Best Checking Accounts for January 2025: Features, Rewards, and More

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Checking accounts are optimal tools for everyday expenses and transactions. There are many different types of checking accounts out there, and finding the right one may help you manage your money more efficiently.

If you're more interested in saving money, you should explore a savings account versus a checking account.

Best Checking Accounts for January 2025

• Capital One 360 Checking: Best for avoiding common bank fees
• SoFi Checking and Savings (Member FDIC): Best for a variety of rewards perks
• Axos Bank Rewards Checking: Best for a high yield
• Discover® Cashback Debit Account: Best for cash-back rewards
• Alliant High-Rate Digital Checking: Best credit union for minimal effort
• Ally Spending Account: Best for budgeting tools
• Schwab Bank High Yield Investor Checking® Account: Best for avoiding ATM fees
• Chime® Checking Account: Best second chance bank account
• Service Everyday Checking Account: Best for military members and family
• Capital One MONEY Teen Checking Account: Best for students

Checking Account Reviews

Business Insider's personal finance team reviewed over 200 checking accounts to find the best banks and credit unions that offered them. To help you find a checking account based on your preferences, we narrowed down our top picks by creating multiple categories, so you know why a particular account stands out.

Overall, the best checking accounts have low opening requirements, minimal bank fees, and nationwide accessibility. We noted why each checking account stands out. We also selected options from different types of financial institutions — banks, credit unions, investment platforms, and fintech companies — so you can find the right account, whether you want a traditional or non-traditional banking experience.

Best for Avoiding Bank Fees: Capital One 360 Checking

Capital One Checking has one of the most well-rounded checking accounts if you'd like to bank with a national brand. This checking account has a $0 minimum opening deposit, no monthly service fees, no overdraft fees, and no foreign transaction fees.

This account also stands out as one of the best banks for avoiding overdraft fees. For example, one overdraft service offered is free savings transfers. To utilize the service, you'll link your checking account to a savings account. If you overdraw, Capital One will cover your overdraft by transferring money from your savings account automatically. There's no fee involved for this service, which is an added bonus because typically financial institutions charge a fee.

Something to keep in mind with Capital One is that it has Capital One Cafes in select areas throughout the U.S. At Capital One Cafes, you can get bank services through a Cafe Ambassador. You'll still have to be primarily comfortable with an online-only banking experience when opening a Capital One bank account, though.

Capital One 360 Checking Review

Best for Perks: SoFi Checking and Savings

SoFi Checking and Savings might be worth exploring if you'd like a well-rounded checking account that offers interest and a cash bonus.

SoFi® pays up to 4.00% APY (Annual Percentage Yield) on savings balances if you set up a direct deposit or deposit a minimum $5,000 per month during the 30-day evaluation period and 0.50% APY on checking balances.

SoFi Checking and Savings also has one of the best checking account bonuses. It has a cash bonus of up to $300 with qualifying direct deposit for eligible customers (offer expires 01/31/26, terms apply). You may qualify for the bonus as long as you're a new SoFi Checking and Savings customer, or an existing SoFi Checking and Savings customer who hasn't set up direct deposit yet.

Keep in mind this account works best if you set up a direct deposit or deposit a minimum $5,000 per month. That way, you'll qualify for a $300 cash bonus and the highest-tier interest rate.

SoFi Checking and Savings Review

Best for a High Yield: Axos Rewards Checking

Axos Bank Rewards Checking is our top pick if you're looking to open a a high-yield checking account. It's APY is significantly higher than the average interest-earning checking account, and it also has minimal bank fees.

The account offers an interest rate of APY on balances up to $50,000. To earn the highest APY, you must meet the following requirements:

• Earn 0.40% APY (Annual Percentage Yield) when you receive at least $1,500 in direct deposits in a month. You have to meet this requirement to be able to earn any additional interest.
• Earn 0.30% APY when you make 10 debit card transactions in a month (minimum $3 per transaction) or you need to sign up for Account Aggregation/Personal Finance Manager.
• Earn 0.99% APY if you keep at least a daily average of $2,500 in an Axos Invest Managed Portfolios Account monthly.
• Earn 0.99% APY if you keep at least a daily average of $2,500 in an Axos Self-Directed Trading Account monthly.
• Earn 0.60% APY if you make a monthly Axos consumer loan payment with your Reward Checking account

Account balances over $50,000 won't earn interest. If you're not interested in primarily using one particular bank for your banking, investing, and loan opening, you might consider one of our other picks for best high-interest checking accounts.

Axos Bank Review

Best for Cash-Back Rewards: Discover Cashback Debit Account

The Discover® Cashback Debit Account is a strong option if you're looking for a rewards checking account that offers cash-back perks. You can earn 1% cash back on up to $3,000 in debit card purchases per month.

