A checking account is a bank account that gives you daily access to your money. Most of these accounts come with a debit card and personal checks. Checking accounts are now able to be managed online and on mobile devices. There is no limit on how many times money can be taken out of a checking account daily. Unlike savings accounts, checking accounts give you unlimited access to your money through withdrawals, transfers, checks, and purchases made with a debit card. This article talks about the best banks to open checking accounts in 2023.

How Do Banks Open Checking Accounts Work?

Banks open checking accounts as a place to keep the money for daily expenses and other short-term needs. These often come with a debit card that can be used to shop online, buy things in stores, and get cash from ATMs. Unlike savings accounts, checking accounts usually don’t have limits on how often you can withdraw money or how much you can spend using your debit card or at an ATM.

There’s a new trend toward checking accounts that pay interest, and more and more banks are starting to offer them. A checking account may come with a monthly fee, or the fee could be waived if you kept a certain amount of money in the account.

The Automated Clearing House (ACH) service is a statewide network run by the Reserve Banks and the Electronic Payments Network. Financial institutions use it to handle transactions like clearing checks and transferring money. Most of the time, you can open a checking account with a small amount of money. 

Most of the time, they don’t earn as much interest as savings or money market accounts, if any at all. Still, checking accounts give the same feeling of security. The Federal Deposit Insurance Corp. (FDIC) or the National Credit Union Share Insurance Fund will protect your money up to $250,000. This is the same for savings and money market accounts. Some of the best places to open a checking account are listed below:

#1. TIAA Bank Checking Yield Pledge

The Florida locations of TIAA Bank are well-known for their high account yields and affordable fees. The Yield Promise Checking Account pays the exact annual percentage yield (APY) on all balances. 

#2. Flagship Checking Account With the Navy Federal Credit Union

The Navy Federal Credit Union is the biggest in the world. It helps a lot of people in the military and their families. This credit union has a place for everyone who meets the requirements to join. Navy Federal customers with an Active Duty Checking account can get up to $20 back every statement cycle for ATM fees. The bank has about 350 branches all over the world.

#3. NBKC Bank Everything Account

No matter how much money is in a checking account, NBKC Bank is known for giving a high dividend. No money needs to be put into the Everything Account at first. Anyone with a MoneyPass card can use this checking account at any MoneyPass ATM. More than 37,000 of these ATMs don’t charge any money to use them.

#4. Ally Bank Interest Checking Account

Ally Bank was started in 2009 as a one-stop shop for people who only do their banking online. It is known as a top online bank because it has many different types of accounts and great interest rates. All the money in an interest checking account at Ally Bank earns interest. At the bank, you’ll need a balance of $15,000 in your checking account to get the best rate.

#5. Heritage Bank eCentive checking account

Heritage Bank is known for giving its customers an eCentive Checking Account. It is in Spicer, Minnesota. With the eCentive checking account, you can earn a competitive rate on balances of up to $100,000. You can get that competitive APR, but only if you agree to receive electronic statements, set up recurring payments or direct deposit, and use your debit card to make at least $500 worth of monthly purchases.

#6. Current

Current is the best mobile banking app on the market, and many famous people, like Mr. Beast, have talked about it. To put it simply, it makes banking more accessible and faster. Through Current, you can get a free, high-quality checking account. There are no minimum balance requirements and no overdraft fees or ATM fees at more than 40,000 ATMs worldwide. 

#7. Upgrade Rewards Checking

Customers don’t have to pay a monthly fee for the new Upgrade Rewards Checking account, which has useful features. You’ll get 2% cash back on things you buy at gas stations and restaurants and 1% on everything else. Put it together with their online savings account to get the most interest. This account has no service fees, not even when you use an ATM or take money out.

#8. Chime Free Checking

Chime was one of the first free apps that changed the way people banked on their phones. From the start, the service was made with mobile in mind, and they worked to keep prices low.

#9. U.S. Bank Smartly Checking

This account is linked to a U.S. bank account number. All the benefits of a bank account include a Visa Debit Card, a mobile app, mobile check deposits, and online bill payment! Zelle lets you make payments immediately, and you can shop at any U.S. 

#10. Varo

Varo is a mobile app and digital bank on the cutting edge. It offers high interest on free checking accounts. Varo doesn’t have a minimum balance requirement, doesn’t charge monthly fees, and pays interest on all balances. It also comes with a debit card and a high-quality mobile app.

