The 20 Best Checking Accounts of 2022

RyanJLane / iStock.com

When choosing a checking account, the factors that matter most can vary from person to person. You may want to consider any fees that may be associated with having a low balance, whether or not the institution has locations close to you and how user-friendly the institution’s mobile app is. You might also want to look at checking accounts that pay interest, which, although rare, do exist.

GOBankingRates took all of these factors into consideration when selecting the Best Checking Accounts of 2022. Over 80 checking accounts were analyzed and ranked based on the following:

  • Total assets
  • Number of branch locations
  • Minimum deposit to open an account
  • Monthly fee
  • Minimum balance needed to avoid monthly fee
  • APY
  • Overdraft fee
  • Average mobile app rating

Based on GOBankingRates’ thorough analysis, these are the Best Checking Accounts of 2022.

Our Best Checking Account

    Wells Fargo Bank's Wells Fargo Everyday Checking

    Why it stands out: The Wells Fargo Everyday Checking account comes with online banking and a contactless debit card. It also offers over 5,000 branch locations, more than any other bank in the U.S., making it a great option for someone who wants to bank in person.

    Pros:

    • Online banking
    • Over 4,000 branch locations
    • Multiple ways to waive the monthly service fee

    Cons:

    • $10 monthly service fee
    • Higher minimum balance requirement

    What to look for: The Wells Fargo checking account does have a monthly fee of $10, but there are multiple ways to waive it. This account offers solid online banking and access to over 5,000 branches, which is more than many others on this list. There is a minimum balance requirement of $500 and a minimum deposit of $25. The overdraft/NSF fee here is $35, and overdraft protection transfers are $12.50.

    READ OUR FULL REVIEW
    Earn Perks With A New Checking Account

    More of the Best Checking Accounts of 2022

    JPMorgan Chase Bank: Chase Total Checking

    Why it stands out: The Chase Total Checking account comes with no minimum deposit and access to almost 5,000 branch locations, with hundreds more coming in 2022, making it a strong option depending on your banking needs.

    Pros:

    • No minimum deposit
    • Wide access to branch locations and ATMs
    • Online banking, bill pay and mobile banking services

    Cons:

    • Monthly fee
    • Higher minimum balance to avoid monthly fee

    What to look for: This checking account has no minimum deposit requirement. It does have a monthly fee of $12 and a minimum balance of $1,500 required to waive it, which is on the higher end. However, you will have access to thousands of branch locations and ATMs. You'll also have online banking and more mobile financial services. The overdraft/NSF fee here is $34.

    READ OUR FULL REVIEW

    Bank of America: Bank of America Advantage Plus Banking

    Why it stands out: The Bank of America Advantage Plus Banking comes with 24/7 security and convenient options for payments that keep it competitive as far as basic banking needs.

    Pros:

    • Over 4,000 branch locations
    • Online banking
    • Zelle

    Cons:

    • Higher minimum deposit requirement
    • Doesn't earn interest

    What to look for: Bank of America's checking account gives you access to over 4,000 branch locations, as well as online banking and various options for making payments. This account does have a higher minimum deposit ($100) and a monthly fee of $12 that's waivable with a $1,500 minimum daily balance or enrollment in Preferred Rewards. The overdraft/NSF fee is $35.

      READ OUR FULL REVIEW
      Earn Perks With A New Checking Account

      Ally Bank: Interest Checking Account

      Why it stands out: Ally Bank's Interest Checking Account offers a higher-than-average annual percentage yield. CoverDraft provides fee-free protection against overdrafts, up to $100.

      Pros:

      • Higher-than-average annual percentage yield
      • No monthly fee
      • No minimum deposit or balance requirement
      • Up to $100 in free overdraft protection

      Cons:

      • Online-only bank

      What to look for: Ally Bank is an online-only bank, so you won't have branches to access here. However, the advantage of this checking account is the lack of fees and APY. You will not have a monthly fee, minimum deposit or required minimum balance here. Along with all that, the APY on the checking account ranges from 0.10% to 0.25% depending on your daily balance.

      READ OUR FULL REVIEW

        Discover Bank: Cashback Debit Online Checking

        Why it stands out: The Cashback Debit Online Checking account allows you to earn 1% cash back on up to $3,000 of debit card spending, which is a unique perk that not many accounts offer.

