12 Best Online Checking Accounts for 2024 | The Motley Fool?

JP Morgan Private Bank “J.P. Morgan Private Bank is the more elite program serving ultra-high-net-worth individuals,” Naghibi said. “It offers comprehensive services in savings, checking and retirement account management. But, more than anything, it gives clients access to their bank and team with a concierge feel.”

What checking account do millionaires use?

JP Morgan Private Bank “J.P. Morgan Private Bank is the more elite program serving ultra-high-net-worth individuals,” Naghibi said. “It offers comprehensive services in savings, checking and retirement account management. But, more than anything, it gives clients access to their bank and team with a concierge feel.”

What is a high-yield checking account?

High-yield accounts typically offer free checking, with no minimum balance requirements, and the poten- tial for earning a high annual percent- age yield (APY) ,1 provided certain conditions (“qualifiers”) are met. (Note: The APY is not necessarily the same as the advertised interest rate).

Which bank is most secure for online banking?

JPMorgan Chase , the financial institution that owns Chase Bank, topped our experts' list because it's designated as the world's most systemically important bank on the 2023 G-SIB list. This designation means it has the highest loss absorbency requirements of any bank, providing more protection against financial crisis.

Where do millionaires keep their money if banks only insure 250k?

Millionaires can insure their money by depositing funds in FDIC-insured accounts, NCUA-insured accounts, through IntraFi Network Deposits, or through cash management accounts . They may also allocate some of their cash to low-risk investments, such as Treasury securities or government bonds.

Where does Bill Gates keep his cash?

Investments in Corporations The majority of his financial assets are held by Cascade Investment LLC, an entity controlled by Gates to manage his investments. 3 Although Cascade is not a public company, some of its investment activity must be disclosed to the Securities and Exchange Commission (SEC).

Which bank is giving 7% interest in savings accounts?

Currently, no banks are offering 7% interest on savings accounts , but some do offer a 7% APY on other products. For example, OnPath Federal Credit Union currently offers a 7% APY on average daily checking account balances up to and under $10,000.

What is a high yielding bank account?

High-yield savings accounts reward you with a higher interest rate than traditional savings accounts, making your money grow faster as it sits in your account . The interest rate that these accounts offer is known as the annual percentage yield, or APY. The higher your APY, the faster your money grows.

Are online bank accounts a good idea?

Online banks are backed by the same Federal Deposit Insurance Corporation (FDIC) insurance as brick-and-mortar banks. This protects your money up to $250,000 per account per bank against bank failure . Bank failures are rare, but they happen. Online banks encrypt websites to help keep your financial data safe.

12 Best Online Checking Accounts for 2024

Many or all of the products here are from our partners that compensate us. It’s how we make money. But our editorial integrity ensures our experts’ opinions aren’t influenced by compensation. Terms may apply to offers listed on this page.APY = Annual Percentage Yield. APYs are subject to change at any time without notice.

While online checking accounts boast most of the same features as brick-and- mortar banks, they typically offer low minimum balance requirements and an accessibility you just can't get elsewhere. Here are our top picks for the best online checking accounts to consider.

3 featured online checking accounts:

Best for cash back rewards: Discover® Cashback Debit
Best APY potential: Axos Bank Rewards Checking
Best for checking and savings in one: SoFi Checking and Savings

Why you can trust The Motley Fool Ascent
We pride ourselves on being able to confidently say that these checking accounts are chosen by personal finance experts that operate independently of our Partnerships team, meaning the picks on this page are not and never have been influenced by advertising deals.
Our Ratings team:
- Assessed 100+ banking institutions (see the full list here)
- Evaluated checking accounts by brand reputation, fees, APY, and perks (see our full checking account methodology here)
- Rated each online checking account here on a five-star scale
- Reevaluate products on this page quarterly

Best online checking accounts of 2024

Open Account for Discover® Cashback Debit

Member FDIC.

Rates asof Jun 15, 2024

2024 Award Winner

Discover® Cashback Debit

Open Account for Discover® Cashback Debit

Member FDIC.

Rating image, 5.00 out of 5 stars.

5.00/5Our ratings are based on a 5 star scale.5 stars equals Best.4 stars equals Excellent.3 stars equals Good.2 stars equals Fair.1 star equals Poor.We want your money to work harder for you. Which is why our ratings are biased toward offers that deliver versatility while cutting out-of-pocket costs.
= Best
= Excellent
= Good
= Fair
= Poor

Rating image, 5.00 out of 5 stars.

Open Account for Discover® Cashback Debit

Offer alert

Earn 1% cash back on up to $3,000 in debit card purchases each month (see details when you click 'Open Account')

APY

Min. To Earn APY

N/A

Cash back rewards on debit cards
Early direct deposit
No monthly maintenance, NSF, or overdraft fees
Great customer service

Cash back rewards capped
No interest-bearing checking account
No physical branches
No reimbursem*nt for out-of-network ATMs

Discover is best known for its credit cards, but it is also a full-service online-only bank. Customers earn 1% cash back on up to $3,000 in debit card purchases each month. While it has no physical locations, it has over 60,000 fee-free ATM locations.

