DollarGeek Presents:
Best Checking Accounts of May 2023
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When you’re comparing the best checking accounts, you have a lot to look for. You need no monthly fees, access to a lot of ATMs, great customer service, total transparency and an easy to use digital experience.
Dive in and find the best checking accounts with DollarGeek. We pride ourselves on heavy research so you can make financial decisions with clarity. Start banking with efficiency and find a checking account that can help you save money and provide actual value. Before opening a new checking account, read our in depth research and use our filters to find the best.
Browse the best checking accounts
Min. Balance
$0
to startMonthly Fee
$0
APY
0.25%
Min. Balance
$0
to startMonthly Fee
$0
APY
0.00%
Min. Balance
$0
to startMonthly Fee
$0
APY
0.70%
Min. Balance
$0
to startMonthly Fee
$0
APY
0.25%
Min. Balance
$0
to startMonthly Fee
$0
APY
0.00%
Min. Balance
$0
to startMonthly Fee
$0
APY
0.00%
Min. Balance
$0
to startMonthly Fee
$0
APY
0.10%
Min. Balance
$0
to startMonthly Fee
$0
APY
0.65%
Min. Balance
$0
to startMonthly Fee
$0
APY
0.10%
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Best checking accounts and interest rates at a glance - May 2023
PROVIDER
Minimum Deposit
Interest Rate
Best for high interest rate
OVERVIEW
If you’re worried about your carbon footprint or want to work with companies having a positive impact on our planet, the Aspiration cash management account is the right choice. Unlike a traditional checking account, the Aspiration cash management account maintains separate checking and savings balances. You can open your account with $10. Aspiration doesn’t charge any type of fee, including overdraft fee, check deposit fee, debit card fee, or dormant account fee.
Any funds in your Aspiration Save account earn an APY of 0% with the standard account and 1.0% with Aspiration Plus subscription (fee of $3.99 per month). You’ll get 10% cash back at network merchants or Conscience Coalition purchases.
WHY WE LIKE IT
- Ability to choose your own fees
- Aspiration donates 10% fee towards environmental protection
- 10% cash back with network partners
- Large ATM network (55,000)
Best for no fees and high interest rate
OVERVIEW
Bank5 Connect checking account is a perfect fit for people seeking an online banking experience with higher APYs. You earn an APY of 0.20% on your checking account balance, though you’ll need a minimum balance of $100 to earn this APY. As an online bank, Bank5 Connect passes its savings to its account holders with no maintenance charges, free e-statements, external transfers, and out-of-network ATM fees reimbursement (up to $15 per billing cycle).
Bank5 Connect checking account comes with robust online banking features, including online bill payments, free external transfers, and free checks (first-order).
WHY WE LIKE IT
- Higher than average APY on checking account
- Low minimum balance requirements
- No maintenance fee and ATM fee reimbursement ($1 if you choose paper statements)
Best for customer service + user friendly mobile app
OVERVIEW
If you maintain a high-balance checking account, Ally Bank offers a decent APY in comparison to traditional financial institutions. There are no minimum deposit requirements or maintenance fees with Ally Bank checking account. The checking account comes with an APY of 0.25% for daily balances above $15,000 and 0.10% for accounts with lower balances.
You can order cashier’s checks with no extra fees. Ally Bank operates a huge Allpoint ATM network (43,000), and if you use an out-of-network ATM, the bank will reimburse up to $10 during every billing cycle.
WHY WE LIKE IT
- Higher APY for checking accounts
- No maintenance charges or minimum deposit requirements
- Free cashier’s checks and ATM fee reimbursement (up to $10 per billing cycle)
Best for those who would rather work with a credit union over big bank
OVERVIEW
If you want to bank with a credit union instead of a large bank without sacrificing higher interest rates, Alliant Credit Union has the perfect checking account. The checking account earns an APY of 0.25% as long as you opt for e-statements instead of paper statements and have at least one electronic deposit in your account. There are no minimum balance requirements or maintenance charges for the Alliant Credit Union checking account.
Also, if you are seeking a better online banking experience, Alliant has an award-winning mobile banking app. You will receive a free Visa contactless debit card with your account.
WHY WE LIKE IT
- ATM fee reimbursement of up to $20 per month
- No maintenance fees or minimum balance requirements
- Huge ATM network (80,000+)
Best for all around banking experience
OVERVIEW
If you maintain a high-balance checking account, Ally Bank offers a decent APY in comparison to traditional financial institutions. There are no minimum deposit requirements or maintenance fees with Ally Bank checking account. The checking account comes with an APY of 0.50% for daily balances above $15,000 and 0.10% for accounts with lower balances.
You can order cashier’s checks with no extra fees. Ally Bank operates a huge ATM network (43,000), and if you use an out-of-network ATM, the bank will reimburse up to $10 during every billing cycle.
WHY WE LIKE IT
- Higher APY for checking accounts
- No maintenance charges or minimum deposit requirements
- Free cashier’s checks and ATM fee reimbursement (up to $10 per billing cycle)
Best for overall bank experience
OVERVIEW
For users seeking a conventional checking account with all the necessary features minus fees, the BBVA checking account is an ideal choice. You can open your checking account with a $25 initial deposit. BBVA doesn’t charge any monthly maintenance fees. You receive all necessary services free of cost, including unlimited network ATM transactions, e-statement or paper statements, free checks, and a Visa debit card.
If you want to add more features to your account, you can get unlimited standard and cashier’s checks for $2 each, safety deposit for $3, and out-of-network ATM fee reimbursement for a $5 fee.
