Jason Fell
Jason Fell Last Updated: January, 24, 2023, 5:34pm

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Having a checking account is essential to everyday financial needs. Finding the right one for you will be determined what matters most when it comes to bank accounts. 

We have outlined our top six choices for checking accounts for 2023 below.

1

Axos Bank Rewards Checking

APY1.25%

Minimum deposit requirement$50

Monthly maintenance fee$0

Learn MoreOn Axos’ Website
Overview
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Best Overall Checking Account

APY: 1.25%

Minimum deposit requirement: $50

Monthly maintenance fee: $0

Axos Bank Rewards Checking is our choice of an overall best checking account. This account offers an annual percentage yield on its checking account at 1.25%, which is a highly competitive rate compared to similar accounts on the market. There are five reward tiers, each of which increases your earning potential, making 1.25% the highest amount you can earn back. 

With this account, your money is protected with a two-step authentication verification system, above-average encryption, antivirus and malware protection, automatic logout, and account monitoring. 

They also have an innovative online banking platform that offers all of the features you would need to execute all of your banking needs.

2

SoFi Checking and Savings

APY2.0%

Minimum deposit requirement$0

Monthly maintenance fee$0

Learn MoreOn Sofi’s Website
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Best For No Fees

APY: 2.0%

Minimum deposit requirement: $0

Monthly maintenance fee: $0

SoFi Checking and Savings account is our top choice for a no-fee checking account. There are no monthly overdraft fees, service charges, account opening, minimum balance, or regular maintenance. 

They offer up to $300 in cash back upon account opening when you sign up for a direct deposit. They also offer an automatic savings feature that organizes your money, allows you to set savings goals, and save your change by rounding up. 

They also have a mobile app where you can bank online, find no-fee ATMs, automate your bills, and more. Most importantly, this account offers 2.0% APY and 15% in cash back rewards. 

3

Quontic Bank High-Interest Checking

APY1.10%

Minimum deposit requirement$100

Monthly maintenance fee$0

Learn MoreOn Quontic’s Website
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Best For APY

APY: 1.10% 

Minimum deposit requirement: $100

Monthly maintenance fee: $0

High-Interest Checking – Quontic account is our top choice for interest earning. You can earn up to 1.10% on all balance tiers when you make at least 10 qualifying debit card transactions of $10 or more per monthly cycle. 

If you do not meet this monthly requirement, your interest drops to 0.01%. Interest is compounded daily and deposited directly into your account. Account holders have access to more than 90,000 in-network ATMs.

4

Alliant Credit Union High-Rate Checking

APY0.25%

Minimum deposit requirement$0

Monthly maintenance fee$0

Learn MoreOn Alliant’s Website
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Best For Digital Banking

APY: 0.25%

Minimum deposit requirement: $0

Monthly maintenance fee: $0

Alliant Credit Union High-Rate Checking account is highly rated for its integrative digital banking tools. Their app and website are available for both Android and iOS platforms, allowing you to manage your money on the go and from anywhere. 

Moreover, there are more than 80,000 surcharge-free ATM locations throughout the U.S., but Alliant pledges to reimburse account holders up to $20 in out-of-network ATM fees.

5

Discover Bank Cashback Debit Checking

APY1.0% APY on up to $3,000 made in debit purchases monthly

Minimum deposit requirement$0

Monthly maintenance fee$0

Learn MoreOn Discover’s Website
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Best For Cash Back

APY: 1.0% APY on up to $3,000 made in debit purchases monthly

Minimum deposit requirement: $0 

Monthly maintenance fee: $0

Discover Bank Cashback Debit Checking is our top choice for cash-back rewards. This account offers 1.0% APY on purchases made up to $3,000 per month, meaning that you can earn up to $30 monthly on your everyday purchases. They remain competitive in having no fees for overdraft, minimum balances, and out-of-network ATM usage. 

More than 60,000 network ATMs across the U.S. are FDIC-insured. You can use the Discover app for mobile banking, including pairing your debit card with apple pay, automating your monthly bills, and sending Zelle payments. 

This is why it can be straightforward to earn cash back monthly upon making everyday transactions. 

