SuperMoney

Compare Checking Accounts

checking account is one of the most basic financial products available. It's also one of the most important. But rarely do people talk about how to choose the best checking account. In the old days, your only option was to visit the most convenient bank branch. Now, you can open an account without stepping foot in a bank. So, how do you decide which checking account is best for you? Let's take a look.

What is a checking account?

You don't want to walk around with a wad of cash on you at all times. A checking account is a safe place to keep your cash until you need it.

How to deposit money into your checking account

  • Deposit in a bank branch. Simply walk into a branch and hand your money to a teller. They'll take care of the rest. Be careful because some basic checking accounts charge for in-branch deposits.
  • ATM card. Walk or drive up to an ATM and deposit your cash or checks. This is a convenient option because you can deposit funds 24/7. It's also cost-effective for the bank because they don't have to pay a teller.
  • Electronic deposits. These deposits are made without any activity by you. Terms like ACH and EFT also describe this method. The most common form of an electronic deposit is receiving a paycheck directly into your account.
  • Mobile banking. With the rise of smartphone use and functionality, depositing a check via your phone or tablet is becoming a popular option. You can deposit with mobile banking wherever you are. This is a good way to ensure you don't lose a check before you have a chance to deposit it.

How to withdraw money from your checking account

  • Write a check. When you write a check, it's viewed the same as handing someone cash for payment. Check usage is declining, but this method is still the most common.
  • Withdrawal in a branch. When you visit a branch, you can withdraw cash from your account. You can also request a cashier's check or money order made payable to someone.
  • Cash from the ATM. The 24/7 access to cash is very popular. Before ATMs, if you needed cash after hours, you were out of luck. You would have to wait until the branch reopened again in the morning.
  • Electronic withdrawals or bill pay. An electronic withdrawal is when you authorize payments, for example, to your credit card, auto or home loan, or investment accounts. Apps like PayPal and Venmo are popular tools used to make electronic payments for various reasons.

How to choose the right bank for you

You are no longer limited to the banks within a short distance of where you live or work. The internet allows you to open a bank account anywhere in the world. Here are some factors to consider when choosing a bank:
  • FDIC insurance. The Great Recession taught us that banks can, and do, fail. FDIC Insurance protects your bank account balances up to $250,000.
  • Number and location of branches. Even though most people rarely step foot in a branch, studies show that having a branch nearby is the number one factor when deciding where to open an account.
  • Hours of operation. If you ever need to go into a branch, you want to pick a bank that's open on days (and times) most convenient for you. Customer service availability when branches are closed is also important.
  • Additional products available. Does the bank offer other services like savings accountsinvestmentscredit cards, and loans? Although it's important to shop around, sometimes all of your banking needs can be managed under one roof.
  • Relationship discounts. Does a bank reward you for having multiple accounts by waiving fees or providing discounts on loans or other services?
  • Great customer service. The bank can have the best products, but if you cringe every time you speak to someone, the savings may not be worth the mental or emotional anguish.

What to look for in a checking account

Below are important features to look for when choosing a checking account that works best for you.
  • Unlimited transactions. Even if you usually don't make many transactions, make sure you won't be charged extra if your activity is higher one month.
  • Minimum balance requirements. Is there a minimum balance required before a bank will charge you a fee?
  • Debit card. Having access to your account with a debit card for ATM usage or for debit transactions is critical in today's society.
  • Online banking and statements. Being able to check your account balance, view your transaction history, and download electronic copies of your statements is also a must.
  • Free bill pay. Instead of writing checks, licking an envelope, and adding a stamp, bill pay takes care of all that for you. Simply pick your vendor, name an account, and choose a date for your payment to arrive.
  • Fees for services you use. What other services will you use and how much does the bank charge for them? For example, how much is it to send or receive a wire transfer?
  • Perks and benefits. What other perks and benefits are available? For example, some banks provide free credit scores.
  • Overdraft protection. What happens if you overdraw your account? Overdraft protection ensures that payments are approved, even if you don't have all of the money necessary.

Average bank account fees

When you use your checking account, be careful of the fees that they charge. Here are some of the most common fees and their average amounts. By using SuperMoney's checking account comparison tools, you can find a better bank to avoid these fees that can drain your wallet.

How to get the best interest rate on your checking account

According to the National Credit Union Association, the average interest rates on checking accounts ranges from 0.11% to 0.17%. If you carry an average balance of $10,000, that's only $11 to $17 per year. But you can do much better than that! Now that interest rates are rising, the potential interest earned on your checking account could add up to real money. The SuperMoney checking account comparison page is designed to help you find the banks that offer the highest interest rates and lowest fees. Filter the search results for the highest interest rates. As the results populate, filter down even more based on the average balance required to avoid any monthly fees. Interest is nice, but monthly fees will eat away at the earnings. Focus on a minimum balance requirement that you know you can maintain.