In addition, there are no minimum deposit and balance requirements, and no monthly fees. Customers who sign up for the optional overdraft protection will not be charged non-sufficient funds (NSF) fees. The bank offers no APY. Discover also offers early pay that gives you access to direct deposit funds up to two days early.

Discover offers free Online Privacy Protection through the mobile app. Every 90 days Discover will scan at least 10 people-search sites for your online personal information and help you submit opt-out requests.

Read Full Review

2024 Award Winner

Axos Bank Rewards Checking

Open Account for Axos Bank Rewards Checking

Member FDIC.

Rating image, 4.25 out of 5 stars.

4.25/5Our ratings are based on a 5 star scale.5 stars equals Best.4 stars equals Excellent.3 stars equals Good.2 stars equals Fair.1 star equals Poor.We want your money to work harder for you. Which is why our ratings are biased toward offers that deliver versatility while cutting out-of-pocket costs.
= Best
= Excellent
= Good
= Fair
= Poor

Rating image, 4.25 out of 5 stars.

Open Account for Axos Bank Rewards Checking

offer alert

Use the promo code AXOS300 when you apply for a Rewards Checking account by June 30th, 2024. Then have qualifying direct deposits to earn up to a $300 bonus!

APY

0.40% (up to 3.30%)Rate infoTo earn the full APY, account holders must do all of the following: Receive monthly direct deposits totaling more than $1,500; make 10 transactions a month with your Axos debit card, or sign up for Axos's Personal Finance Manager; maintain an average daily balance of $2,500 per month in an Axos Invest Self Directed Trading Account; and use your Rewards Checking account to make your full monthly Axos Bank consumer mortgage, personal, or auto loan payment.

Min. To Earn APY

Monthly direct deposits totaling at least $1,500

High checking account APY
Unlimited ATM fee reimbursem*nts
No monthly maintenance, NSF, or overdraft fees
No monthly balance requirements
Cash back checking option
ATM card for high-yield savings account

Must meet certain requirements to earn the highest interest tier
Higher savings and CD APYs available at other financial institutions
No physical branches

Axos is an online-only bank and offers one of the highest APYs we've found. To earn the high APY, however, customers need to meet certain requirements, such as opening multiple investment and loan accounts.

Axos also offers unlimited domestic ATM reimbursem*nts. In addition, there are no minimum balance requirements, no overdraft, or NSF fees. Axos provides a complimentary debit card and offers a number of digital tools to help customers manage their money. Axos has a minimum deposit requirement of $50, but there is no minimum balance requirement to earn interest.

To be eligible to earn all or a portion of the cash incentive as part of the "AXOS300" $300 promotion, an Axos Bank Rewards Checking account that includes the promotional code "AXOS300" must be opened between November 1, 2023, at 12:00 am PST and June 30, 2024, at 11:59 pm PST. Axos Bank reserves the right to limit each primary account holder to one (1) checking account promotional offer per year, and customers who have held primary ownership of an Axos Bank or Axos Bank for Nationwide checking account at any time in the past 12 months may be disqualified from the "AXOS300" offer. Promotional terms and conditions are subject to change or removal without notice. Bonus cash may be taxable and reported on IRS Form 1099-MISC. Consult your tax advisor. After meeting the initial requirements mentioned above, the amount of cash bonus earned will depend on meeting the additional requirements outlined below:

To earn up to a $300 bonus, you must be approved for your new Axos Bank Rewards Checking account, fund it within 30 days of account opening, and have qualifying direct deposits that total at least $5,000.00 each calendar month during the first seven (7) calendar months your account is open as well as maintain a minimum average daily balance of $7,000. The minimum balance must be achieved and maintained through the first seven (7) calendar months your account is open including the month in which your account was opened. A cash bonus of up to $300 can be earned in the following manner during the first seven (7) statement cycles. A statement cycle is a calendar month consisting of the days your account was open during that month. A maximum of six (6) payouts of $50 for each calendar month that the Rewards Checking account is receiving the direct deposit and maintain a minimum average daily balance of $7,000 can be earned during the seven (7) statement cycles, and the bonus will be deposited into your Axos Bank Rewards Checking account within 10 business days following the end of the statement cycle in which the direct deposit requirement was met. Your Axos Bank Rewards Checking account must be open and in good standing at the time the bonus is paid to be eligible to receive the bonus, and your Axos Bank Rewards Checking account must remain open for 210 days, or an early closure fee of up to $300 may apply, equal to the amount of the total bonus earned up to $300.

A direct deposit is an electronic deposit of your paycheck or government benefits, such as Social Security, Disability etc. Other deposits (i.e., online banking transfers, ATM and mobile check deposits, etc.) or person-to-person payments are not considered a direct deposit.

A statement cycle is defined as a period of time that starts on the first day of the calendar month and ends on the last day of the calendar month.

Read Full Review

SoFi Checking and Savings

Open Account for SoFi Checking and Savings

Member FDIC.

