Tired of traditional banks hitting you with unexpected fees, near-zero interest rates, and outdated digital tools? Online checking accounts give you a better option, offering fewer fees, higher interest earnings, and easy-to-use apps that put your money back in your control.
But choosing the right online checking account means looking beyond attractive offers. You’ll need to consider ATM access, cashback rewards, digital features, and whether you can get your paycheck early. We’ve done the research to help you decide.
10 Best Online Checking Accounts
Here are the 10 best online checking accounts available right now to boost your savings and simplify your financial life.
1. Upgrade
Upgrade’s Rewards Checking Plus account offers a user-friendly digital banking experience designed for convenience and value.
2. SoFi Checking & Savings Account
SoFi Checking & Savings combines competitive rewards with user-friendly digital banking, offering up to a $300 bonus for new customers.
3. Current
Current offers a modern digital banking solution focused on everyday convenience, cashback rewards, and unique features like easy credit-building just by using your debit card.
4. Chime Checking Account
Chime provides a straightforward, mobile-friendly banking experience that makes managing your money easy.
5. Consumers Credit Union Rewards Checking
Consumers Credit Union’s Rewards Checking stands out with one of the highest interest rates nationwide—earning up to 5.00% APY on balances up to $10,000.
6. Ally Bank Interest Checking Account
Ally Bank offers a reliable online checking experience known for transparency, convenient digital tools, and smart money-management features.
7. Quontic High-Interest Checking
Quontic’s High-Interest Checking offers innovative digital banking paired with competitive interest rates and unique payment tools like the Quontic Pay Ring.
8. Alliant Credit Union High-Rate Checking
Alliant’s High-Rate Checking keeps banking simple while offering competitive interest rates and flexible digital tools.
9. Schwab Bank Investor Checking
Schwab Bank’s Investor Checking combines seamless banking and investing, perfect if you frequently travel or invest.
10. Navy Federal Credit Union Free EveryDay Checking
Navy Federal’s Free EveryDay Checking keeps things simple, offering essential banking services without monthly fees or balance requirements.
What is an online checking account?
An online checking account works just like the checking account you’d get at a local bank, except you handle everything digitally through your phone or computer. Online checking accounts come from banks, credit unions, and fintech companies, allowing you to manage your money without visiting a branch.
Online checking accounts have become popular because they save time, reduce fees, and typically pay higher interest rates. You can deposit checks, pay bills, transfer funds, and even use your debit card entirely from your device. With lower overhead costs than traditional banks, these accounts often provide better interest rates, lower fees, and no minimum balance requirements.
Like traditional banks, most online accounts are FDIC- or NCUA-insured, keeping your money protected up to $250,000.
Pros & Cons of Online Checking Accounts
Before choosing an online checking account, consider these advantages and disadvantages:
Pros
- Higher APYs: Earn significantly more interest compared to traditional checking accounts.
- Fewer and lower fees: Most online accounts waive monthly fees and have minimal additional charges.
- Extensive ATM networks: Access tens of thousands of fee-free ATMs nationwide.
- Enhanced digital tools: Manage your money effortlessly with advanced budgeting features and easy-to-use mobile apps.
Cons
- Limited cash deposit options: Depositing cash may be challenging without physical branches.
- Limited branch access: Customer service is mostly digital or by phone, without face-to-face interactions.
- Fewer specialized customer service options: Complex banking issues may take longer to resolve remotely.
How to Choose the Right Online Checking Account for You
Finding the right online checking account means matching its features with your financial habits, goals, and lifestyle. Here’s what to consider before choosing:
- Financial Habits: Frequently use ATMs? Pick an account with a large fee-free ATM network. Keep higher balances? Choose one offering higher APYs. Lower balances? Avoid accounts with minimum balance requirements.
- Goals: Want to grow savings? Find an account with a strong APY or easy transfers to savings. Investing-focused? Look for seamless integration with investment platforms.
- Lifestyle: Travel internationally? Choose accounts with no foreign transaction fees and unlimited ATM fee rebates. Prefer convenience? Prioritize user-friendly mobile apps and digital tools.
- Fees: Always review monthly fees, overdraft costs, and ATM charges. Look for accounts with minimal or no fees.
- Customer Service: Reliable, accessible support matters. Opt for accounts with 24/7 live chat or phone assistance and fast response times.
- Security: Protect your money with FDIC or NCUA insurance, two-factor authentication, fraud alerts, and instant card-locking features.
Bottom Line
Your checking account is the heart of your financial life, so choosing the right one matters. Switching to an online checking account helps you cut fees, earn more interest, and manage your money effortlessly.
Don’t settle for less from traditional banks. Pick an account from this list that fits your goals, and start seeing real financial benefits today.
Frequently Asked Questions
Are online checking accounts safe?
Yes, online checking accounts are safe as long as they’re offered by a reputable bank or credit union that has FDIC or NCUA insurance. This insurance protects your money up to $250,000 per depositor.
Can I deposit cash into an online checking account?
Depositing cash into an online checking account can be more challenging than with a traditional bank. Some online banks have agreements with certain ATM networks or retail outlets where you can deposit cash. You can also deposit cash into a traditional bank account and then transfer it to your online account.
What should I do if I need to write a check?
Many online banks offer free or low-cost checkbooks. However, if you seldom write checks, you may not need a physical checkbook. Instead, you can use the bank’s online bill pay service, which sends a check or electronic payment to the recipient on your behalf.
Do online banks offer customer service?
Yes, most online banks offer robust customer service options, including phone support, live chat, email, and often extensive FAQ sections on their websites. Some even offer 24/7 support.
