Top 10 Best Checking Accounts Of 2023

A checking account is a bank account that allows you to withdraw cash from an ATM or make purchases using your debit card & if you are looking for the best checking accounts then this article is for you!

These accounts allow easy access to your funds and are useful for people with limited incomes. 

Here, we have reviewed the 10 best checking accounts in the market today. 

They vary in terms of the monthly fee, interest rate, available features, and more – so find out which one might be right for you! 

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Best Checking Accounts

Here are our top 10 picks based on:

1. Best Overall – Axos Bank
2. Best For High Yields – Consumers Credit Union
3. Best Checking Account For Rewards – Discover
4. Best Interest Rate – Paramount Bank
5. Best For Combined Checking and Saving – nbkc bank Everything Account
6. Best For In-Person Checking – Chase Total Checking
7. Best For Out-of-Network ATMs – Alliant Credit Union
8. Best For International ATMs – Needham Bank
9. Best For High Balances – Bank5 Connect
10. Best Credit Union Checking Account – Connexus

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1. Axos Bank — Best Overall

Axos Bank, based in San Diego, was founded in 2000 as a digital bank and has Bauer Financial’s best bank safety rating of Superior (5 stars). 

Its Rewards Checking account combines no fees with unlimited ATM fee reimbursements and the opportunity to earn a competitive interest rate, earning it the top position in our rankings.

While many banks have stopped collecting ATM fees, Axos is one of the only banks that would reimburse domestic ATM costs you may have paid to other banks or ATM operators. 

Not only that, but Axos has no monthly restriction on the amount that can be reimbursed, and it provides you with unlimited free ATM transactions throughout the United States.

In other ways, Axos Rewards Checking is astonishingly fee-free. 

Aside from a $50 deposit to create the account, there is no minimum balance requirement, no monthly maintenance cost, and no fee if you overdraw your account accidentally. 

On the other hand, paper checks are something you’ll have to pay for if you want them.

Pros and Cons

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2. Consumers Credit Union — Best For High Yields

Consumers Credit Union’s Rewards Checking account has the highest APY, albeit it comes with some strict bank account requirements.

You must: sign up for electronic monthly statements (rather than paper statements); make at least 12 debit card transactions per month, and earn at least $500 in mobile check deposits or direct deposits each month to qualify for the category-high 2.09 percent APY.

And yet, interest aside, this account has a lot to offer: CCU waives monthly fees and provides unlimited ATM reimbursements, mobile check deposits, and early access to direct transfers. 

This could be an excellent checking account if the APY criteria don’t bother you. 

Otherwise, you’re better off with a specialized cash-back credit card if getting cashback is your top priority.

Pros and Cons

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3. Discover — Best Checking Account For Rewards

The Discover Cashback Debit Account is for you if you want a debit card that works like a credit card. 

Customers can earn 1% cashback on up to $3,000 in debit card transactions each month with this checking account. 

This equates to a monthly reward of $30 and a yearly cashback of $360.

While 1% is less than the cash-back rate you’d get with one of the best credit cards, it’s an excellent deal for debit cards, which don’t usually have rewards programs. 

Cashback can be deposited into a Discover checking, savings, or money market account or transferred to a Discover credit card by account holders.

Discover has no physical locations since it is an online bank. 

However, Discover has customer service agents located in the United States who are available 24 hours a day and have access to over 60,000 fee-free Allpoint and MoneyPass ATMs.

Pros and Cons

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4. Paramount Bank — Best Interest Rate

The St. Louis-based Paramount Bank, which started as a mortgage lender in 1970, reorganized in 2017 to provide a variety of online consumer bank accounts. 

Its remarkable High-Interest Checking Account, for example, pays more than any other checking account we reviewed, except for those that require specified monthly actions to receive a high-yield rate. 

As a result, it is our top choice for the best interest rate among the institutions.

Paramount’s rate of 0.75 percent APY applies to all accounts, no matter how big or small. In addition, the bank consistently over-delivers ATM reimbursements. 

Except for those banks that offer unlimited ATM reimbursements, others limit the perk to a fixed cash amount every month. 

At Paramount, however, up to 20 individual ATM costs will be refunded every month.

There are a few extra costs associated with this account, including a $3 monthly maintenance fee that can be avoided by maintaining a balance of at least $1.

Pros and Cons

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5. nbkc bank Everything Account — Best For Combined Checking and Saving

The Everything Account, which pays 0.15 percent APY, combines the benefits of both a checking and a savings account into a single account. 

Customers get a debit card and use of over 37,000 MoneyPass ATMs, as well as the ability to create and monitor savings goals using nbkc’s tools. 

After the account is opened, you can request checks; the first box of personal checks is free.

There are no minimum balance fees, overdraft fees, monthly maintenance costs, or foreign transaction fees associated with the Everything Account. 

In addition, incoming domestic wire transactions are free.

A financial snapshot feature is included in nbkc, allowing you to connect all of your external accounts and get a monthly overview of where your money goes.

Furthermore, you can earn 0.15 percent APY without meeting any requirements and with no minimum balance.

Pros and Cons

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6. Chase Total Checking — Best For In-Person Checking

Chase has about 4,700 branches in the United States, second only to Wells Fargo and 16,000 ATMs, more than any other bank. 

Chase, a traditional bank, is an excellent choice if you need access to a branch for transactions or to talk with someone. 

