Do checking accounts earn interest?

Some checking accounts do earn interest, but it's not a standard feature for most checking accounts. Traditional checking accounts — typically from large banks — often pay little to no interest. That's because checking accounts are designed primarily for everyday spending and bill payments. However, a growing number of online banks, credit unions and fintech companies are offering high-yield checking accounts. Check out Bankrate's best high-yield checking accounts for 2025.

How many checking accounts can I have?

While there’s no limit to the number of checking accounts you can have, it's generally practical to have one per person, or perhaps as many as three in a household if a couple prefers a joint checking account plus individual accounts. In addition, a separate account for a business helps to track business income and expenses separately from everyday household expenditures.

How do I get a checking account bonus?

Tempted to sign up for a new checking account to score a bonus? It might be a good idea for you. Read the fine print, however. The exact requirements to earn a bonus will vary based on the bank, and you may need to meet a minimum balance or number of transactions to qualify for the bonus. You can explore your best options for checking account bonuses with Bankrate.

What is overdraft protection?

Banks provide this service to cover purchases that you can’t pay for due to a too-low account balance. But signing up for overdraft protection may not be a great idea.Sure, you won't have to pay an NSF fee and the bank will cover the funds if you have them. But if your bank charges a fee, the average overdraft fee is $26.77 per item overdrawn, according to Bankrate's 2025 checking account and ATM fee study. Some banks may refund the fee for infrequent offenders, and others might simply decline the transaction.Instead of paying an overdraft fee, see if you can link another account, such as a savings account, to your checking account, so funds can be automatically transferred as needed. To avoid overdrafts, keep track of your purchases and check your account regularly. Depending on the bank, you can also sign up for alerts if your balance falls to a specific amount.

Will a checking account build or hurt credit?

Opening or using a checking account typically doesn't impact your credit score, because these accounts aren't tied to borrowing money. Instead, checking accounts are used to manage the funds you already have, and activity like deposits, bill payments and debit card use isn't reported to the major credit bureaus. That said, your banking behavior is still being tracked — just not by the credit bureaus. When you apply for a new checking account, most banks and credit unions will review your history through ChexSystems or Early Warning Services, LLC, which are consumer reporting agencies focused specifically on deposit account activity. These systems track issues like overdrafts, bounced checks, unpaid fees or suspected fraud. A negative report can make it harder to get approved for a standard account. Some banks offer second-chance checking accounts for those who need a fresh start. These accounts can help you rebuild your banking history, but often don't come with all the perks of a regular checking account.

What do all the checking account numbers mean?

Routing number: Along the bottom of your checks are three sets of numbers. The first nine digits, between symbols resembling colons, are the routing numbers. They identify the financial institution associated with an account and are often prominently displayed on the institution's web page. You need these numbers to set up direct deposits or automatic payments. Account number: To the right of the routing numbers is the account number, which is unique for each account holder. Check number: The last set of numbers reflects the check number, which you'll also find in the top right-hand corner of a check.

What are the main differences between checking and savings accounts?

Purpose: A checking account is designed for everyday spending, while a savings account is meant for saving money over time. Access: Checking accounts offer easy access to funds via debit cards, checks and online payments. In contrast, savings accounts don't usually come with a debit or ATM card, and withdrawals out of the account may be limited to a certain number each month. Interest: Savings accounts usually earn higher interest than checking accounts.

Best checking accounts of October 2025

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Updated October 9, 2025

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The best checking accounts offer easy access to your money, a large ATM network and don’t charge pesky fees. Some of the best accounts also offer perks, such as cash back, interest on your balance or ATM fee reimbursements. Bankrate reviewed and rated checking accounts from over 100 banks and credit unions based on their fees, balance requirements, funds access and more to help you choose the best checking account for you.

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Table of contents

Banks with the best checking accounts
The competition: Other checking accounts you can consider
What to look for in a checking account
Compare: Standard vs. best checking accounts
How to open a checking account
Can I open a checking account online?
Checking accounts at credit unions vs. banks
How much should I keep in my checking account?
Pros and cons of checking accounts
Alternatives to checking accounts
Checking account FAQs
Research methodology

Banks with the best checking accounts for October 2025

Note: Annual percentage yields (APYs) shown are as of Aug. 18. Bankrate's editorial team validates this information regularly, typically biweekly. APYs may have changed since they were last updated and may vary by region for some products. Bankrate includes only FDIC banks or NCUA credit unions in its listings.

