7 Best Checking Accounts of May 2023
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To get the most from your checking account, you need low fees, good customer support and free ATMs nearby. If you earn interest on your cash, even better.
Why trust NerdWallet: Our writers and editors follow strict editorial guidelines to ensure fairness and accuracy in our coverage to help you choose the financial accounts that work best for you. See our criteria for evaluating banks and credit unions.
NerdWallet staff analyzed, compared and rated dozens of institutions, including banks, nonbanks and credit unions, before selecting the checking accounts that offer the best combination of consumer-friendly features. (Nonbanks provide many of the same services that traditional institutions offer, but are not technically banks.) Some of these providers are NerdWallet partners, which was not a factor in our evaluations.
APYs shown are current as of May 22, 2023. All other information is current as of May 1, 2023.
To get the most from your checking account, you need low fees, good customer support and free ATMs nearby. If you earn interest on your cash, even better.
Why trust NerdWallet: Our writers and editors follow strict editorial guidelines to ensure fairness and accuracy in our coverage to help you choose the financial accounts that work best for you. See our criteria for evaluating banks and credit unions.
NerdWallet staff analyzed, compared and rated dozens of institutions, including banks, nonbanks and credit unions, before selecting the checking accounts that offer the best combination of consumer-friendly features. (Nonbanks provide many of the same services that traditional institutions offer, but are not technically banks.) Some of these providers are NerdWallet partners, which was not a factor in our evaluations.
APYs shown are current as of May 22, 2023. All other information is current as of May 1, 2023.
Best Checking Accounts
| Bank/institution | NerdWallet rating | Monthly fee | APY | Bonus | Learn more |
|---|---|---|---|---|---|
 SoFi Checking and Savings Learn more at SoFi, Member FDIC | Best for Checking Accounts | $0 | 1.20% With $0 min. balance for APY | $250 Earn up to $250 with direct deposit. Terms apply. | Learn more at SoFi, Member FDIC |
 Axos Bank® Rewards Checking Learn more at Axos Bank®, Member FDIC | Best for Checking Accounts | $0 | 3.30% With $0 min. balance for APY | $100 Earn $100 with direct deposit. Terms apply. | Learn more at Axos Bank®, Member FDIC |
 BMO Harris Smart Advantage™ Account Learn more at BMO, Member FDIC | Best for Checking Accounts | $0 | N/A | $300 *Conditions apply. | Learn more at BMO, Member FDIC |
 nbkc bank Everything Account Learn more at nbkc bank, Member FDIC | Best for Checking Accounts | $0 | 1.50% With $0 min. balance for APY | N/A | Learn more at nbkc bank, Member FDIC |
 Connexus Credit Union Xtraordinary Checking | Best for Checking Accounts | $0 | 1.75% With $0 min. balance for APY | N/A | Read review |
 Capital One 360 Checking | Best for Checking Accounts | $0 | 0.10% With $0 min. balance for APY | N/A | Read review |
 LendingClub Rewards Checking | Best for Checking Accounts | $0 | 0.10% With $2,500 min. balance for APY | N/A | Read review |
 Quontic High Interest Checking | Best for Checking Accounts | $0 | 1.10% With $0.01 min. balance for APY | N/A | Read review |
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People often identify opening a savings account as their next money move.
SoFi Checking and Savings
APY
With $0 min. balance for APY
Bonus
Earn up to $250 with direct deposit. Terms apply.
at SoFi, Member FDIC
Discover Bank Online Savings
APY
With $0 min. balance for APY
Bonus
Requirements to qualify
at Discover Bank, Member FDIC
UFB Premier Savings
APY
With $0 min. balance for APY
at UFB Direct, Member FDIC
Our pick for
Checking Accounts
$0
1.20%
With $0 min. balance for APY
$250
Earn up to $250 with direct deposit. Terms apply.
Why We Like It
SoFi’s Checking and Savings account earns a 1.20% APY (variable and subject to change) on the balance in its checking portion and a 4.20% APY (variable and subject to change) in its savings portion — as long as you set up direct deposit. There’s no minimum direct deposit amount to earn interest or to get your paycheck two days early, but you’ll need a minimum monthly direct deposit of $1,000 to qualify for overdraft coverage and protection. Without direct deposit, all balances in SoFi Checking and Savings earn 1.20% APY (variable and subject to change).
SoFi is part of the Allpoint network, so customers have access to more than 55,000 ATMs for cash withdrawals.
$0
3.30%
With $0 min. balance for APY
$100
Earn $100 with direct deposit. Terms apply.