#11. Axos Rewards Checking

The Axos Bank Rewards checking account has all the bells and whistles you want for online banking. With a Rewards Checking account, there are no fees for not having enough money or going overdrawn. There are also no monthly maintenance fees. Also, they will pay back your ATM fees as often as you want while in the country. To get into Axos Bank, you’ll need a good track record with banks.

#12. Juno

It is a mobile bank that accepts cryptocurrency deposits and gives an excellent annual percentage yield (APY). Juno is a checking account, but the interest rate is so high that savers take notice. A Juno checking account’s annual percentage yield (APY) is 30 times that of a typical U.S. checking account.

#13. Wealthfront Cash Account

The popular robo-advisor Wealthfront released the Wealthfront Cash Account, a high-yield checking account. You can get paid up to two days early with this account, and your whole salary will still earn interest. The best thing about this account is that you can keep track of your money and make interest without paying any fees every month. Currently, the APR is 4.30 percent, and the minimum opening deposit is only one dollar. There are no transaction fees; you can deposit checks and pay bills from your phone.

#14. USAA Classic Checking

If you are eligible for a USAA account, the free USAA Classic Checking account is a great choice. Some people may find it hard to join USAA because it is only open to military members, those working for the Department of Defense, and their immediate families. If you can join USAA, you can get a lot out of USAA Classic Checking, which has benefits like free checking, free checks, online bill payment, and refunds for ATM fees.

#15. Quontic High-Interest Checking

At Quontic Bank, you can now open a new checking account with a high-interest rate. This account is a great way to save and grow your money because of the high deposit limits and high-interest rates. Whether you meet the requirements or not, this is an excellent free checking account.

#16. Chase Total Checking

Even though Chase Total Checking isn’t technically free unless you meet specific monthly requirements, we included it on our recommended list because it’s convenient (you can open an account online from anywhere in the country), easy to get to (there are Chase branches in almost every major city), and full of features. Also, meeting the bare minimum standards is not hard at all. Also, people who open new accounts and sign up for direct deposit could get a bonus of up to $200.

How to Pick Banks Open Checking Accounts

Most people have a bank account where their paychecks are deposited directly. There are times when it’s better to have banks open checking accounts than savings accounts. No matter how much money you have, you must have a checking account. The following is what you need to do to banks open checking accounts:

#1. Compare Prices

With a quick Internet search, you can find bank accounts that reimburse ATM fees, pay interest, or do both. You can write checks or use a debit card at most banks. Do your homework and compare the different bank and credit union accounts you can get. Make sure you can afford the initial deposit, and find out if there are any ongoing minimum balance requirements or monthly maintenance costs. Most of the time, the interest rates on savings accounts, money market accounts, and CDs are higher than those on checking accounts.

#2. Make a Bank Account and Put Money in It

Set up direct deposit so that every time you get paid, the money goes straight into your checking account.

What Feature Banks Open Checking Accounts Should Have

What you can expect when you open checking accounts with one of the following banks:

#1. Bonuses

Some banks will give you hundreds of dollars if you open a checking account with them, but there are usually conditions attached to this offer.

#2. Checking Account Kinds

There are different checking accounts, and some are designed for specific groups of people, such as seniors, teens, business owners, and people with bad credit. Some banks and credit unions offer benefits like cash back on debit cards and interest on account balances. Bankrate is a great place to find out what bank account is best for you.

The Federal Deposit Insurance Corporation (FDIC) ensures that deposits in checking accounts at banks meeting certain requirements are safe. Having an interest-bearing checking account is great because it lets you earn interest on your checking account balance. 

But if you put the whole amount into a savings or money market account, you may get a better rate of return. With an online checking account, you might get a better return on your money than a traditional one. If the FDIC backs an online bank, you can feel safe using its services.

#3. Rewards

Some banks and credit unions give out bonus cash. There may be a limit to how much money back you can earn each month. In a reward checking account, only specific amounts may earn interest. Once that point is reached, production may drop quickly.

#4. No Costs

It has been found that more than half of all checking accounts that don’t earn interest don’t charge any maintenance or monthly service fees. Most accounts that don’t earn interest don’t charge fees in certain situations, like when you get a direct deposit. New “challenger banks,” like Chime and Current also offer free checking accounts.

The Types of Banks Open Checking Accounts

People have different banking needs, so banks offer different types of open checking accounts.

#1. Traditional Checking Account

You can write checks and buy things daily with a standard checking account. You can also take money out of an ATM.

#2. Premium Checking Account

There are more perks with premium checking accounts than with regular checking accounts. To use this service, you may need to keep a larger deposit or balance at the bank or pay a monthly fee. Most of the time, the benefits of a premium account get better the more money you put into it.