However, make sure you can easily fulfill the requirements in order to avoid the $12 monthly maintenance price.

It’s also worth mentioning that if you open a new Chase Total Checking account with direct deposit, you’ll get a $200 bonus. 

Given that the highest-APY checking accounts are unlikely to earn $200 in interest over the course of a year, this one-time typical checking account cash bonus incentive goes a long way.

Pros and Cons

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7. Alliant Credit Union — Best For Out-of-Network ATMs

Consumers who find it difficult to stick to in-network ATMs can choose a checking account that reimburses expenses. 

If you use out-of-network ATMs, the Alliant Credit Union High-Rate Checking Account can save you up to $20 per month in ATM fees.

This is one of the biggest monthly reimbursements, saving you up to $240 per year in ATM costs. There are no requirements to take advantage of this benefit.

Aside from ATM fee reimbursements, the Alliant Credit Union High-Rate Checking Account pays 0.25 percent APY and requires no initial deposit. 

You must opt-in to paperless statements and have a regular monthly electronic deposit to earn interest.

Alliant also provides an industry-leading cash-back credit card, the Alliant Cashback Visa Signature Credit Card, in addition to no-fee checking. 

With 2.5 percent cash back on all transactions (up to $250 in cash-back rewards every billing cycle), this is a fantastic cash-back card.

Pros and Cons

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8. Needham Bank — Best For International ATMs

If you travel outside of the United States frequently, ATM reimbursements that cover the whole world rather than just the country become a valuable money saver. 

Fortunately, Needham Bank has you covered and also offers a number of other appealing account features.

International ATM rates can become pricey when ordinary ATM fees are multiplied by foreign transaction fees while traveling outside the United States, making Needham a great value for frequent travelers and the best in our review for international ATMs.

Needham’s Personal Checking account has no restrictions on the types of ATM fees it will reimburse or the quantity or dollar amount of fees it will reimburse every month. 

There is no minimum balance requirement and no monthly maintenance cost, though you will be charged a $25 non-sufficient funds (NSF) fee if you overdraw your account.

Needham offers a nominal interest rate of 0.05 percent APY on balances under $2,500 and 0.10 percent APY on balances beyond that amount. Many checking accounts pay no interest at all, which isn’t much.

Pros and Cons

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9. Bank5 Connect — Best For High Balances

Regardless of your amount, Bank5 Connect ensures all of your deposits. 

In the case of a bank failure, it provides coverage via the Massachusetts Depositors Insurance Fund (DIF), with no limits, in addition to the regular $250,000 in FDIC insurance. 

There are no residency conditions, and coverage is free and automatic.

There are no fees for internal or external transfers with this checking account.

A connected Bank5 Connect savings account provides free overdraft protection. 

There is no monthly account maintenance cost, and the minimum deposit to start an account is just $10.

Customers have access to hundreds of surcharge-free SUM Network ATMs, and Bank5 Connect reimburses up to $15 every statement cycle in ATM fees from other banks. 

You will get free monthly eStatements as a client, as well as a free first purchase of basic checks.

Pros and Cons

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10. Connexus — Best Credit Union Checking Account

The Xtraordinary checking account from Connexus Credit Union excels in all essential categories, including fees, APY, minimums, customer service, and digital banking. 

The account includes a free debit card and online mobile deposit, peer-to-peer payment, and bill pay features.

Although there is no minimum deposit, all members must first open a regular savings account before receiving a checking account. 

A $5 minimum deposit is required for the regular savings account.

Connexus will not charge you for in-network or out-of-network ATM transactions, but an out-of-network ATM’s owner may impose a fee. 

Fortunately, Connexus reimburses ATM provider fees up to $25 per month if you fulfill the account’s monthly criteria. 

Overdraft transfers from linked accounts will also be free of charge.

Pros and Cons

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Comparison

Checking Accounts	Best For	Minimum Balance	Best Feature	Rating
Axos Bank	Overall best	Zero	No overdraft fees	4.7/5
Consumers Credit Union	High yields	Zero	Tiered APY structure	3.9/5
Discover	For rewards	Zero	Earn 1% cashback on up to $3,000 in debit card transactions.	4.9/5
Paramount Bank	Interest rate	$3	Refunds 20 individual ATM costs	4.8/5
Nbkc Bank Everything Account	Combined checking and saving	Zero	No international transaction costs	3.7/5

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Conclusion

It is no secret that the cost of living has become extraordinarily high. 

As a result, many people are looking for ways to make their money go farther and save on costs they can avoid or control. 

One way this may be accomplished is through an excellent checking account with low fees and great benefits. 

This article covered the ten best checking accounts Of 2023 according to our research team- it’s possible one of these will fit your needs perfectly! 

We hope you found something appropriate for your circumstances among them all. Good luck searching!

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FAQs

What is a checking account?

A checking account is an account in which you deposit your money. It’s not considered a place to save, but instead to spend or use at your convenience.

What is an interest-bearing checking account?

An interest-bearing checking account pays a small amount of money for keeping a certain amount on deposit and is typically more available than a standard savings account.

What is the difference between a checking and savings account?

A checking account allows you to access your funds on a daily basis, while a savings account typically requires a larger deposit and offers no quick access to the money that’s been deposited. 

Savings accounts are more suitable for long-term savings goals, while checking accounts may be a better choice for your daily spending money.