum balance | at Radius, Member FDIC | ||
$0 | 1.25% With $0 minimum balance | at Axos Bank®, Member FDIC | ||
$0 | N/A | at Varo, Deposits are FDIC Insured | ||
$0 | 0.10% With $0 minimum balance | Read review | ||
$0 | 0.20% With $100 minimum balance | Read review | ||
$0 | N/A | Read review | ||
$0 | 0.25% With $0 minimum balance | Read review | ||
$0 | 0.10% With $0 minimum balance | Read review |
at Chime, Deposits are FDIC Insured
Chime Spending Account

Monthly Fee
APY
Bonus
at Chime, Deposits are FDIC Insured
at Radius, Member FDIC
Radius Rewards Checking

Monthly Fee
APY
With $2,500 minimum balance
Bonus
at Radius, Member FDIC
at Axos Bank®, Member FDIC
Axos Bank® Rewards Checking

Monthly Fee
APY
With $0 minimum balance
Bonus
at Axos Bank®, Member FDIC
at Varo, Deposits are FDIC Insured
Varo Bank Account

Monthly Fee
APY
Bonus
at Varo, Deposits are FDIC Insured
Ally Bank Interest Checking Account

Monthly Fee
APY
With $0 minimum balance
Bonus
Bank5 Connect High Interest Checking

Monthly Fee
APY
With $100 minimum balance
Bonus
Alliant Credit Union High-Rate Checking

Monthly Fee
APY
With $0 minimum balance
Bonus
Capital One 360 Checking®

Monthly Fee
APY
With $0 minimum balance
Bonus
The pros of online checking accounts
24/7 access. With online banking, you can access your account securely day or night.
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 sometimes can 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 withdraw and 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.
Other top accounts
These accounts didn't make our top 10, but could still be a great fit for you.
FNBO Direct Online Checking: Earns interest with an APY of 0.25%, plus free access to 55,000 Allpoint ATMs worldwide (read full FNBO Direct review).
Charles Schwab Bank High-Yield Investor Checking: Earns interest with an APY of 0.03%, plus unlimited ATM fee reimbursements worldwide (read full Charles Schwab Bank review).
Get answers about stimulus checks, debt relief, changing travel policies and managing your finances.
» Learn more: How to take your banking online during the pandemic
Last updated on June 30, 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, 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, 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.
To recap our selections...
NerdWallet's Best Online Checking Accounts
Frequently asked questions
Online-only checking accounts offer the deposit and withdrawal features of traditional checking accounts but with primarily online customer service options.
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.