Best for high interest: Axos Bank Rewards Checking
- No overdraft or NSF fees
- No monthly maintenance fees
- Unlimited domestic ATM fee reimbursements
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Ever wonder what makes an online checking account better than the others? We did the research to determine which accounts give you easy access to your money—without having fees eat into your balance. For our top list of accounts, we focused our research on the following criteria: ATM access, fees, balance requirements and account features to choose the ones that help you spend your money with ease.
Although TIAA Bank offers a strong rate and tries to keep it in the top 5% of its competitors, its high rate is only introductory. Axos Bank takes the lead for its high consistent APY. Popular accounts remaining include those from Capital One, Charles Schwab and Simple.
Simple changed its APY structure in February 2020. You used to earn 0.01 APY on account balances up to $10,000 and 1.9% on account balances over $10,000. But now you earn a flat 1% APY on any balance.
Best for cash back
Best for travel
Best for no fees
Best for high interest
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.
If you’re thinking of making the jump to digital, compare accounts based on:
If you use an FDIC-insured bank, your money is backed by the US government up to $250,000. But to keep your account and personal information secure, be aware of:
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.
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