Compare online checking accounts

An online checking account gives you complete control over your day-to-day transactions without ever having to enter the bank — usually with lower fees.

Editor's pick: BBVA Online Checking

• Open with $25
• No monthly service charge
• No ATM withdrawal fees at Allpoint and BBVA ATMs

Editor's pick: BBVA Online Checking

A full-service account with convenient, surcharge-free access to two massive ATM networks.

• No service fees
• Personalized debit card
• Cashback rewards

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Discover Cashback Debit account

Best for cash back

Pros

• 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.

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Charles Schwab High Yield Investor Checking account

Best for travel

Pros

• Worldwide ATM reimbursements. Use any Charles Schwab ATM for free and get unlimited reimbursements at non-network ATMs worldwide.
• No foreign transaction fees. Charles Schwab doesn’t charge any fees for foreign transactions, checks, stop payments and more.
• Earns interest. While most checking accounts don’t earn interest, this one pays 0.15% on your balance.

Cons

• Brokerage account requirements. You must have a brokerage account with Charles Schwab to qualify for this account.
• No foreign wire transfers. You can’t send or receive wire transfers from outside the US with this account.
• Hard pull. Some banks perform soft pulls on your credit during account opening, but Charles Schwab does a hard pull.

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Simple Online Checking account

Best for no fees

Pros

• Zero fees. There’s no monthly maintenance, overdraft, transfer or card replacement fees and no minimum balance requirements.
• Large ATM network. Get free access to over 40,000 AllPoint ATMs in Simple’s network.
• Competitive APYs. Earn up to 1.9% on your account when you open a Protected Goals account with a balance of $10,000 or more.

Cons

• No cash deposits. Because it’s an online account, Simple doesn’t accept cash deposits.
• Requirements for high APY. All balances earn 0.01% APY. But you must meet certain requirements to qualify for 1.9% APY.

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Axos Bank Rewards Checking account

Best for high interest

Pros

• 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.

Cons

• 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

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Capital One 360 Checking account

Best overall

Pros

• No fees. There’s no monthly fee or minimum balance requirements with this account.
• 0.2% APY. While most checking accounts don’t earn any interest, this one earns 0.2% 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.

Compare online checking accounts

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Name	Product	APY	ATMs	Fee
BBVA Online Checking			No ATM fees nationwide at more than 64,000 AllPoint, participating 7-Eleven and BBVA USA ATMs	$0	A full-service account with convenient, surcharge-free access to two massive ATM networks.	Go to site More Info	Compare	loading Fetching your data...
Chime Spending account		0.01%	38,000 fee-free ATMs nationwide	$0	Linked checking and savings accounts from a mobile-first bank that’s light on fees.	Go to site More Info	Compare	loading Fetching your data...
Axos Bank Rewards Checking		1.25% on balances of $0+ with $1,000+ in direct deposits, 10 $3+ debit card transactions and 5 additional account transactions per month	ATM fees reimbursed at any ATM nationwide	$0	Earn up to 1.25% APY while enjoying a suite of digital tools for smarter money management.	Go to site More Info	Compare	loading Fetching your data...
Radius Bank Rewards Checking		1.20% on balances of $100,000+ 1.00% on balances of $2,500 to $99,999.99	More than 20,000 ATMs + unlimited ATM surcharge rebates	$0	Earn cash back with this high-interest checking account, plus get free ATM access worldwide.	Go to site More Info	Compare	loading Fetching your data...
Axos Bank Essential Checking			ATM fees reimbursed at any ATM nationwide	$0	No fees. Unlimited domestic ATM fee reimbursements.	Go to site More Info	Compare	loading Fetching your data...
USAA Classic Checking		0.01% on balances of $1,000+	Free at 60,000 ATMs nationwide (USAA, Allpoint, MoneyPass, PNC)	$0	An online checking account means no driving around town, no waiting in line and no bankers' hours.	Go to site More Info	Compare	loading Fetching your data...

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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.

How do I compare online checking accounts?

If you’re thinking of making the jump to digital, compare accounts based on:

• 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 includes monthly maintenance, ATM, foreign transaction and overdraft fees.
• Access. What functions are available in the bank’s app or online? Can you easily transfer money to another account?
• Maintenance. How often is the bank’s site down? If the site is down, this will prevent you from accessing your money.
• ATM network. How large is the bank’s ATM network? Can you easily access cash when you need it?

Pros and cons

What are the risks?

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:

• 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.

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

• Can I have my salary deposited directly into an online transaction account?

  Yes, you should be able to set up automatic deposits into your account.

• Is there an age restriction for an online checking 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.

• Can I link an online checking account to a savings account?

  Yes, most banks with online checking accounts will link online savings accounts.

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