Compare fees and features to manage your money.
Your personal checking account is where you make deposits and manage your everyday financial needs. Between withdrawing cash, paying bills and transferring money, your checking account is probably one of the most heavily used bank accounts you have. If you’re thinking of switching banks or assessing your account needs, find out more and compare.
A high-interest account that operates like a checking account with no monthly service fees, free access to every ATM in the world and deposits insured by the FDIC.
Our top pick: Aspiration Account
Our top pick: Aspiration Account
Compare checking accounts
How do checking accounts work?
Although features of checking accounts differ between banks, they all serve the same basic purpose: to provide a variety of ways to access your money: checks, ATMs and debit card purchases.
From your checking account you can:
- Make deposits.
- Pay bills.
- Transfer money between accounts.
- Withdraw cash from ATMs.
- Make purchases at stores and online.
- Set up automatic payments.
Checking accounts come with fees and charges from using banks and ATMs. You’ll also pay fees for added features on your account.
Commonly asked questions about checking accounts
Q: I’m about to share an account with my wife, are there any considerations?
Investing in a joint account as a couple is a good way to save on banking fees and manage the household expenses together. If there are any concerns about trust, you could look into a joint account that requires both signatures on major transactions.
Q: How do I cancel a bank check?
The process may vary slightly by financial institution, but to stop payment you need to report it lost or stolen to your bank. You may pay a fee.
Types of checking accounts
There are different types of checking accounts available on the market. Each type comes with its own benefits, fees and features. Here are some common bank account types to help you choose.
| Bank account | Description |
|---|---|
| Free checking account | These accounts typically charge no fees for ATM transactions at the associated bank and no monthly fee. There may be some conditions such as direct deposit. |
| Rewards account | Earn cash back or airline miles for each transaction. |
| Student bank account | Offered to full-time students, these accounts won’t require a minimum balance or charge monthly or ATM fees. |
| Online bank account | You’ll usually receive unlimited domestic electronic transactions and be restricted to online access only. |
| Interest-earning checking account | Some financial institutions may offer checking accounts that earn interest up to a certain amount. You’ll have the usual benefits like ATM access and linked debit card. |
| Travel bank account | These bank accounts don’t charge an international ATM fee, or it will have a worldwide ATM network to get cheaper withdrawals. |
How do I compare checking accounts?
There’s a lot to consider when choosing a checking account.
- Options for accessing your cash. Get your cash from a teller, online or from an ATM. Online banking allows you to view your account, make payments, deposits and transfers right from your computer. Many banks offer mobile apps, making online banking even more convenient.
- What are the monthly fees and charges? Compare the fees that various banks charge. Some banks will charge if you don’t maintain a minimum balance, while others charge for using in-branch bank tellers.
- Debit card. If your bank issues a debit card, see if it’s backed by a major credit card provider like Visa or Mastercard. This will allow you to make purchases in stores and online.
- ATM. The quickest and easiest way to access your money is through an ATM. Some banks will charge fees for using ATMs at other banks, while others will waive them. Check the network to see how many ATMs are close to you.
- Signup bonus. Some banks reward you right off the bat by offering a signup bonus or other incentive, most often with the requirement that you deposit a minimum amount and keep it in the account for a period of time.
- International transactions. Larger banks with an international presence can provide you with certain services if you travel overseas, including cash withdrawals at ATMs. Check the fees for international money transfers, overseas purchases and currency conversion when looking at different checking accounts.
Can I rent an ATM for my business? If so, how?
Yes, there are numerous companies that allow you to lease or even buy an ATM for your business. Many work by sharing a percentage of the transaction earnings with you. You can also contact a bank, as many will pay you to have their ATM.
How do I compare banks?
There are several features to consider when deciding on a bank, including:
- Your banking needs.
- Your current and future financial goals.
- The products and services a bank offers.
- The bank’s fees for the transactions you’re likely to conduct regularly.
- The Internet banking and mobile app platform.
- Branch and ATM locations.