        Pros:

        • Earn cash back with your debit card spending
        • No account fees
        • Access to over 60,000 no-fee ATMs

        Cons:

        • Online-only bank

        What to look for: Discover is also an online-only bank. It's competitive in that it has no monthly fee for its checking account, along with no minimum deposit or minimum balance requirement. It also doesn't have an overdraft/NSF fee. With Discover's checking account, you can earn cash back with your debit card. You'll also have access to over 60,000 fee-free ATMs.

          READ OUR FULL REVIEW
          Earn Perks With A New Checking Account

          Axos Bank: Essential Checking

          Why it stands out: The Essential Checking account comes with no monthly service fees or overdraft fees and Direct Deposit Express to help you get paid faster. All these benefits can help you to keep more of your money.

          Pros:

          • Direct Deposit Express
          • No fees
          • No minimum balance requirements
          • Unlimited domestic ATM fee reimbursements

          Cons:

          • Online-only bank

          What to look for: Axos Bank's checking account comes with no fees, much like many of the other online-only banks on this list. However, you won't have access to in-person banking with this account. The Essential Checking account does have other benefits like Direct Deposit Express, which helps you to get paid faster. It also comes with unlimited domestic ATM fee reimbursements so you don't have to worry about getting cash on the go.

          READ OUR FULL REVIEW

          TIAA, FSB: Yield Pledge Checking

          Why it stands out: The Yield Pledge Checking account offers a stronger APY at 0.10%, which is uncommon for checking accounts and worth taking advantage of. Also, there's no overdraft fee.

          Pros:

          • No service or overdraft fees
          • Good APY

          Cons:

          • Higher minimum deposit requirement
          • Online only

          What to look for: TIAA's checking account comes with a 0.10% APY, which is uncommon for checking accounts. There's no monthly fee, overdraft fee or minimum balance requirement. However, there is a required minimum deposit of $100, which is higher than some of the other checking accounts, especially those from other online-only banks.

            READ OUR FULL REVIEW
            Earn Perks With A New Checking Account

            KeyBank: Key Smart Checking

            Why it stands out: The Key Smart Checking account comes with the competitive offer of no monthly fee and secure online and mobile banking.

            Pros:

            • No monthly fee
            • No minimum balance requirement
            • Over 1,000 bank branches

            Cons:

            • Opening deposit requirement
            • Doesn't earn interest

            What to look for: KeyBank's checking account has no monthly fee and no minimum balance requirement. It does require a minimum deposit of $10. While you'll have access to secure online and mobile banking here, you'll also have access to over 1,000 bank branches. The overdraft/NSF fee here is $33.

            READ OUR FULL REVIEW

            Arvest Bank: Free Blue Checking Account

            Why it stands out: The Free Blue Checking Account comes with no monthly fee, a free debit card and online and mobile banking. You also get up to $400 in overdraft coverage, subject to approval.

            Pros:

            • No monthly fee
            • No minimum balance requirement
            • $400 overdraft coverage (subject to approval)

            Cons:

            • Minimum deposit requirement

            What to look for: Arvest Bank's checking account has no monthly fee or minimum balance requirement. For this checking account, there is a minimum deposit requirement of $50. The overdraft/NSF fee is smaller here at $17. This account also offers the potential for $400 overdraft coverage, but that is subject to approval.

            READ OUR FULL REVIEW
            Earn Perks With A New Checking Account

            Fifth Third Bank: Fifth Third Momentum Checking

            Why it stands out: The Fifth Third Momentum Checking account doesn't have a monthly service fee or minimum balance requirement, which makes it a good option for your basic banking.

            Pros:

            • Ability to get your paycheck sooner with direct deposit
            • No minimum balance requirement
            • No monthly service fee
            • MyAdvance cash advance
            • Extra Time overdraft protection

            Cons:

            • Debit card fees may apply

            What to look for: Fifth Third Bank's checking account is competitive with many of the other accounts as it has no monthly fee, no minimum deposit or minimum balance requirement. Its overdraft/NSF fee is $37, but you can avoid it with Extra Time, which gives you until the business day after you overdraw your account to make a deposit. In addition, this checking account has the option to get you your paycheck sooner with direct deposit. You can also get a low-cost cash advance on your next qualified deposit with MyAdvance and access over 50,000 fee-free ATMs.

            READ OUR FULL REVIEW

            Capital One: 360 Checking Account

            Why it stands out: The 360 Checking account comes with no minimums and no fees — keeping it in line with some of these more competitive checking accounts. You can add cash to your account at any CVS store.