Discover Bank also stands out from competitors in this category because its account is more well-rounded and accessible. For example, you can add cash to your checking account for free by going to a Walmart and telling a cashier to load money through your debit card. Other online checking accounts don't let you deposit cash onto your account, or charge a fee if you visit a participating retailer.

The Discover® Cashback Debit Account also has no monthly service fee, no overdraft fees, and multiple overdraft services so that transactions can be processed instead of declined.

Something to keep in mind with Discover is that the bank doesn't reimburse any out-of-network ATM fees charged by ATM providers. Some of our other top picks do, though.

Discover Bank Review

Best Credit Union for Minimal Effort: Alliant High-Interest Checking Account

The Alliant High-Interest Checking Account is a good choice if you prioritize banking with a credit union over a bank and want an account with minimal fees. This checking account does not have monthly service fees or overdraft fees. You'll also be reimbursed up to $20 in out-of-network ATM fees per month.

Alliant ranks as one of our best credit unions because it's easy to join regardless of where you live in the U.S. Anyone can join by becoming a member of Foster Care for Success, a nonprofit organization that helps foster teens in the U.S. (Alliant will also cover the one-time $5 membership fee).

Like other credit unions, Alliant compounds interest monthly or daily. This may make a difference in how much interest you'll earn depending on how much money you'd like to keep in an account.

Alliant Credit Union Checking Review

Best for Budgeting Tools: Ally Spending Account

The Ally Spending Account stands out for its financial tools. Ally lets you create spending buckets to help manage your expenses. You can create categories, like "groceries" and "rent," and then move money that you already have in your Spending account to keep yourself organized.

You can create up to 30 buckets in one account, and it's a free tool to use.

The Ally Spending Account also is a generally well-rounded account. It pays interest, it has a $0 minimum opening deposit, no monthly service fee, and no overdraft fees.

Ally Spending Account Review

Best for Avoiding ATM Fees: Schwab Bank High Yield Investor Checking Account

The Schwab Bank High Yield Investor Checking Account is another good option if you'd like to open a checking account with a familiar brand. In particular, this account might be worth exploring if you already have a brokerage account with Charles Schwab — we've ranked it among the best brokerage accounts.

This account's strongest feature is its ATM perks. Charles Schwab doesn't charge ATMs and offers unlimited refunds worldwide when an ATM provider charges a fee.

Charles Schwab Bank Review

Best Second Chance Bank Account: Chime Checking Account

The Chime Checking Account is a solid bank account with easy opening requirements. You might like this account, in particular, if you've struggled to open a bank account in the past due to your banking history. This account does not require a credit check or review by ChexSystems.

Chime also may be worthwhile if your goal is to avoid common bank fees. The online banking platform doesn't charge monthly service fees, overdraft fees, or foreign transaction fees.

That said, Chime's SpotMe® feature does have some limitations. The account only lets you overdraw by up to $200 and to be eligible for this perk, you must receive at least $200 in direct deposits monthly. If you try to overdraw by more than $200, the transaction won't be processed. Instead, it'll just be denied.

Chime Banking Review

Best for Military Members and Family: Service Everyday Checking Account

The Service Everyday Checking Account is the best checking account for military members and families. It has a $0 minimum opening deposit and no monthly service fee, which are more convenient opening requirements than other financial institutions.

The Service Everyday Checking Account also has three tiers: Basic, Direct Deposit, and Direct Deposit+. The basic checking account is the first tier and occurs when you open the account. If you set up a monthly direct deposit of your net pay, you can qualify for Direct Deposit. Under the Direct Deposit tier, you can get paid up to two days early through direct deposit, qualify for discounts on auto, personal, and motorcycle loans, and get up to $15 in ATM fee refunds per month.

If you also make five or more payment or transactions per month, you'll qualify for Direct Deposit+, which lets you receive a slightly higher discount on loans and up to $30 per month in ATM fee reimbursements.

As a credit union, membership eligibility is required to open the Service Everyday Checking Account. You can join Service Credit Union as an active or veteran military member, or as a current or former Department of Defense employee. Citizens of New Hampshire or parts of Massachusetts are eligible. You can also join if you're a family member of someone who qualifies.

Service Credit Union Review

Best for Students: Capital One MONEY Teen Checking Account

The Capital One MONEY Teen Checking Account is a strong online-only banking option for any minor that's age 8 or older. It has a $0 minimum opening deposit and no monthly service fee. The teen checking account also pays 0.10% APY.

Parents don't need a Capital One account to get a teen checking account for their child. They can link an external bank account instead.

