Checking accounts allow you to directly deposit your paychecks from work, easily manage money via mobile apps, get a debit card for in-person purchases and much more.
A checking account is a type of deposit account designed for everyday spending. It allows you to pay bills, receive direct deposits, make purchases online and in-person, withdraw money at an ATM, write checks and more. A checking account gives you access to a debit card that’s tied to your account’s balance.
Most financial institutions offer FDIC- or NCUA-insurance up to $250,000 for checking accounts. This means your checking account is protected in case of a bank failure.
Most banks, credit unions and fintechs offer checking accounts. In fact, you’d be hard-pressed to find a traditional bank or credit union that doesn’t offer one.
While most checking accounts work similarly, the best checking accounts have no or low monthly fees and offer rewards like cash back — and some even earn interest.
PNC Virtual Wallet®
Discover® Cashback Debit
Chime Checking account
Some checking accounts come with extra perks like cashback rewards or are suited for special circumstances. There are five main popular types:
No, but they come hand in hand. You can’t get a debit card without it being attached to an account, as it needs to be tied to funds. Also, checking accounts aren’t the only types of accounts that offer a debit card. For instance, you can get one with a money market savings or cash management account.
There are over 30 bank fees you may encounter with a checking account, but here are the five most common:
| Type of fee | Typical cost | Why banks charge it |
|---|---|---|
| Maintenance fee | $5 to $25 per month | Banks may charge this fee to maintain an account and help cover operation accounts. |
| Overdraft fee | Average of $35 | A penalty for attempting to run a transaction without having enough money in your account. |
| ATM withdrawal fee | $2 to $3 per withdrawal | Often charged when using an ATM out of your bank’s network, and used to cover ATM maintenance costs. |
| Foreign transaction fee | Typically 1% to 5% per non-US transaction, with the average at 3% | Charged for making a transaction outside of the US, and may come with a currency conversion fee as well. |
| Account closure fee | Usually between $5 to $50 | Charged for closing an account immediately or soon after opening the account. |
There’s a lot to consider when choosing a checking account.
Expert tip: Supercharge your finances with modern checking accounts
The world of personal finance has seen a real shake-up thanks to online banking, bringing a bunch of nifty features to checking accounts. But 72% of Americans have stuck with the same checking account for over five years, according to Finder's Consumer Confidence Index. If your current account is mediocre and burdened with pesky banking fees, explore what else is out there. You'll be surprised by how many banks are now offering free checking accounts loaded with features.
— Alexa Serrano Cruz, CAMS, Senior Editor, Personal Finance
Narrow down top checking accounts by monthly fees, opening deposits and APYs. Select Compare on up to four accounts for a side-by-side look.
Most banks allow you to open an account online. You’ll typically need a Social Security number or ITIN, a government-issued photo ID, your address and contact information.
Yes, it’s possible to get a checking account with no money as long as there’s no minimum opening deposit requirement.
Opening a checking account won’t impact your credit score. Banks and credit unions perform what’s called a “soft pull” when you apply, which doesn’t harm your credit score like a “hard pull” when you apply for a credit card or a loan.
When you apply for a bank account, the bank usually reviews your ChexSystems report, which keeps track of your banking history. Negative entries, such as unpaid overdraft fees, are recorded in the report and may potentially impact your eligibility to open another bank account in the future.
There’s no limit on how many checking accounts you can have, but it’s often recommended to have at least two. Some reasons to open more than one checking account include:
Just remember to keep track of your multiple accounts — especially if there are monthly fees. And if you have more than two, it may be wise to enable push notifications for things like fraud alerts, overdraft warnings or account activity to keep things in order.
Checking and savings accounts are often lumped together, but they have key differences. For starters, nearly every savings account is interest-bearing, while most checking accounts aren’t.
Savings accounts also have withdrawal limits, thanks to the Federal Reserve’s Regulation D, which doesn’t apply to checking accounts. While Regulation D is suspended, most banks and credit unions only allow up to six free monthly transactions per month.
One of the biggest differences between checking and savings accounts is the access to funds. Checking accounts are meant for everyday purchases and come with debit cards. Some savings accounts come with an ATM card, which lets you make ATM withdrawals but not purchases.
Of all the bank accounts and products offered by financial institutions, checking accounts are one of the most useful — and often necessary for modern money management. With several types of checking accounts offered, comparing them will help you find the best one that meets your financial goals and needs.
American Express’ first-ever consumer checking account comes with no monthly fees and rewards.
We’ve rounded up Chase’s new account bonus offers and what you’ll need to qualify.
Invest your spare change in real-time and earn up to 10% in bonus investments.
The free Upgrade Rewards Checking account offers 2% cashback, but you can’t deposit cash.
SoFi wins the best checking account overall, with close runners-up: Chime, Upgrade, Chase, Bluevine, Step, Varo, Juno and Capital One.
Earn a little interest without limiting your transactions. But don’t expect it to replace your high-interest savings account.
Find out how they work, what the benefits are and what to look for in an account. Plus, compare top rewards checking accounts.
Learn what each field means and how to fill out, cash or deposit a check — plus what the numbers on the check mean.
Chime’s checking account has almost no fees and comes with great modern banking features.
Make sure you have one of these debit cards before you travel overseas.
How can I open a business bank account in us for LLC? I am from India. I want to open remotely, is it possible? I can travel to the USA, if it’s impossible to open physically.
Hi Arya,
Thank you for your comment.
You must meet basic eligibility requirements to open a US-based business account:
-Valid Social Security or tax identification number
-Valid state-issued ID
-Valid US address
-Sole proprietor, if applying online
Looks like you need to ensure you have the above to open a business bank account. You can also review some tips and guides to open a business bank account.
Regards,
Jhezelyn
I need to open a checking account in U.S.
I am a foreig citizen, so I don’t have a Social Security Number.
What can I do?
Hi there,
Thanks for leaving a question on Finder.
If you relocated to the US to work or study, it is possible for you to open a US bank account. As a new arrival to the US, you may find it more difficult to meet the requirements of a bank. You’ll typically need to provide a government-issued ID and a Social Security number as well as proof of your creditworthiness.
Online banking is an option, but current laws in place to protect against money laundering could prevent you from successfully opening an account. You may find better results by talking directly with a client representative at a bank’s physical branch. You will need to confirm the requirements for the bank you’re interested in as well as gather the documentation necessary. Also, ask about maintenance fees so that you can plan ahead.
Cheers,
Joel
Want to know what bank would be best for my needs
Hi Lorenzo,
Thanks for reaching out.
Everyone has unique banking needs. Some prefer convenience and flexibility, while others want to earn points on their purchases. One of the great things about bank accounts are they can be a short term commitment.
Review your needs regularly to see if your bank account still meet your needs.The best bank account will help you manage your finances efficiently and reach your savings goals.
Learn more about the the different types of bank accounts, their benefits and what you need to consider before opening.
Cheers,
Joanne
I need help with getting me bank account setup
Hi Stephanie!
Thanks for getting in touch!
To open a bank account, you can do this online (by visiting the website of the bank) or you can go directly to the bank’s offie and physically open an account there. May I ask for which bank account this is?
Looking forward to your reply!
Nikki