A good checking account makes everyday money management way easier. And in 2026, you don’t need to settle for one that charges fees or gives you nothing in return. The best accounts offer perks like early direct deposit, budgeting tools, overdraft protection, and even cashback debit cards.
- Up to $400 Bonus Tiered Disclosure
New and existing Checking and Savings members who have not previously enrolled in Direct Deposit with SoFi are eligible to earn a cash bonus of either $50 (with at least $1,000 total Eligible Direct Deposits received within 25 calendar days of your first Eligible Direct Deposit of $1 or more) OR $400 (with at least $5,000 total Eligible Direct Deposits received within 25 calendar days of your first Eligible Direct Deposit of $1 or more). Cash bonus amount will be based on the total amount of Eligible Direct Deposit received within 25 calendar days of your first Eligible Direct Deposit of $1 or more. If you have satisfied the Eligible Direct Deposit requirements but have not received a cash bonus in your Checking account, please contact us at 855-456-7634 with the details of your Eligible Direct Deposit. Direct Deposit Promotion begins on 5/15/2026 and will be available through 12/31/2026. Full terms at sofi.com/banking. SoFi Checking and Savings is offered through SoFi Bank, N.A., Member FDIC. SoFi members with Eligible Direct Deposit can earn 3.30% annual percentage yield (APY) on savings balances (including Vaults) and 0.50% APY on checking balances. There is no minimum Eligible Direct Deposit amount required to qualify for the 3.30% APY for savings (including Vaults). Members without Eligible Direct Deposit will earn 0.80% APY on savings balances (including Vaults) and 0.50% APY on checking balances. Interest rates are variable and subject to change at any time. These rates are current as of 9/23/26. Fees may reduce earnings. Additional information can be found at http://www.sofi.com/legal/
- APY disclosures
Annual percentage yield (APY) is variable and subject to change at any time. Rates are current as of 9/23/26. There is no minimum balance requirement. Fees may reduce earnings. Additional rates and information can be found at https://www.sofi.com/legal/
- Fee Policy
We do not charge any account, service, or maintenance fees for SoFi Checking and Savings. We do charge transaction fees for outgoing wire transfers, Instant Transfers, and global remittance transfers. Our fee policy is subject to change at any time. See the SoFi Bank Fee Sheet for details at sofi.com/legal/banking-fees/.
- Additional FDIC Insurance
SoFi Bank is a member FDIC and does not provide more than $250,000 of FDIC insurance per depositor per legal category of account ownership, as described in the FDIC’s regulations. Any additional FDIC insurance is provided by the SoFi Insured Deposit Program. Deposits may be insured up to $3M through participation in the program. See full terms at SoFi.com/banking/fdic/sidpterms. See list of participating banks at SoFi.com/banking/fdic/participatingbanks.
- ATM Access
We’ve partnered with Allpoint to provide you with ATM access at any of the 55,000+ ATMs within the Allpoint network. You will not be charged a fee when using an in-network ATM, however, third-party fees may be incurred when using out-of-network ATMs. SoFi’s ATM policies are subject to change at our discretion at any time.
- Early Access to Direct Deposit Funds
Early access to direct deposit funds is based on the timing in which we receive notice of impending payment from the Federal Reserve, which is typically up to two days before the scheduled payment date, but may vary.
- Overdraft Coverage
Overdraft Coverage is a feature automatically offered to SoFi Checking and Savings account holders who receive at least $1,000 or more in Eligible Direct Deposits within a rolling 31 calendar day period on a recurring basis. Eligible Direct Deposit is defined on the SoFi Bank Rate Sheet, available at https://www.sofi.com/legal/banking-rate-sheet. Members enrolled in Overdraft Coverage may be covered for up to $50 in negative balances on SoFi Bank debit card purchases only. Overdraft Coverage does not apply to P2P transfers, bill payments, checks, or other non-debit card transactions. Members with a prior history of unpaid negative balances are not eligible for Overdraft Coverage. Eligibility for Overdraft Coverage is determined by SoFi Bank in its sole discretion. Members can check their enrollment status, if eligible, at any time by logging into their account through the SoFi app or on the SoFi website.
