The best online checking account gives you complete control over your day-to-day transactions without ever having to enter the bank — usually with lower fees. We researched over 160 checking accounts and dug into factors like ATM access, fees, balance requirements to determine your six best options.
What’s changed in 2021?
We added Bluevine to our list as the best online checking account for businesses because it has no transaction limits, no monthly fees, a 4.25% APY and it accepts cash deposits. We replaced Simple with Chime as it’s being discontinued in the near future.
A closer look at the best online checking accounts
Take a closer look at the best online checking accounts by exploring their pros, cons and features.
Best for no fees
Chime® Checking Account
4.8
★★★★★
Finder score
Refer a friend to Chime using your referral link, and if they complete a $200 direct deposit within 45 days of opening their new account, you both get $100.
No fees. You won't pay anything for overdrafts, monthly maintenance, foreign transactions, minimum deposits and more.
Free overdraft protection. Chime will cover you for free if you overdraw your account up to $100. But you have at least $500 in qualifying direct deposits to be eligible.
Optional savings account. This checking account gives you access to Chime Savings - a linked account that earns 0.5% annual percentage yield (APY) and comes with automation tools.
24/7 customer support. Chime is available at all times of the day to address customer concerns or issues.
Cons
Reported account closures. Chime is currently under investigation after numerous reports of account closures in 2021.
Limited product selection. Chime only offers one checking and savings account, so it's not ideal for those looking to do all their banking with one institution.
No joint accounts or secondary cards. You can't open this account jointly with a spouse or family member. You also can't request secondary cards for other people.
APY
N/A
Intro or bonus offer
Refer a friend to Chime using your referral link, and if they complete a $200 direct deposit within 45 days of opening their new account, you both get $100.
Rewards
Cash back offers on everyday purchases through the app
Chime is a financial technology company, not a bank. Banking services and debit card provided by The Bancorp Bank N.A. or Stride Bank, N.A., Members FDIC, pursuant to a license from Visa U.S.A. Inc. and may be used everywhere Visa debit cards are accepted. ATMs: Out-of-network ATM withdrawal fees may apply except at MoneyPass ATMs in a 7-Eleven, or any Allpoint or Visa Plus Alliance ATM. Deposit: Once the retailer accepts your cash, the funds will be transferred to your Chime Checking Account. Cash deposit fees may apply if using a retailer other than Walgreens and Duane Reade. Mobile Deposit: Mobile Check Deposit eligibility is determined by Chime in its sole discretion and may be granted based on various factors including, but not limited to, a member's direct deposit enrollment status. Chime Savings Account: Chime Checking Account is required to be eligible for a Savings Account. APY: The Annual Percentage Yield (“APY”) is variable and may change at any time. The disclosed APY is accurate as of May 22, 2023. No minimum balance required. Must have $0.01 in savings to earn interest. Get Paid Early: Early access to direct deposit funds depends on the timing of the submission of the payment file from the payer. We generally make these funds available on the day the payment file is received, which may be up to 2 days earlier than the scheduled payment date. Credit Builder: The secured Chime Credit Builder Visa® Credit Card is issued by The Bancorp Bank, N.A. or Stride Bank, N.A., Members FDIC, pursuant to a license from Visa U.S.A. Inc. and may be used everywhere Visa credit cards are accepted. Please see the back of your card for its issuing bank. To apply for Credit Builder, you must have received a single qualifying direct deposit of $200 or more to your Checking Account. The qualifying direct deposit must be from your employer, payroll provider, gig economy payer, or benefits payer by Automated Clearing House (ACH) deposit OR Original Credit Transaction (OCT). Bank ACH transfers, Pay Anyone transfers, verification or trial deposits from financial institutions, peer to peer transfers from services such as PayPal, Cash App, or Venmo, mobile check deposits, cash loads or deposits, one-time direct deposits, such as tax refunds and other similar transactions, and any deposit to which Chime deems to not be a qualifying direct deposit are not qualifying direct deposits. SpotMe: Chime SpotMe is an optional, no fee service that requires a single deposit of $200 or more in qualifying direct deposits to the Chime Checking Account each at least once every 34 days. All qualifying members will be allowed to overdraw their account up to $20 on debit card purchases and cash withdrawals initially, but may be later eligible for a higher limit of up to $200 or more based on member’s Chime Account history, direct deposit frequency and amount, spending activity and other risk-based factors. Your limit will be displayed to you within the Chime mobile app. You will receive notice of any changes to your limit. Your limit may change at any time, at Chime’s discretion. Although there are no overdraft fees, there may be out-of-network or third party fees associated with ATM transactions. SpotMe won’t cover non-debit card transactions, including ACH transfers, Pay Anyone transfers, or Chime Checkbook transactions. See Terms and Conditions.
Earn rewards. Get 1% cash back on up to $3,000 eligible debit card purchases each month.
Minimal fees. This free account has no minimum balance requirements or monthly fees. Plus, you won't pay for incoming wire transfers.
Fee forgiveness. Discover reimburses one insufficient fund or stop payment fee a year.
Cons
No cash deposits. Discover doesn't accept cash deposits or traveler's checks. But you can still deposit checks through your mobile phone, direct deposit, mail or make an online transfer.
$510 withdrawal limit. Although it falls within the average withdrawal limit, there are other accounts that have much higher limits.
APY
N/A
Rewards
Earn 1% cash back on up to $3,000 in debit card purchases each month. .
Use promo code RC500 and apply by July 31th, 2024, to earn up to $500 bonus, $100 each month you meet requirements: receive qualifying direct deposits of $1,500.00+ and maintain an average daily balance of $3,000+.
High APY. Earn up to 3.3% APY on your account balance.