6

PenFed Credit Union Access America Checking

APYranges from 0.15% to 0.35%

Minimum deposit requirement$25

Monthly maintenance fee$0 to $10

Learn MoreOn Penfed’s Website
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Best For Credit Union Checking Account

APY: ranges from 0.15% to 0.35%

Minimum deposit requirement: $25

Monthly maintenance fee: $0 to $10

PenFed Credit Union Access America Checking offers a checking account with many perks, including earning .15% on balances of less than $20,000 and .35% on balances over $20,000 up to $50,000. 

There is a monthly fee, but it can be avoided by setting up a direct deposit of at least $500 monthly or maintaining a daily balance of $500 or more. Account holders can enjoy 80,000 surcharge accessible ATMs across the U.S. and 24/7 mobile banking. 

The only caveat of this account is that you need to be a credit union member to open a checking account with them.

What is a checking account?

A checking account is a type of deposit account held at a financial institution where you are allowed to deposit and withdraw money physically. Checking accounts are known to be highly liquid accounts and can be accessed at an ATM, a teller counter in a bank, or digitally online.

With this transaction account, you can deposit cash and checks at an ATM, and now checks can be deposited digitally. The difference between a traditional savings account and a checking account is that each account differs in the number of withdrawals you can make. There is usually no limit for a checking account, whereas there are restrictions on savings accounts.

Typical uses of a checking account would be to pay bills and make easy transactions with debit; basically, it is used to manage your day-to-day financial needs. 

What should I look for in a checking account?

  • Low fees: Due to frequent transaction activity with a checking account, it is essential to keep costs as low as possible. Keep in mind monthly fees, transaction fees, overdraft fees, foreign transaction fees, and out-of-network ATM fees.
  • ATM network: An extensive ATM network will be crucial for those who need convenient and easy access to your funds. Many account holders will choose a checking account in an institution that is nearby to them. Be careful about ATM access; we recommend looking for fee-free ATMs or accounts with ATM fee reimbursement if possible. 
  • Low minimums: Many banks and credit unions require a minimum deposit upon account opening. This also means that there can be a minimum balance requirement, which means a fee will be charged if the account balance falls below. Some accounts even require a minimum daily balance. If you cannot meet the minimum requirements, look for a no-minimum account.
  • Monthly fees: Some banks will charge a monthly service fee. Much of this account fee may be waived if there is a consistent minimum balance in your account or a direct deposit coming into the account monthly. If you are lucky, you may be able to find an account that has no monthly fees or minimums at all.
  • Earning interest/ APY: Not all checking accounts pay interest, but there is a rare chance that some accounts do. Depending on the financial organization, a checking account accrues an APY would range from .01% to 2.5%. 
  • Customer service: Being able to reach a representative at most hours of the day is an essential feature that an account should include. Whether you have a simple question or need to make a fraudulent report against your account, being able to get into contact with an account agent is extremely necessary. Not only is getting in touch with someone critical but their responsiveness and efficiency are also vital.
  • Safety and security: You must feel safe and secure where you place your money. Make sure that any account that you decide to open is FDIC (Federal Deposit Insurance Corporation) government insured. This will provide up to $250,000 in reimbursement per depositor, even in a bank failure.
  • Digital experience: A positive digital experience is crucial for those who bank online. This means having quick account updates, transaction reflections, and user-friendly interfaces.

The bottom line

Finding the proper new checking account for you will determine what you consider essential in everyday account use. The best accounts tend to have a few things in common, like high APY rates, low to no minimum fees, and exceptional customer support. Feeling secure where you keep your money is very important, so do enough research on checking accounts that interest you. 

We are here to assist if you want to open a business or personal bank account. Check out our excellent business content, including our book collection and engaging webinars, by heading to our website.

Information provided on Entrepreneur Guide is for educational purposes only. Your financial situation is unique and the products and services we review may not be right for your circumstances. We do not offer financial advice, advisory or brokerage services, we do not recommend or advise individuals to buy or sell particular stocks or securities. Performance information may have changed since the time of publication. Past performance is not indicative of future results