Rating image, 4.50 out of 5 stars.

4.50/5Our ratings are based on a 5 star scale.5 stars equals Best.4 stars equals Excellent.3 stars equals Good.2 stars equals Fair.1 star equals Poor.We want your money to work harder for you. Which is why our ratings are biased toward offers that deliver versatility while cutting out-of-pocket costs.
= Best
= Excellent
= Good
= Fair
= Poor

Rating image, 4.50 out of 5 stars.

Open Account for SoFi Checking and Savings

offer alert

Cash bonus up to $300 with direct deposit set up (see details when you click 'Open Account')

APY

0.50%Rate infoYou can earn the maximum savings APY by having Direct Deposit (no minimum amount required) or by making $5,000 or more in Qualifying Deposits every 30 days. See SoFi Checking and Savings rate sheet at: https://www.sofi.com/legal/banking-rate-sheet.

Min. To Earn APY

Competitive APY
FDIC insured (up to $2M with opt-in to SoFi Insured Deposit Program)
Welcome bonus up to $300
No monthly service or overdraft fees
Early access to direct deposits
Savings and investing tools
Wide range of financial products
Cash back on debit card purchases at select retailers

Combo account only; no stand-alone savings or checking
Overdraft protection tied to monthly deposit minimum
No local branches or in-person support

How to compare online checking accounts

There are many factors to consider when looking for an online bank. Many financial institutions offer an online checking account free of charge or an online checking account with no deposit required.

Here are some other factors to take into consideration when comparing online checking accounts.

FDIC or NCUA insurance

The Federal Deposit Insurance Corporation (FDIC) is an independent federal agency that insures a customer's bank deposits up to $250,000. The National Credit Union Administration (NCUA) is the FDIC equivalent for credit unions. Ensure that your online checking account is insured by either agency or for state credit unions, insured by their state agency.

Type of account

There are several types of checking accounts that most financial institutions offer. The right fit depends on how you use your checking account. These accounts can be for both an individual or online joint checking account. Here are the most common types:

Standard checking account: This is the most common type of checking account. It offers basic features such as making deposits, withdrawals, writing checks, paying bills, and using a debit card.
Premium checking account: Premium accounts require a higher checking account balance than a standard account. Premium account holders often earn interest, get discounts on other services from the bank such as slightly lower mortgage rates, and enjoy a lower fee structure.
Rewards-based account: Like credit cards that pay rewards for everyday purchases, rewards-based accounts offer cash back, points, or special discounts.
Other specialty accounts: Banks offer accounts for students, seniors, and other demographic groups. The accounts are catered specifically to a specific group.

Fees

Even for free checking accounts there are many other fees that a bank can charge. Online banks rarely charge monthly maintenance fees. Banks with physical locations often charge fees, but some will waive checking account fees if you keep a minimum required balance. It is best to find a bank that offers an online checking account with no fees or fees that can be easily avoided or waived, such as overdraft fees.

Minimum requirements

Some banks require minimum deposits to open an online checking account. They also require a minimum balance to continue qualifying for a free account. Customers that don't meet the minimum requirements will often have to pay the monthly service fee. Look for a free online checking account with no opening deposit requirement, or one that is very low.

Digital banking experience

The primary way of accessing an online bank account for an online-only bank is through the bank's mobile app and website. Look for an online bank account that is easy to use, offers robust digital tools, an online checking account with mobile deposit, and has a highly rated mobile app. You can check reviews of a mobile app on the app store.

Customer service

Online-only banks do not have any branches. If customers have any issues, they can only contact the bank through online chat, email, or phone support. It is important to find a bank that offers easily accessible customer service. If customers prefer face-to-face customer service, they can look for a bank that has physical locations and an online banking feature.

ATM network or generous ATM fee reimbursem*nt program

You want your bank to be as accessible as possible. Especially if you often pay with cash, you will need access to in-network ATMs to avoid any ATM fees. If you only have access to out-of-network ATMs, look for banks that offer generous ATM fee reimbursem*nts.

Benefits such as high APY, cash back rewards, or other additional perks

The average APY for checking accounts is 0.07%. There are banks that offer more APY and even generous cash back rewards. When looking for the checking account that is right for you, consider what additional perks a bank will offer, such as an online checking account bonus.

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Compare the best online checking accounts

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0% APY:Discover® Cashback Debit(Member FDIC.)
0.40% (up to 3.30%) APY:Axos Bank Rewards Checking(Member FDIC.)
0.50% APY:SoFi Checking and Savings(Member FDIC.)
up to 1.10% APY:Quontic High Interest Checking(Member FDIC.)
0% APY:Chime Checking Account
0.25% APY:Alliant High Rate Checking
up to 0.25% APY:Ally Spending Account(Member FDIC.)
0.10% APY:Capital One 360 Checking(Member FDIC.)
Up to 0.15% APY:LendingClub Rewards Checking(Member FDIC.)
0.45% APY:Schwab Bank High Yield Investor Checking(Member FDIC.)
0.40% APY:EverBank Yield Pledge® Checking(Member FDIC.)
Up to 4.00% APY:Consumers Credit Union Serious Interest Checking(Member FDIC.)