The Capital One MONEY Teen Checking Account can't be opened at a Capital One location. It's only available online.

Checking Account Trustworthiness and BBB Ratings

We assess the ethics of each company, so you can see if a specific financial institution aligns with your values.

We include the settlement history of the last three years so you're aware of any recent public controversies involving the bank.

The Better Business Bureau assigns companies grades, ranging from F to A+. A strong BBB score indicates a company responds effectively to customer complaints, advertises honestly, and is transparent about business practices.

Here are the BBB grades for our top picks:

Chime's B- rating is due to government action taken against hte company and a high volume of customer complaints on the BBB website.

Security Service Federal Credit Union has a B rating from the BBB because it has not resolved a few customer complaints.

A strong BBB grade doesn't guarantee you'll have a smooth relationship with a company, though.

Discover Bank has had one recent lawsuit, too. In 2024, Discover settled a class action lawsuit from DACA recipients. The lawsuit said that Discover unlawfully denied DACA recipients loans because of their immigration status. Discover will pay $979,500 as part of the settlement. Discover does not admit wrongdoing by settling, and it maintains that it complied with the law.

Chime used the URL "Chimebank.com" and the words "bank" and "banking," but Chime isn't licensed as a bank. Chime is a banking platform, and is insured by a bank. In 2021, the Commissioner of Financial Protection and Innovation ordered Chime to stop using the terms "Chimebank.com," "bank," and "banking" on its webpage and advertisements.

Capital One is also facing a lawsuit. The bank used to have an account called 360 Savings. In 2019, Capital One launched the new 360 Performance Savings Account, which paid a much higher interest rate. Many customers thought their old savings accounts would transition into this new one, but in reality, they had to open a new 360 Performance Savings Account to earn the higher rate. So some customers have been earning a significantly lower savings rate for years.

In the lawsuit, the plaintiffs' lawyers allege that Capital One didn't inform 360 Savings customers that these were two distinct accounts, or that 360 Performance Savings paid a higher rate. However, Capital One wants this case dismissed because it claims people had every opportunity to learn these facts on their own. This case is still ongoing.

How to Open a Checking Account

If you want to know how to open a checking account, here are a few steps to follow:

1. Research a variety of different types of checking accounts to find which is the most suitable for your needs.
2. Once you've narrowed it down to your top pick, gather everything you need to open a bank account. Most banks require a government-issued ID, social security number, and proof of address. Some banks allow immigrants and non-U.S. citizens to open an account with a Matricula Consular or foreign passport, though.
3. Visit a local branch or go on the bank website to fill out the checking account applicable.
4. Make an opening deposit to your checking account.

Online vs. Traditional Checking Accounts

Online checking accounts are managed primarily through online and mobile banking. In comparison, traditional checking accounts are available at brick-and-mortar banks. You can visit local branches to conduct everyday transactions and speak to a banker.

Most of our top picks are online checking accounts because they charge minimal bank fees. Traditional checking accounts often have minimum balance requirements to waive a monthly service fee or earn interest.

There are other online checking account benefits that make these accounts strong options overall, including high interest rates and cash-back perks. 

Different Types of Checking Accounts

There are five types of checking accounts: regular checking accounts, high-interest checking accounts, cash-back checking accounts, and specialty checking accounts. Here's an overview of each type of checking account:

• Regular checking: These are the standard checking accounts that you'd find at a brick-and-mortar bank.
• High-interest checking: A high-interest checking account helps you earn interest on your checking account balance. High-interest checking accounts are commonly found at online banks or credit unions.
• Cash-back checking: Cash-back checking accounts offer a percentage of cash back on debit card purchases.
• Specialty checking: These are checking accounts specifically tailored for a particular demographic. For example, some banks offer student checking accounts or senior checking accounts. You can also find bank accounts that align with your values. For example, some of the best eco-friendly banks offer checking accounts that let you donate money to progressive organizations while also having commitments to improve the environment.
• Second chance checking: These are checking accounts that do not use ChexSystems. You might be denied from opening a bank account if you have a negative banking history at ChexSystems. These bank accounts allow you to still have banking access regardless of your past.

The best checking account for you may hinge on your banking preferences and goals. For example, if you regularly maintain a high checking account balance, the best high-yield checking accounts may be appealing options. 

Best Checking Account FAQs

Why You Should Trust Us: Our Expert Panel for the Best Checking Accounts

We consulted banking and financial planning experts to inform these picks and provide their advice on finding the best checking accounts for your needs.

BI

Here's what they had to say about checking accounts. (Some text may be lightly edited for clarity.)

What are some good qualities to look for in a checking account?

