Best Online Checking Accounts of 2024: Compare & Apply

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Key Takeaways

Our top picks for the best checking accounts
Our top picks for the best online checking accounts
What is an online checking account?
Pros and cons of online checking accounts
How to choose the best online checking account
How to open an online checking account
How do I deposit cash with an online checking account?
Our top picks for the best checking accounts
FAQ: Best online checking account
Related topics

On This Page

Key Takeaways
Our top picks for the best checking accounts
Our top picks for the best online checking accounts
What is an online checking account?
Pros and cons of online checking accounts
How to choose the best online checking account
How to open an online checking account
How do I deposit cash with an online checking account?
Our top picks for the best checking accounts
FAQ: Best online checking account
Related topics

By Leigh Morgan - Personal Finance + 1 other

Reviewed By Blake Esken - Los Angeles Times

An online checking account allows you to deposit funds, pay bills and perform other transactions right from your computer or mobile device.
Several banks offer online checking accounts with competitive interest rates, cash back and other benefits.
Before you choose an account, it’s important to consider your spending habits and general banking needs.
Online banks are subject to the same regulations as brick-and-mortar banks, giving you extra peace of mind.
Explore our featured online checking accounts: Axos Rewards (up to 3.30% APY), Quontic, Upgrade (up to 2% Cash Back), SoFi Checking and Savings Account, LendingClub, PenFed and Discover.

Our top picks for the best checking accounts

Our top picks for the best online checking accounts

Checking account	APY	Minimum deposit	Monthly fee	Pros	Cons
Axos Rewards Checking	0.4%-3.3%	$0	$0	✅ Potential to earn $500 bonus	❌ No brick-and-mortar locations
KeyBank Key Smart Checking^® Account	N/A	$10	$0	✅ Potential to earn a $300 bonus by making a direct deposit of at least $1,000	❌ Doesn’t earn interest
Discover Cashback Debit Checking	N/A	$0	$0	✅ 1% cash back on up to $3,000 in purchases per month	❌ Doesn’t earn interest
Quontic Cash Rewards Checking	N/A	$100	$0	✅ 1% cash back	❌ Doesn’t earn interest
SoFi Checking and Savings	apy%-apy%	$0	$0	✅ Checking & savings combined	❌ Fees for cash deposits
LendingClub Rewards Checking	Up to 0.15%	$25	$0	✅ No maintenance fees & overdraft fees	❌ low APY
PenFed Credit Union Access America Checking	0.15%-0.35%	$25	$10	✅ Interest rate increases with high balance	❌ Only 50 physical locations
Upgrade Rewards Checking Plus	N/A	$0	$0	✅ Earn up to 2% cash back on everyday purchases	❌ Doesn’t earn interest

Axos Rewards Checking: Best for rewards

Axos Rewards comes with a generous welcome bonus if you meet certain qualifications, making it the best online checking account for consumers who want to maximize their banking rewards. To earn the $500 bonus, you must enter code RC500 during the sign-up process, have qualifying direct deposits of $5,000 per month for the first 7 months of account ownership and maintain a minimum average daily balance of $7,000.

Even if you don’t qualify for the bonus, Axos Rewards Checking has many valuable features. For example, you can build your own APY by taking advantage of certain account services, such as receiving at least $1,500 per month in direct deposits or using your debit card for 10 or more transactions per month. We also love that Axos charges no maintenance fees, minimum balance fees or overdraft fees.

Axos Rewards Checking: An overview

APY	Minimum deposit required	Monthly maintenance fee
Up to 3.30% depending on account usage	None	$0

Axos Rewards Checking: Pros and cons

Pros	Cons
✅ No maintenance fees ✅ No minimum balance fees or overdraft fees ✅ Reimburses fees for all domestic ATMs ✅ Offers $500 bonus if you meet certain account requirements	❌ High daily balance required to earn $300 welcome bonus ❌ Low APY unless you use other Axos services, such as managed portfolios or self-directed trading ❌ Requires a minimum deposit of $50

AXOS REWARDS CHECKING

KeyBank Key Smart Checking^® Account: Best for everyday needs

The Key Smart Checking^® Account is an ideal choice if you’re looking for easy banking. It comes with a user-friendly mobile app to check your balance and access funds instantly. This free checking account is offered by KeyBank, a regional bank with over 40,000 KeyBank and Allpoint^® ATMs nationwide and approximately 1,000 branches. Additionally, this checking account is particularly beneficial for students looking for a no-monthly-maintenance-feechecking option. We have summarized all the features and benefits below.