Read review

LendingClub

4.8 Bankrate score

Annual percentage yield

1.00%
Min. deposit to open

$2,500

Why LendingClub?

LendingClub Bank's LevelUp Checking account offers a unique combination of interest earnings and rewards — but you'll need to meet certain requirements to earn them. There is no minimum balance required to open the account but you only earn interest if you maintain $2,500 in the account. You'll also earn one percent cash back on certain debit card purchases when you set up a monthly direct deposit.

Pros

A competitive yield is paid on balances of $2,500 or more.
Earn one percent cash back on specific everyday spending categories with a direct deposit.
The account comes with unlimited ATM fee rebates.
Cons

You'll need to maintain at least $2,500 in your account to earn interest.

Read review

First Internet Bank of Indiana

4.8 Bankrate score

Annual percentage yield

0.00%
Min. deposit to open

$25

Why First Internet Bank of Indiana?

The Free Checking account from First Internet Bank is true to its name, delivering the best of the basics: a relatively low minimum deposit of $25, no monthly service fees and no extra charge fees for ATM use. It's a straightforward, fee-free account that fits well for users who want a simple checking experience without having to chase rates or meet ongoing activity requirements.

Pros

The account doesn’t charge a monthly maintenance fee or ATM fees.
The account can be used for Zelle peer-to-peer payments.
Cons

Receiving paper account statements will cost you $3 per statement.

Read review

NBKC Bank

4.9 Bankrate score

Annual percentage yield

1.75%
Min. deposit to open

$0

Why NBKC Bank?

The biggest draw to online-only NBKC's Bank's Everything Account is its competitive rate, which you earn without needing to meet any criteria. That's in contrast to many other high-yield checking accounts, which require account holders to meet a spending or deposit threshold to unlock top-tier rates. The account has no monthly service charge or overdraft fees and allows you to deposit cash. Combined with access to over 90,000 fee-free ATMs and monthly ATM fee reimbursements of up to $12 per month, the Everything Account is an accessible and flexible checking account.

Pros

There are no fees for overdraft, returned items, stop payments, cashier’s checks and other services.
Customers can access a wide network of fee-free ATMs across the country.
The bank reimburses up to $12 per month for out-of-network ATM fees.
Cash deposits are available.
Cons

NBKC Bank isn’t on the Zelle peer-to-peer payment network.

Read review

Axos Bank

4.9 Bankrate score

Annual percentage yield

0.00%
Min. deposit to open

$0

Why Axos Bank?

The Axos Bank Essential Checking comes with fee-free access to more than 90,000 ATMs across the nation, plus unlimited domestic ATM fee reimbursements. Customers can deposit cash at any ATM in the network that accepts cash deposit, or through the nearly 100,000 retail partners through the Green Dot Network, though you might have to pay a fee to use the latter. Account holders pay no monthly service fees, overdraft fees or non-sufficient funds fees.

Pros

Wide ATM network and unlimited reimbursement of ATM fees incurred in the U.S.
There’s no minimum deposit amount required to open the account.
Account holders can receive 24/7 customer support over the phone.
Early direct deposit.
Cons

Outgoing domestic wire transfers cost $35 each, which is higher than some other banks charge.
You may pay a fee for depositing cash, depending on which network you use.

Read review

Capital One

5.0 Bankrate score

Annual percentage yield

0.10%
Min. deposit to open

$0

Why Capital One?

While its 0.10 percent APY is modest compared to some competitors on this list, the Capital One 360 Checking account stands out for the ability to deposit cash for free at thousands of retail locations, including CVS and Walgreens. It's an especially good fit for customers who want the flexibility of online banking without giving up the option of in-person support if you're in select states where Capital One offers branches.

Pros

The 360 Checking account earns some interest.
No monthly fees.
Your first order of checks is free.
70,000+ ATM network.
Access to early direct deposit.
Although it’s primarily an online bank, Capital One offers more than 250 branches in eight states and Washington, D.C., as well as cafe-style locations in various states.
Cons

Checking account customers must agree to receive electronic statements, as paper ones are not an option.

Read review

Alliant

4.8 Bankrate score

Annual percentage yield

0.25%
Min. deposit to open

$25

Why Alliant?

Alliant Credit Union’s High-Rate checking account holders earn 0.25 percent APY by opting into e-statements and setting up one electronic deposit per month. The account doesn’t have monthly or overdraft fees and provides access to a large ATM network (and will reimburse you up to $20 per month for using out-of-network ATMs). Alliant Credit Union is easy to join for anyone, despite its status as a credit union. You'll be required to open an Alliant Savings Account to join, which you can do at the same time as you open a checking account.

