The 20 Best Checking Accounts of 2022
When choosing a checking account, the factors that matter most can vary from person to person. You may want to consider any fees that may be associated with having a low balance, whether or not the institution has locations close to you and how user-friendly the institution’s mobile app is. You might also want to look at checking accounts that pay interest, which, although rare, do exist.
GOBankingRates’ Top Picks: Best Online Banks of 2022
And More: Best National Banks of 2022
GOBankingRates took all of these factors into consideration when selecting the Best Checking Accounts of 2022.
Best Checking Accounts of 2022
This year’s Best Checking Account winners offer low fees and convenience.
Wells Fargo Bank’s Wells Fargo Everyday Checking: Best Checking Account
Why it stands out: The Wells Fargo Everyday Checking account comes with online banking and a contactless debit card. It also offers over 5,000 branch locations, making it a great option for someone who wants to bank in person.
Pros:
Online banking
Over 5,000 branch locations
Multiple ways to waive the monthly service fee
Cons:
Monthly service fee
Higher minimum balance requirement
What to look for: The Wells Fargo checking account does have a monthly fee of $10, but there are multiple ways to waive it. This account offers solid online banking and access to over 5,000 branches, which is more than many others on this list. There is a minimum balance requirement of $500 and a minimum deposit of $25. The overdraft/NSF fee here is $35.
Read our full review on this checking account.
JPMorgan Chase Bank: Chase Total Checking
Why it stands out: The Chase Total Checking account comes with no minimum deposit and access to almost 5,000 branch locations, making it a strong option depending on your banking needs.
Pros:
No minimum deposit
Wide access to branch locations and ATMs
Online banking, bill pay and mobile banking services
Cons:
Monthly fee
Higher minimum balance
What to look for: This checking account has no minimum deposit requirement. It does have a monthly fee of $12 and a minimum balance of $1,500, which is on the higher end. However, you will have access to thousands of branch locations and ATMs. You’ll also have online banking and more mobile financial services. The overdraft/NSF fee here is $34.
Read our full review on this checking account.
Bank of America: Bank of America Advantage Plus Banking
Why it stands out: The Bank of America Advantage Plus Banking comes with 24/7 security and convenient options for payments that keep it competitive as far as basic banking needs.
Pros:
Over 4,000 branch locations
Online banking
Zelle
Cons:
Higher minimum deposit requirement
Higher minimum balance requirement
What to look for: Bank of America’s checking account gives you access to over 4,000 branch locations, as well as online banking and various options for making payments. This account does have a higher minimum deposit ($100) and a higher required minimum balance ($1,500). It does have a monthly fee of $12 as well. The overdraft/NSF fee is $35.
Read our full review on this checking account.
Ally Bank: Interest Checking Account
Why it stands out: Ally Bank’s Interest Checking Account offers a higher-than-average annual percentage yield.
Pros:
Higher-than-average annual percentage yield
No monthly fee
No minimum deposit or balance requirement
Cons:
Online-only bank
What to look for: Ally Bank is an online-only bank, so you won’t have branches to access here. However, the advantage of this checking account is the lack of fees and APY. You will not have a monthly fee, minimum deposit or required minimum balance here. There also isn’t an overdraft/NSF fee. Along with all that, the APY on the checking account ranges from 0.10% to 0.25% depending on your daily balance.
Read our full review on this checking account.
Discover Bank: Cashback Debit Online Checking
Why it stands out: The Cashback Debit Online Checking account allows you to earn cash back for your debit card spending, which is a unique perk that not many accounts offer.
Pros:
Earn cash back with your debit card spending
No account fees
Access to over 60,000 no-fee ATMs
Cons:
Online-only bank
What to look for: Discover is also an online-only bank. It’s competitive in that it has no monthly fee for its checking account, along with no minimum deposit or minimum balance requirement. It also doesn’t have an overdraft/NSF fee. With Discover’s checking account, you can earn cash back with your debit card. You’ll also have access to over 60,000 fee-free ATMs.
Read our full review on this checking account.
Axos Bank: Essential Checking
Why it stands out: The Essential Checking account comes with no fees and Direct Deposit Express to help you get paid faster. All these benefits can help you to keep more of your money.
Pros:
Direct Deposit Express
No monthly fee
No minimum balance requirements
Unlimited domestic ATM fee reimbursements
Cons:
Online-only bank
What to look for: Axos Bank’s checking account comes with no fees, much like many of the other online-only banks on this list. However, you won’t have access to in-person banking with this account. The Essential Checking account does have other benefits like Direct Deposit Express which helps you to get paid faster. It also comes with unlimited domestic ATM fee reimbursements so you don’t have to worry about getting cash on the go.
