The 22 checking accounts we surveyed at 18 online institutions show that they can be somewhat pricey, especially if you're intent on earning interest, but at least they pay decent interest. You may find that abiding by a couple of minor stipulations will eliminate fees.

Interestingly, online banks have higher average minimums when opening either an interest or noninterest account. The average minimum required to open an interest checking account at an online bank is $650.81, versus $376.75 at a traditional bank. The average minimum for a noninterest account is $133.33 online and $82.71 at the brick-and-mortar.

Average minimum requirement to open

The situation flips when it comes to the minimum balance you're required to maintain in an interest checking account to avoid service fees. At online banks, the average is $843.75, while at traditional banks it's $3,461.84.

Average balance requirement (interest)