Pros

The account earns some interest if you meet certain requirements.
Fee-free access to more than 80,000 ATMs.
$20 per month in ATM surcharge rebates.
The first box of checks is free.
Early direct deposit (up to two days early).
Cons

You must open Alliant’s High-Rate savings account first — opening that account is how you become a credit union member. You'll have to keep that account open with at least $5 in it to stay a member.

Read review

Charles Schwab Bank

4.8 Bankrate score

Annual percentage yield

0.05%
Min. deposit to open

$0

Why Charles Schwab Bank?

The Schwab Investor Checking account has a unique feature: you’ll get fee-free access to ATMs all over the globe. And the built-in link to a Schwab One brokerage account streamlines money management for those who want to keep banking and investing under one roof. With this account, checks are free, but you will need to add funds to receive a debit card, checks or set up bill pay.

Pros

The account charges no monthly service fees or overdraft fees.
Free to order checks.
Customers get unlimited ATM fee reimbursements worldwide.
Cons

There’s no way to deposit cash into the account.

Read review

TAB Bank

4.8 Bankrate score

Annual percentage yield

2.75%
Min. deposit to open

$0

Why TAB Bank?

TAB's Spend account comes with a top-notch rate of 2.75 percent APY and one percent cash back on debit card purchases — and there are no activity requirements to unlock those benefits. The account requires no minimum opening deposit, and customers can make fee-free withdrawals at MoneyPass ATMs nationwide, making this account a rare find that combines high yields, rewards and few fees.

Pros

The Spend checking account earns a very competitive APY for a checking account.
Customers can earn cash back on purchases made using the account’s Mastercard debit card.
Cons

Unlike some other banks, TAB doesn’t reimburse any ATM surcharges assessed by other banks or ATM owners.

Read review

Bask Bank

4.8 Bankrate score

Annual percentage yield

1.00%
Min. deposit to open

$0

Why Bask Bank?

Bask Bank’s Interest Checking account earns the same high APY of 1 percent on all balances, and it charges no monthly maintenance fees, offering a blend of simplicity and competitive interest. There’s no minimum deposit requirement, but the bank may close your account if you don’t fund it within 15 days. Customers have access to a large fee-free ATM network and refunds on ATM surcharges.

Pros

Bask Bank customers can use more than 55,000 free ATMs, and they can receive refunds of ATM surcharges.
The account earns interest and offers access to peer-to-peer payment network Zelle.
Cons

This account doesn’t offer early direct deposit, so you won’t see your paychecks a couple of days early.

Read review

Discover Bank

5.0 Bankrate score

Annual percentage yield

0.00%
Min. deposit to open

$0

Why Discover Bank?

Discover Cashback Debit account lets you earn 1 percent cash back on up to $3,000 in debit purchases each month, or up to $360 per year. Other perks include cash deposits and fee-free overdraft protection transfers. Direct deposit recipients can get paid up to two days early and customers have access to more than 60,000 fee-free ATMs to make cash withdrawals.

Pros

The account doesn’t charge monthly fees or require a minimum opening deposit.
It’s free to order checks and obtain official bank checks.
Customers can send and receive money with Zelle.
Cons

While free cash deposits are available, you can only make them at Walmart, which may or may not be convenient for you.

The competition: Other checking accounts you can consider

On our Best Checking Accounts list, Bankrate surfaces the highest-rated checking accounts from the banks we review that are also available to most people nationwide. But that doesn't mean that these accounts will suit everyone's needs or that there aren't other great accounts out there. Below, you'll find a few more contenders to consider.

American Express Rewards Checking: You have to already have an American Express credit card to open this account, so it didn't make our list based on this availability barrier, but it does get a good Bankrate score as it has few fees, no minimum deposit and earns a good APY and American Express rewards points.
Chime Checking: Chime is a financial technology company, not a bank (which is why it doesn't make our list) but it does offer a checking account which has no monthly fees and no overdraft fees. Chime is a good option for a second-chance checking account because it does not check your previous banking history as a condition of opening the account. Note that because Chime is not a bank, FDIC insurance works differently here and isn't as straightforward.
Chase Total Checking: This account doesn't score nearly as well as the ones on our list, but if you want in-person banking, Chase is likely a good option as they have branches in 48 states. The Chase Total Checking account does have a fairly high monthly maintenance fee, but it's possible to waive it. Chase is also known for having checking account bonuses for new customers.