- 0.90% Savings APY Boost
Earn up to 4.20% Annual Percentage Yield (APY) on one SoFi Savings account with a 0.90% APY Boost (added to the 3.30% APY as of 9/23/26) for up to 6 months. Open your first SoFi Checking and Savings account and receive eligible direct deposits OR qualifying deposits of $5,000 every 31 days by 12/31/26. Rates are variable, subject to change. Terms apply at sofi.com/banking#4. SoFi Bank, N.A. Member FDIC.
- Earn 9x The National Average Rate
- Earn Up to $400 with Eligible Direct Deposit*
- Earn $50 or $400 when you sign up and set up eligible direct deposit*
- Limited Time Offer: New savings accounts earn a 0.70% APY boost to 3.80% for up to 6 months with eligible direct deposit*
- Earn 0.50% APY on Checking Balances
- Up to 2-day-early-paycheck*
- FDIC Insured up to $250k plus up to $3M in supplemental insurance*
- Chime is a financial technology company, not a bank. Banking services and debit card provided by The Bancorp Bank N.A. or Stride Bank, N.A.; Members FDIC.
- Early access to direct deposit funds depends on the timing of the submission of the payment file from the payer. We generally make these funds available on the day the payment file is received, which may be up to 2 days earlier than the scheduled payment date.
- Out-of-network ATM withdrawal and over the counter advance fees may apply except at FCTI® ATMs in a 7-Eleven® or Speedway, or any Allpoint® or Visa® Plus Alliance ATM participating in the Allpoint network.
- SpotMe® on Credit is an optional, no interest/no fee overdraft line of credit tied to the Secured Deposit Account. SpotMe on Debit is an optional, no fee service attached to your Chime Checking Account (individually or collectively, “”SpotMe””). Eligibility for SpotMe requires $200 or more in qualifying direct deposits to your Chime Checking Account each month.
- Qualifying members will be allowed to overdraw their Chime Checking Account and/or their Secured Deposit Account up to $20 in total, but may be later eligible for a higher combined limit of up to $200 or more based on member’s Chime account history, direct deposit frequency and amount, spending activity and other risk-based factors. Your SpotMe Limit will be displayed to you within the Chime mobile app. You will receive notice of any changes to your SpotMe Limit. SpotMe for Credit and SpotMe on Debit share a single SpotMe limit. Your SpotMe Limit may change at any time, at Chime or its banking partners’ discretion. Although there are no overdraft fees, there may be out-of-network or third-party fees associated with ATM transactions or OTC cash withdrawal fees at retailers. SpotMe won’t cover non-card transactions, including ACH s, Pay Anyone s, or Chime Checkbook transactions. SpotMe terms and conditions.
- Pay Anyone transactions will be monitored and may be held, delayed or blocked if the transfer could result in fraud or another form of financial harm. Sometimes instant transfers can be delayed. Non-Chime members must use a valid debit card to claim funds.
- Chime® Checking Account is required to be eligible for a Savings Account.
- Up to $350* with a new Chime account
- No monthly fees
- Get paid in up to 2 days early* with direct deposit
- 47k+ Fee-free ATMs~
- 24/7 live support
- Faster access to funds is based on comparison of traditional banking policies and deposit of paper checks from employers and government agencies versus deposits made electronically. Delays by the employer, payer, or their banks may result in delayed access to funds beyond our control.Fees may apply, including out of network cash withdrawal fees, third-party fees, cash load fees, inactivity fees, account closure fees, international transaction fees, replacement card fees, express mail fees and escheatment fees.
- Up to $200 overdraft amount only available for a limited time to new users who sign up for a Current account through the applicable landing page and/or with the applicable code, as determined by Current in its sole discretion. Actual overdraft amount may vary and is subject to change at any time, at Current’s sole discretion. In order to qualify and enroll in the Fee-Free Overdraft feature, you must receive a minimum of $200 or more in Eligible Direct Deposits into your Current Account over the preceding 35-day period and fulfill other requirements subject to Current’s discretion. Negative balances must be repaid within 60 days of the first Eligible Transaction that caused the negative balance. For more information, please refer to Fee-free Overdraft Terms and Conditions.