What do you need to open a checking account?

You will need to bring specific documents and have certain information to complete the process.
  • Basic personal information. The bank will ask for your date of birth, address, phone number, and employment information to complete your checking account profile.
  • Two forms of ID. You'll need to provide two forms of ID to verify your identity. For example, bring a Driver's License or passport plus another item, such as a credit card, with your name on it.
  • Utility bill or other address verification. Having third-party verification of your address is important to ensure that you actually live at the address listed on your account.
  • Initial deposit. When you open an account, the bank will require you to make an initial deposit. This can be cash or a check. A bank will place a hold on checks with new accounts.

How to use the SuperMoney checking account page

SuperMoney has vetted banks from around the country to find the best checking account options for you. Finding the right checking account for your situation is simple. First, go to the SuperMoney checking account review page. Here you'll find many banks to choose from, along with the important details you need to know. Monthly fees, minimum balance requirements, and ATM fees are a few of the facts that you'll find on this page. Click on the "filter" button and you can shrink the list to focus only on banks that meet your needs. There are many filters to choose from, including state, account minimums, rates, and monthly fees. For example, I just moved to Tennesse and am looking for a new checking account. I want one that has no monthly fees and requires an initial deposit of $500 or less. There were eight banks for me to choose from. With the results narrowed down, you can easily find the bank that offers the lowest fees, highest interest rates, and other features that you're looking for.

Which checking account is right for you?

Choosing the right checking account can be tricky. With this comprehensive guide, you now know what to look for in a bank and what features your checking account should have. But we all have different needs and requirements—there isn't one bank or account that works best for everyone.

That's why SuperMoney did the hard work for you. We've reviewed banks around the country to make it easier for you to find the right checking account for your situation. Simply go to the SuperMoney's checking account comparison page, where you'll find detailed reviews of today's leading banks. Monthly fees, minimum balance requirements, and ATM fees are a few of the facts that you'll find on this page. Click on the "filter" button and you can shrink the list to focus only on banks that meet your needs.

There are many filters to choose from, including state, account minimums, rates, and monthly fees. For example, start selecting your state of residence and "no monthly fees." Then filter by "intitial deposit" for an amount you can afford. If you regularly withdrawal money from ATMs, choose a bank with a nationwide network and low -- or zero -- fees.

With the results narrowed down, you can easily find the bank that offers the lowest fees, highest interest rates, and other features that you're looking for.

Compare Checking Accounts

checking account is one of the most basic financial products available. It's also one of the most important. But rarely do people talk about how to choose the best checking account. In the old days, your only option was to visit the most convenient bank branch. Now, you can open an account without stepping foot in a bank. So, how do you decide which checking account is best for you? Let's take a look.

What is a checking account?

You don't want to walk around with a wad of cash on you at all times. A checking account is a safe place to keep your cash until you need it.

How to deposit money into your checking account

  • Deposit in a bank branch. Simply walk into a branch and hand your money to a teller. They'll take care of the rest. Be careful because some basic checking accounts charge for in-branch deposits.
  • ATM card. Walk or drive up to an ATM and deposit your cash or checks. This is a convenient option because you can deposit funds 24/7. It's also cost-effective for the bank because they don't have to pay a teller.
  • Electronic deposits. These deposits are made without any activity by you. Terms like ACH and EFT also describe this method. The most common form of an electronic deposit is receiving a paycheck directly into your account.
  • Mobile banking. With the rise of smartphone use and functionality, depositing a check via your phone or tablet is becoming a popular option. You can deposit with mobile banking wherever you are. This is a good way to ensure you don't lose a check before you have a chance to deposit it.

How to withdraw money from your checking account

  • Write a check. When you write a check, it's viewed the same as handing someone cash for payment. Check usage is declining, but this method is still the most common.
  • Withdrawal in a branch. When you visit a branch, you can withdraw cash from your account. You can also request a cashier's check or money order made payable to someone.
  • Cash from the ATM. The 24/7 access to cash is very popular. Before ATMs, if you needed cash after hours, you were out of luck. You would have to wait until the branch reopened again in the morning.
  • Electronic withdrawals or bill pay. An electronic withdrawal is when you authorize payments, for example, to your credit card, auto or home loan, or investment accounts. Apps like PayPal and Venmo are popular tools used to make electronic payments for various reasons.

