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This article was reviewed by Marguerita Cheng, a member of the Finder Editorial Review Board and award-winning advocate for ethical financial planning for over 20 years.
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 1% APY and it accepts cash deposits. We replaced Simple with Chime as it’s being discontinued in the near future.
High APY. Earn up to 1.25% 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.
Opening deposit requirements. You need at least $50 to open this account.
APY requirements. You earn 0.42% APY for each of these three conditions you meet, up to 1.25% APY total: receive at least $1,000 in monthly direct deposits, use your debit card at least 10 times a month at a minimum of $3 per transaction, use your debit card at least five more times a month at a minimum of $3 per transaction.
No hidden 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% interest and comes with automation tools.
No 24/7 support. Whereas digital banks offer longer support hours, Chime doesn't have 'round the clock support.
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.
Unlimited transactions. Make as many deposits and withdrawals as you'd like without worrying about being charged fees.
No hidden fees. You won't pay anything for monthly maintenance, incoming wires, non-sufficient funds and more. Plus, there's no opening deposit to get started.
Earns interest. You'll earn 1% interest on balances up to $100,000 — a rate higher than most savings accounts.
Accepts cash deposits. Unlike most online accounts, this one accepts cash deposits at over 90,000 Green Dot locations nationwide.
Fee for cash deposits. Expect to pay $4.95 each time you deposit cash through Green Dot.
No savings account options. This is the only account offered by BlueVine. You won't find any other banking products.
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.
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.
No fees. There's no monthly fee or minimum balance requirements with this account.
0.1% APY. While most checking accounts don't earn any interest, 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.
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.
APY
0.1%
Account fees
$0
monthly
Can the fee be waived?
No
Insufficient funds fee
$9
ATM transaction fee
$0
Paper statement fee
$5
Wire transfer fee
$40
Foreign transaction fee
0%
Overdraft fee
$35
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.
Pros and cons
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 online checking accounts
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.
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 a staff banking writer at Finder. He is a former credit analyst and longtime freelancer whose articles have been published by Intuit, Business Insider and the Los Angeles Times. Michael is passionate about all facets of personal finance and has written hundreds of articles about money management during the past decade.
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