Are you looking for the best checking accounts online? There are a lot of different options out there when it comes to choosing a checking account. It can be overwhelming trying to figure out which one is right for you. But don’t worry, we’re here to help.
We’ve compiled a list of the best checking accounts available online, based on factors like fees, interest rates, and features.
So whether you’re looking for the simplest account with the lowest fees, or one that will help you earn some extra cash, we’ve got you covered. There are even checking accounts for children that can help them learn to manage their money and become financially responsible.
What Is A Checking Account?
Checking accounts are a type of deposit account held with a bank, credit union or financial institution. They are very versatile accounts to use for regular everyday banking purposes. Numerous deposits and withdrawals can often be made. This may not be possible with other types of bank accounts such as savings accounts.
Checking accounts may also offer debit cards, check writing, automatic payments, overdrafts, cashback, ATM withdrawals and more. Services and features available on these bank accounts vary widely by provider. Some accounts charge a fee for premium services whereas others are free.
Learn more about how a checking account works.
Types Of Checking Accounts
There are many different types of checking accounts, some of the most common are as follows;
Standard Checking Account: A standard checking account is the most basic type of checking account. It typically does not require a minimum balance and provides basic features such as check writing, debit card access, and online bill pay.
Rewards Checking Account: A rewards checking account is a type of checking account that offers rewards for using the account. These rewards can include discounts on purchases, cash back, or points that can be used for travel or other rewards.
Interest Bearing Checking Account: An interest bearing checking account is a type of checking account that earns interest on the funds deposited into the account. This type of account allows users to earn a passive income on their money.
Children’s Checking Account: A children’s checking account is a type of checking account specifically designed for children. These accounts typically have low or no minimum balance requirements and offer features such as online banking, bill pay, and debit cards. These accounts can be a good way to help teach your child about money and could form part of your family financial planning process.
High-Yield Checking Account: A high-yield checking account is a type of checking account that offers a higher interest rate than a standard checking account. This type of account typically requires a minimum balance to earn the higher rate of interest.
Money Market Checking Account: A money market checking account is a type of checking account that allows users to earn a higher rate of interest than a standard checking account. These accounts typically require a higher minimum balance than other checking accounts and may come with more restrictions.
Student Checking Account: A student checking account is a type of checking account specifically designed for students. These accounts typically have no or low minimum balance requirements and offer features such as online banking and debit cards.
Checking Accounts With Interest & Rewards
Most checking accounts don’t pay any interest on your cash, although some do. Banks that offer these types of accounts online are more likely to pay interest as their operational costs are lower.
Many of the large traditional banks offer little to no interest or rewards on their accounts. Those that do often come with strict requirements such as keeping a high monthly balance to qualify for these benefits.
But there are many fintech companies and digital banks offering the best checking accounts online. These often provide better benefits, less restrictions and lower costs.
You also find many additional checking account benefits online including different types of rewards and perks such as cryptocurrency.
Quontic Bitcoin Rewards Checking Account
Take Quontic Bank for example. They now provide an exclusive Bitcoin Rewards checking account that allows you to earn Bitcoin cashback from all your transactions. With no account fees or minimum balances. And it even comes with a digital contactless Quontic pay ring, allowing you to make transactions easily.
Digital banking is much more convenient. You can open and manage accounts through apps and online accounts. The table below lists some of the top checking accounts online. Some of these are all in one financial super apps. They combine banking, saving and investing accounts into one convenient, easy to manage app.
What Checking Account Benefits Are There?
There are several checking account benefits that are common to most of these types of bank account, this includes;
-A checking account allows customers to deposit and withdraw money as they please. There are no restrictions on how often you can do this like there are with savings accounts.
-Checking accounts also offer customers the ability to write checks. This can be very helpful if you need to make a large purchase or pay someone back but don’t have the cash on hand.
-Another benefit of having a checking account is that most banks offer some form of overdraft protection. This means that if you accidentally spend more money than you have in your account, the bank will cover the difference and you will not be charged any fees.
-Finally, most checking accounts come with a debit card. This can be used to make purchases anywhere that accepts credit cards. You can also use your debit card to get cash from an ATM.
There are additional checking account benefits that are found at several providers. This includes interest on cash balances, cashback on debit card purchases, free ATM withdrawals and exclusive access to additional products such as discounts on insurance etc.
You may even find a bank checking account offer that provides an incentive to sign up as a new customer. For instance, the all in one banking and micro investing app Acorns offers new customers this $10 sign up bonus.
Are There Any Downsides To Checking Accounts?
We have seen that there are many checking account benefits, but there are also a couple of downsides to checking accounts to be aware of.
1. Fees: Checking accounts often come with a variety of fees, such as monthly maintenance fees, overdraft fees, and ATM fees. Banks charge these fees to cover the cost of providing the account and the services associated with it.
2. Low Or No Interest Rates: Most checking accounts do not pay interest. Those that do typically offer very low interest rates. This means that any money you have in your checking account won’t earn much, if any, interest.
3. Minimum Requirements: Many banks require you to meet strict requirements such as minimum balances in order to avoid fees or qualify for other checking account benefits such as interest or rewards.
Best Checking Accounts Online List
Can You Use Checking Accounts To Earn A Higher Rate Of Interest On Savings?
Yes, some of the best checking accounts can be used to earn a higher rate of interest on savings. There are several high interest checking accounts that often pay higher rates of interest than many savings accounts, but they often come with a lot more restrictions and limitations.
For example, the interest rate may be tiered, meaning the customer receives a higher interest rate when they maintain a certain balance in the account. Many high interest checking accounts also require high balances in order to qualify for the higher interest rate, and some have monthly fees associated with them.
For those who don’t want to deal with the restrictions and limitations of high interest checking accounts, there are other options available to earn a higher rate of interest on savings.
For example, CDs (certificates of deposit) typically offer higher rates of interest than traditional savings accounts, but require customers to lock their money away for a set period of time. Money market accounts also offer higher rates of interest than traditional savings accounts and usually don’t have a minimum balance requirement.
Finally, customers may also consider investing in the stock market, where higher returns are possible but the risk of loss is also greater.
Are you are looking for a better rate on your savings account? View the best online savings accounts interest rates.
Best Checking Accounts Conclusion
Now that we have explored the different types of checking accounts available, you can make an informed decision about which one is best for your needs. Make sure to do thorough research and compare the fees and benefits of each account before deciding on one.
Please note that whilst we endeavor to ensure the information on this page is accurate, interest rates, fees and account features are subject to change by providers at any time. Other terms and conditions may apply, please visit the provider to view full terms. Details correct as of December 2022.