Noteworthy Checking Accounts
While all checking accounts allow users to make deposits and withdrawals, the benefits don’t need to stop there. In fact, the best checking accounts offer users a variety of long-term helpful benefits, such as the chance to earn interest on balances or a lack of minimum balance requirements and monthly service fees. Some accounts even allow you to access your paycheck multiple days in advance.
Although it’s far from the only factor you should consider, a hefty signup bonus can do a lot to make a checking account more enticing. And since there’s no limit to the amount of checking accounts you can hold at one time, it never hurts to give a new one a test run to see how it stacks up against your current banking experience.
Axos Rewards Checking Account
With the Axos Rewards Checking account, you can earn a competitive APY on your checking balance — an interest-bearing checking account is a rarity in general, so getting a high-interest one may be worth your while. The amount you earn depends on how much you have direct deposited into the account each month and how often you use your debit card. The account requires just a $50 minimum deposit to open, and it also offers unlimited domestic ATM fee reimbursements.
Chase Total Checking® Account
In many ways, the Chase Total Checking account is a pretty standard entry-level checking account. It doesn’t offer many of the valuable features seen in more premium accounts, and you’ll need to jump through some hoops to get the monthly fee waived.
However, assuming you can easily qualify for waiving that fee, you’ll enjoy all the benefits of a national bank with branch locations in nearly every state.
Plus, the $200 new account bonus is remarkably easy to earn, especially when compared to other checking account bonsues.
SoFi Checking and Savings Account
SoFi Checking and Savings offers customers the chance to earn interest on both their checking and savings deposits. To qualify, all you need to do is set up recurring monthly direct deposits of your paycheck or benefits provider via ACH deposit. Many bank accounts require a minimum balance or deposit to unlock higher APY yields, yet SoFi offers the same high APY regardless of how much money is deposited into your account each month. Considering most traditional checking accounts don’t aren’t even interest-bearing, this is a serious perk.
Chime® Checking Account
The Chime® Checking Account is a convenient way to do your banking online. The account includes a debit card and access to a large fee-free ATM network* and automatic savings tools for customers with a Chime savings account (Chime Checking Account is required to be eligible for a Savings Account). With a Chime Checking Account, customers can also receive direct deposits up to two days early.**
The Chime Checking Account includes FDIC insurance through Chime’s banking partners*** and carries no opening balance requirements, no ongoing balance requirements and no monthly maintenance fees. The checking account also carries, no foreign transaction fees and no card replacement fees.
Quontic High Interest Checking Account
With Quontic Bank’s High-Interest Checking Account, account holders will earn an impressive APY compared to other high-yield checking accounts. To earn the high yield, you’ll need to make at least 10 qualifying point-of-sale transactions of at least $10 with your account debit card. If you don’t make the required transactions, you’ll only earn an APY of 0.01%, which is more in line with the interest rate that traditional checking accounts typically offer.
The minimum deposit for the account is $100, and there is no monthly service fee or overdraft fees. Additionally, you’ll get be able to enjoy withdrawals with no ATM fees at more than 90,000 ATMs in the AllPoint, MoneyPass and SUM networks, as well as with Citibank ATMs located in Target, Speedway, Walgreens, CVS, Kroger, Safeway, Winn Dixie and Circle K.
Checking Account FAQs
This is largely a matter of personal preference, as there’s no set limit on the number of checking accounts you can open. If you plan on storing a large amount of money in your checking account, it may be a good idea to open more than one account so you can keep your balance within FDIC insurance limits.
Other reasons to hold multiple checking accounts include: keeping your spending organized, as well as opening an account at an online bank, then another at a brick-and-mortar bank, so that you can enjoy the benefits of both styles of banking.
While most traditional checking accounts do not earn APY (though this varies from one financial institution to another). In some cases, a checking account will earn interest, but only if the account-holder meets certain requirements, such as maintaining a high minimum balance.
In contrast to this, high-interest checking accounts do offer the opportunity to earn interest on your balances. While typically, the APY for these accounts is not as strong as the best high-yield savings accounts’ APY, they still tend to yield exponentially more interest than traditional checking accounts.
High-interest checking accounts are checking account that earns high-yield interest. Outside of earning interest, you’ll find that these accounts operate just like normal checking accounts. The best high-yield checking accounts feature an APY that’s at least 10x the national average (some can even offer APY that’s much higher than that, as well as fee-free ATM access and low minimum opening deposits.
For the most part, a high-interest checking account will function just like a traditional checking account. You can use it for for everyday banking with the added perk of earning interest on balances.
As you prepare to close an old checking account, you’ll want to start by making sure that any outstanding transactions clear. This helps to prevent overdraft charges or failed payments. It’s also good practice to open another checking account before closing your old one, so that you can transfer any automatic transactions over.
Once you’re feeling confident that all your recurring billings and pending transactions are taken care of, it’s time to contact your bank so they can assist you with closing the account.
In some cases, you may be able to close your account online. Consult with your bank on any specific steps they require when closing an account. Once the account has been sucessfully closed, shred any unused checks and debit cards associated with the account. However, you should still hold onto any records you may have for the account, in case you need to use them later.
*Out-of-network ATM withdrawal fees may apply except at MoneyPass ATMs in a 7-Eleven, or any Allpoint or Visa Plus Alliance ATM.
**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
***Deposits in Chime accounts are FDIC insured through The Bancorp Bank, N.A. or Stride Bank, N.A.; Members FDIC.