            Pros:

            • No minimum balance requirement
            • No monthly fee
            • Over 70,000 fee-free ATMs
            • Overdraft options
            • Cash deposits at CVS stores

            Cons:

            • Fewer branches than other banks

            What to look for: Capital One's 360 Checking Account ranks among the best of them when it comes to fees and minimum requirements. It has no monthly fee, no overdraft/NSF fee, no minimum deposit requirement and no minimum balance requirement. And while there are over 70,000 fee-free ATMs available with this checking account, there are fewer branch locations available if you want in-person banking.

            READ OUR FULL REVIEW
            Earn Perks With A New Checking Account

            PNC Bank: Virtual Wallet

            Why it stands out: PNC Bank's Virtual Wallet combines checking and savings accounts to help you to track your spending and budget your finances.

            Pros:

            • All-in-one account
            • Ability to waive the monthly service charge
            • Ability to monitor activity and receive notifications

            Cons:

            • Monthly fee
            • Higher minimum balance requirement

            What to look for: The Spend account in PNC Bank's Virtual Wallet does come with a monthly fee of $7, but there is the ability to waive that fee. It also has a required minimum deposit of $25 and a minimum balance of $500 to avoid the service fee. However, you can easily monitor your activity and receive various notifications through this account. The overdraft/NSF fee is $36.

              READ OUR FULL REVIEW

              E-Trade: E-Trade Checking

              Why it stands out: The E-Trade Checking account offers no fees and no minimum balances.

              Pros:

              • No minimum balances
              • No fees
              • Easy access to your money through ATMs

              Cons:

              • Online-only bank
              • Doesn't earn interest

              What to look for: This online-only, non-interest-bearing checking account is competitive with the other accounts when it comes to fees and minimum requirements. It doesn't have a monthly fee or requirements for deposit or balance.

                READ OUR FULL REVIEW

                Huntington National Bank: Asterisk-Free Checking

                Why it stands out: The Asterisk-Free Checking Account stays competitive because it is free to open and free to maintain. Early Pay lets you access your paychecks up to two days early.

                Pros:

                • No monthly fee
                • No minimum balance requirement
                • Extra money when you need it thanks to Standby Cash
                • Early Pay paycheck deposits
                • Several ways to protect against overdrafts

                Cons:

                • Not as many ATMs as some of the others

                What to look for: This checking account doesn't have a monthly fee. It also doesn't have a minimum deposit or minimum balance requirement. The overdraft/NSF fee here is $36, but you can avoid it with 24-Hour Grace and a $50 Safety Zone. While there are not as many ATMs to access for this checking account, you do have the benefit of Standby Cash, which might be able to help you to access extra money when you're in need.

                READ OUR FULL REVIEW

                  Charles Schwab: High Yield Investor Checking Account

                  Why it stands out: The High Yield Investor Checking Account offers a higher annual percentage yield than most accounts on the list.

                  Pros:

                  • Higher annual percentage yield
                  • No monthly fees
                  • No minimums
                  • No overdraft fees
                  • Unlimited ATM fee rebates worldwide

                  Cons:

                  • Online-only bank

                  What to look for: Charles Schwab's checking account is online-only, but it does offer unlimited ATM fee rebates around the world. There is also no monthly fee or overdraft fee here. There are also no minimum requirements here for deposits or balances. On top of that, the APY is higher than many other accounts on this list at 0.03%.

                    READ OUR FULL REVIEW

                    USAA Federal Savings Bank: USAA Classic Checking

                    Why it stands out: The USAA Classic Checking account has no monthly service fee or overdraft fee and offers early direct deposit.

                    Pros:

                    • No monthly service fee
                    • Early direct deposit
                    • Over 60,000 preferred ATMs

                    Cons:

                    • Online-only bank
                    • Minimum opening deposit requirement

                    What to look for: USAA Federal Savings Bank's checking account is online-only, but customers will have access to over 60,000 preferred ATMs. You won't have a monthly fee with this checking account, and there's no minimum balance requirement. This account requires a $25 minimum deposit.

                      READ OUR FULL REVIEW

                      Current logo

                      Current: Basic Account

                      Why it stands out: Current's Basic account comes with no monthly fee if you're looking for an account to accommodate your basic banking needs. Early direct deposit makes your paychecks available a day early.