Ratings Methodology

Rates asof Jun 15, 2024

Offer	APY	Minimum to Earn APY	Rating	Promotion	Next Steps
2024 Award Winner Discover® Cashback Debit Open Account for Discover® Cashback Debit Member FDIC. Rating image, 5.00 out of 5 stars. 5.00/5Our ratings are based on a 5 star scale.5 stars equals Best.4 stars equals Excellent.3 stars equals Good.2 stars equals Fair.1 star equals Poor.We want your money to work harder for you. Which is why our ratings are biased toward offers that deliver versatility while cutting out-of-pocket costs. = Best = Excellent = Good = Fair = Poor	0% Min. to earn: N/A	Rating image, 5.00 out of 5 stars. 5.00/5Our ratings are based on a 5 star scale.5 stars equals Best.4 stars equals Excellent.3 stars equals Good.2 stars equals Fair.1 star equals Poor.We want your money to work harder for you. Which is why our ratings are biased toward offers that deliver versatility while cutting out-of-pocket costs. = Best = Excellent = Good = Fair = Poor	N/A	Earn 1% cash back on up to $3,000 in debit card purchases each month (see details when you click 'Open Account')	Open Account for Discover® Cashback Debit Offer alert Earn 1% cash back on up to $3,000 in debit card purchases each month (see details when you click 'Open Account')
2024 Award Winner Axos Bank Rewards Checking Open Account for Axos Bank Rewards Checking Member FDIC. Rating image, 4.25 out of 5 stars. 4.25/5Our ratings are based on a 5 star scale.5 stars equals Best.4 stars equals Excellent.3 stars equals Good.2 stars equals Fair.1 star equals Poor.We want your money to work harder for you. Which is why our ratings are biased toward offers that deliver versatility while cutting out-of-pocket costs. = Best = Excellent = Good = Fair = Poor Disclaimer	0.40% (up to 3.30%) Rate infoTo earn the full APY, account holders must do all of the following: Receive monthly direct deposits totaling more than $1,500; make 10 transactions a month with your Axos debit card, or sign up for Axos's Personal Finance Manager; maintain an average daily balance of $2,500 per month in an Axos Invest Self Directed Trading Account; and use your Rewards Checking account to make your full monthly Axos Bank consumer mortgage, personal, or auto loan payment. Min. to earn: Monthly direct deposits totaling at least $1,500	Rating image, 4.25 out of 5 stars. 4.25/5Our ratings are based on a 5 star scale.5 stars equals Best.4 stars equals Excellent.3 stars equals Good.2 stars equals Fair.1 star equals Poor.We want your money to work harder for you. Which is why our ratings are biased toward offers that deliver versatility while cutting out-of-pocket costs. = Best = Excellent = Good = Fair = Poor	Monthly direct deposits totaling at least $1,500	Use the promo code AXOS300 when you apply for a Rewards Checking account by June 30th, 2024. Then have qualifying direct deposits to earn up to a $300 bonus!	Open Account for Axos Bank Rewards Checking offer alert Use the promo code AXOS300 when you apply for a Rewards Checking account by June 30th, 2024. Then have qualifying direct deposits to earn up to a $300 bonus!
To be eligible to earn all or a portion of the cash incentive as part of the "AXOS300" $300 promotion, an Axos Bank Rewards Checking account that includes the promotional code "AXOS300" must be opened between November 1, 2023, at 12:00 am PST and June 30, 2024, at 11:59 pm PST. Axos Bank reserves the right to limit each primary account holder to one (1) checking account promotional offer per year, and customers who have held primary ownership of an Axos Bank or Axos Bank for Nationwide checking account at any time in the past 12 months may be disqualified from the "AXOS300" offer. Promotional terms and conditions are subject to change or removal without notice. Bonus cash may be taxable and reported on IRS Form 1099-MISC. Consult your tax advisor. After meeting the initial requirements mentioned above, the amount of cash bonus earned will depend on meeting the additional requirements outlined below: To earn up to a $300 bonus, you must be approved for your new Axos Bank Rewards Checking account, fund it within 30 days of account opening, and have qualifying direct deposits that total at least $5,000.00 each calendar month during the first seven (7) calendar months your account is open as well as maintain a minimum average daily balance of $7,000. The minimum balance must be achieved and maintained through the first seven (7) calendar months your account is open including the month in which your account was opened. A cash bonus of up to $300 can be earned in the following manner during the first seven (7) statement cycles. A statement cycle is a calendar month consisting of the days your account was open during that month. A maximum of six (6) payouts of $50 for each calendar month that the Rewards Checking account is receiving the direct deposit and maintain a minimum average daily balance of $7,000 can be earned during the seven (7) statement cycles, and the bonus will be deposited into your Axos Bank Rewards Checking account within 10 business days following the end of the statement cycle in which the direct deposit requirement was met. Your Axos Bank Rewards Checking account must be open and in good standing at the time the bonus is paid to be eligible to receive the bonus, and your Axos Bank Rewards Checking account must remain open for 210 days, or an early closure fee of up to $300 may apply, equal to the amount of the total bonus earned up to $300. A direct deposit is an electronic deposit of your paycheck or government benefits, such as Social Security, Disability etc. Other deposits (i.e., online banking transfers, ATM and mobile check deposits, etc.) or person-to-person payments are not considered a direct deposit. A statement cycle is defined as a period of time that starts on the first day of the calendar month and ends on the last day of the calendar month.				