Read our full review on this checking account.
TIAA, FSB: Yield Pledge Checking
Why it stands out: The Yield Pledge Checking account offers a stronger APY at 0.10%, which is uncommon for checking accounts and worth taking advantage of.
Pros:
No checking fee
Good APY
Cons:
Higher minimum deposit requirement
Online only
What to look for: TIAA’s checking account comes with an APY, which is uncommon for checking accounts: It’s 0.10% APY. There’s also no monthly fee or minimum balance requirement. However, there is a required minimum deposit of $100, which is higher than some of the other checking accounts, especially the other online-only banks. The overdraft/NSF fee here is $30.
Read our full review on this checking account.
KeyBank: Key Smart Checking
Why it stands out: The Key Smart Checking account comes with the competitive offer of no monthly fee and secure online and mobile banking.
Pros:
No monthly fee
No minimum balance requirement
Over 1,000 bank branches
Cons:
Opening deposit requirement
What to look for: KeyBank’s checking account has no monthly fee and no minimum balance requirement. It does require a minimum deposit of $10. While you’ll have access to secure online and mobile banking here, you’ll also have access to over 1,000 bank branches. The overdraft/NSF fee here is $33.
Read our full review on this checking account.
Arvest Bank: Free Blue Checking Account
Why it stands out: The Free Blue Checking Account comes with no monthly fee, a free debit card and online and mobile banking.
Pros:
No monthly fee
No minimum balance requirement
$400 overdraft coverage (subject to approval)
Cons:
Minimum deposit requirement
What to look for: Arvest Bank’s checking account has no monthly fee or minimum balance requirement. For this checking account, there is a minimum deposit requirement of $50. The overdraft/NSF fee is smaller here at $17. This account also offers the potential for $400 overdraft coverage, but that is subject to approval.
Read our full review on this checking account.
Fifth Third Bank: Fifth Third Momentum Checking
Why it stands out: The Fifth Third Momentum Checking account doesn’t have a monthly service fee or minimum balance requirement, which make it a good option for your basic banking.
Pros:
Ability to get your paycheck sooner with direct deposit
No minimum balance requirement
No monthly service fee
Cons:
Debit card fees may apply
What to look for: Fifth Third Bank’s checking account is competitive with many of the other accounts as it has no monthly fee, no minimum deposit or minimum balance requirement. Its overdraft/NSF fee is $37. However, this checking account does have the option to get you your paycheck sooner with direct deposit. And you’ll have access to over 50,000 fee-free ATMs.
Read our full review on this checking account.
Capital One: 360 Checking Account
Why it stands out: The 360 Checking account comes with no minimums and no fees — keeping it in line with some of these more competitive checking accounts.
Pros:
No minimum balance requirement
No monthly fee
Over 70,000 fee-free ATMs
Overdraft options
Cons:
Fewer branches than other banks
What to look for: Capital One’s 360 Checking Account ranks among the best of them when it comes to fees and minimum requirements. It has no monthly fee, no overdraft/NSF fee, no minimum deposit requirement and no minimum balance requirement. And while there are over 70,000 fee-free ATMs available with this checking account, there are fewer branch locations available if you want in-person banking.
Read our full review on this checking account.
PNC Bank: Virtual Wallet
Why it stands out: PNC Bank’s Virtual Wallet can help you to track your spending and budget your finances if you’re looking for an account that will help you to manage your money.
Pros:
Ability to waive the monthly service charge
Ability to monitor activity and receive notifications
Cons:
Monthly fee
Higher minimum balance requirement
What to look for: PNC Bank’s checking account does come with a monthly fee of $7, but there is the ability to waive that fee. It also has a required minimum deposit of $25 and a minimum balance of $500, which is higher than some of the others. You do have the easy ability to monitor your activity and receive various notifications through this account. The overdraft/NSF fee is $36.
Read our full review on this checking account.
E-Trade: E-Trade Checking
Why it stands out: The E-Trade Checking account offers no fees and no minimum balances.
Pros:
No miminum balances
No fees
Easy access to your money through ATMs
Cons:
Online-only bank
What to look for: This online-only checking account is competitive with the other accounts when it comes to fees and minimum requirements. It doesn’t have a monthly fee or requirements for deposit or balance. However, unlike some of the others, it does have an overdraft/NSF fee of $25.
Read our full review on this checking account.
Huntington National Bank: Asterisk-Free Checking
Why it stands out: The Asterisk-Free Checking Account stays competitive because it is free to open and free to maintain.