                      Pros:

                      • No monthly fee
                      • Paychecks available a day early with direct deposit
                      • No overdraft fee
                      • Spending insights

                      Cons:

                      • Online-only bank

                      What to look for: Current's checking account is competitive with many other online-only banks on this list. There are no hidden fees, monthly fees or overdraft/NSF fees. There are also no requirements for minimum deposit or minimum balance. By using this checking account, you'll have access to spending insights to see where your money is going.

                      READ OUR FULL REVIEW

                      BMO Harris Bank: BMO Harris Smart Advantage Account

                      Why it stands out: The BMO Harris Smart Advantage Account has no monthly maintenance fee and offers online chat, phone and in-branch support.

                      Pros:

                      • No monthly maintenance fee
                      • No minimum balance requirement
                      • Ability to get cash from an ATM with just your smartphone

                      Cons:

                      • Minimum opening deposit requirement

                      What to look for: BMO Harris' checking account has a number of benefits, including no monthly fee or minimum balance requirement. It also offers the ability to get cash from an ATM with just your smartphone in case you don't carry a card on you. There is a minimum deposit requirement of $25 and an overdraft/NSF fee of $36, which you can avoid with the several overdraft services BMO offers.

                        READ OUR FULL REVIEW

                        iGObanking.com: iGOchecking No Fees Checking Account

                        Why it stands out: The iGOchecking No Fees Checking Account offers truly free checking — no monthly fees, no overdraft fees and no transfer fees.

                        Pros:

                        • No fees
                        • Large ATM network

                        Cons:

                        • Online only
                        • Minimum opening deposit requirement

                        What to look for: iGObanking's checking account has no fees and no minimum balance requirement, although there is a minimum opening deposit requirement of $100.

                        READ OUR FULL REVIEW

                        lendingclub bank logo

                        LendingClub Bank: Rewards Checking

                        Why it stands out: The Rewards Checking account offers 1% cash back and a higher APY with no monthly fee, so you can keep and make more money here.

                        Pros:

                        • Higher APY
                        • Cash-back rewards
                        • No monthly fee
                        • Unlimited ATM fee rebates

                        Cons:

                        • Online only
                        • Higher minimum deposit

                        What to look for: This checking account can earn you 1% cash back on transactions you make with your debit card. You can get unlimited ATM fee rebates and earn an APY between 0.10% and 0.15%, depending on your balance. There's no monthly fee here, but there is a minimum deposit requirement of $100. The overdraft/NSF fee is $25.

                        READ OUR FULL REVIEW

                        How To Choose a Checking Account

                        With so many checking accounts available, choosing the right one can seem like a Herculean task. Simplify the process by analyzing your personal financial situation and prioritizing which checking account features are the most important for you. For example, if you have a large amount of money to deposit, you might be able to access an account loaded with services from a major international bank for no monthly fee. If you aren’t quite ready to make a deposit but want to establish a checking account, you might want to look at online banks that still offer traditional services but don’t require a minimum balance to waive their monthly fee.

                        Your choice may also be affected by how you use ATMs. If you travel a lot, for example, you might prefer a checking account that reimburses overseas ATM fees; if you only use in-network ATMs, you might not care about your bank’s ATM policy and gravitate toward one that offers local discounts, for example. 

                        Overall, your choice should provide you with the most amount of services that you will actually use at the lowest possible cost.