Key Smart Checking Account: An overview

APY	Minimum deposit required	Monthly maintenance fee
N/A	$10	$0

*Figures are based on a Colorado zip code and are accurate as of September 2024.

Key Smart Checking Account: Pros and cons

Pros	Cons
✅ $0 monthly fees ✅ $0 Min balance requirement ✅ No min transaction ✅ Feature-packed Mobile App ✅ $300 bonus for opening a Key Smart Checking account and making an eligible direct deposit of at least $1000 within the first 60 days of account opening	❌ Doesn’t earn interest ❌ Fee charged for using ATMs not in the KeyBank or AllPoint networks within & outside the United States

KEYBANK CHECKING

Discover Cashback Debit Checking: Best for easy cash back

The Discover Cashback Debit checking account gives you 1% cash back on up to $3,000 in credit card purchases per month. If you earn the full bonus every month, you’ll get $360 per year in free money, making it easier to meet your financial goals. Discover’s online checking account also has no fees, making it a great fit for budget-conscious consumers.

When you open a Discover Cashback Debit account, you get all the benefits of banking with Discover, including enhanced fraud protection, FDIC insurance protection and the ability to use Google Pay™, Apple Pay™ and/or Samsung Pay™. One reason we love this online checking account is that Discover has more than 60,000 fee-free ATMs in its network. Plus, Discover is one of the most trusted banks in the nation, giving customers extra peace of mind.

Discover Cashback Debit Checking: An overview

APY	Minimum deposit required	Monthly maintenance fee
N/A	$0	$0

Discover Cashback Debit Checking: Pros and cons

Pros	Cons
✅ 60,000 fee-free ATMs ✅ 1% cash back on up to $3,000 in purchases per month (potential earnings of $360 per year) ✅ Fee-free overdraft protection ✅ Get paid up to 2 days early with direct deposit	❌ No interest earnings ❌ Limit on cash back ❌ Doesn’t reimburse account holders for out-of-network ATM usage

Quontic Cash Rewards Checking: Best for account security

Quontic Cash Rewards Checking comes with a slew of security features to protect your hard-earned money. Once you open a Quontic virtual checking account, you can lock and unlock your debit card at any time. For example, if you misplace your card, you can lock it immediately to prevent someone from using it to make unauthorized purchases. Quontic also allows you to log in with facial recognition or fingerprint technology, making your account even more secure.

This digital checking account also gives you 1% cash back on all qualified purchases. For example, if you spend $1,500 in one month, you’ll get $15 cash back. It may not seem like much, but it adds up quickly. Depending on your spending habits, you could earn several hundred dollars per year just for doing your regular shopping. Quontic Cash Rewards Checking also comes with a free credit report, credit monitoring and access to Zelle.

Quontic Cash Rewards Checking: An overview

APY	Minimum deposit required	Monthly maintenance fee
N/A	$100	$0

Quontic Cash Rewards Checking: Pros and cons

Pros	Cons
✅ No monthly maintenance fee ✅ No minimum balance required to earn cash back ✅ Robust account security features ✅ 1% cash back on all qualified debit card purchases	❌ Doesn’t earn interest ❌ No brick-and-mortar locations ❌ No overdraft protection available

QUONTIC CHECKING ACCOUNT

SoFi Checking and Savings: Best for earning interest

SoFi Checking and Savings is best for consumers who want to earn as much as they can in interest. If you receive at least $5,000 per month in qualifying direct deposits, you can earn an APY as high as apy% on your savings balance and apy% on your checking balance, which is much higher than the APYs offered by other online checking banks.

SoFi also makes it easy to save money, as it automatically rounds up every debit card transaction amount, making it a great option if you’re looking for a student checking account. For example, if you spend $4.53, SoFi will round up to $5.00 and deposit the extra 47 cents into your savings account. Every little bit helps, especially when you’re trying to reach specific financial goals. We also love that SoFi covers up to $50 in overdraft charges with no fee as long as you receive a $1,000 direct deposit.