To be eligible to earn all or a portion of the cash incentive as part of the "AXOS300" $300 promotion, an Axos Bank Rewards Checking account that includes the promotional code "AXOS300" must be opened between November 1, 2023, at 12:00 am PST and June 30, 2024, at 11:59 pm PST. Axos Bank reserves the right to limit each primary account holder to one (1) checking account promotional offer per year, and customers who have held primary ownership of an Axos Bank or Axos Bank for Nationwide checking account at any time in the past 12 months may be disqualified from the "AXOS300" offer. Promotional terms and conditions are subject to change or removal without notice. Bonus cash may be taxable and reported on IRS Form 1099-MISC. Consult your tax advisor. After meeting the initial requirements mentioned above, the amount of cash bonus earned will depend on meeting the additional requirements outlined below: To earn up to a $300 bonus, you must be approved for your new Axos Bank Rewards Checking account, fund it within 30 days of account opening, and have qualifying direct deposits that total at least $5,000.00 each calendar month during the first seven (7) calendar months your account is open as well as maintain a minimum average daily balance of $7,000. The minimum balance must be achieved and maintained through the first seven (7) calendar months your account is open including the month in which your account was opened. A cash bonus of up to $300 can be earned in the following manner during the first seven (7) statement cycles. A statement cycle is a calendar month consisting of the days your account was open during that month. A maximum of six (6) payouts of $50 for each calendar month that the Rewards Checking account is receiving the direct deposit and maintain a minimum average daily balance of $7,000 can be earned during the seven (7) statement cycles, and the bonus will be deposited into your Axos Bank Rewards Checking account within 10 business days following the end of the statement cycle in which the direct deposit requirement was met. Your Axos Bank Rewards Checking account must be open and in good standing at the time the bonus is paid to be eligible to receive the bonus, and your Axos Bank Rewards Checking account must remain open for 210 days, or an early closure fee of up to $300 may apply, equal to the amount of the total bonus earned up to $300. A direct deposit is an electronic deposit of your paycheck or government benefits, such as Social Security, Disability etc. Other deposits (i.e., online banking transfers, ATM and mobile check deposits, etc.) or person-to-person payments are not considered a direct deposit. A statement cycle is defined as a period of time that starts on the first day of the calendar month and ends on the last day of the calendar month.
SoFi Checking and Savings Open Account for SoFi Checking and Savings Member FDIC. Rating image, 4.50 out of 5 stars. 4.50/5Our ratings are based on a 5 star scale.5 stars equals Best.4 stars equals Excellent.3 stars equals Good.2 stars equals Fair.1 star equals Poor.We want your money to work harder for you. Which is why our ratings are biased toward offers that deliver versatility while cutting out-of-pocket costs. = Best = Excellent = Good = Fair = Poor	0.50% Rate infoYou can earn the maximum savings APY by having Direct Deposit (no minimum amount required) or by making $5,000 or more in Qualifying Deposits every 30 days. See SoFi Checking and Savings rate sheet at: https://www.sofi.com/legal/banking-rate-sheet. Min. to earn: $0	Rating image, 4.50 out of 5 stars. 4.50/5Our ratings are based on a 5 star scale.5 stars equals Best.4 stars equals Excellent.3 stars equals Good.2 stars equals Fair.1 star equals Poor.We want your money to work harder for you. Which is why our ratings are biased toward offers that deliver versatility while cutting out-of-pocket costs. = Best = Excellent = Good = Fair = Poor	$0	Cash bonus up to $300 with direct deposit set up (see details when you click 'Open Account')	Open Account for SoFi Checking and Savings offer alert Cash bonus up to $300 with direct deposit set up (see details when you click 'Open Account')
Quontic High Interest Checking Open Account for Quontic High Interest Checking Member FDIC. Rating image, 4.00 out of 5 stars. 4.00/5Our ratings are based on a 5 star scale.5 stars equals Best.4 stars equals Excellent.3 stars equals Good.2 stars equals Fair.1 star equals Poor.We want your money to work harder for you. Which is why our ratings are biased toward offers that deliver versatility while cutting out-of-pocket costs. = Best = Excellent = Good = Fair = Poor Disclaimer	up to 1.10% Min. to earn: $1	Rating image, 4.00 out of 5 stars. 4.00/5Our ratings are based on a 5 star scale.5 stars equals Best.4 stars equals Excellent.3 stars equals Good.2 stars equals Fair.1 star equals Poor.We want your money to work harder for you. Which is why our ratings are biased toward offers that deliver versatility while cutting out-of-pocket costs. = Best = Excellent = Good = Fair = Poor	$1	High APY when you complete 10 or more qualifying debit card purchases each month	Open Account for Quontic High Interest Checking High APY when you complete 10 or more qualifying debit card purchases each month
10 debit card point of sale transactions of $10 or more per statement cycle required to earn the maximum APY. If the qualifying activity requirement is not fulfilled, the interest rate paid on the entire balance will be 0.01% APY.				10 debit card point of sale transactions of $10 or more per statement cycle required to earn the maximum APY. If the qualifying activity requirement is not fulfilled, the interest rate paid on the entire balance will be 0.01% APY.
Chime Checking Account Open Account for Chime Checking Account Rating image, 3.50 out of 5 stars. 3.50/5Our ratings are based on a 5 star scale.5 stars equals Best.4 stars equals Excellent.3 stars equals Good.2 stars equals Fair.1 star equals Poor.We want your money to work harder for you. Which is why our ratings are biased toward offers that deliver versatility while cutting out-of-pocket costs. = Best = Excellent = Good = Fair = Poor Disclaimer	0% Min. to earn: $0	Rating image, 3.50 out of 5 stars. 3.50/5Our ratings are based on a 5 star scale.5 stars equals Best.4 stars equals Excellent.3 stars equals Good.2 stars equals Fair.1 star equals Poor.We want your money to work harder for you. Which is why our ratings are biased toward offers that deliver versatility while cutting out-of-pocket costs. = Best = Excellent = Good = Fair = Poor	$0	N/A	Open Account for Chime Checking Account
