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10 Best Online Checking Accounts in December 2024

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Our evaluations and opinions are not influenced by our advertising relationships, but we may earn a commission from our partners’ links. This content is created by TIME Stamped, under TIME’s direction and produced in accordance with TIME’s editorial guidelines and overseen by TIME’s editorial staff. Learn more about it.

updated: October 17, 2024
edited by Mary Hall

Online banking isn’t just the future of banking—it’s already here, and there are significant differences between traditional, brick-and-mortar and online banks. Therefore, you’ll want to know what to expect from an online bank before closing your traditional checking account. To help with the transition, we reviewed the following online checking accounts.

Our recommendations

Discover

Discover® Cashback Debit

Discover® Cashback Debit

APY*
1% cash back on up to $3,000 in debit card purchases each month.**
Min. deposit
$0
Monthly fee
$0
Overdraft Fee
$0
Offer
1% back (on up to $3,000 in purchases each month)
The 1% cash back on up to $3,000 in debit card purchases per month is a great way to earn extra money through a no-fee account.

Discover’s Cashback Debit Account is built around a cashback debit card, which earns 1% on purchases up to $3,000 per month. In other words, you can earn up to $30 in cash back each month, for a total of $360 per year. The account earned our top spot because it’s nearly fee-free. Specifically, there are no monthly maintenance, insufficient funds, or overdraft fees.

The account includes access to Google Pay, Apple Pay, Samsung Pay, Zelle, paper checks, and over 60,000 no-fee ATMs nationwide.

Support is available by phone 24/7, and Discover has high Apple App Store and Google Play ratings, at 4.9 and 4.5, respectively.

** ATM transactions, the purchase of money orders or other cash equivalents, cash over portions of point-of-sale transactions, Peer-to-Peer (P2P) payments (such as Apple Pay Cash), online sports betting and internet gambling transactions, and loan payments or account funding made with your debit card are not eligible for cash back rewards. In addition, purchases made using third-party payment accounts (services such as Venmo® and PayPal®, who also provide P2P payments) may not be eligible for cash back rewards. Apple Pay® is a trademark of Apple Inc. Venmo and PayPal are registered trademarks of PayPal, Inc. Samsung Pay is a registered trademark of Samsung Electronics Co., Ltd. Google, Google Pay, and Android are trademarks of Google LLC.

Pros:

  • Earn 1% in cash back rewards, up to $3,000 per month.
  • No opening deposit requirements or monthly bank fees.
  • 24/7 customer service.
  • Highly rated by mobile users.

Cons:

  • Doesn’t pay interest.
CIT Bank

CIT eChecking

CIT eChecking

APY*
0.25% with a balance of $25,000 or more; 0.10% with a balance of under $25,000
Min. deposit
$100
Monthly fee
$0
Overdraft Fee
$0
Offer
N/A
CIT eChecking is an excellent bank for very low fees. Not only are there no monthly fees, but there are also no fees for overdrafts, insufficient funds, incoming wire transfers, or returned deposits.

CIT eChecking can be opened with as little as $100. It currently pays a two-tiered interest rate: 0.10% APY on balances under $25,000 and 0.25% APY on balances above. There are no monthly maintenance or ATM fees. CIT will reimburse up to $30 in ATM fees at other banks. The account comes with online bill pay, Zelle, Samsung Pay, and Apple Pay. It does not come with paper checks.

Customer service is available by phone from 9 a.m. to 9 p.m. Eastern Standard Time Monday through Friday and 10 a.m. to 6 p.m. Saturdays. Automated telephone banking is available 24/7. The mobile app has a rating of 2.7 on Google Play and 4.6 on the Apple App Store.

Pros:

  • No fees for monthly maintenance, overdrafts, insufficient funds, or returned deposits.
  • Interest-bearing account.

Cons:

  • Only 0.10% APY on accounts balances below $25,000.
  • Does not come with paper checks.
  • Low Google Play rating.
Chase

Chase Total Checking®

Chase Total Checking®

APY*
N/A
Min. deposit
$0
Monthly fee
$12 ($0 with qualifying activities); $34 NSF Fee
Overdraft Fee
$34 if overdraft is greater than $50
Offer
$300*

Chase is a good choice for international business. It has operations in over 100 countries, and incoming wires are only $15 each.

(Writer disclosure: I have a Chase Total Checking account.)

Chase Total Checking has no minimum deposit requirement. There is a $12 monthly service fee, which can be waived with 1) a minimum daily balance of $1,500; 2) an average daily balance of $5,000 or more in combined Chase accounts’ or 3) a direct deposit of $500 or more per month.