SoFi Checking and Savings: An overview

APY	Minimum deposit required	Monthly maintenance fee
Up to apy% for checking and apy% for savings	$0	$0

*rates_last_updated.

SoFi Checking and Savings: Pros and cons

Pros	Cons
✅ Combines checking and savings, making it easier to manage your money ✅ APY of up to apy% on savings and apy% on checking ✅ 55,000 ATMs in SoFi’s network ✅ Automatic roundups on all debit purchases	❌Charges fees for cash deposits ❌ No brick-and-mortar locations ❌ Must receive qualifying direct deposits of $5,000 or more per month to earn highest APYs

*Disclaimer: New and existing Checking and Savings members who have not previously enrolled in Direct Deposit with SoFi are eligible to earn a cash bonus when they set up Direct Deposit of at least $1,000 during the Direct Deposit Bonus Period. Cash bonus will be based on the total amount of Direct Deposit. Direct Deposit Promotion begins on 12/7/2023 and will be available through 12/31/24. Full terms atsofi.com/banking. SoFi Checking and Savings is offered through SoFi Bank, N.A., Member FDIC. SoFi members with Direct Deposit can earn 4.20% annual percentage yield (APY) on savings balances (including Vaults) and 0.50% APY on checking balances. There is no minimum Direct Deposit amount required to qualify for the 4.20% APY for savings (including Vaults). Members without Direct Deposit will earn 1.20% 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 10/31/2024. There is no minimum balance requirement. Additional information can be found at http://www.sofi.com/legal/banking-rate-sheet. SoFi members with Direct Deposit or $5,000 or more in Qualifying Deposits during the 30-Day Evaluation Period can earn 4.20% annual percentage yield (APY) on savings balances (including Vaults) and 0.50% APY on checking balances. There is no minimum Direct Deposit amount required to qualify for the stated interest rate. Members without either Direct Deposit or Qualifying Deposits, during the 30-Day Evaluation Period will earn 1.20% APY on savings balances (including Vaults) and 0.50% APY on checking balances. Only SoFi members with direct deposit are eligible for other SoFi Plus benefits. Interest rates are variable and subject to change at any time. These rates are current as of 10/31/2024. There is no minimum balance requirement. Additional information can be found at http://www.sofi.com/legal/banking-rate-sheet. *Prices are subject to change and are for example purposes only. Prices are correct at the time of writing.

LendingClub Rewards Checking: Best for no fees

LendingClub charges no monthly maintenance fees, overdraft fees or insufficient funds fees, making it one of the best online banks for checking accounts. Rewards Checking is designed to help your balance grow, as it’s an interest-bearing account that also gives you cash back on qualified purchases. Many banks allow you to earn interest or cash back but not both, making the LendingClub Rewards checking account something special.

Every time you use your debit card to make a qualified purchase, you’ll earn 1% cash back, provided you maintain a minimum daily balance of $2,500 or receive at least $2,500 in qualifying direct deposits each month. LendingClub doesn’t cap your cash back, either, so you get 1% back on all qualified purchases. For example, if you spend $5,000, you’ll get $50 back. We love that LendingClub Rewards Checking allows you to earn interest and cash back at the same time.

LendingClub Rewards Checking: An overview

APY	Minimum deposit required	Monthly maintenance fee
Up to 0.15%	$25	$0

LendingClub Rewards Checking: Pros and cons

Pros	Cons
✅ No maintenance fees, minimum balance fees or overdraft fees ✅ Reimburses ATM fees charged by other banks ✅ Doesn’t limit the amount of cash back you can earn	❌ No brick-and-mortar branches ❌ Can’t earn cash back unless you maintain a $2,500 average daily balance or receive $2,500 per month in direct deposits ❌ APY is somewhat low

PenFed Credit Union Access America Checking: Best for account management features

If you’re looking for an internet checking account that gives you access to a brick-and-mortar credit union, take a look at PenFed Credit Union Access America Checking. There’s a $10 monthly fee, but PenFed will waive that fee if you maintain a $500 daily balance or receive at least $500 per month in direct deposits. Accounts with balances under $20,000 earn an APY of 0.15%, while accounts with balances of $20,000 to $50,000 earn 0.35%.