- Paycheck Advance is offered by Finco Advance LLC, a financial technology company, not a bank and is for eligible customers only. Your actual available Paycheck Advance amount will be displayed to you in the mobile app and may change from time to time. Conditions and eligibility may vary and are subject to change at any time, at the sole discretion of Finco Advance LLC. For more information, please refer to Paycheck Advance Terms and Conditions.
- Multi-featured payment account and debit card
- Get paid up to two days faster*
- 40,000 fee-free ATMs
- $0 minimum balance
- Easy-to-use app
- New Current Build secured credit card
- Banking services provided by Choice Financial Group, Member FDIC
- Fees apply to loans and out of network withdrawals & cash deposits.
- We give access to direct deposits from employer & government payers on the day we receive them, typically up to 2 days earlier than your scheduled pay date.
- Varo Advance (VA) is a small dollar line of credit. Initial limits range from $20-$250, work your way up to $500 over time. Fees range from $1.60 – $40 based on loan amount. Additional qualifications apply
- Open an online account with no monthly fees
- No monthly fees, no minimums, fee-free in-network ATMs and deposits. Optional services have fees*
- Set up a direct deposit today and get your paycheck up to 2 days early*
- Borrow up to $500 cash over time with a flat fee and 30 days to repay-no credit check*
- Member FDIC
Table of Contents
- Checking accounts to consider this month
- How checking accounts work
- How to choose the best checking account
- Types of checking accounts to look for
- Who should open a checking account?
- Are checking accounts safe?
- Are checking accounts worth it if you already have a savings account?
- FAQs about checking accounts
Checking accounts to consider this month
Here are standout options from SoFi, Ally, Capital One and Discover, and what we like about each one.
1. SoFi Checking and Savings
Checking overview
| Features | APY: 0.50% (checking) and up to 3.80% (savings); up to $300 sign-up bonus; early direct deposits; no overdraft fees |
| Required opening deposit | $0 |
| Minimum balance | None |
| Monthly fee | $0 |
| Mobile check deposit | Yes |
| Savings accounts available | Yes (automatically included) |
| CDs available | No |
| ATM network | 55,000+ |
| FDIC or NCUA insured | FDIC (up to $3 million) |
Why we like it
SoFi is a great pick if you want to keep your savings and spending in one place (and actually earn something on it). Its checking and savings account is bundled together, so you don’t have to juggle separate logins or apps.
You’ll earn 0.50% APY on checking and up to 3.80% APY on savings, which is way higher than what most big banks offer. And if you set up direct deposit, you’ll unlock a few nice extras too: early paychecks (up to two days ahead of schedule), free overdraft coverage up to $50, and a sign-up bonus that could add up to $300.
2. Capital One 360 Checking
Checking overview
| Features | 0.10% APY; no overdraft fees |
| Required opening deposit | $0 |
| Minimum balance | None |
| Monthly fee | $0 |
| Mobile check deposit | Yes |
| Savings accounts available | Yes |
| CDs available | Yes |
| ATM network | 70,000+ |
| FDIC or NCUA insured | FDIC insured |
Why we like it
Capital One gives you the best of both worlds: an online bank with actual branches and cafés if you ever want face‑to‑face help.
It has one of the best checking accounts out there. You earn 0.10% APY on your total balance (with no activity requirements), and there are no monthly or overdraft fees.
It’s perfect if you want digital convenience without losing the option to walk in and talk to a real person.
3. Discover Cashback Debit
Checking overview
| Features | Cashback debit card; early direct deposits; no overdraft fees |
| Required opening deposit | $0 |
| Minimum balance | None |
| Monthly fee | $0 |
| Mobile check deposit | Yes |
| Savings accounts available | Yes |
| CDs available | Yes |
| ATM network | 60,000+ |
| FDIC or NCUA insured | FDIC insured |
Why we like it
If you want to earn rewards without messing with a credit card, Discover’s Cashback Debit account is a solid pick. You’ll get 1% cash back on up to $3,000 in debit card purchases each month, which could mean up to $360 a year just for spending like you normally do.