Roger Ma, CFP® professional and author of "Work Your Money, Not Your Life":

"I would look at the ATM branch locations and then minimum balance amounts to not incur a monthly fee … I think there's other stuff that could make life easier, whether it's free checks, online bill pay, are they in the Zelle network?"

Sophia Acevedo, banking editor,Business Insider:

"I would look for a checking account that either doesn't have any monthly service fees or offers multiple ways to waive the fee. I would also look at customer support availability and mobile app ratings."

How can someone find the right bank?

Tania Brown, CFP® professional and vice president of coaching strategy at OfColor:

"Obviously, you want to make sure it's FDIC insured. Also, your banking experience — do you like walking into a bank? Well, then you need someone local. Do you just not care if you ever see your bank? Then you're okay online. Do you write checks? Do you not write checks? So it's thinking through how your experience with it is going to be before you make that decision."

Mykail James, MBA, certified financial education instructor, BoujieBudgets.com:

"The No. 1 thing about a checking account is you should know what provider the debit card is coming from. And a lot of people don't think about that, because there are places that don't accept MasterCard or don't accept Amex."

Methodology: How We Determined the Best Checking Accounts

At Business Insider, we strive to help smart people make the best decisions with their money. We spent hours comparing and contrasting the features and fine print of 200 checking accounts, so you don't have to.

Business Insider's personal finance team is editorially independent, which means our business team does not decide how we cover products and what we write about. Read more about how we rate and review products on our editorial standards page.

We understand that "best" is often subjective, however, so in addition to highlighting the clear benefits of a checking account — no fees, for example — we outline the limitations, too.

We considered 200 checking account offerings using our bank account methodology to determine the strongest options for the best checking accounts.

We gave precedence to no-monthly-fee checking accounts or those with the option to waive monthly fees with qualifying activities, overdraft protection options, widespread ATM access and/or reimbursement for ATM fees, and mobile banking capabilities. 

We rate bank products on a scale from one to five stars. If a checking account has a rating of one star, that's the lowest possible, and it means the bank account requires significant improvement. If a checking account has five stars, that's the highest rating possible, and it's considered a superior option.

For checking accounts, we look at minimum opening deposit requirements, monthly service fees, overdraft protection options, ATM network/fees, customer support availability, mobile app ratings, miscellaneous features and overall ethics and security of the company. We score each of these features on a scale of zero to five, then calculate the weighted average to get an account's final rating.

Sophia Acevedo

Banking Editor

Sophia Acevedo is a banking editor at Business Insider. She has spent three years as a personal finance journalist and is an expert across numerous banking topics. ExperienceSophia leads Personal Finance Insider's banking coverage, including reviews, guides, reference articles, and news. She edits and updates articles about banks, checking and savings accounts, CD rates, budgeting, and general saving. Sophia was also a part of Business Insider's 2024 series "My Financial Life," which focused on telling stories that could help people live and spend better.Before joining Business Insider, Sophia worked as a journalist at her college newspaper and was a freelance writer. She has spent seven years writing and editing as a journalist.Sophia was nominated for an Axel Springer Award for Change in 2023 for her coverage of ABLE Accounts, tax-free savings accounts for people with disabilities. She was also a winner of a 2018 California Journalism Awards Campus Contest for her photography.She loves helping people find the best solutions for their unique needs and hopes that more people will find the tools to solve their financial problems. She’s inspired by stories of everyday people adapting to their financial circumstances and overcoming their fears around money.ExpertiseSophia's expertise includes:

• Bank accounts
• Savings and CD rate trends
• Budgeting
• Saving
• How banks operate

EducationSophia graduated from California State University Fullerton with a degree in journalism and a minor in political science.Sophia is a member of the National Association of Hispanic Journalists.She is an avid reader across a variety of genres, and she started running in 2021. She ran in the 2024 Los Angeles Marathon.

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Evelyn He

Compliance and Operations Associate

Evelyn He is a compliance and operations associate for Business Insider’s Personal Finance team. Evelyn ensures content accuracy and editorial independence so readers get the most up-to-date and objective financial advice, enabling them to make informed financial decisions.ExperienceAs part of the compliance team, Evelyn helps fact check Personal Finance stories and works to make sure that the language is clear, precise, and compliant with government regulations and partner guidelines. Previously, Evelyn worked as a compliance specialist for Apellis Pharmaceuticals and a legal assistant at the law firm Morrison Mahoney.ExpertiseEvelyn is an expert in the following areas:

• Compliance
• Quality assurance
• Affiliate marketing
• Search engine optimization (SEO)
• Content strategy

EducationEvelyn earned a bachelor’s degree in business administration from UMass Amherst and a master’s in marketing from Boston University.Evelyn has two dogs, Money and Tibber.

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