We especially love that Access America Checking comes with several tools to help you manage your account. For example, you can use the mobile app to check your balance, deposit checks and view recent transactions. PenFed also has 85,000 fee-free ATMs and 50 brick-and-mortar locations.

PenFed Credit Union Access America Checking: An overview

APY	Minimum deposit required	Monthly maintenance fee
0.15% to 0.35%, depending on account balance	$25	$10; waived with $500 minimum daily balance or $500 per month in qualifying direct deposits

PenFed Credit Union Access America Checking: Pros and cons

Pros	Cons
✅ 50 brick-and-mortar locations in case you prefer to do some banking in person ✅ Excellent account management features, including a mobile app ✅ Easy to avoid monthly service fee ✅ Access Checking customers earn 2% cash back with the PenFed Power Cash Rewards Visa Signature^® credit card	❌ Low APY for balances below $20,000 ❌ Monthly service charge if you don’t meet the balance/direct deposit requirement ❌ No sign-up bonus

Upgrade Rewards Checking Plus: Best for maximum cash back

By setting up monthly direct deposits of $1,000 or more, you can earn 2% cash back on everyday purchases like convenience stores, drugstores, restaurants, bars, gas stations, utilities and subscriptions, plus 1% cash back on all other buys. This 2% rate is capped at $500 in rewards per year. After hitting that limit, it drops to 1%. If you don’t set up a direct deposit of $1,000 per month within 60 days, you’ll receive 1% cash back on everyday purchases and 0.50% on everything else.

Upgrade Rewards Checking Plus: An overview

APY	Minimum deposit required	Monthly maintenance fee
N/A	$0	$0

Upgrade Rewards Checking Plus: Pros and cons

Pros	Cons
✅ Earn up to 2% cash back on everyday purchases ✅ Get paid up to two days in advance ✅ No monthly fees ✅ Access to 55,000 fee-free ATMs	❌ Must set up monthly $1,000 deposits to earn 2% cash back ❌ No interest earnings ❌ No physical branch locations

UPGRADE CHECKING

Get $10 with your Chime Checking Account and Visa^® Debit Card

Activate your Chime debit card within 30 days of enrollment and get $10 with our exclusive code SAVE10.

Chime believe that your money shouldn’t cost money™, so you’ll pay:

No monthly fees
No overdraft fees
No minimum balance requirement
No foreign transaction fees
No transfer fees
Use code SAVE10 and get $10

Chime Checking Account

What is an online checking account?

An online checking account is a bank account that allows you to perform transactions online instead of having to travel to a bank branch or ATM location. It works just like a regular checking account, as you can deposit funds, transfer money to other accounts, write checks and complete other transactions.

Online checking accounts often include the following features:

Online statements. When you open an online checking account, you typically get your statements via email instead of receiving paper copies. You may also be able to download statements from your bank’s online account center.
Mobile banking. Many banks offer checking accounts with mobile apps such as the Bluevine Business checking account, making it easier to manage your finances on the go. Mobile apps allow you to check your balance, transfer funds and complete other transactions.
Bill pay. If you don’t want to write a check or use your debit card to pay a bill, your online checking account may give you access to bill pay. When you use this feature, your bank deducts the amount of the bill from your balance and then transfers that amount to the selected service provider. For example, you can have your bank transfer $75 to your cable company or utility company.
Debit card. Many online checking accounts come with a debit card such as the Amex Rewards checking account, which allows you to shop online, withdraw funds from ATMs and make purchases at brick-and-mortar retailers.
Early direct deposit. If you get paid via direct deposit, your bank may give you access to your funds up to two days early.
Check writing. Some online accounts come with check-writing privileges, making it easier to pay bills.

Pros and cons of online checking accounts

Like any other banking product, online checking accounts have several pros and cons. Keep these in mind to help you choose the best checking account for you.

24/7 access to your account
Some accounts earn interest or offer cash back
Lower fees than traditional bank accounts
May come with free credit monitoring or other personal finance tools
No need to visit a bank branch
Covered by FDIC insurance
Typically have higher APYs than brick-and-mortar banks

No face-to-face customer service
Increased risk of security breaches due to frequent logins
May be difficult to deposit cash
Some banks offer limited account options, so you may have to use multiple banks to get the combination of services and rates you need

How to choose the best online checking account

Ultimately, the best online checking account depends on your banking needs and personal preferences.