What to look for in a checking account

Learn more: Checking account survey

What to know about checking account fees

Using a checking account can be expensive. The good news is you can find checking accounts that don't charge monthly maintenance fees as well as make it easy to avoid other common tolls. Here's what you need to know.

Learn more

Compare: Standard vs. best checking accounts

Feature category	Traditional checking accounts	Top-tier checking accounts
Interest or rewards	May earn minimal interest (if any)	May earn interest (sometimes substantial); often offer perks like sign-up bonuses or cash back
Fees	Charges monthly fees (though with ways to waive), overdraft charges, out-of-network ATM fees	No monthly, overdraft, insufficient funds or ATM fees
Extra features	Bill pay, limited ATM access, early direct deposit, access to peer-to-peer platforms such as Zelle	Early direct deposit, access to peer-to-peer platforms such as Zelle, spending insights or roundup savings tools, out-of-network ATM rebates
User experience	Often offer in-person customer service, highly-rated mobile apps	Often online-only, with highly-rated mobile apps and extended phone customer service hours (e.g., 24/7)

Deciding between branch access or online-only checking

Many of the best checking accounts on our list come from online-only banks because those banks tend to charge fewer fees and offer more perks. But that doesn't mean you shouldn't open an account at a brick-and-mortar bank if you prefer in-person customer service. Just be sure you can avoid service fees that would eat into your balance — and that you can make transfers easily to a high-yield savings account.

You can also consider keeping two checking accounts to enjoy the benefits of both kinds of banking.

Bankrate staff insights

"I have my checking and savings account with SoFi, which is an online-only bank. This was not the primary factor when choosing, but it has been a plus to the SoFi banking experience. I prefer the ease of online handlings and haven’t had any issues with quick customer support or depositing checks."

Bankrate Staff Member

“My main checking account is Charles Schwab Bank, which is online. I keep a small checking account at a brick and mortar bank in case I need a signature guarantee or cash in certain denominations.”

Bankrate Staff Member

How to open a checking account: what you need

Identification: Most banks and credit unions require two forms of identification to open an account. A Social Security card, passport, state ID or driver's license are the most commonly required documents.
Minimum deposit: The minimum deposit to open a checking account is typically around $25 or more, although there are some accounts that allow for less.
Address: You'll need to provide proof of address when opening an account. Utility bills, lease agreements and credit card statements can work well.
Age: It may be difficult to get a checking account under age 18. That said, opening a teen account, a joint account or a custodial account can be an option for minors.

Can I open a checking account online?

Yes, you can open a checking account online — though it depends on the bank or credit union. In many cases, opening an account online is quicker and more convenient than visiting a branch.

Checking accounts at credit unions vs. banks

When it comes to checking accounts, the offerings from credit unions and banks are often similar enough, but the institutions themselves differ. Commonly, banks are for-profit corporations owned by shareholders, while credit unions are member-owned, not-for-profit entities. Credit unions are also known for involvement in their community, including providing loans to small businesses.

And while a bank doesn’t often have many restrictions over who can open accounts, membership in a credit union may be limited to certain people based on where they live, work or worship.

How much should I keep in my checking account?

Since your checking account is likely the account from which you pay your bills and make debit card purchases, it’s important to keep enough money in there to cover these expenses. In addition, it often helps to keep some extra money in the account in the event your expenses are slightly higher than anticipated in a given month. This can help you avoid accidentally spending more than what’s in the account.

Beyond your living expenses and a cushion, it’s often best to keep additional funds in a savings account that earns a competitive APY. This is because many checking accounts don’t earn interest, and those that do bear interest often earn less than you can get from top-yielding savings accounts.

It doesn’t pay to let money just pile up in your checking account. Instead, keep what you need to cover your monthly expenses — plus a buffer for surprises and to avoid overdrafts — and put your excess cash in a high-yield savings account.
Greg McBride, CFA, former Bankrate chief financial analyst

Learn more: Bankrate’s best high-yield savings accounts

Pros and cons of checking accounts

Checking accounts are useful for paying bills, making debit card purchases and receiving direct deposits of your paycheck.

But while there are many benefits to having a checking account, there are a few things you want to watch out for. Here are some pros and cons that come with checking accounts:

Pros

A convenient way to receive direct deposit of your paycheck, and sometimes get it two days early.
A safe place from which you can spend your money using a debit card, pay bills and write checks without worrying about cash.
Access to cash through ATMs.
Ability to send and receive money (with family or friends) through peer-to-peer apps like Venmo or Zelle.
A safe place for your money as long as it’s with an FDIC-insured bank or NCUA-insured credit union and your balance is within the insurance limits.

