Best Checking Accounts in November 2022 - MagnifyMoney

Best Checking Accounts in November 2022

Editorial Note: The content of this article is based on the author’s opinions and recommendations alone and is not intended to be a source of investment advice. It may not have not been reviewed, commissioned or otherwise endorsed by any of our network partners or the Investment company.
How MagnifyMoney Gets Paid ?
Advertiser Disclosure

The best checking accounts have low fees, wide ATM availability and great digital experiences. MagnifyMoney, an independent service that reviews bank accounts and other financial products, compiled a list of the best available checking accounts for these and other features that matter most to customers. Using our distinct methodology, our selection for the best overall checking account is Alliant Credit Union High Rate Checking.

Best checking accounts in October 2022

CategoryAPYMinimum balance to openMonthly fee
Alliant Credit Union High Rate CheckingBest overall0.25% on all balances*None or $25 (depending on how account is opened)None
La Capitol FCU Choice CheckingBest for interest rates4.25% on balances up to $3,000*$50$10 (can be waived)
Quontic Bank Cash Rewards CheckingBest for cash rewardsNone (1.5% cash back)$100None
SoFi Student Checking and SavingsBest for students4.00% on all balances*NoneNone
Axos Bank Essential CheckingBest for ATM useNoneNoneNone
Navy Federal Credit Union Flagship CheckingBest for military families0.35% on balances under $10,000; 0.40% on balances $10,000 and over but under $25,000; 0.45% on balances of at least $25,000None$10 (can be waived)
Ally Bank Interest CheckingBest for low fees0.10% on balances less than $15,000, 0.25% on balances of $15,000 or moreNoneNone
*with account activity requirements

Alliant Credit Union High Rate Checking

Best overall checking account


on Alliant Credit Union’s secure website

NCUA Insured

  • APY: 0.25%* on all balances
  • Minimum balance to open: None or $25 (depending on how account is opened)
  • Monthly fee: None
  • ATM availability: Over 80,000; offers rebates
  • Branch footprint: None

*with account activity requirements

Why we picked it: The Alliant High Rate Checking account is a great all-around checking account with most of the features a checking customer could want. The credit union pays interest on all balances, offers access to a wide ATM network (with $20 in ATM fee reimbursements each month) and has no overdraft fees, minimum balance requirements or maintenance fees. You’ll need to opt in for eStatements and receive one monthly electronic deposit in order to earn that 0.25% APY — and that rate applies to all balances.

As a credit union, Alliant requires you to apply for membership in order to be able to open an account, but anyone can join with a donation to Foster Care to Success (Alliant will pay the one-time $5 membership fee on your behalf). There is a $25 minimum opening deposit for accounts opened online, but no opening deposit requirement for accounts opened by paper application, online banking, or alongside obtaining an Alliant loan.

Alliant has a user-friendly mobile application, but it does not have any physical branches. If you know you want in-person banking services, you’ll want to open an account with a different financial institution. But, if you don’t need to bank in person, Alliant High Rate Checking is a strong choice for a new checking account.

La Capitol FCU Choice Checking

Best checking account for interest rates


on La Capitol Federal Credit Union’s secure website

NCUA Insured

  • APY: Up to 4.25%* on balances up to $3,000
  • Minimum balance to open: $50
  • Monthly fee: $10 (can be waived)
  • ATM availability: Offers fee refunds up to $25 each month
  • Branch footprint: Over 5,000 co-op shared branches nationwide

*with account activity requirements

Why we picked it: La Capitol FCU Choice Checking currently offers the highest interest rate for checking accounts, as long as members enroll in eStatements and make 15 non-ATM, debit card purchases during the statement period. For balances over $3,000 and up to but not exceeding $10,000, members who meet the monthly requirement will earn 2.00% APY. If qualification is not met, APY drops to 0.10% on the entire balance.

To waive the $8 monthly service charge, members must keep a $1,000 daily balance or make the 15 non-ATM debit card transactions. The $2 monthly service charge for paper statements is also waived when enrolled in eStatements.

La Capitol participates in the CO-OP Share Branching Network, which has 5,000 shared branches and serves more than 700 credit unions. Access their ATM and branch locator here. While this bank has a nationwide footprint, they encourage members to use the bank’s 24/7 online banking tools, including mobile remote deposit, Pay-a-Friend, CardSwap and a mobile banking app rated 4.6 stars.

To become a member of La Capitol Federal Credit Union, you must either be associated with a designated Baton Rouge community parish, attend one of the schools on their list, be related to an existing La Capitol FCU member, join the Louisiana Association for Personal Financial Achievement (ACHIEVE) or work for one of the credit union’s select employee groups.