                        FAQs About Checking Accounts

                        It's not hard to understand the concept of a checking account: It's a place to hold your money where you can access it easily, via debit card transactions, checks, ATMs or at your local bank. Because so many different kinds of checking accounts exist, many people still have questions about them. Here are the answers to some of the most frequently asked questions regarding checking accounts.
                        • What is a checking account?
                          • checking account is a secure place where you can keep your money for daily transactional needs, such as paying bills or depositing your paycheck. Most banks have numerous checking account options that you can choose from based on your daily financial needs.
                        • How does a checking account work?
                          • A checking account is merely a holding place for money. Both incoming and outgoing transactions are processed electronically within the FDIC-insured account, typically overnight. Debit card and ATM transactions usually reduce your available balance immediately, whereas it can take a bit longer for a paper check to clear, meaning the funds show up as deducted from your account.
                        • What is a checking account used for?
                          • A checking account is primarily used as an insured place to conduct your daily financial transactions. You can use the debit card that came with your checking account to get cash out of an ATM or pay a merchant. If you need to write a check or send an ACH payment, that money will also come out of your checking account. You can sign up for direct deposit and have your paycheck directly deposited in your checking account, or you can use your bank's smartphone app to make a mobile deposit of a check.
                        • Can I open a checking account with no money?
                          • Each individual bank sets its own account minimum. Some banks have no minimum required balance to open an account and no monthly maintenance fees. Other banks may require larger deposits or "qualifying activities," such as monthly direct deposits or debit card transactions, to avoid a monthly fee.
                        • What is a free checking account?
                          • Since financial services is a competitive industry, there are various interpretations of the word "free." Some banks charge no monthly maintenance fees and have no minimum balance requirements. Others may offer checking accounts that require monthly direct deposits or a minimum balance to avoid a monthly fee. Some banks may offer a checking account with no monthly maintenance fee but charge $3 or more for ATM withdrawals from out-of-network terminals. Read all of the fine print before signing up for a "free" checking account.
                        • Can I get free money from opening a checking account?
                          • Many banks will offer new customers a bonus for signing up for a checking account. However, you typically need to conduct certain qualifying transactions to receive the bonus.

                        Daria Uhlig, Dawn Allcot and John Csiszar contributed to the reporting for this article.

                        Rates are subject to change; unless otherwise noted, rates are updated periodically. All other information on accounts is accurate as of June 6, 2022.

                        GOBankingRates is a personal finance and consumer interest rate website owned by ConsumerTrack Inc., an online marketing company serving top-tier banks, credit unions and other financial services organizations. Some companies mentioned in this article might be clients of ConsumerTrack Inc., which serves more than 100 national, local and online financial institutions. Rankings and roundups are completely objective, and no institution, client or otherwise, paid for inclusion or specific placement. Any opinions, analyses, reviews or recommendations expressed in this article are those of the author alone and have not been reviewed, approved or otherwise endorsed by the companies included in the article. All fees and rates are subject to change at the issuers’ discretion. Some interest rates might be short-term or promotional offers only, and it is possible additional terms and conditions must be met to obtain the interest rates listed. Rates and availability might vary by region. Verify terms and conditions before opening an account.

                        GOBankingRates bases its assessment of “best” and “top” products on the above-stated parameters to create a baseline for comparison. This assessment is an approximation of “best” and “top” designed to help consumers find products that might be appropriate for them. There could be other options available as well. Consumers should consider various options appropriate for their circumstances.

                        Methodology: To determine rankings GOBankingRates looked at the following factors: (1) total assets as sourced from the FDIC; (2) number of branch locations as sourced from the FDIC; (3) minimum deposit to open an account; (4) monthly fees associated with the account; (5) minimum balance needed to avoid the fee; (6) APY on the checking account; (6) overdraft fee amount; (7) the average mobile app rating between the Android and Apple stores. All factors were then scored and combined, with the lowest score being best. Factors (1), (4), and (5) were weighted 1.5 times, factor (2) was weighted 2 times, and factor (6) was weighted 0.5 times.

                        Editorial Note: This content is not provided or commissioned by the bank advertiser. Opinions expressed here are author’s alone, not those of the bank advertiser, and have not been reviewed, approved or otherwise endorsed by the bank advertiser. This site may be compensated through the bank advertiser Affiliate Program.

                        Editorial Note: This content is not provided or commissioned by the bank advertiser. Opinions expressed here are author’s alone, not those of the bank advertiser, and have not been reviewed, approved or otherwise endorsed by the bank advertiser. This site may be compensated through the bank advertiser Affiliate Program.

                        About the Author

                        Gabrielle joined GOBankingRates in 2017 and brings with her a decade of experience in the journalism industry. Before joining the team, she was a staff writer-reporter for People Magazine and People.com. Her work has also appeared on E! Online, Us Weekly, Patch, Sweety High and Discover Los Angeles, and she has been featured on “Good Morning America” as a celebrity news expert. 

                        Best Bank Accounts of June 2022

                        Untitled design (1)
                        Close popup The GBR Closer icon

                        Sending you timely financial stories that you can bank on.

                        Sign up for our daily newsletter for the latest financial news and trending topics.

                        Loading...
                        Please enter an email.
                        Please enter a valid email address.
                        There was an unknown error. Please try again later.

                        For our full Privacy Policy, click here.