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The Best Online Checking Accounts

The 9 Best Online Checking Accounts

Where is the Best Place to Open an Online Checking Account?

Are you unhappy with your current bank and looking to update your finances? Or maybe you're opening your first checking account and want to make sure you're getting the best benefits out there? Finding the right place to keep your money is a difficult decision, and it's important for your financial security.

Whether you're shopping for better benefits, a new bank, or it's your first time opening a checking account, it can be hard to sift through all the financial information out there. A checking account is meant for someone that makes frequent withdrawals and deposits. Checking accounts are liquid or easily accessible, and you can withdraw money with a check, at an ATM, and via electronic transfers.

Wednesday, May 29th

2024 Online Checking Account Reviews

SoFi Review Top Consumer Reviews Best-In-Class Blue Ribbon Award 5 Star Rating


5 Star Rating Top Consumer Reviews Best-In-Class Blue Ribbon Award

SoFi stands out among competition with its high APYs for a fee-free account. The combination Savings and Checking account is a great way to see all your money in one place. With a free account, SoFi offers a minimum APY with options to go higher. With positive reviews, good customer service options, and an easy-to-navigate site and app, we were especially impressed with this company. With some of the best APYs in the nation, SoFi ranks as the top option in our review.

Chime Review 4.5 Star Rating


4.5 Star Rating

Chime is a great option if you're looking for the basic functions of a banking app with absolutely no fees. With a fully online model, Chime provides all the standard features of online banking and doesn't require a minimum balance to have a checking account. However, if you're looking for a feature-rich or premium option, Chime isn't the bank for you. But if you're happy with the checking basics, Chime is a great choice for a new checking account.

Chase Review 4.5 Star Rating


4.5 Star Rating

Chase is a great "big bank" option if you're looking to open a checking account. In business for 200 years, Chase offers 8 different checking account options. While most Chase checking accounts have fees, you can get those fees waived. However, some reviewers noted that they weren't impressed with the customer service offered at Chase, so if that's a key part of your online checking account search, you might want to consider other options. But if you're looking for a family-friendly option with low or no fees, Chase has a lot to offer.

CiT Bank Review 4 Star Rating

CiT Bank

4 Star Rating

CiT Bank isn't the cheapest checking account, but it does have some interesting features. While you need $100 to open your account, there are no monthly or ATM fees, and your account will earn interest even if you have less than $25,000 in the account. With some negative reviews, this bank doesn't have a flawless reputation. However, banking professionals love CiT Bank and it has won awards on several sites, so it's definitely worth looking into despite the price.

Current Review 3.5 Star Rating


3.5 Star Rating

Current is a new company, but they've got some good features. With no fees or minimums and rewards offered for select purchases with your debit card, Current stands out among the competition. However, helping with disputes isn't their strong suit and there are conflicting reviews about their customer service, so they slid a bit lower in our rankings. Nonetheless, if you're looking for a no-cost account that offers a few benefits like rewards, it might be worth it to check out Current for yourself.

Varo Review 3.5 Star Rating


3.5 Star Rating

While Varo is fairly new and not the most feature-rich online checking account option, it has a lot of things going for it. With no fees for foreign transactions, this is a great free option for a travel debit card. Although a few clients weren't happy with the customer service, the company is overall very successful with banking customers and accredited by the BBB. Varo is worth a look, especially if you like traveling frequently.

Axos Review 3 Star Rating


3 Star Rating

Axos is a completely online banking service with three main options for checking accounts. Most of these are low- or no-cost options, and one of those also offers interest through the checking account. However, there are also several complaints from customers about the technology and access to their money. Since this bank is completely online, if you can't get your money on the website or app you can't get it at all. So, balancing these aspects, it might be worth looking at Axos, but there are better options out there.

Citi Review 3 Star Rating


3 Star Rating

A middle-of-the-road option, Citi is a well-known banking provider, but we're not sure it's the best for everyone. Almost all of the accounts charge monthly fees unless you meet a minimum account balance. We like that they have hundreds of bank locations, but with poor customer service, we're not sure it's worth it. Citi has some decent deals that might get your attention, but double-check their customer service reputation before you open an account.