Quontic Bank Cash Rewards Checking

Best checking account for cash rewards

  • APY: None (1.50% cash back for debit card purchases)
  • Minimum balance to open: $100
  • Monthly fee: None
  • ATM availability: Over 90,000
  • Branch footprint: None

Why we picked it: Among banks that offer cash back on debit card purchases, Quontic has the highest potential reward amount for its Cash Rewards Checking account. You can earn 1.50% on point of sale debit transactions, and your cash back reward is paid and deposited into the checking account at the beginning of each new statement cycle. Other notable rewards checking accounts tend to cap the rewards you can earn, but Quontic doesn’t.

Quontic is an online bank. While it does have broad ATM access (through a long list of partner retailers and ATM networks), there’s no in-person banking. Other options at Quontic include its High Interest Checking account (pays a solid interest rate with required account activity) and Bitcoin Rewards Checking account (works similarly to Cash Rewards Checking, but pays its rewards in cryptocurrency).

SoFi Student Checking and Savings

Best checking account for students


on SoFi’s secure website

  • APY: 4.00% on all balances (with direct deposit)
  • Minimum balance to open: None
  • Monthly fee: None
  • ATM availability: Over 55,000
  • Branch footprint: None

Why we picked it: The SoFi Student Checking and Savings account is an easy choice for students looking to earn a little interest, pay no fees or minimum balance requirements and access to their cash as needed.

This account earns the same competitive APY as SoFi’s regular checking and savings account when you set up direct deposit. Members without direct deposit will earn 0.25% APY on all account balances. Right now, the bank is offering a sign-up bonus for this account –– earn up to $30 if you:

  • Sign up with your .edu email address, or
  • Add $10 to your account, or
  • Spend $100 on your SoFi debit card within the first 30 days of your account

With a highly rated mobile app, online banking and an extensive free network of ATMs, students can manage their cash from anywhere (especially convenient for those out of state). Monitor your savings and spending, pay friends, deposit checks, set up alerts and organize your savings into vaults with recurring deposits. Customer support is available via live chat or phone during office hours, and students can meet with a career coach or financial planner for free.

Axos Bank Essential Checking

Best checking account for ATM use


on Axos Bank’s secure website

Member FDIC

  • APY: None
  • Minimum balance to open: None
  • Monthly fee: None
  • ATM availability: Over 90,000; offers rebates
  • Branch footprint: None

Why we picked it: Axos Bank is an online financial services company with Federal Deposit Insurance Corp. (FDIC)-insured deposit accounts, including three checking accounts:

  • Essential Checking: Axos Bank’s most basic, straightforward account with early direct deposit access.
  • Rewards Checking: Pays interest on the checking balance with required account activity.
  • Cashback Checking: Lets you earn money on signature-based transactions.

Few banks offer an ATM network as extensive as Axos Bank’s: there are over 90,000 in-network ATMs through numerous businesses and other banks, and Axos also offers unlimited ATM fee reimbursements for out-of-network ATM use. All three Axos checking accounts essentially offer free, unlimited use of any ATM.

Navy Federal Credit Union Flagship Checking

Best checking account for military families


on Navy Federal Credit Union’s secure website

NCUA Insured

  • APY: 0.35% on balances under $10,000; 0.40% on balances $10,000 and over but under $25,000; 0.45% on balances of at least $25,000
  • Minimum balance to open: None
  • Monthly fee: $10 (can be waived)
  • ATM availability: Over 30,000; offers rebates
  • Branch footprint: Worldwide

Why we picked it: Navy Federal Credit Union has over 11 million members, a large network of physical branches and several financial services for its membership base, which includes active duty military members, veterans and their families. It’s the largest credit union in the United States, with over twice the assets as the next-biggest credit union. It’s a strong choice for anyone with a connection to the military — and you can’t join unless you have that connection.

Navy Federal Credit Union offers several checking accounts, including:

  • Flagship Checking: Has the highest APY of any Navy Federal Credit Union checking account, but does have a monthly fee.
  • Free EveryDay Checking: The most basic account, which has no minimum balance requirements or monthly fees.
  • Free Easy Checking: Requires a qualifying direct deposit and provides some overdraft protection.
  • Free Active Duty Checking: Features early access to military paychecks with direct deposit setup.
  • Free Campus Checking: Provides banking services for members ages 14-24 and bears interest.

As long as you maintain an average daily balance of $1,500, the Flagship Checking account waives the monthly service fee of $10 and pays a solid interest rate of up to 0.45% APY. If you might not be able to reach that average daily balance of $1,500, there are other Navy Federal accounts that don’t require a minimum balance to avoid fees.

Read our Navy Federal Credit Union review.