Pros:
No monthly fee
No minimum balance requirement
Extra money when you need it thanks to Standby Cash
Cons:
Not as many ATMs as some of the others
What to look for: This checking account doesn’t have a monthly fee. It also doesn’t have a minimum deposit or minimum balance requirement. The overdraft/NSF fee here is $36. While there are not as many ATMs to access for this checking account, you do have the benefit of Standby Cash, which might be able to help you to access extra money when you’re in need.
Read our full review on this checking account.
Charles Schwab: High Yield Investor Checking Account
Why it stands out: The High Yield Investor Checking Account offers a higher annual percentage yield than most accounts on the list.
Pros:
Higher annual percentage yield
No monthly fees
No minimums
Unlimited ATM fee rebates worldwide
Cons:
Online-only bank
What to look for: Charles Schwabs’ checking account is online-only, but it does offer unlimited ATM fee rebates around the world. There is also no monthly fee here, although the overdraft/NSF fee is $25. There are also no minimum requirements here for deposits or balances. On top of that, the APY is higher than many other accounts on this list at 0.03%.
Read our full review on this checking account.
USAA Federal Savings Bank: USAA Classic Checking
Why it stands out: The USAA Classic Checking account has no monthly service fee and early direct deposit.
Pros:
No monthly service fee
Early direct deposit
Over 60,000 preferred ATMs
Cons:
Online-only bank
Minimum opening deposit requirement
What to look for: USAA Federal Savings Bank’s checking account is online-only, but customers will have access to over 60,000 preferred ATMs. You also won’t have a monthly fee with this checking account, as well as no minimum balance requirement. This account does require a $25 minimum deposit and has an overdraft/NSF fee of $29.
Read our full review on this checking account.
Current: Basic Account
Why it stands out: Current’s Basic account comes with no monthly fee if you’re looking for an account to accommodate your basic banking needs.
Pros:
No monthly fee
No hidden fees
Spending insights
Cons:
Online-only bank
What to look for: Current’s checking account is competitive with many other online-only banks on this list. There are no hidden fees, as well as no monthly fee and no overdraft/NSF fee. There are also no requirements for minimum deposit or minimum balance. By using this checking account, you’ll also have access to spending insights to see where your money is going.
Read our full review on this checking account.
BMO Harris Bank: BMO Harris Smart Advantage Account
Why it stands out: The BMO Harris Smart Advantage Account has no monthly maintenance fee and offers online chat, phone and in-branch support.
Pros:
No monthly maintenance fee
No minimum balance requirement
Ability to get cash from an ATM with just your smartphone
Cons:
Minimum opening deposit requirement
What to look for: BMO Harris’ checking account has a number of benefits, including no monthly fee or minimum balance requirement. It also offers the ability to get cash from an ATM with just your smartphone in case you don’t carry a card on you. There is a minimum deposit requirement of $25 and an overdraft/NSF fee of $36.
Read our full review on this checking account.
iGObanking.com: iGOchecking High Interest Checking Account
Why it stands out: The iGOchecking High Interest Checking Account offers a strong APY, which many of the accounts on this list can’t compete with.
Pros:
Higher APY
No monthly fee
Cons:
Online only
What to look for: iGOBankings.com’s checking account has a competitive APY as far as checking accounts go: It’s 0.15%. And so that you keep more of your money, this account has no monthly fee. There also isn’t a minimum balance requirement, although there is a minimum deposit requirement of $1. The overdraft/NSF fee for this account is $30.
Read our full review on this checking account.
LendingClub Bank: Rewards Checking
Why it stands out: The Rewards Checking account offers a higher APY with no monthly fee, so you can keep and make more money here.
Pros:
Higher APY
No monthly fee
Earn 1.00% cash back with transactions made on debit card
Cons:
Online only
Higher minimum deposit
What to look for: This checking account can earn you 1.00% cash back on transactions you make with your debit card. You can also earn an APY between 0.10% and 0.15% depending on your balance. There’s also no monthly fee here, but there is a minimum deposit requirement of $100. The overdraft/NSF fee is $25.
Read our full review on this checking account.
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Methodology: To determine rankings GOBankingRates looked at the following factors: (1) total assets as sourced from the FDIC; (2) number of branch locations as sourced from the FDIC; (3) minimum deposit to open an account; (4) monthly fees associated with the account; (5) minimum balance needed to avoid the fee; (6) APY on the checking account; (6) overdraft fee amount; (7) the average mobile app rating between the Android and Apple stores. All factors were then scored and combined, with the lowest score being best. Factors (1), (4), and (5) were weighted 1.5 times, factor (2) was weighted 2 times, and factor (6) was weighted 0.5 times. All data is up to date as of Nov. 8, 2021. Rates and fees are subject to change.
This article originally appeared on GOBankingRates.com: The 20 Best Checking Accounts of 2022