Cons

Some checking accounts may charge fees for things such as not meeting a minimum balance or overdrafting your account. Make sure you know what fees your account charges so that you can avoid them or find an account that doesn’t charge many fees.
Many checking accounts pay little to no interest, so make sure you’re putting any excess cash you have into a high-yield savings account.

Alternatives to checking accounts

While a checking account provides a wide range of unique money management benefits, you’ll likely also want an account for your savings, preferably one that earns a high-yield.

High yield savings account

A savings account enables you to earn interest on your savings, helping your money grow while still giving you easy access to your funds.

Money market accounts

Like savings accounts, but also commonly come with debit cards and/or check-writing privileges.

Checking account FAQs

- Routing number: Along the bottom of your checks are three sets of numbers. The first nine digits, between symbols resembling colons, are the routing numbers. They identify the financial institution associated with an account and are often prominently displayed on the institution's web page. You need these numbers to set up direct deposits or automatic payments.
- Account number: To the right of the routing numbers is the account number, which is unique for each account holder.
- Check number: The last set of numbers reflects the check number, which you'll also find in the top right-hand corner of a check.
- Purpose: A checking account is designed for everyday spending, while a savings account is meant for saving money over time.
- Access: Checking accounts offer easy access to funds via debit cards, checks and online payments. In contrast, savings accounts don't usually come with a debit or ATM card, and withdrawals out of the account may be limited to a certain number each month.
- Interest: Savings accounts usually earn higher interest than checking accounts.

Learn more: Checking vs. savings accounts

Meet our Bankrate experts

Written by

Matthew Goldberg Matthew Goldberg

Former Senior Consumer Banking Reporter

How we choose the best checking accounts

Bankrate researches over 100 banks, including some of the largest financial institutions, online-only banks, regional banks and credit unions with both open and restrictive membership policies.

To find the best checking accounts, we rated these institutions on their checking account fees, minimum deposit requirements, ATM network, overdraft policies, APY offerings and more. The best checking accounts have few fees, no or low minimum deposit requirements, a large ATM network, forgiving overdraft policies and may offer some other perks, like early direct deposit, interest or cash back.

The highest-rated checking accounts from broadly-available banks and credit unions made our list. Learn more about how we choose the best banking products and our methodology for reviewing banks.

Woman on computer opening a checking account, with title Best Checking Account Rates

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Research

Best checking accounts of October 2025

Why choose Bankrate

Banks with the best checking accounts for October 2025

LendingClub

Annual percentage yield

Min. deposit to open

Why LendingClub?

Pros and cons

First Internet Bank of Indiana

Annual percentage yield

Min. deposit to open

Why First Internet Bank of Indiana?

Pros and cons

NBKC Bank

Annual percentage yield

Min. deposit to open

Why NBKC Bank?

Pros and cons

Axos Bank

Annual percentage yield

Min. deposit to open

Why Axos Bank?

Pros and cons

Capital One

Annual percentage yield

Min. deposit to open

Why Capital One?

Pros and cons

Alliant

Annual percentage yield

Min. deposit to open

Why Alliant?

Pros and cons

Charles Schwab Bank

Annual percentage yield

Min. deposit to open

Why Charles Schwab Bank?

Pros and cons

TAB Bank

Annual percentage yield

Min. deposit to open

Why TAB Bank?

Pros and cons

Bask Bank

Annual percentage yield

Min. deposit to open

Why Bask Bank?

Pros and cons

Discover Bank

Annual percentage yield

Min. deposit to open

Why Discover Bank?

Pros and cons

The competition: Other checking accounts you can consider

What to look for in a checking account

Overdraft policies

Interest and rewards

Bonuses

ATM/Cash access

No fees

What to know about checking account fees

Compare: Standard vs. best checking accounts

Bankrate staff insights

How to open a checking account: what you need

Can I open a checking account online?

Checking accounts at credit unions vs. banks

How much should I keep in my checking account?

Pros and cons of checking accounts

Pros

Cons

Alternatives to checking accounts

Checking account FAQs

Do checking accounts earn interest?

How many checking accounts can I have?

How do I get a checking account bonus?

What is overdraft protection?

Will a checking account build or hurt credit?

What do all the checking account numbers mean?

What are the main differences between checking and savings accounts?

Meet our Bankrate experts