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Best checking accounts of December 2024

Rates updated as of Nov. 26 | Content updated Nov. 26

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A checking account is designed for everyday spending such as paying bills, writing checks, making purchases and withdrawing cash. Look for a checking account that best meets your needs regarding digital banking features and ATM access. It also pays to find an account that doesn’t charge service fees (or makes them easy to avoid), and that requires a low (or no) minimum balance.

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Checking accounts have many financial benefits. They can assist you in the following ways:

  • Provide a safe place to keep your hard-earned cash.
  • You can use your account’s auto-save feature to put money away for emergencies.
  • Account statements can help you keep track of spending.
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Banks with the best checking accounts for December 2024

Note: Annual percentage yields (APYs) shown are as of Nov. 26. 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.

Morgan Stanley Private Bank Checking & Max-Rate Checking

e-trade
Rating: 4.6 stars out of 5
4.6

Overview

Morgan Stanley Private Bank offers a pair of checking accounts for people who’d like to earn interest on their checking. Neither Checking nor Max-Rate Checking accounts require a minimum deposit to open. Morgan Stanley closed its acquisition of E*Trade in October 2020 to become Morgan Stanley Private Bank.

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1.50% APY (Checking); 3.00% APY (Max-Rate Checking)
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$0 minimum balance to open either account

Bank5 Connect High-Interest Checking account

Bank 5 Connect logo
Rating: 4.9 stars out of 5
4.9

Overview

Bank5 Connect is a division of BankFive, which has 13 locations in Massachusetts and Rhode Island. Bank5 Connect is an online-only bank.

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2.30% APY
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$10 minimum balance to open

Heritage Bank eCentive checking account

Heritage Bank Logo
Rating: 4.4 stars out of 5
4.4

Overview

Heritage Bank is based in Spicer, Minnesota, and is known for its eCentive Checking Account. The eCentive checking account offers a competitive yield on balances up to $100,000. But you’ll need to earn that competitive APY by receiving electronic statements, having an automated payment or direct deposit each month and making at least $500 worth of monthly debit card purchases.

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0.05%-2.02% APY
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$100 minimum balance to open

NBKC Bank Everything Account

NBKC Bank Logo
Rating: 4.8 stars out of 5
4.8

Overview

NBKC Bank is known for offering a competitive checking yield on all balances. It also doesn’t require a minimum opening deposit on its Everything Account. The account has ATM access and is a part of the MoneyPass network. That means customers have access to more than 37,000 fee-free ATMs.

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1.75% APY
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$0 minimum balance to open

EverBank Performance Checking

EverBank Logo
Rating: 4.7 stars out of 5
4.7

Overview

EverBank, formerly TIAA Bank, is known for its Performance accounts which, it says, guarantees high-yielding APYs. The bank's Performance Checking account is one account that offers a competitive yield on every balance. You only need a $100 minimum opening deposit for this account.

The Performance Checking account doesn’t have a monthly fee, and it reimburses up to $15 worth of ATM fees per month for everyone and provides unlimited fee reimbursement for those with at least $5,000 in the account.

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0.40% APY
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$100 minimum balance to open

Navy Federal Credit Union Logo
Rating: 4.5 stars out of 5
4.5

Overview

Serving millions of military members and their families, Navy Federal Credit Union is the world’s largest credit union. It’s a good fit for anyone looking for a credit union who qualifies to be a member. It has around 350 branches worldwide, and Navy Federal’s Active Duty Checking account holders can have as much as $20 per statement cycle of ATM fees reimbursed.

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0.35%-0.45% APY
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$0 minimum balance to open

Ally Bank Interest Checking account

Ally Bank logo
Rating: 5 stars out of 5
5

Overview

Ally Bank launched in 2009 as a one-stop shop for online-only banking customers from coast to coast. It is known as an online bank that has nearly every type of account and offers a competitive yield. Ally Bank’s interest checking offers interest on all balances. You’ll need at least a $15,000 balance to earn the bank’s top checking yield.

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0.10%-0.25% APY
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$0 minimum balance to open

LendingClub Bank Rewards Checking

LendingClub Logo
Rating: 4.8 stars out of 5
4.8

Overview

LendingClub Bank is an FDIC-insured online bank known for its Rewards Checking account that earns cash back and interest and also offers ATM fee reimbursement. On the savings side, LendingClub has competitive yields on its savings account and CDs. The bank acquired Radius Bank in February 2021.

It's a solid option for consumers looking for an online bank that offers competitive yields, low fees and ample ATM access.

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0.10%-0.15% APY
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$25 minimum balance to open

Capital One 360 Checking

Capital One Logo
Rating: 5 stars out of 5
5

Overview

Capital One Bank is ideal for consumers looking for a full-service bank with a wide network of no-fee ATMs and access to branches in select states. It offers most of the accounts that people need. The 360 Checking Account has early direct deposit available, the ability to deposit cash at any CVS store, it earns a little interest and it doesn’t have a monthly service fee.