How to choose the right bank for you

You are no longer limited to the banks within a short distance of where you live or work. The internet allows you to open a bank account anywhere in the world. Here are some factors to consider when choosing a bank:
  • FDIC insurance. The Great Recession taught us that banks can, and do, fail. FDIC Insurance protects your bank account balances up to $250,000.
  • Number and location of branches. Even though most people rarely step foot in a branch, studies show that having a branch nearby is the number one factor when deciding where to open an account.
  • Hours of operation. If you ever need to go into a branch, you want to pick a bank that's open on days (and times) most convenient for you. Customer service availability when branches are closed is also important.
  • Additional products available. Does the bank offer other services like savings accountsinvestmentscredit cards, and loans? Although it's important to shop around, sometimes all of your banking needs can be managed under one roof.
  • Relationship discounts. Does a bank reward you for having multiple accounts by waiving fees or providing discounts on loans or other services?
  • Great customer service. The bank can have the best products, but if you cringe every time you speak to someone, the savings may not be worth the mental or emotional anguish.

What to look for in a checking account

Below are important features to look for when choosing a checking account that works best for you.
  • Unlimited transactions. Even if you usually don't make many transactions, make sure you won't be charged extra if your activity is higher one month.
  • Minimum balance requirements. Is there a minimum balance required before a bank will charge you a fee?
  • Debit card. Having access to your account with a debit card for ATM usage or for debit transactions is critical in today's society.
  • Online banking and statements. Being able to check your account balance, view your transaction history, and download electronic copies of your statements is also a must.
  • Free bill pay. Instead of writing checks, licking an envelope, and adding a stamp, bill pay takes care of all that for you. Simply pick your vendor, name an account, and choose a date for your payment to arrive.
  • Fees for services you use. What other services will you use and how much does the bank charge for them? For example, how much is it to send or receive a wire transfer?
  • Perks and benefits. What other perks and benefits are available? For example, some banks provide free credit scores.
  • Overdraft protection. What happens if you overdraw your account? Overdraft protection ensures that payments are approved, even if you don't have all of the money necessary.

Average bank account fees

When you use your checking account, be careful of the fees that they charge. Here are some of the most common fees and their average amounts. By using SuperMoney's checking account comparison tools, you can find a better bank to avoid these fees that can drain your wallet.

How to get the best interest rate on your checking account

According to the National Credit Union Association, the average interest rates on checking accounts ranges from 0.11% to 0.17%. If you carry an average balance of $10,000, that's only $11 to $17 per year. But you can do much better than that! Now that interest rates are rising, the potential interest earned on your checking account could add up to real money. The SuperMoney checking account comparison page is designed to help you find the banks that offer the highest interest rates and lowest fees. Filter the search results for the highest interest rates. As the results populate, filter down even more based on the average balance required to avoid any monthly fees. Interest is nice, but monthly fees will eat away at the earnings. Focus on a minimum balance requirement that you know you can maintain.

What do you need to open a checking account?

You will need to bring specific documents and have certain information to complete the process.
  • Basic personal information. The bank will ask for your date of birth, address, phone number, and employment information to complete your checking account profile.
  • Two forms of ID. You'll need to provide two forms of ID to verify your identity. For example, bring a Driver's License or passport plus another item, such as a credit card, with your name on it.
  • Utility bill or other address verification. Having third-party verification of your address is important to ensure that you actually live at the address listed on your account.
  • Initial deposit. When you open an account, the bank will require you to make an initial deposit. This can be cash or a check. A bank will place a hold on checks with new accounts.

How to use the SuperMoney checking account page

SuperMoney has vetted banks from around the country to find the best checking account options for you. Finding the right checking account for your situation is simple. First, go to the SuperMoney checking account review page. Here you'll find many banks to choose from, along with the important details you need to know. Monthly fees, minimum balance requirements, and ATM fees are a few of the facts that you'll find on this page. Click on the "filter" button and you can shrink the list to focus only on banks that meet your needs. There are many filters to choose from, including state, account minimums, rates, and monthly fees. For example, I just moved to Tennesse and am looking for a new checking account. I want one that has no monthly fees and requires an initial deposit of $500 or less. There were eight banks for me to choose from. With the results narrowed down, you can easily find the bank that offers the lowest fees, highest interest rates, and other features that you're looking for.

Which checking account is right for you?

Choosing the right checking account can be tricky. With this comprehensive guide, you now know what to look for in a bank and what features your checking account should have. But we all have different needs and requirements—there isn't one bank or account that works best for everyone.