There are no fees on overdrafts up to $50—otherwise, there is a $34 overdraft fee. The account includes paper checks, online bill pay, Zelle, and account alerts.

Customer service is available by phone 24/7. Chase's mobile app is rated 4.2 on Google Play and 4.8 on the Apple App Store.

Pros:

  • No minimum deposit.
  • 24/7 customer service support.
  • More than 4,700 local branches and over 15,000 in-network ATMs.
  • Highly rated by mobile app users.
  • $300 sign-up bonus.

Cons:

  • Charges $3 for withdrawals at out-of-network ATMs.
  • Higher fees than others.

Axos Rewards Checking

Axos Bank

Axos Rewards Checking

Axos Rewards Checking

APY*
Up to 3.30%
Min. deposit
$0
Monthly fee
$0
Overdraft Fee
$0
Offer
No promotions at this time.
Axos’s Rewards Checking is the best account for high interest, but you must meet five separate requirements, each with its own APY contribution.

Axos Rewards Checking offers up to 3.30% APY—though you must meet requirements. Axos Bank currently has a $300 sign-up bonus through June 30, 2024. You’ll need $50 to open an account, but there are no monthly maintenance, overdraft, or insufficient funds fees. The account also offers unlimited domestic ATM fee reimbursements. You can pay for paper checks.

Live customer service is available 24/7 by phone, except on Thanksgiving and Christmas. Axos has a mobile rating of 3.6 on Google Play and 4.7 on the Apple App Store.

Pros:

  • Up to 3.30% APY.
  • No monthly fees.
  • Unlimited ATM fee reimbursements.
  • Current $300 sign-up bonus.
  • 24/7 customer support.

Cons:

  • Tiered APY up to 3.30% is based on fulfilled requirements.
  • No yield on balances greater than $50,000.
US Bank

U.S. Bank Smartly® Checking

U.S. Bank Smartly® Checking

APY*
N/A
Min. deposit
$25
Monthly fee
$6.95 (waived in several ways)
Overdraft Fee
$36, but may be waivable
Offer
N/A
Bank Smartly Checking is the best choice for overdraft protection. U.S Bank offers two ways to avoid the $36 overdraft fee.

You can open a Bank Smartly Checking account with just $25 through U.S. Bank. The account pays interest of 0.01% APY on balances up to $25,000; and 0.05% APY on higher balances. There is a monthly service fee of $6.95, but it can be waived if you maintain at least $1,000 direct deposits per month, an average account balance of $1,500 or more, or have an eligible personal U.S. Bank credit card.

The account offers paper checks, Zelle, automated budgeting, and personalized spending insights. Overdrafts of $50 or less are free. If the overdraft is higher than $50, you have until 11 p.m. Eastern Standard Time on the same business day to cover the overdraft—or else you’ll be charged $36.

Live customer service is available 24/7 by phone, except for Thanksgiving and Christmas. The mobile app has a rating of 4.7 on Google Play and 4.8 on the Apple App Store.

Pros:

  • Overdraft fee forgiveness.
  • Low opening deposit of $25.
  • Account is interest-bearing.

Cons:

  • The interest rate is lower than many similar accounts.
Ally Bank

Ally Spending Account

Ally Spending Account

APY*
Up to 0.25%
Min. deposit
$0
Monthly fee
$0
Overdraft Fee
$36, but may be waivable
Offer
N/A
If you want a checking account you can use as a budgeting tool, Ally’s Spending Buckets feature is an excellent choice.

Ally Bank’s Spending Account requires no funds to open an account. It pays 0.10% APY on balances below $15,000 and 0.25% APY on higher balances. As its name implies, you can manage your spending using something similar to a digital envelope budgeting method. The account also has a debit card, Zelle, paper checks, and mobile check deposit. There are no fees for monthly maintenance, overdrafts, or incoming wires.

Customer service is available 24/7 via phone. Ally has a mobile rating of 2.3 on Google Play, and 4.7 on the Apple App Store.

Pros:

  • No required minimum account balance.
  • No monthly maintenance, overdraft, or incoming wire fees.
  • Spending buckets to help better manage your budget.
  • Earn up to 0.25% APY.

Cons:

  • Lower rating on Google Play.
Chime®

Chime® Banking App

Chime® Banking App

APY*
0.00%
Min. deposit
$0
Monthly fee
$0
Overdraft Fee
$36, but may be waivable
Offer
$100 with referral program and direct deposit
The SpotMe feature covers debit card overdrafts with no fees.

Chime is not a bank—it’s a financial technology company that offers flexible banking services. For example, its SpotMe feature provides up to $200 in overdraft coverage for debit card purchases. There is no required minimum account balance and no monthly maintenance, overdraft, or foreign transaction fees. Chime has FDIC insurance through its partner banks.