Why We Like It
Rewards Checking has no minimum balance aside from a $50 balance required to open an account, and no monthly maintenance, overdraft or nonsufficient-funds fees. The account also has an annual percentage yield as high as 3.30% on up to $50,000, depending on your account activity. To start earning interest, you need to have at least $1,500 in monthly direct deposits. That earns you 0.40%. To earn the maximum APY, you have to: make 10 debit card purchases — with a minimum of $3 per transaction — or sign up for the Account Aggregation/Personal Finance Manager tool (earns 0.30%). You also need to have an average daily balance of $2,500 in a managed investment portfolio (earns 1%), have an average daily balance of $2,500 in a self-directed portfolio (earns 1%) and make a monthly Axos consumer loan payment from Rewards Checking (earns 0.60%).
In addition, Axos Bank (formerly Bank of Internet) offers unlimited domestic ATM reimbursements on several of its checking accounts, including this one.
$0
N/A
$300
*Conditions apply.
Why We Like It
BMO Harris' Smart Advantage Account has no monthly fee and broad, ATM access, with more than 40,000 free BMO Harris and Allpoint ATMs nationwide. The account doesn’t offer any interest, but new customers can earn a $200 cash bonus after they make $4,000 in qualifying direct deposits in the first 90 days. The minimum to open the account is $25, and the bank has a low $15 overdraft fee and multiple ways to avoid an overdraft fee, including free overdraft protection transfers and a grace period before being charged a fee.
$0
1.50%
With $0 min. balance for APY
N/A
Why We Like It
NBKC’s free Everything Account offers a 1.50% APY with no minimum opening deposit. NBKC is part of the MoneyPass network, which gives customers free access to more than 37,000 nationwide ATMs, and it also has a $12 per month reimbursement for out-of-network ATM fees.
$0
1.75%
With $0 min. balance for APY
N/A
Why We Like It
The Xtraordinary Checking account earns an APY as high as 1.75% for balances of up to $25,000. The credit union also gives up to $25 per month in rebates for out-of-network domestic ATM fees. In order to get these benefits, customers must meet certain criteria, including opting in for paperless statements and meeting some spending and deposit requirements. If the requirements aren’t met, you won’t earn interest that month.
$0
0.10%
With $0 min. balance for APY
N/A
Why We Like It
The Capital One 360 Checking Account has no monthly fees, and customers can access more than 70,000 free nationwide ATMs. There’s also no minimum to open or minimum balance requirements, and the account offers 0.10% APY on all balance tiers with no requirements. Capital One offers a few overdraft coverage options, including free overdraft protection transfers and no-fee overdrafts on Capital One-approved transactions.
$0
0.10%
With $2,500 min. balance for APY
N/A
Why We Like It
The LendingClub Rewards Checking account gives customers two cash-earning benefits: an interest rate and cash back on spending. For the interest rate, if your balance hits $2,500, a 0.10% annual percentage yield kicks in. If you have $100,000 or more, the rate becomes 0.15% APY. For the cash-back benefit, customers can earn unlimited 1% on online and signature-based “credit” purchases with their debit card.
LendingClub is also part of a network of thousands of SUM and MoneyPass ATMs that customers can use for free. In addition, customers receive unlimited ATM surcharge reimbursements if they use an out-of-network ATM. Users can also get their paychecks up to two days early via direct deposit, depending on their employer.
$0
1.10%
With $0.01 min. balance for APY
N/A
Why We Like It
Quontic’s Cash High Interest Checking Account gives customers an interest rate of 1.10% APY along with access to more than 90,000 fee-free ATMs. There’s no monthly fee and no minimum daily balance requirement for customers to earn cash back, although there’s a minimum opening balance requirement of $100.
Frequently asked questions
What's the best checking account for me?
When choosing a new checking account, take a close look at fees, branch and ATM accessibility, and interest rate. Also consider perks such as early access to direct deposits. People who do online banking should select an institution that offers a good website along with a mobile app that lets them deposit checks remotely.
As a rule, it’s a good idea to avoid checking accounts that charge — and don’t allow you to waive — fees.
» Looking for somewhere to stash your savings? Check out NerdWallet's picks for best savings accounts
Should I have more than one checking account?
Usually there won’t be many downsides to keeping multiple checking accounts open as long as you are able to meet the requirements of those accounts to avoid fees.
The number of checking accounts you should have is based on your personal situation. If you’re single, for example, you may be fine with just one checking account. If you’re married, you may want to have a personal account and a joint account that you share with your spouse. There are also a number of accounts that offer bonuses and promotions for opening an account, so if you’re able to juggle the requirements, you could make some extra cash by opening multiple accounts. You also may want to consider opening multiple checking accounts at different institutions for different uses, such as keeping an account at a provider that works well for international travel if you go out of the country a lot, or keeping a checking account open with the bank that handles your mortgage for faster payment transfers.