It’s a great option if you want a truly free checking account with a few nice perks baked in (like early paydays and access to Discover’s highly rated customer service).
4. Ally Bank Spending Account
Checking overview
| Features | 0.10% – 0.25% APY; no overdraft fees; will cover up to $250 in overdrafts; early direct deposits; $10 in monthly ATM fee reimbursements; spending buckets for budgeting |
| Required opening deposit | $0 |
| Minimum balance | None to earn 0.10% APY ($15K to earn 0.25%) |
| Monthly fee | $0 |
| Mobile check deposit | Yes |
| Savings accounts available | Yes |
| CDs available | Yes |
| ATM network | 75,000+ |
| FDIC or NCUA insured | FDIC insured |
Why we like it
Ally is one of the best all-digital banks out there—and its Spending Account lives up to the hype. (This is coming from someone who’s had the account for over a decade and has no plans of switching any time soon.)
Ally’s Spending Account earns a flat 0.10% APY if your balance is below $15,000 or 0.25% APY if your balance is $15,000 or more. Plus, you can budget the money inside using Ally’s handy “spending buckets.” Not to mention, the bank has 24/7 customer service (which isn’t always the case with online banks).
How checking accounts work
At its core, a checking account is just a home base for your money. It’s where your paycheck lands, where your bills get paid from, and what your debit card pulls from when you swipe at the store.
Unlike savings accounts, checking accounts usually don’t earn much (if any) interest, but they’re built for easy access. They’re made to move money in and out quickly, whether you’re paying rent, splitting dinner, or Zelleing your nephew $20 for his birthday.
How to choose the best checking account
We recommend keeping an eye on the following as you compare checking accounts:
- Start with the fees: Monthly maintenance fees, overdraft fees, out-of-network ATM fees, and foreign transaction fees all add up. The best checking accounts cut most (or all) of these.
- Check the ATM access: Many online banks partner with national networks like Allpoint or MoneyPass, so you have free access to 55,000+ ATMs. If the network isn’t strong in your area, see if the bank reimburses fees.
- Read the app reviews: Even if you mostly bank on desktop, scan the App Store or Google Play ratings to see how others feel about the mobile app. If it has terrible reviews, it could be a sign to skip.
- Understand the overdraft protection: “Overdraft coverage” is a blanket term that can mean a lot of different things. Find out if the bank declines transactions that overdraft your account, do linked savings transfers, or offer free overdraft coverage up to a certain limit.
- See what extras they offer: Want a debit card that earns cashback? Discover’s checking account might be your best option.
- Think about the full ecosystem: If you’re hoping to open a high-yield savings account, CD, or money market account too, check that the bank offers those (and that they’re competitive).
Types of checking accounts to look for
Even among the best checking accounts, you’ll find many different types to choose from. Here’s a rundown of the most common ones:
- Online checking: These are fully digital accounts with no branches and usually no fees.
- High-yield checking: These are checking accounts that actually pay interest (like SoFi’s checking, which earns 0.50% APY).
- Traditional checking: You can find these at big-name banks with physical branches. You get in-person support, but you often pay more in fees.
- Student or teen checking: These are checking accounts specifically for (you guessed it) teens and college students.
- Senior checking: These checking accounts are tailored to those aged 50 and up. They may come with perks like free checks, lower fees, or interest, depending on the bank.
- Second-chance checking: If you’ve been denied a bank account due to past overdrafts or issues with ChexSystems, you might get denied for a regular checking account. And in that case, a second-chance checking account can help you rebuild.
- Business checking: If you freelance or run any type of business, you’ll want a business checking account to keep that money separate.
- Joint checking: Any checking account can become a joint checking account if you open it with another person (like a partner or family member). It’s a “joint” account because you both access and manage the money equally.