The account comes with a Visa debit card, with access to more than 60,000 fee-free ATMs. Chime does not offer paper checks. Though the account doesn’t pay interest directly, you can automatically transfer funds into a savings account paying 2.0% APY.

Live customer service is available 24/7 by phone. The app has a mobile rating of 4.6 on Google Play and 4.8 on the Apple App Store.

Pros:

  • No minimum required account balance.
  • No fees for monthly maintenance, overdrafts, or foreign transactions.
  • Overdraft protection on debit card purchases.

Cons:

  • Checking account doesn’t pay interest.
  • No paper checks.
First Citizens Bank

First Citizens Free Checking

First Citizens Free Checking

APY*
N/A
Min. deposit
$50
Monthly fee
$0 when you enroll in paperless statements
Overdraft Fee
$36, but may be waivable
Offer
N/A
The Manage My Money feature lets you connect all your financial accounts on the platform, including those not held with First Citizens Bank.

You can open a First Citizens Free Checking account with $50, after which there is no minimum balance requirement. The account includes paper checks, Zelle, and online bill pay. It also comes with no monthly service or nonsufficient funds (NSF) fees.

There is an overdraft fee of $10, but First Citizens waives overdrafts that result from checks, automated bill payments, or recurring debit card purchases. The fee is also waived on overdrafts of less than $5.

Live customer service is available by phone from 9 a.m. to 9 p.m. Eastern Standard Time Monday through Friday and 8 a.m. to 8 p.m. Saturday and Sunday. The company has a mobile rating of 4.6 on Google Play and 4.5 on the Apple App Store.

Pros:

  • The Manage My Money financial dashboard allows you to include all accounts, even those at other institutions.
  • Generous overdraft fee waiver policy.
  • Highly rated by mobile app users.

Cons:

  • Does not offer interest.
Valley Bank

Valley Bank All Access Rewards Checking

Valley Bank All Access Rewards Checking

APY*
N/A
Min. deposit
$100
Monthly fee
$0 for 12 months from account opening; then no monthly fee for balances above $99
Overdraft Fee
$36
Offer
$20/month for the first 12 months with qualifying direct deposits
Earn up to $20 per month in rewards—up to $240 in the first year.

Valley Bank’s All Access Rewards Checking requires $100 to open an account and has no monthly maintenance fee for the first 12 months. (The bank does not disclose what the fee will be subsequently.) If you deposit at least $750 per month in the first year, you earn a cash reward of $20 per month. Valley Bank offers paper checks.

Live customer service is available by phone from 6 a.m. to 8:30 p.m. Eastern Standard Time, Monday through Friday, and 8 a.m. to 5 p.m. Saturday and Sunday. The app has a mobile rating of 4.3 on Google Play and 4.8 on the Apple App Store.

Pros:

  • Earn cash rewards of up to $240 in the first year.
  • No monthly maintenance fees for the first year.
  • High ratings from mobile app users.

Cons:

  • Non-interest-bearing account.
  • Requires $100 opening deposit.
  • Only 230 in-network ATMs; $2 charge for out-of-network ATMs.
Live Oak Bank

Live Oak Business Essential

Live Oak Business Essential

APY*
N/A
Min. deposit
$0
Monthly fee
$10
Overdraft Fee
$36
Offer
N/A
Excellent choice for small business owners, requiring no money to open and having few fees.

Business Essential is a checking account designed specifically for small businesses. It provides QuickBooks integration, paper checks, employee debit cards, and online bill pay. The account also has very low fees, just a $10 monthly service fee that can be waived with an average daily balance of at least $1,000.

Live customer service is available from 8 a.m. to 8 p.m. Eastern Standard Time, Monday through Friday. The mobile app has a rating of 3.2 on Google Play and 2.6 on the Apple App Store.

Pros:

  • No minimum deposit is required.
  • No overdraft fees.
  • Small business specialization.

Cons:

  • Mediocre mobile ratings.