Chime is a financial technology company, not a bank. Banking services provided byThe Bancorp Bank or Stride Bank, N.A.; Members FDIC. *Early access to direct deposit funds depends on the timing of the submission of the payment file from the payer. We generally make these funds available on the day the payment file is received, which may be up to 2 days earlier than the scheduled payment date.				Chime is a financial technology company, not a bank. Banking services provided byThe Bancorp Bank or Stride Bank, N.A.; Members FDIC. *Early access to direct deposit funds depends on the timing of the submission of the payment file from the payer. We generally make these funds available on the day the payment file is received, which may be up to 2 days earlier than the scheduled payment date.
Alliant High Rate Checking Read Review Rating image, 4.50 out of 5 stars. 4.50/5Our ratings are based on a 5 star scale.5 stars equals Best.4 stars equals Excellent.3 stars equals Good.2 stars equals Fair.1 star equals Poor.We want your money to work harder for you. Which is why our ratings are biased toward offers that deliver versatility while cutting out-of-pocket costs. = Best = Excellent = Good = Fair = Poor	0.25% Min. to earn: $1	Rating image, 4.50 out of 5 stars. 4.50/5Our ratings are based on a 5 star scale.5 stars equals Best.4 stars equals Excellent.3 stars equals Good.2 stars equals Fair.1 star equals Poor.We want your money to work harder for you. Which is why our ratings are biased toward offers that deliver versatility while cutting out-of-pocket costs. = Best = Excellent = Good = Fair = Poor	$1	N/A	Read Review
Ally Spending Account Read Review Member FDIC. Rating image, 4.50 out of 5 stars. 4.50/5Our ratings are based on a 5 star scale.5 stars equals Best.4 stars equals Excellent.3 stars equals Good.2 stars equals Fair.1 star equals Poor.We want your money to work harder for you. Which is why our ratings are biased toward offers that deliver versatility while cutting out-of-pocket costs. = Best = Excellent = Good = Fair = Poor	up to 0.25% Min. to earn: $1	Rating image, 4.50 out of 5 stars. 4.50/5Our ratings are based on a 5 star scale.5 stars equals Best.4 stars equals Excellent.3 stars equals Good.2 stars equals Fair.1 star equals Poor.We want your money to work harder for you. Which is why our ratings are biased toward offers that deliver versatility while cutting out-of-pocket costs. = Best = Excellent = Good = Fair = Poor	$1	N/A	Read Review
Capital One 360 Checking Read Review Member FDIC. Rating image, 4.50 out of 5 stars. 4.50/5Our ratings are based on a 5 star scale.5 stars equals Best.4 stars equals Excellent.3 stars equals Good.2 stars equals Fair.1 star equals Poor.We want your money to work harder for you. Which is why our ratings are biased toward offers that deliver versatility while cutting out-of-pocket costs. = Best = Excellent = Good = Fair = Poor	0.10% Min. to earn: $1	Rating image, 4.50 out of 5 stars. 4.50/5Our ratings are based on a 5 star scale.5 stars equals Best.4 stars equals Excellent.3 stars equals Good.2 stars equals Fair.1 star equals Poor.We want your money to work harder for you. Which is why our ratings are biased toward offers that deliver versatility while cutting out-of-pocket costs. = Best = Excellent = Good = Fair = Poor	$1	N/A	Read Review
LendingClub Rewards Checking Read Review Member FDIC. Rating image, 4.00 out of 5 stars. 4.00/5Our ratings are based on a 5 star scale.5 stars equals Best.4 stars equals Excellent.3 stars equals Good.2 stars equals Fair.1 star equals Poor.We want your money to work harder for you. Which is why our ratings are biased toward offers that deliver versatility while cutting out-of-pocket costs. = Best = Excellent = Good = Fair = Poor	Up to 0.15% Min. to earn: $2,500	Rating image, 4.00 out of 5 stars. 4.00/5Our ratings are based on a 5 star scale.5 stars equals Best.4 stars equals Excellent.3 stars equals Good.2 stars equals Fair.1 star equals Poor.We want your money to work harder for you. Which is why our ratings are biased toward offers that deliver versatility while cutting out-of-pocket costs. = Best = Excellent = Good = Fair = Poor	$2,500	N/A	Read Review
2024 Award Winner Schwab Bank High Yield Investor Checking Read Review Member FDIC. Rating image, 4.75 out of 5 stars. 4.75/5Our ratings are based on a 5 star scale.5 stars equals Best.4 stars equals Excellent.3 stars equals Good.2 stars equals Fair.1 star equals Poor.We want your money to work harder for you. Which is why our ratings are biased toward offers that deliver versatility while cutting out-of-pocket costs. = Best = Excellent = Good = Fair = Poor	0.45% Min. to earn: $0.01	Rating image, 4.75 out of 5 stars. 4.75/5Our ratings are based on a 5 star scale.5 stars equals Best.4 stars equals Excellent.3 stars equals Good.2 stars equals Fair.1 star equals Poor.We want your money to work harder for you. Which is why our ratings are biased toward offers that deliver versatility while cutting out-of-pocket costs. = Best = Excellent = Good = Fair = Poor	$0.01	N/A	Read Review
EverBank Yield Pledge® Checking Read Review Member FDIC. Rating image, 5.00 out of 5 stars. 5.00/5Our ratings are based on a 5 star scale.5 stars equals Best.4 stars equals Excellent.3 stars equals Good.2 stars equals Fair.1 star equals Poor.We want your money to work harder for you. Which is why our ratings are biased toward offers that deliver versatility while cutting out-of-pocket costs. = Best = Excellent = Good = Fair = Poor	0.40% Min. to earn: $0	Rating image, 5.00 out of 5 stars. 5.00/5Our ratings are based on a 5 star scale.5 stars equals Best.4 stars equals Excellent.3 stars equals Good.2 stars equals Fair.1 star equals Poor.We want your money to work harder for you. Which is why our ratings are biased toward offers that deliver versatility while cutting out-of-pocket costs. = Best = Excellent = Good = Fair = Poor	$0	N/A	Read Review
Consumers Credit Union Serious Interest Checking Member FDIC. Rating image, 3.75 out of 5 stars. 3.75/5Our ratings are based on a 5 star scale.5 stars equals Best.4 stars equals Excellent.3 stars equals Good.2 stars equals Fair.1 star equals Poor.We want your money to work harder for you. Which is why our ratings are biased toward offers that deliver versatility while cutting out-of-pocket costs. = Best = Excellent = Good = Fair = Poor	Up to 4.00% Min. to earn: $0	Rating image, 3.75 out of 5 stars. 3.75/5Our ratings are based on a 5 star scale.5 stars equals Best.4 stars equals Excellent.3 stars equals Good.2 stars equals Fair.1 star equals Poor.We want your money to work harder for you. Which is why our ratings are biased toward offers that deliver versatility while cutting out-of-pocket costs. = Best = Excellent = Good = Fair = Poor	$0	N/A