- Customer support options.
- How long it has been in business.
- Its reputation among friends, family and other consumers.
Pros and cons of checking accounts
- Money management. A checking account gives you a secure place to keep your money, where you can easily deposit income and pay bills. The bank statements give you a record of your transactions so you can better manage your spending.
- Purchase power. A debit card with a credit card logo gives you unlimited access to your money.
- Convenience. If you choose a checking account that has online banking, you’ll be able to see your balance daily and manage your spending.
- ATM access. With your linked debit card, you can access your funds at an ATM for more flexibility.
There are a few things you should watch out for so you can maximize the benefits of a checking account:
- Fees. There are various fees for every checking account. Don’t only look at monthly fees, but also look for overdrafts, check transactions and overseas purchases.
- Minimum deposits. Some accounts require a monthly minimum balance or you’ll be charged a fee.
- Too many transactions. In some cases you’re allowed a certain number of transactions with your ATM withdrawals or teller assistance before you start paying fees.
- Online purchases. Be sure that you understand the fees for purchases made overseas online. You may be charged extra or you’ll pay an exchange rate.
Tips to make the most of your checking account
Balancing your checkbook
- Money management. A checking account gives you a secure place to keep your money, where you can easily deposit income and pay bills. The bank statements give you a record of your transactions so you can better manage your spending.
- Purchase power. A debit card with a credit card logo gives you unlimited access to your money.
- Convenience. If you choose a checking account that has online banking, you’ll be able to see your balance daily and manage your spending.
- ATM access. With your linked debit card, you can access your funds at an ATM for more flexibility.
There are a few things you should watch out for so you can maximize the benefits of a checking account:
- Fees. There are various fees for every checking account. Don’t only look at monthly fees, but also look for overdrafts, check transactions and overseas purchases.
- Minimum deposits. Some accounts require a monthly minimum balance or you’ll be charged a fee.
- Too many transactions. In some cases you’re allowed a certain number of transactions with your ATM withdrawals or teller assistance before you start paying fees.
- Online purchases. Be sure that you understand the fees for purchases made overseas online. You may be charged extra or you’ll pay an exchange rate.
Keeping your checkbook (or register) balanced is an essential part of maintaining your checking account. All deposits and withdrawals should be recorded here. This way you know how much you have in your account at all times. You can also compare this to your account online to check for accuracy.
Common options for overdraft protection
Most all banks now offer some form of overdraft protection. Depending on your bank, you can link your checking account to another financial account. Then if you overdraw on your checking account, your bank will pull money from your linked account. Be aware: This type of transaction almost always comes with a fee.
Consequences of bounced checks
If you write a check for more money than you have in your account, that check will “bounce”. Bouncing a check can come with severe consequences. First, you will incur an insufficient funds fee/overdraft fee, typically around $35. It also could negatively affect your credit. And you might face legal consequences. It’s important to reach out to your bank and the person or institution you wrote the check to as soon as you realize the error.
Ways to safeguard your logins, statements, PIN and other sensitive financial info
- Establish strong passwords and PINs.
- Don’t use public Internet connections or computers when accessing your account.
- Review your statements for suspicious transactions.
- Always log completely out of your account.
- Opt for paperless statements, and access them online instead.
Common checking account fees
Knowing the common fees you might incur is the first step in avoiding them. Here’s what to look out for:
- Overdraft fee. If you spend more money than what is in your account, your bank will penalize you.
- Minimum balance fee. Many checking accounts require you to maintain a minimum balance or pay a fee.
- ATM fee. If you use an ATM other than your bank’s, you could be charged a small fee.
- Foreign transaction fee. If you make purchases while overseas using your checking account, you will likely be charged a fee.
- Paper statement fee. If you opt to receive a hard copy of your statement in the mail, you might have to pay for the service.
- Deposit fee. Having money deposited into your account from another bank could come with a fee.
- Transfer fee. Transferring money out of your checking account to another bank might cost you.
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 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.
This page will further explain the different types of 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