WHY WE LIKE IT
- Higher APY for checking accounts
- No maintenance charges or minimum deposit requirements
- Free cashier’s checks and ATM fee reimbursement (up to $10 per billing cycle)
Best for all around online experience
OVERVIEW
We find it hard to pass on online checking accounts with excellent APYs and nbkc bank is one such name. If you are seeking an online checking account with a high APY, nbkc personal account is a good option. There are no monthly charges, minimum balance requirements, or overdraft charges with nbkc bank’s personal account.
You need only $5 to open the nbkc bank personal account. It comes with a starter book of checks and offers online banking features, including bill pay, transfers, e-statements, and a debit card. The bank has a huge ATM network (32,000+), and if you use an out-of-network ATM, nbkc bank will reimburse up to $12 in monthly fees.
WHY WE LIKE IT
- No maintenance charges, monthly balance requirements, or overdraft charges
- Huge ATM network and out-of-network fee reimbursement ($12 per billing cycle)
Best for getting paid early
OVERVIEW
Chime spending account is designed for tech-savvy users who expect their banking services to be as smooth as other online accounts. There are no maintenance charges or minimum balance requirements with the Chime spending account. It comes with a round-off feature under which the app will automatically round-off your debit card transactions and transfer the difference in a savings account. Chime app offers online transaction control, ability to turn off debit card transactions or international transactions, transfers, quick direct deposits, and much more.
Plus, if you receive $500 or more in direct deposits, you may receive a free overdraft limit of up to $100. Talking about direct deposits, Chime has an early paycheck program that allows you to receive your paycheck up to two days early in comparison to other traditional banks.
WHY WE LIKE IT
- Get your paycheck early
- No maintenance charges, monthly balance requirements, or overdraft charges
- Huge ATM network and out-of-network fee reimbursement ($12 per billing cycle)
Best for high interest rates and no fees
OVERVIEW
Can you imagine earning an APY of up to 4.09% on your checking account? As surprising as it may sound, Consumers Credit Union offers some of the highest APYs in the country. This checking account has a tiered APY structure (account balances under $10,000).
- 2.09% APY: e-statements, 12 debit card purchases, $500+ direct deposit per month
- 3.09% APY: e-statements, 12 debit card purchases, $500+ direct deposit, spend $500+ from CCU Visa Credit Card per month
- 4.09% APY: e-statements, 12 debit card purchases, $500+ direct deposit, spend $1,000+ from CCU Visa Credit Card per month
There are no monthly maintenance charges or minimum balance requirements for a CCU checking account. The credit union offers unlimited ATM fee reimbursements for out-of-network ATM usage.
WHY WE LIKE IT
- Higher APY than most banks
- Large ATM network and unlimited ATM fee reimbursement
- Online and mobile banking support
Best checking accounts for May 2023
Learn About The Best Checking Accounts
Choosing the best checking account can be somewhat challenging. You have to look at different factors, including monthly fees, APY, and minimum checking account. Here is a list of some of the best checking accounts.
- Simple Bank Checking Account
- Bank 5 Connect
- Chime Bank
- Ally Bank
- Aspiration
It’s not uncommon for checking accounts to have monthly maintenance fees. However, a growing number of banks are introducing online checking accounts with no maintenance charges. Here is a list of 10 checking accounts with no fees.
- Simple Bank Checking Account
- Alliant Checking Account
- Bank 5 Connect
- Axos Bank Checking Account
- BBVA Checking Account
- NBKC Checking Account
- Consumers Credit Union Checking Account
- Chime Bank
- Ally Bank
- Aspiration
A checking account is an integral part of your personal finances. When choosing a checking account, here are the top factors you should consider.
- Minimum account balance requirements
- Monthly maintenance charges
- APY on deposits
- Internet banking services
- ATM Network
- Cashier’s check, ATM fees reimbursement
If you’re searching for a bank that has a smooth checking account opening process, online checking accounts are an excellent choice for you. You can submit your documents online, verify your identity, and active your checking account without ever visiting the bank.
Here is a list of some online checking accounts.
- Bank 5 Connect
- Nbkc bank
- Axos Bank
- Aspiration
- Ally Checking account
There are no regulations about how many checking account you can have. You can have as many as you want. Having more than one checking accounts allow people to budget efficiently, dedicating specific accounts for monthly budget, savings, and long-term goals.
However, there are some caveats with multiple checking accounts, such as higher maintenance charges, need to maintain minimum balance, and you’ll find it challenging to track your accounts.
Premium checking accounts are checking accounts with additional perks, such as travel insurance, ATM fees reimbursement, airport lounge access, and exclusive event passes. In order to qualify for premium checking accounts, you have to maintain higher minimum balance or average account balance.
More often than not, you’ll pay for these add-on benefits from your pocket. However, if you’re someone who is parking funds in a checking account, a premium checking account can be a good choice.
A savings account is often considered safer than a checking account because of its infrequent usage. In the case of a debit card fraud or theft, your checking account will be exposed to unauthorized withdrawals or other frauds. Since savings accounts do not offer debit cards, your money is safe.
Both checking and savings accounts are insured by the FDIC or the NCUA for up to $250,000.
A savings account is often considered safer than a checking account because of its infrequent usage. In the case of a debit card fraud or theft, your checking account will be exposed to unauthorized withdrawals or other frauds. Since savings accounts do not offer debit cards, your money is safe.
Both checking and savings accounts are insured by the FDIC or the NCUA for up to $250,000.
If you’re a college student, always look for checking accounts with no monthly charges and a smooth online banking experience. Here is a list of the best checking accounts for college students.
- Simple Checking Account
- Ally Checking Account
- Chime Checking Account
- Bank5 Connect Checking Account
- nbkc bank
No, they are not the same. A money market account is not meant for more than six transactions a month and is used as more of a parking spot. High-yield checking accounts can higher interest rates than most money market accounts.