Best online checking accounts compared

APYMinimum DepositMonthly FeeOverdraft FeeOffer
N/A
$0
$0
$0
N/A
CIT eChecking
Up to 0.25%
$100
$0
$0
N/A
Chase Total Checking
N/A
$0
$12 (waivable)
$34 if overdraft is greater than $50
$300 (as of May 26, 2024)
Axos Rewards Checking
Up to 3.30%
$50
$0
$0
$300 (as of May 26, 2024)
Up to 0.005%
$25
$6.95
$36, but may be waivable
N/A
Ally Bank Spending
Up to 0.25%
$0
$0
$0
N/A
N/A
$0
$0
$0
N/A
First Citizens Free Checking
N/A
$50
$0
$10
N/A
Valley Bank All Access Reward Checking
N/A
$100
$0 for the first year
$36
$20 per month in the first year
Live Oak Business Essential
N/A
$0
$10
$0
N/A

Methodology

To come up with our list of the 10 best online checking accounts, we considered the following factors and features:

  • Minimum required deposit.
  • Monthly service and overdraft, ATM, and other fees.
  • The interest rate paid on the account (if any).
  • Sign-up bonus.
  • Availability of both online and mobile banking.
  • Availability of customer service (type and hours).
  • Ratings by mobile app users.
  • Any special features offered by each account.
  • The size of the ATM network.

How to choose the best online checking account

In choosing the best online checking account, we recommend you consider the above factors. More specifically, ensure the benefits will offset the absence of brick-and-mortar branches at traditional banks.

In addition to the usual features, such as minimum opening deposit requirements, interest paid, bank fees, and the availability of debit cards, access will be a critical consideration.

While digital banks enable you to perform most routine functions without visiting a branch, customer service that fits your schedule is still essential.

Also, pay close attention to fees. One of the big advantages of online banking is lower fees. Because online banks don’t have branch networks and large staff to pay, their fee structures should be considerably lower than traditional banks.

Online checking pros and cons

Pros:

  • Low fees
  • Larger ATM networks
  • Extended customer service hours

Cons:

  • No local branches
  • You’ll need to be comfortable dealing online
  • Limited options to deposit cash

Because online banks don’t have to maintain large branch networks and tens of thousands of employees, they can pass the savings on to the customer through lower fees. Many online banks waive all monthly maintenance or other fees.

Online banks rely heavily on ATM networks, and many participate in fee-free ATM networks with thousands of locations.

You should also expect online banks to offer generous customer service hours. Many offer live support as late as 8 or 9 p.m. on weekends or 24/7.

The most obvious disadvantage of online banks is the lack of local branches. However, since most banking services can now be performed online, most people don’t need to visit a local branch very often.

You do need to be comfortable with transacting business online, otherwise you may want to maintain a traditional banking relationship.

Finally, it’s not as easy to deposit cash as at a traditional bank. Online banks usually limit cash deposits to ATMs, though a few will allow you to make deposits at retail chains. Either option may not be as convenient as visiting a local branch, especially if you frequently make cash deposits.

TIME Stamp: Online banks are often just as good as traditional

Online banking has evolved over the past few years and has reached parity with traditional banking in most respects. Because traditional banks have local branches with many employees, they usually charge higher fees.

That’s the major advantage you’ll get from an online checking account. Not only do they offer a lower fee structure across the board, but many also pay interest.

Frequently asked questions (FAQs)

What is an online checking account?

An online checking account functions in much the same way as at a traditional, brick-and-mortar bank. The main difference is the account exists entirely online, as the bank may have no branches at all—or a small number of branches in distant locations.

Most offer check writing, debit and ATM cards, online bill pay, multiple transfer opportunities, and direct linking with other institution accounts.

Can you open an online checking account instantly?

You can typically open an online checking account in a matter of minutes through the bank’s website or mobile app. The process is very similar to a traditional bank account. The major advantage is that you can open an account from your home or office without the need to visit a branch.

Online banks require much the same information as traditional banks. Expect to provide your full name, Social Security number, physical address, phone number, email address, employment and income information, and a photo ID, like your driver’s license. You should be able to upload a photo of any required documents. You’ll also likely need to link an external account.

How do I deposit or withdraw cash with an online checking account?

You can usually deposit cash into an online checking account at an ATM. However, there may be an associated fee at out-of-network ATMs. Some banks also charge a fee for using out-of-network ATMs.

A handful of online banks, such as Chime, allow you to make cash deposits at retail outlets like Walgreens and CVS. Be aware that some locations charge a deposit fee.

Nearly all online banks waive fees for withdrawing cash at in-network ATMs. A small number also allow access to retail chains.

Is my money safe with online banks?

If the online bank provides FDIC insurance, your money should be safe. The FDIC provides coverage for up to $250,000 per depositor per bank, the same level of protection offered by traditional banks.

Do online banks offer debit cards?

Yes, most do. Debit cards are commonly offered with bank accounts of all types, including online banks.

Do online banks charge higher fees?

No, it’s quite the opposite. One of the major attractions of online banks is lower fees than those at traditional banks. Many have no monthly maintenance fee and are light on other fees as well.

The information presented here is created by TIME Stamped and overseen by TIME editorial staff. To learn more, see our About Us page.

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