US Bank Review 2 Star Rating

US Bank

2 Star Rating

U.S. Bank comes in looking relatively average until you see its customer reviews. There aren't enough features to make this company truly competitive, and with only one checking account that offers a no-fee setup, we don't really see this company stacking up against many of the free options out there. Many customers have had problems with the U.S. Bank mobile app, which isn't ideal for online banking. Instead of U.S. Bank, you might want to look at one of the higher-rated options on our list for your next checking account.

Compare the Best Reviews

Continued from above...

A checking account allows you to make more withdrawals than a savings account, and usually it comes with unlimited deposits. You can apply for a checking account online or at a bank branch location.

There are a few types of checking accounts including free, interest-bearing, and premium. Free checking accounts have no monthly fees or minimum balance, interest-bearing accounts allow you to earn interest, and premium accounts usually have a monthly cost or a minimum balance requirement to qualify. Across the US the average fees for checking accounts include:

  • Maintenance fees: $12 - $25
  • ATM fees: $2.50 - $5
  • Overdraft fees: $34 - $36
  • Wire Transfer fees: $15 - $50

So, how do you find the best online checking account for your needs? There are a lot of things to consider. If you're not sure where to start this financial journey, here are a few things to help you sift through the options:

  • Price: Do you want a cheap or no-cost checking account? Or are you looking to upgrade to something with benefits at a price?
  • Customer Service: Does customer service matter to you? Are you looking for extra help from bank employees? Or do you just want somewhere to store your money?
  • Features: Do you travel frequently and need an account that supports foreign transactions? Do you want something with a high APY so you can earn interest from your checking account? Keep in mind what features are important as you evaluate checking account options.
  • Insurance: Are you looking for some extra security? Do you only want to bank with a financial institution that is part of the FDIC?
  • Balance requirements: Are you worried about keeping a regular balance in your account? Or are you someone who isn't concerned with making regular deposits or maintaining a monthly minimum balance?

To help you find the right online checking account for your needs, Top Consumer Reviews has evaluated and ranked the most popular options on the market. We hope this will make it easy to find your perfect financial institution and get you saving and spending as much as you like!

The Best Online Checking Accounts Compare Online Checking Accounts Compare Online Checking Account Reviews What are the best Online Checking Accounts Best Online Checking Account Reviews

Online Checking Account FAQ

An online checking account is a type of bank account that you can access and manage entirely online, typically through a website or mobile app. Most banking institutions offer online checking accounts or online access to accounts, however, some banks are completely online without brick-and-mortar locations.
Often a fully online checking account will have lower fees, higher interest rates, and easy access to transfers and money management. Many online checking accounts come with budgeting tools also.
Yes, most online checking accounts offer bill payment services and support direct deposit. Some online accounts even offer special benefits if you sign up for direct deposit with their bank. You can also send checks with some online checking accounts, but there may be fees to order physical checks.
Yes, you can deposit checks into an online checking account through various methods, such as mobile deposit, mail-in deposit, or by visiting a physical bank branch. If your bank is fully online, you will only be able to use mobile deposit.
Yes, online banking is generally safe if you take the necessary precautions, such as using strong passwords, regularly monitoring your account, and avoiding public Wi-Fi when accessing your account. And, many online banks are insured by the FDIC so the funds in your checking account will be insured up to the maximum amount allowed by law.
The short answer is yes. However, it's a lot harder to deposit cash into a fully online bank because there aren't brick-and-mortar locations to store your money. So, you'll have to go to a retailer that works with your bank to deposit cash. This usually means there will be fees to deposit and there's often a limit to how much cash you can deposit at once.
Yes, many online banks partner with ATM networks that allow you to access cash at ATMs nationwide, usually for free. You also get a debit card with an online checking account that you can use at ATMs and to make purchases like a traditional debit card.
The availability of funds in an online checking account can vary depending on the bank, but most transactions, such as direct deposits and mobile deposits, are processed quickly and the funds are usually available within a few business days. Some online banks offer fund availability two days sooner than most traditional in-person banks.
The Best Reviews of Online Checking Accounts