- Rewards checking: These offer perks like cash back, interest, or even bonuses when you meet spending or direct deposit requirements. Discover’s cashback debit card and Axos’s Rewards checking account are both examples.
Depending on your lifestyle, I would suggest thinking about the “type” of account you want. Once you determine the type of account, focus on what you want to see in a relationship. Do you want a “brick and mortar” institution, or are you OK with an online institution? Ensure you are working with a financially strong institution.
Who should open a checking account?
Literally anyone who receives money or needs to pay bills should have a checking account. These accounts come with debit cards and allow you to receive direct deposits. Even if you’re using credit cards or cash apps day to day, you still need a checking account behind the scenes to move money safely and securely.
If you have a checking account and are changing institutions, make sure you’re ready to transition your bill pays, direct deposits, etc. There is an effort required to change your primary checking relationship.
Are checking accounts safe?
Yes, checking accounts are generally very safe as long as they’re held at an FDIC- or NCUA-insured institution. On top of federal insurance, most banks and credit unions also use strong encryption, fraud monitoring, and multifactor authentication to keep your account secure.
Just make sure you’re using a safe financial institution (like the ones on this list), and keep your login info private. If you ever see suspicious activity, report it right away.
Are checking accounts worth it if you already have a savings account?
Absolutely. Even if you already have a savings account, a checking account plays a different role in your money life. Savings accounts are great for stashing cash and earning interest, but they’re not built for everyday spending. Most don’t come with debit cards or checks, and many limit how often you can withdraw money each month.
A checking account gives you the easiest access to your money so you can pay bills, grab groceries, receive your paycheck, or even Venmo a friend. You really want both (a checking account and a high-yield savings account).
FAQs about checking accounts
Can I have multiple checking accounts?
Yes! You can open as many as you want. Some people keep separate accounts for specific bills (like their mortgage) or for money earned through side hustles like DoorDash or freelancing. Just make sure you keep track of them all so nothing slips through the cracks.
Do checking accounts earn interest?
It’s becoming more and more common for checking accounts to earn at least a little interest. For example, we found that many of the best checking accounts (including SoFi, Ally, Axos, and more) earn interest.
How can I avoid checking account fees?
Go with a bank that doesn’t charge checking account fees in the first place. These days, you shouldn’t be paying monthly service fees, overdraft fees, or ATM fees. Look for banks that advertise “fee-free” checking, or at least explain clearly how to avoid them.
Do I need good credit to open a checking account?
Banks don’t check your credit score for checking and savings accounts, so you don’t need a good credit score to open one. However, they might look at your banking history using a service like ChexSystems. If you’ve had issues with past accounts (like multiple overdrafts), a second-chance checking account might be your only option.
I suggest folks keep their lives simple by focusing on a primary checking account to use versus using multiple accounts. Using multiple accounts may create complexities in your life.
Article sources
At LendEDU, our writers and editors rely on primary sources, such as government data and websites, industry reports and whitepapers, and interviews with experts and company representatives. We also reference reputable company websites and research from established publishers. This approach allows us to produce content that is accurate, unbiased, and supported by reliable evidence. Read more about our editorial standards.
- SoFi, Online Checking Account
- Capital One, Capital One 360 Checking
- Discover Bank, Checking Account
- Ally Bank, Ally Bank Spending Account
- MyCreditUnion.gov, Checking Accounts
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About our contributors
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Written by Cassidy Horton, MBA
Cassidy Horton is a finance writer passionate about helping people find financial freedom. With an MBA and a bachelor's in public relations, her work has been published more than 1,000 times online.
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Edited by Amanda Hankel
Amanda Hankel is a managing editor at LendEDU. She has more than seven years of experience covering various finance-related topics and has worked for more than 15 years overall in writing, editing, and publishing.
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Reviewed by Eric Kirste, CFP®
Eric Kirste, CFP®, CIMA®, AIF®, is a founding principal wealth manager for Savvy Wealth. Eric brings more than two decades of wealth management experience working with clients, families, and their businesses, and serving in different leadership capacities.
