Best checking accounts for June 2024

With digital banking on the rise, there are more checking account options to choose from than ever. Finding the perfect match depends on your banking habits and priorities.

Banks with the best checking accounts in 2024

Quontic: Best for interest earnings

Simple and reliable APY

Quontic High Interest Checking

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Simple and reliable APY

Quontic High Interest Checking

APY*

1.10%

Monthly fee

$0

Bonus

Free pay ring (otherwise $29) upon account opening

Quontic Bank is a completely digital bank with only a few loan office locations. It offers a simple checking account experience which can be conducted completely online. The bank also offers a "Ring Pay" device: A ring you wear on your finger and scan at registers instead of using a debit card. This bank has over 90,000 ATM locations in its network and offers live customer service support during regular Monday-Friday banking hours.

What makes Quontic stand out is that it offers a great interest rate on money in your high-yield checking account: up to 1.10% APY. This can help you get the best return on the cash you’re not using right now, while maintaining the flexibility of an online checking account.

While a newer name in banking, Quontic has quickly become a good option for those looking for high rates and a truly digital banking experience. The Ring Pay device is unique, and convenient enough to convince fans of digital pay apps and wallets to give it a try.

CIT Bank eChecking: Best for customer experience

Customer experience

CIT eChecking

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Customer experience

CIT eChecking

APY*

0.25% with a balance of $25,000 or more; 0.10% with a balance of under $25,000

Monthly fee

$0

Bonus

K.A.

CIT Bank offers its eChecking accounts to customers with a minimum opening deposit of $100. After that, there are no minimums, and you can still earn 0.10% APY on balances under $25,000. Those with larger balances can earn up to 0.25%. CIT doesn’t have an ATM network, but it does reimburse you for up to $30 in ATM fees per month. This is important because there are also no physical locations or ways to deposit cash.

What really makes CIT stand out, however, is that the bank has won awards for being the best in customer experience, including for its simple banking features, innovative mobile app, and overall helpfulness to customers.

CIT Bank offers a frictionless banking experience with 100% online tools and a reputation for great customer service. While the account balance minimum for the highest APY tier is high, even those with modest funds can earn a little something with no tricks or promotions required.

Axos: Best for loyal customers

Loyal customers

Axos Rewards Checking

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Loyal customers

Axos Rewards Checking

APY*

Up to 3.30%

Monthly fee

$0

Bonus

Cash in on up to a $500 bonus† and up to 3.30% APY* with a new Rewards Checking account. Just use promo code RC500 before July 31.

Axos is an online-only bank offering a variety of ways to earn interest with its Rewards checking account. Current APY opportunities include:

• 0.40% with at least $1,500 in monthly direct deposits.
• 0.30% for making at least 10 debit card purchases of at least $3 each per month or linking another account and using Axos’ Personal Finance Manager (PFM).

Additionally, you can also earn for making Axos Bank loan payments with your checking account (.60%) and maintaining at least $2,500 in both a managed investment portfolio and a self-directed portfolio (.99% each.)

This means that those who use more Axos services will see the best rewards. A $300 bonus offer sweetens the deal but also raises the requirement for direct deposits to $5,000 a month. You’ll also need a $7,500 minimum checking account balance to qualify.

Axos has one of the better interest rates for those who like to do all their savings, checking, loan, and investment business at one bank. If you like to have paychecks directly deposited and maintain a healthy financial cushion, you could earn the promo offer without changing too many banking behaviors.

Chime Checking Account: Best for customer service

Customer service

Chime Checking

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Customer service

Chime Checking

APY*

K.A.

Fees

None

Bonus

None

Chime’s checking account is a truly no-fee service with a large network of ATMs. While it doesn’t have any physical locations, most banking tasks can be done from the mobile app and through participating retailers. With a 24/7 live customer service team ready to help at a moment’s notice, it stands out for those who need assistance at any time, from anywhere in the world.

In this time of increasingly online banking services, Chime offers a truly accessible experience with its live customer service reps. Reach out to them by phone or through the app. Their availability more than makes up for a lack of physical branches.

SoFi: Best for rewards

Rewards

SoFi Checking Account

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Rewards

SoFi Checking Account

APY*

Up to 4.60%

Monthly fee

$0

Bonus

Up to $300 bonus with qualifying direct deposits available through 12/31/24

The SoFi checking account is part of a bundled service offering that also includes an interest-earning savings account. With an APY of up to 4.5% on savings portions, this can help you to make the most of the money you aren’t using.

On the checking side of things, there is no minimum balance to maintain, and this account is free from monthly service charges. A wide range of fee-free ATMs (55,000+) make not having access to a physical bank a non-issue for most people. The intuitive mobile banking app can also help you feel on top of your finances.

The best promotional offers amounts (up to $300) are reserved for those who can set up over $5,000 in direct deposits during the 25-day promotional period. Those with $1,000 - $4,999 get a $50 bonus.

SoFi’s decision to combine savings and checking accounts into one product helps you to get the best of both banking options in one place. A generous sign-up bonus and almost no fees for things like overdraft coverage make this a budget-friendly way to bank.

First Citizens Free Checking: Best for budgeting

Budgeting

First Citizens Bank Checking

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Budgeting

First Citizens Bank Checking

APY*

K.A.