#3. Checking Account That Pays Interest

As their names suggest, several types of checking accounts pay interest. There are getting to be more and more options for checking accounts with high-interest rates. Many banks that offer this service need you to have a certain minimum balance in your account to earn money from it.

#4. Rewards Checking Account

With a reward checking account, you can get points for every dollar you spend, just like a credit card. Most of the time, you’ll get cash back on everything you buy with your debit card.

#5. Checking Account for a Student

Students in high school and college can open the first bank accounts made just for them. Most of the time, these accounts protect account holders from overdrafts at no extra cost.

#6. Checking Account for a Second Chance

People with a bad history with banks can get a second chance at a checking account. Fees are usually charged every month for these kinds of accounts.

What You Need to Do to Get a Checking Account

Most of the time, you must meet a few basic requirements before opening a checking account.

#1. Identification

When you open an account at a bank or credit union, you’ll need two forms of ID, like a Social Security card, passport, state ID, or driver’s license.

#2. Deposit Requirement

Some checking accounts require less than the standard $25 deposit to open, but most do not.

#3. Address

When you open an account, you must show proof of who you are and where you live. All of these work well: insurance cards, leases, and utility bills.

#4. Age

People under 18 find it hard to open a bank account. Still, a child under 18 can open a joint account with an adult or a custodial account.

What Are the Pros and Cons of Using a Checking Account?

The money in a checking account might be safe. Still, there may be better choices in some situations. Here are some pros and cons of using banks’ open checking accounts.


  • It makes it easier to buy things you need and make regular payments.
  • Direct deposit is a service that many companies and businesses offer to their clients.
  • Your money is safe in an FDIC-insured bank if your account balances don’t exceed the FDIC’s limits and rules.
  • Most of the time, you can get money from an ATM or by writing a check.
  • You’ll need a checking account to use services like Venmo or Zelle.


  • Some checking accounts have monthly fees or require you to meet certain requirements.
  • Most of the time, checking accounts don’t earn any money.
  • If you’re trying to save money, it might not be a good idea to let too much of it sit in your bank account.

What Is the Easiest Bank to Open a Checking Account?

The following are;

  • TD Bank.
  • U.S. Bank.
  • Synchrony.
  • Chase Bank.
  • Axos Bank.
  • Ally.
  • Wells Fargo.

What Bank Pays the Most to Open a Checking Account?

The following are;

  • At Huntington National Bank, you can get a bonus of up to $600.
  • At PNC Bank, you can get up to $400.
  • BMO Harris has a bonus that can be worth up to $350.
  • There is a $250 SoFi bonus.
  • There’s a $200 bonus at Chase Bank, and students get $100.
  • M&T Bank is offering up to a $200 bonus.
  • Wells Fargo is offering a $200 bonus.
  • Bank of America is giving you a bonus of $100.

Which Bank Is the Best Bank to Open Account?

The following are;

  • Heritage Bank’s APY is 2.02%.
  • The annual percentage yield at NBKC Bank is 1.50 percent.
  • Navy Federal Credit Union’s annual percentage rates range from 0.35 to 0.45 percent.
  • Annual percentage yields at Ally Bank range from 0.10% to 0.25%.
  • TIAA Bank offers a rate of return of 0.25 percent per year.
  • LendingClub Bank’s annual percentage yield (APY) is between 0.10% and 0.15%.
  • The APR for customers of Capital One is 0.10 percent.
  • Chase Bank’s annual percentage rate (APY) is between 0% and 1%.

What Bank Can I Open a Checking Account With No Money?

Some banks, like Ally Bank, Axos Bank, Capital One, Discover, E-Trade, FNBO Direct, and Varo, do not require a minimum balance to keep a free checking account.

How Much Does It Take to Open a Checking Account?

Your best financial tool might be a checking or savings account. If so, it’s easy to open an account at a bank or credit union. Savings accounts earn interest. You can open a savings or checking account for as little as $25 or as much as $100.

Can I Open a Checking Account Only?

Either a single person or a couple can open a checking account. To open an account, you need to show proof of who you are (like a driver’s license, Social Security number, etc.) and make a deposit of at least the minimum amount.


The best checking accounts let you get to your money whenever and wherever you want with as little trouble as possible. It is assumed that most Americans have kept their checking accounts at the same bank since they were opened. Unfortunately, this means that most Americans don’t take advantage of the features that the best checking accounts have to offer. Find the best checking account based on how you spend your money and what you need.

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