That's why SuperMoney did the hard work for you. We've reviewed banks around the country to make it easier for you to find the right checking account for your situation. Simply go to the SuperMoney's checking account comparison page, where you'll find detailed reviews of today's leading banks. Monthly fees, minimum balance requirements, and ATM fees are a few of the facts that you'll find on this page. Click on the "filter" button and you can shrink the list to focus only on banks that meet your needs.

There are many filters to choose from, including state, account minimums, rates, and monthly fees. For example, start selecting your state of residence and "no monthly fees." Then filter by "intitial deposit" for an amount you can afford. If you regularly withdrawal money from ATMs, choose a bank with a nationwide network and low -- or zero -- fees.

With the results narrowed down, you can easily find the bank that offers the lowest fees, highest interest rates, and other features that you're looking for.

Loading results...

Product

Reviews

Monthly Fee

Minimum Balance to Avoid Monthly Fee

ATM Fee: Out-of-Network

APY

Additional Details

Product Website

Chime Bank Spending Account

Chime Bank Spending Account

24
 
 
28 total votes
Monthly Fee $0 Monthly Fee
Minimum Balance to Avoid Monthly Fee $0 Minimum Balance to Avoid Monthly Fee
ATM Fee: Out-of-Network $2.50 ATM Fee: Out-of-Network
APY 0.01% APY
  • Member FDIC
  • Online Only
Show Additional Details
  • Member FDIC
  • Online Only
USAA Classic Checking Account

USAA Classic Checking Account

 
4
3
8 total votes
Monthly Fee $0 Monthly Fee
Minimum Balance to Avoid Monthly Fee $0 Minimum Balance to Avoid Monthly Fee
ATM Fee: Out-of-Network $2 ATM Fee: Out-of-Network
APY 0.01% APY
  • Member FDIC
  • Online Only
Show Additional Details
  • Member FDIC
  • Online Only
BBVA Compass ClearConnect Checking Account
Monthly Fee $0 Monthly Fee
Minimum Balance to Avoid Monthly Fee $0 Minimum Balance to Avoid Monthly Fee
ATM Fee: Out-of-Network $3 ATM Fee: Out-of-Network
APY 0% APY
  • Member FDIC
  • Online Only
Show Additional Details
  • Member FDIC
  • Online Only
BBVA Compass ClearChoice Free Checking Account
Monthly Fee $0 Monthly Fee
Minimum Balance to Avoid Monthly Fee $0 Minimum Balance to Avoid Monthly Fee
ATM Fee: Out-of-Network $3 ATM Fee: Out-of-Network
APY 0% APY
  • Member FDIC
  • Online Only
Show Additional Details
  • Member FDIC
  • Online Only
Digital Federal Credit Union Free Checking Account
Monthly Fee $0 Monthly Fee
Minimum Balance to Avoid Monthly Fee $0 Minimum Balance to Avoid Monthly Fee
ATM Fee: Out-of-Network $0.75 ATM Fee: Out-of-Network
APY 0% - 0.05% 0% 5%
Chase Bank Total Checking Account

Chase Bank Total Checking Account

3
4
2
9 total votes
Monthly Fee $0 - $12 $0 $95
Minimum Balance to Avoid Monthly Fee $1,500 Minimum Balance to Avoid Monthly Fee
ATM Fee: Out-of-Network $2.50 ATM Fee: Out-of-Network
APY 0% APY
  • Member FDIC
United Nations FCU Checking Account
Monthly Fee $0 Monthly Fee
Minimum Balance to Avoid Monthly Fee N/A Minimum Balance to Avoid Monthly Fee
ATM Fee: Out-of-Network $1 ATM Fee: Out-of-Network
APY 0.01% - 1.5% 0% 5%
State Employees Credit Union Checking Account
Monthly Fee $1 Monthly Fee
Minimum Balance to Avoid Monthly Fee N/A Minimum Balance to Avoid Monthly Fee
ATM Fee: Out-of-Network $0.75 ATM Fee: Out-of-Network
APY 0.25% APY
Ally Bank Checking Account

Ally Bank Checking Account

3
3
3
9 total votes
Monthly Fee $0 Monthly Fee
Minimum Balance to Avoid Monthly Fee $0 Minimum Balance to Avoid Monthly Fee
ATM Fee: Out-of-Network $0 ATM Fee: Out-of-Network
APY 0.1% - 0.6% 0% 5%
  • Member FDIC
  • Online Only
Show Additional Details
  • Member FDIC
  • Online Only
America First Credit Union Checking Account
Monthly Fee $0 Monthly Fee
Minimum Balance to Avoid Monthly Fee N/A Minimum Balance to Avoid Monthly Fee
ATM Fee: Out-of-Network $1.50 ATM Fee: Out-of-Network
APY 0.05% - 0.1% 0% 5%