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0.10% APY
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$0 minimum balance to open

Chase Bank Total Checking and College Checking (pay no interest); Premier Plus Checking and Sapphire Checking

Chase Bank Logo
Rating: 3.8 stars out of 5
3.8

Overview

With a massive branch network and breadth of product offerings, Chase is often viewed as the country's signature banking institution. Chase is an option to consider if you live near its branches and ATMs. Its checking and savings yields are generally very low. Chase is known for having checking account bonuses for new customers, and electronic deposits of at least $500 per month can waive the monthly service fee on the Total Checking account.

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0%-0.01% APY
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Minimum balance varies by location

Bankrate's expertise

Bankrate’s trusted industry knowledge

Our banking editorial team regularly evaluates data from more than a hundred of the top financial institutions across a range of categories (brick-and-mortar banks, online banks, credit unions and more) to help you find the options that work best for you.

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Recent news on interest rates

The Federal Reserve raised interest rates 11 times in 2022 and 2023 to help reduce inflation. But with inflation improving and coming down closer to the Fed’s target rate of 2 percent, the central bank decided to cut rates in September — and it decided to do so again in November.

The Fed cut the federal funds rate during its latest meeting on Nov. 7, slashing rates by a quarter of a percentage point, or 25 basis points, to a range of 4.50-4.75 percent.

In response to the first cut, many banks lowered their deposit account yields — and experts anticipate this trend will continue with the Fed’s November cut. That’s because yields on savings accounts tend to increase when the Fed hikes rates, and they go down when the Fed lowers rates.

Although yields on deposit accounts have been decreasing slightly over the last couple of weeks, overall they remain elevated, making it a good time to earn interest on many savings accounts, certificates of deposit (CDs) and money market accounts.

Checking accounts often don’t bear interest, so they’re not impacted by macroeconomic conditions, yet your checking account is a vital part of your everyday money management. It’s used to deposit and withdraw money, pay bills, make debit transactions, write checks and send money to peers. However, there are some interest-earning checking accounts available.

A checking account is the transaction account from which you pay your bills. It is best not to intermingle your savings or accumulate excess cash in this account, but instead treat the checking account like a gas tank — payday fills it up and you use up funds until the next payday. — Greg McBride, CFA, Bankrate chief financial analyst

Why should you open a checking account?

Because of their accessibility and safety, checking accounts make for a good financial hub. These versatile accounts can be used to pay bills, make purchases and receive deposits. Checking accounts can simplify your financial life. For example, you can set up your checking account to receive automatic deposits from your employer and make automatic withdrawals to pay your bills. Mobile apps enable you to make payments, transfer money and review your transaction history whether you’re at home or on the go.

Like savings and money market accounts, federally insured checking accounts are insured up to $250,000 by the Federal Deposit Insurance Corp. (FDIC) or by the National Credit Union Share Insurance Fund, depending on whether your account is at a bank or credit union.

Ask the experts: What are some smart ways to use checking accounts for everyday expenses?


Allison Horn

VP of Executive Communication and Legislative Affairs, MSU Federal Credit Union

Consumers have more control over customizing their accounts to fit their unique financial needs. Many checking accounts now feature spending analysis tools, offering greater insight into personal spending habits. With options like automatic transfers to savings and scheduled bill payments, consumers can streamline their finances—building savings while ensuring timely payments of their obligations.

Bankrate Senior Industry Analyst, Credit cards

I'm a big fan of linking a checking account to a high-yield online savings account. Keep enough in your checking account for near-term expenses, but take advantage of the fact that the highest savings yields are still over 5 percent.

CFA, CPA, Bankrate Expert Reviewer

One of the smartest things you can do with a checking account is automate your recurring monthly payments, such as rent, utilities and internet. Doing so eliminates administrative effort and ensures timely payments of your obligations. However, you need to maintain your budget and keep your checking account funded to facilitate the payments.

Requirements to open a checking account

Checking accounts typically have some general requirements, and you’ll need to meet them in order to open an account.

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 insurance cards 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.

What to look for in a checking account

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

Pros and cons of checking accounts

Checking accounts can be a good place for your money. But in some cases, there are better alternatives. 

Here are some pros and cons that comes with having a checking account:

Pros

  • Checkmark Icon

    It’s an easy way to pay bills and make everyday purchases.

  • Checkmark Icon

    Many employers and service providers offer direct deposit that goes directly into your checking account.

  • Checkmark Icon

    Your money is protected in an FDIC-insured bank as long as your balances are within FDIC limits and guidelines.

  • Checkmark Icon

    You can generally write checks or access your money from an ATM.

  • Checkmark Icon

    A checking account will allow you to send and receive money through Venmo or Zelle.

Cons

  • Some checking accounts charge fees for things such as not meeting a minimum balance.

  • Though some checking accounts earn a competitive yield, many earn little or no interest.

Checking account FAQs