Consider the following when you’re shopping for an online checking account:

Minimum deposit. Does the bank require a minimum deposit? If so, how much? You may want to choose a bank with no minimum deposit or a $25 minimum deposit versus a minimum of $100 or more.
Fees. With so many fee-free options available, there’s really no need to pay fees to maintain your online account. When you’re comparing accounts, look for maintenance fees, minimum balance fees, overdraft fees and other costs.
Mobile app. A robust mobile app makes it easier than ever to manage your finances without stepping into a bank branch. This can be particularly beneficial with teen checking accounts as it allows you to monitor your teens spending habits. Check to make sure your bank has a highly rated mobile app with plenty of features.
Interest and rewards. If you’re looking for an interest-bearing account, check each bank’s APY before you sign up. You should also research cash back programs and other rewards options.
ATMs. The more ATMs a bank has in its network, the easier it is to avoid ATM fees. If your bank doesn’t have a large ATM network, check to see if it reimburses you for fees at domestic ATMs.
Digital wallet integration. If you love using Google Pay, Apple Pay or Samsung Pay, make sure the bank you choose allows you to use your new account with your favorite digital wallet.
Minimum balance. If you can only save a little money each month, an account with a high minimum balance requirement probably won’t work for you. As you compare accounts, note the minimum balance requirements. If they’re extremely high, you may want to eliminate several banks from your list.
Customer support. Some online banks only have support available during business hours, while others offer 24/7 support. Make sure you understand the level of support provided by the bank you choose.

How to open an online checking account

The application process varies from bank to bank.

However, you typically fill out an application, provide some personal information and make your opening deposit. You may have to provide your driver’s license, passport or another document to verify your identity. Additional documentation may be needed to open a joint online checking account or an online business checking account. The application takes just a few minutes, but it may take several days for the bank to verify your information and process your initial deposit.

How do I deposit cash with an online checking account?

Some online banks allow you to deposit cash at ATMs. Other banks don’t allow cash deposits, so you’ll have to transfer money from a linked account or deposit a check instead. If you are looking for a checking account where you can deposit cash, you may be better suited to a checking account from a brick and mortar bank such as a Chase checking account.

Our top picks for the best checking accounts

FAQ: Best online checking account

Who has the best online checking account?

It depends on your needs and personal preferences. A bank that offers a high APY may offer a limited number of personal finance tools. Conversely, a bank with robust account management features may offer a low APY or no APY at all.

Are online bank accounts trustworthy?

Yes. Online banks must follow the same regulations as brick-and-mortar banks. Many online banks also qualify for FDIC coverage, giving customers extra peace of mind.

Can you open a checking account entirely online?

Yes, it’s possible to open a checking account entirely online. You may have to submit identity documents via email, but you shouldn’t have to visit a branch.

Do online banks offer debit cards?

Yes, many online banks offer debit cards, including Axos and SoFi.

How do I get cash with an online bank?

Many online banks have thousands of ATMs in their networks. If you need cash, simply visit an ATM and use your debit card to make a withdrawal.

About the Author

Leigh Morgan Personal Finance

Leigh Morgan is a seasoned personal finance contributor with over 15 years of experience writing on a diverse range of professional legal and financial topics. She specializes in subjects like navigating the complexities of insurance, savings, zero-based budgeting and emergency fund development.

In the last five years, she’s authored over 300 articles for credit unions, digital banks, and financial professionals. Morgan is also the author of “77 Tips for Preventing Elder Financial Abuse,” a book focused on helping caregivers protect the elderly from financial scams.

In addition to her writing skills, she brings real-world financial acumen thanks to her previous experience managing rental properties as part of a $34 million real estate portfolio.

About the Reviewer

Blake Esken Los Angeles Times

Blake Esken has over 15 years of experience in product management and has been a member of the Los Angeles Times staff for over five years.

As part of his role at the Los Angeles Times Commerce Team, Blake acts as the in-house reviewer and fact checker for LA Times Compare. He supervises all content for compliance and accuracy and puts to use skills he has honed through years of experience managing high-stakes projects for a range of industry-leading companies.

He has a strong background in data analysis, compliance, and communication, which allows him to support LA Times Compare through fact-checking in an effort to provide up-to-date and factual information across our content.