Are online checking accounts safe?

Yes, checking accounts are safe, especially if you have less than $250,000 in the account. As we mentioned earlier, all checking accounts are FDIC insured for as much as $250,000 per depositor, per institution. If you have more than $250,000, divide the balance between checking accounts at several banks to ensure all of your money is protected.

In addition, most institutions offer fraud protection for checking account customers. This helps protect you against unauthorized withdrawals or usage of your debit card. Many of our best checking account picks offer fraud protection.

Discover our other checking account top picks:

Best Bank Promotions and Bonuses
Best Banks for International Travel
Best Banks in New York City
Best Checking Accounts
Best Free Business Checking Accounts
Best Free Checking Accounts
Best High-Yield Checking Accounts

Best Joint Checking Accounts
Best National Banks
Best Online Checking Accounts
Best Rewards Checking Accounts
Best Teen Checking Accounts
Safest Banks in the U.S. for June 2024

Our checking account methodology

At The Motley Fool Ascent, we rate checking accounts on a five-star scale (1 = poor, 5 = best). We evaluate all checking accounts across four main criteria: brand and reputation, APY and rewards, fees and minimum requirements, and perks.

Our scores are weighted as:

Brand and reputation: 40%
APY and rewards: 30%
Fees and minimums: 15%
Other perks: 15%

Our aim is to maintain a balanced list featuring top-scoring products from reputable brands offering standout features. Learn more about how The Motley Fool Ascent rates bank accounts.