Ally Bank Interest Checking

Best checking account for low fees


on Ally Bank’s secure website

Member FDIC

  • APY: 0.10% on balances less than $15,000; 0.25% on balances of $15,000 or more
  • Minimum balance to open: None
  • Monthly fee: None
  • ATM availability: Over 43,000; offers rebates
  • Branch footprint: None

Why we picked it: Ally Bank offers a solid all-around Interest Checking account: there are no monthly fees or minimum balance requirements, the bank pays 0.25% APY on balances of $15,000 or more and 0.10% on balances under that amount and there’s overdraft coverage. While Ally doesn’t have physical branches, there are over 43,000 in-network ATMs and modest ATM reimbursements for Interest Checking.

The account truly stands out in how well it limits fees. There are no maintenance fees, overdraft fees, incoming wire transfers, expedited ACH transfers, checks or fees for low balances. While there are some standard fees (like those for outgoing wire transfers or returned deposit items), most customers won’t have to pay any fees with Ally.

One drawback to the Ally Interest Checking account is that there’s no way to deposit cash through the bank, so another low-fee account may be better if you know you’ll need to make cash deposits.

Read our Ally Bank review.

Check out the MagnifyMoney roundup of the best free checking accounts.

Choosing a checking account

Every checking account provides the same basic service: it’s a place where you can store your money and access it whenever you need to. But no two checking accounts or financial institutions are exactly the same, and there can be some important differentiators when deciding which account is right for you. Here are some of the most important things to consider:

  • Minimum balance requirements: Many checking accounts don’t have minimum balance requirements, but there are some quality offerings that do require you to maintain a certain balance to avoid a monthly fee. If you know that you’ll be able to meet that requirement (or complete required direct deposits) to avoid the fee, the account could be a great choice — if not, you may want to consider a different account.
  • Interest or cash back rewards: Checking accounts tend to offer lower interest rates than savings accounts or money market accounts, but interest-bearing or cash back rewards checking accounts can help you earn some extra money. The best cash back rewards accounts can net hundreds of dollars over the course of a year (as long as you spend enough money).
  • ATM or branch access: If you know that you might need to withdraw or deposit cash with your checking account, you’ll need a debit card — and access to ATMs or in-person banking. A local bank or credit union may offer a lot of branches and ATMs in your area, but if you often travel nationwide, a bank with a broad footprint could be more useful. Online-only banks can offer great accounts, but not being able to go to a branch and talk to someone in person could be a dealbreaker for some.
  • Other banking services: Depending on whether you intend to use one bank or credit union for all of your banking services, you could choose a checking account if there’s a particular loan, savings account or other financial product available with a certain financial institution.

Checking account fees and minimums

Checking accounts can sometimes include fees. Some financial institutions may have a monthly maintenance fee for their checking accounts — although there are often ways to waive that fee, usually by meeting a minimum average daily balance or monthly deposit requirement.

Beyond those fees, checking customers can run into other situations where they’re charged a fee. While some banks reimburse out-of-network ATM fees, not all do, and those transactions tend to cost a few dollars each. Likewise, while some banks provide overdraft protection in case you try to withdraw or spend more money than you have in the account, not all do — and those insufficient funds fees tend to be more expensive.

Beyond those, there are other fees for miscellaneous things: wire transfers, replacement cards, stop payment orders, returned deposit items, money orders, cashier’s checks, and some international transactions. Banks are legally required to publish fee schedules with all information on potential customer fees.

Methodology: How we chose the best checking accounts

Using information from DepositAccounts, financial institution websites and other sources, MagnifyMoney reviewed hundreds of accounts to compile a list of the best checking accounts for particular categories. All of these accounts must be nationally available and have deposit insurance through the FDIC or National Credit Union Administration (NCUA).

While the relevant criteria for selection as best of a particular category holds the most weight, we also considered other features when selecting our accounts. We ranked higher those with:

  • Lower account minimums and balance requirements
  • Higher interest rates
  • Fewer fees
  • Greater ATM availability and rebates for out-of-network ATM use
  • More brick-and-mortar bank locations
  • Better digital experience

Frequently asked questions

A checking account is a deposit account offered by banks and credit unions that allows you to complete everyday transactions like debit card purchases, cash withdrawals and direct deposits.

Most financial institutions allow you to open a checking account online or in a physical branch by applying for one with any required documentation and potential funding for an account.

You’ll typically need some government-issued identification like a driver’s license or a passport, your Social Security number, a required opening deposit and any other documentation a financial institution asks for as part of the account opening process.

It depends on the account. Some accounts don’t require an opening deposit, but you’ll need to provide money to open a checking account if there is a required deposit.