Fees

$0

Bonus

$50

The First Citizens Free Checking account offers few frills but also a low bar for entry. Just $50 will get your account set up, and after that, no minimums are required to keep the account open. A user-friendly mobile app with "Manage My Money" features helps you to see where money is going and avoid financial surprises. The lack of physical locations shouldn’t be a barrier to service, since the mobile app and customer contact options are more than adequate for most everyday banking needs.

The First Citizens Free Checking account is a low-fuss free account that gives you access to overdraft protection and online money management tools. As a basic, inexpensive checking account, it’s hard to beat.

Ally Bank: Best for overdraft protection

Overdraft protection

Ally Checking

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Overdraft protection

Ally Checking

APY*

Either 0.10% or 0.25% variable for checking; 4.35% variable for savings

Monthly fee

None

Bonus

None

The Spending checking account from Ally has many fee-free features that other banks charge for, and stands out due to its overdraft protection that comes in two forms. The Overdraft Transfer service pulls money in increments of $100 from a connected savings account to cover overdrafts. Coverdraft, in contrast, directly covers your account for up to $250 over the amount available (subject to certain account requirements). Both options charge no fees.

Ally also has 24/7 live customer service via phone or chat, and the website shows how long the wait times are before you connect. Interest rates for the checking account are straightforward and easy to qualify for: 0.10% APY on minimum daily balances less than $15,000 and 0.25% for those more than $15,000.

While no one plans on overdrawing their account, Ally’s two types of protection work for those who might occasionally need it. A straightforward interest structure also keeps things simple in an otherwise solid account.

Chase Total Checking: Best for in-person banking

In-person banking

Chase Total Checking

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In-person banking

Chase Total Checking

APY*

K.A.

Monthly fee

$12

Bonus

New Chase checking customers enjoy a $300 bonus when you open a Chase Total Checking® account with qualifying activities

The Total Checking account from Chase is one of the few on the market that still charges a monthly maintenance fee: $12 in this case. It also pays no interest to account holders. However, Chase gives you ample opportunities to waive the monthly charge, including:

• Setting up more than $500 in direct payroll or government benefit deposits
• Keeping a beginning-of-the-day balance of $1,500 or more
• Keeping an average beginning-of-the-day balance of $5,000 or more (for this and linked accounts)

These rather modest requirements make it easy to keep your account fee-free. The overdraft coverage ensures that as long as your account doesn’t go below $50 by the end of the day you won’t pay overdraft fees, either. This only works for checks and recurring purchases on your debit card. One-time debit card purchases are not covered by overdraft protection. Chase is also a physical bank, so for those who prefer to see their banker face-to-face, there are over 4,700 branch locations to choose from.

Chase is a straightforward banking experience with access to a large network of in-person bank branches and convenient ATMs. It’s ideal for those who want the ability to deposit cash and meet with a banker when needed.

Heritage Bank: Best for ATM users

ATM users

Heritage Bank Checking

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ATM users

Heritage Bank Checking

APY*

Up to 2.02%

Fees

$4 (waived for electronic statements)

Bonus

None

Heritage Bank’s Ecentive checking account offers a blend of higher interest and a chance to earn back up to $25 in ATM fees each month if you meet the monthly requirements to make $500 in debit card purchases and have one direct deposit each month.

Customers also get access to the SaveUp program, which rounds debit card purchases to the next dollar and puts the difference into a connected Heritage Bank savings account. While the bank is focused mainly in the Midwest, digital banking services extend benefits to everyone.

This midwestern bank is small in size but offers big opportunities to save with its higher APY. If you travel a lot and won't be near a network ATM, the fee refund is a nice incentive to do business where it's convenient for you.

Our Top checking account recommendations

How we chose the best checking accounts

We compared checking accounts based on the following criteria: APY, minimum deposit, minimum balance, and fees. We also considered the minimum number of transactions per month (if any), accessibility (like the number of branches or ATMs), and whether the bank is insured.

Ultimately, we looked for checking accounts that offer the most value to customers.

Choosing the best checking account

With so many bank account options available, it can be overwhelming to choose just one. There are some key considerations that can help with the decision, though.

First, start by separating out the needs and wants of any account. Ask yourself, "What features must I have to meet my money goals?" Any bank you choose should have this as a minimum, whether that's a higher interest rate, fewer fees, or ATM availability in your area. Then, any additional perks can serve as tie-breakers between two very similar banks. Finally, sign-up bonuses can also sweeten the deal when choosing between two comparable accounts — but you shouldn’t make a decision based on bonuses alone

Frequently asked questions (FAQs)

How many bank accounts should you have?

There’s no set rule on how many accounts you should have, although it may be wise to have as many types of accounts as needed to use your money effectively. Having a checking and savings account, for example, is standard for many people. Some may even have a few of each type, depending on their earning and savings goals.

What is overdraft protection?

Overdraft protection is an agreement between a consumer and their bank that allows the account holder to make payments over the amount available in their account. Instead of having the payments returned as insufficient funds, transactions are allowed to be processed, although each transaction may be subject to an overdraft fee. Charges and agreement terms vary by bank and account type.

Can checking accounts earn interest?

Yes, checking accounts often pay out interest to account holders, especially if they are branded as high-yield checking accounts. These are variable-rate accounts with APYs comparable to savings accounts.

How much money should you keep in one bank?

The amount of money you decide to trust in one bank will depend on your unique goals and values. However, FDIC insurance only covers up to $250,000 per depositor, per bank, per ownership category. Anything above this amount may not be protected if your bank goes out of business.