Banks we monitor

Here are the 100+ financial institutions we've evaluated in our research:
Alliant, Ally, All America Bank, American First Credit Union, American Express® National Bank, Arvest Bank, Aspiration, Axos Bank, B2 Bank, Bank of America, Bank5 Connect, Bank7, Barclays, Bask Bank, Betterment, Bluevine, BMO, Bread Financial, Capital One, Carver Federal Savings Bank, Charles Schwab Bank, Chase, Chime, CIT, Citibank, Citizens Bank, Citizens Savings Bank, Columbia Bank, Connexus Credit Union, Consumers Credit Union, Copper, Cross River Bank, Customers Bank, Discover® Bank, E*TRADEEdward Jones, EverBank, Fidelity, Fifth Third Bank, First Foundation Bank, First Internet Bank of Indiana, First National Bank, First Tech Federal Credit Union, Flushing Bank, Freedom Bank, Generations Bank, GN Bank, Golden 1 Credit Union, Greenlight, Harborstone Credit Union, HSBC, Huntington Bank, Ivella, Kabbage by American Express, KeyBank, Laurel Road, LendingClub, Liberty Bank, Liberty Federal Credit Union, Marcus by Goldman Sachs, Mercury, Municipal Credit Union, Mutual of Omaha, NASA Federal Credit Union, Nationwide Bank, Navy Federal Credit Union, NBKC Bank, New York Community Bank, Northpointe Bank, Novo, OceanFirst Bank, Old National Bank, ONE Finance, OneUnited Bank, Oxygen, Pacific Western Bank, PNC Bank, Ponce Bank, Popular Direct, Presidential Bank, Prime Alliance Bank, Quontic, Radius, Raisin, Redneck Bank, Regions Bank, Relay, Republic Bank of Chicago, Revolut, Salem Five Bank, Sallie Mae, Santander Bank, SchoolsFirst Federal Credit Union, Simple, SoFi, Synchrony Bank, Tab Bank, TD Bank, Third Federal, Truist Bank, U.S. Bank, UFB, Upgrade, USAA, Valley Bank, Vanguard, Varo Bank, Vio Bank, Wealthfront, Wells Fargo, Western Alliance Bank, and Zeta.

FAQs

An online checking account allows customers the ability to manage their money from a computer with an internet connection and through a mobile device. Customers can access their checking account online, pay bills electronically, transfer money, and withdraw money at an ATM. You can open an online checking account at an online-only bank or a brick-and-mortar bank.
Online-only banks typically have intuitive and easy to use online interfaces and mobile apps that offer money management tools. Most offer 24/7 phone customer service as well as the ability to chat with customer service representatives online.
Online-only and brick-and-mortar banks offer some form of protection against theft. Our list of best online checking accounts are FDIC/NCUA insured and offer digital security features.
Customers can open online checking accounts with online-only banks and many brick-and-mortar banks within minutes. Customers will need to fill out an online application form, provide necessary documentation, and then wait to get approval for their checking account.
Many banks offer digital banking tools to help customers track their expenses and set up a budget. Many of these tools are automatically built into an online banking account or mobile app.

Our Banking Experts

By:David Chang, ChFC®, CLU®

Writer, Consultant

David S. Chang, ChFC®, CLU® is an award-winning entrepreneur, keynote speaker, author, and consultant. He has over two decades of experience in the wealth management space and has been featured in dozens of news, radio, and podcast programs nationwide. He currently works as Head of IoT for the West Region of a Fortune 200 company. He is a graduate of the United States Military Academy at West Point and currently a Lieutenant Colonel in the California Army National Guard. He is an East-West Graduate Degree Fellow and has an MBA from the UCLA Anderson School of Management.

Fact CheckedNathan Alderman

Fact checker

Nathan Alderman has worked with The Motley Fool since 2005, making errors his arch-enemies in a variety of roles including a six-year stint as the dedicated fact-checker for The Motley Fool's premium newsletter services. As The Ascent's Compliance Lead, he makes sure that all the site's information is accurate and up to date, which ensures we always steer readers right and keeps various financial partners happy. A graduate of Northwestern University's Medill School of Journalism, Nathan spends his spare time volunteering for civic causes, writing and podcasting for fun, adoring his wife, and wrangling his two very large young children.

12 Best Online Checking Accounts for 2024 | The Motley Fool (2024)

3 featured online checking accounts:

Why you can trust The Motley Fool Ascent

Best online checking accounts of 2024

How to compare online checking accounts

FDIC or NCUA insurance

Type of account

Fees

Minimum requirements

Digital banking experience

Customer service

ATM network or generous ATM fee reimbursem*nt program

Benefits such as high APY, cash back rewards, or other additional perks

Compare the best online checking accounts

Are online checking accounts safe?

Discover our other checking account top picks:

Our checking account methodology

Banks we monitor

FAQs

FAQs

12 Best Online Checking Accounts for 2024 | The Motley Fool? ›

References