Last updated on May 22, 2023
Methodology
We took a close look at over 90 financial institutions and financial service providers, including the largest U.S. banks based on assets, internet search traffic and other factors; the nation’s largest credit unions, based on assets and membership; and other notable and/or emerging players in the industry. We rated them on criteria including annual percentage yields, minimum balances, fees, digital experience and more.
Financial institutions and providers surveyed are: Affirm, Alaska USA Federal Credit Union, All America Bank, Alliant Credit Union, Ally Bank, Amalgamated Bank, America First Credit Union, American Express National Bank, Andrews Federal Credit Union, Associated Bank, Axos Bank, Bank of America, Bank of the West, Bank5 Connect, Bank7, Barclays, Bask Bank, Bethpage Federal Credit Union, BMO, Boeing Employees Credit Union, Bread Savings, BrioDirect, Capital One, Charles Schwab Bank, Chase, Chime, CIBC U.S., CIT Bank, Citibank, Citizens, Citizens Bank, City First Bank, Climate First Bank, Commerce Bank, Community First Credit Union of Florida, ConnectOne Bank, Connexus Credit Union, Consumers Credit Union, Current, Delta Community Credit Union, Discover Bank, E*TRADE, Fifth Third Bank, First Foundation, First National Bank, First Republic Bank, First Tech Federal Credit Union, Flagstar Bank, FNBO Direct, GO2bank, Golden 1 Credit Union, Greenwood, Hope Credit Union, Huntington Bank, Industrial Bank, Ivy Bank, KeyBank, Lake Michigan Credit Union, LendingClub Bank, Liberty Bank, Live Oak Bank, M&T Bank, Marcus by Goldman Sachs, Nationwide (by Axos), Navy Federal Credit Union, NBKC, One, OneUnited Bank, Pentagon Federal Credit Union, PNC, Popular Direct, PurePoint Financial, Quontic Bank, Regions Bank, Revolut, Salem Five Direct, Sallie Mae Bank, Santander Bank, Scarlet, SchoolsFirst Federal Credit Union, Security Service Federal Credit Union, Self-Help Credit Union, Service Credit Union, SoFi, State Employees’ Credit Union of North Carolina, Suncoast Credit Union, Synchrony Bank, TAB Bank, TD Bank, TIAA Bank, Truist Bank, U.S. Bank, UFB Direct, Union Bank, Upgrade, USAA Bank, Varo, Vio Bank, Wells Fargo and Zynlo Bank.
To recap our selections...
NerdWallet's Best Checking Accounts of May 2023
- SoFi Checking and Savings: Best for Checking Accounts
- Axos Bank® Rewards Checking: Best for Checking Accounts
- BMO Harris Smart Advantage™ Account: Best for Checking Accounts
- nbkc bank Everything Account: Best for Checking Accounts
- Connexus Credit Union Xtraordinary Checking: Best for Checking Accounts
- Capital One 360 Checking: Best for Checking Accounts
- LendingClub Rewards Checking: Best for Checking Accounts
- Quontic High Interest Checking: Best for Checking Accounts
Frequently asked questions
A checking account is an account offered by a bank, nonbank or credit union that allows a customer to deposit and withdraw money as well as make transactions through electronic payment, check, money order and/or with a debit card.
Here are NerdWallet's picks for the best checking accounts.
Some do, but interest rates are typically low for checking accounts. If you’re looking for a high annual percentage yield, you may want to consider one of NerdWallet’s picks for a high-yield savings account or a CD with a high rate instead.
Prepaid debit cards and checking accounts are similar in that you have an account with a certain balance to make purchases. Most prepaid debit cards, however, have no overdraft programs or related fees. Checking accounts traditionally have overdraft services that let you spend more than you have in your account in exchange for what can be steep fees.
Make a list of that account’s recurring deposits and payments. Then, arrange to have future scheduled deposits sent to a new account and to have recurrent bill payments or transfers drawn from that account.
Wait for any outstanding charges or payments to clear the old account. This will take a month or two, and you'll want to ensure that the new account arrangements have kicked in. When that has happened, withdraw any remaining funds from your old bank and get a written confirmation of closure from a bank manager.
Get rid of unnecessary apps and items from your old account. At your convenience, you can remove the bank’s app from your phone and shred any remaining paper checks from the old account.
Some institutions offer sign-up bonuses when you open a new account. To qualify, you typically have to be a new customer and keep your checking account open for at least three months to a year. You will also have to meet other requirements, such as receiving direct deposits or using a linked debit card a certain number of times each month.
It’s possible that you are on the ChexSystems black list. Unpaid bank fees and bounced checks can result in a negative file on ChexSystems, a consumer reporting agency that financial institutions use to evaluate a prospective customer’s banking history. The more blemishes on your report, the less likely that a bank will approve you for a new account.
Here are some steps to take if you need to clear up your ChexSystems record.