Unlimited ATM fee reimbursements. Get all domestic ATM fees reimbursed within one business day.
Minimal fees. Axos doesn't charge any fees for overdrafts, insufficient funds or monthly maintenance.
Cons
APY requirements. You'll earn 0.4% APY for receiving at least $1,500 in direct deposits each month and an additional 0.3% APY for using your debit card to make at least 10 purchases of $3 or more or link an account to activate Personal Finance Manager. But if you want to earn the maximum APY of 3.3%, you'll need to open an Axos Invest Self Directed Trading account and an Axos Invest Managed Portfolio Account and maintain an average daily balance of $2,500 in each of those accounts. You'll also need to use your Axos Rewards Checking account to make monthly payments on an Axos Bank mortgage, personal loan or auto loan.
APY
3.30% on balances of $0 to $50,000 after meeting rate requirements.
Intro or bonus offer
Use promo code RC500 and apply by July 31th, 2024, to earn up to $500 bonus, $100 each month you meet requirements: receive qualifying direct deposits of $1,500.00+ and maintain an average daily balance of $3,000+.
Early paydays. If your employer pays you via direct deposit, your paycheck could arrive in your account up to two days early.
0.1% APY. Most no-fee checking accounts don't earn any interest, but this one earns 0.1% on your balance.
Overdraft protection. Choose from four overdraft protection options: auto-decline, next-day grace period, a free transfer from your savings or an overdraft line of credit.
Cons
Credit checks. If you choose an overdraft line of credit as your overdraft protection option, Capital One makes a hard pull on your credit.
Other fees. Be on the lookout for fees for overnight check deliveries, overnight card replacements, stop payment requests and more.
How can I find the best online checking account for me?
Consider these factors when trying to find the best online checking account for you:
Customer service. You can’t walk into a branch to get help, so check what methods you have to get ahold of a customer service agent. Find out if help is available 24/7 or only during certain hours, or if you can use online chat to get answers. If the bank has a phone number to call for help, try calling it and seeing how long it takes to get through to someone.
Fees. This includesmonthly maintenance, ATM, foreign transaction and overdraft fees.
Access. Check what functions are available in the bank’s app or on its website. Can you easily transfer money to another account or another bank? And if it comes with a mobile app, check to see if you can make mobile check deposits.
Maintenance. How often is the bank’s site down? If the site is down, this will prevent you from accessing your money.
ATM network. Compare how large the bank’s ATM network is and if you can easily access cash when you need it.
How does an online checking account work?
An online checking account is an everyday bank product that you open and maintain entirely online. You can pay for purchases and access cash with a debit card and manage your funds online or with a mobile app.
Some online checking accounts are operated by completely digital banks or new challenger banks, while others are operated by major banks and credit unions.
Can I withdraw money from an online checking account?
Yes. Online banks operate like brick-and-mortar banks and allow you to withdraw cash from ATMs. Many digital banks partner with ATM networks, including Allpoint and MoneyPass, to let you access your cash at surcharge-free ATMs nationwide. Some online checking accounts will also reimburse you for ATM fees every month so you can withdraw money at any ATM that’s convenient for you.
You can also withdraw money from an online checking account by getting cash back at a store when you use a debit card, using money transfer services and requesting your bank to send you a check.
Pros and cons of an online checking account
Here are a few benefits and disadvantages of an online checking account:
Pros
Convenience. An online transaction account provides you with a convenient way to manage your daily spending and account deposits without visiting a local branch.
No or low fees. Online checking accounts usually have lower fees thanks to lower overhead costs.
Overseas accessibility. Because your bank isn’t tied to a location, you can continue to pay bills and manage your finances while you’re traveling.
Mobile banking. Most online checking accounts come with mobile apps that allow you to manage your money from wherever you are.
Cons
No branch access. If you have a problem, you can’t walk into a branch to get help in person. If you want to maintain that ability, look at traditional checking accounts that offer online access instead.
Check fees. If you want a checkbook for purchases you can’t make online, you may have to order them from your bank and pay a fee.
Yes, as long as you use an FDIC-insured bank. When you keep your money in an FDIC-insured bank, your funds are backed by the US government for up to $250,000. But to keep your account and personal information secure, be aware of:
Security. When you log in to your account online, make sure that the lock symbol appears in your browser. It’s also important to use a secure password for your account and not give it away to anyone or write it down and leave it in an unsecure location.
Bank features. Some online banks won’t offer all the features of a traditional bank, such as mortgages, car loans and business accounts. If you need these financial products in the future, you won’t be able to bundle them together with your checking account, and you could miss out on loyalty bonuses.
Compare accounts from online banks and traditional banks
Sort this table by minimum deposit to open, ATMs and ATM fees to find an account that’s right for you. Click the “Compare” box next to your top choices to view them side-by-side.
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Bottom line
If you’re tech savvy and prefer to manage your finances independently, an online checking account can offer convenience and low fees. But if you regularly get help at your local bank branch, the tradeoff might not be worth it. To make sure you’re choosing an account that’s the right fit for you, compare other checking accounts before making a decision.
Frequently asked questions
Yes, you should be able to set up automatic deposits into your account.
You’ll generally need to be at least 18 to open a checking account, but some banks will let you open a joint account with a parent before you’re 18.
Yes, most banks with online checking accounts will link online savings accounts.
Michael Benninger is lead editor of banking at Forbes Advisor and a former writer at Finder, specializing in banking. His work and analysis has been featured in Business Insider, Yahoo Finance, GoBankingRates and the Los Angeles Times, among other top media. He holds a B.A. in business administration and marketing from Rowan University in New Jersey. See full bio
Michael's expertise
Michael has written 45 Finder guides across topics including:
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