Last Updated on May 27, 2024 by admin
A Checking Account which also know as demand accounts or transnational accounts is an account for everyday expenses. You can have your paycheck deposited directly into it and use it to pay bills, make purchases and withdraw cash.
To open a checking account mandatory documents are SSN (Social Security Number) and a ID proof. You can issue checks, use debit card to withdraw cash and also set up ACH using checking account.
A checking account differs from other bank accounts in that it often allows for numerous withdrawals and unlimited deposits, whereas savings accounts sometimes limit both.
Here’s a list of 30 of the best checking accounts for Americans in the United States, with a focus on different needs and preferences:
What Do You Need to Open a Checking Account?
To open a checking account in the United States, you will typically need the following:
Identification:
- Government-Issued Photo ID: This could be a driver’s license, state ID, or passport.
- Social Security Number (SSN): This is used to verify your identity and for tax reporting purposes. If you’re a non-resident alien, you might need an Individual Taxpayer Identification Number (ITIN) instead.
Other Information:
- Proof of Address: This could be a utility bill, bank statement, or lease agreement.
- Contact Information: Provide your phone number and email address.
- Initial Deposit: Most banks require a minimum initial deposit to open the account. This can vary depending on the bank and the type of account.
Additional Requirements (Sometimes):
- Proof of Employment or Income: Some banks might ask for this information, especially for specialized accounts or credit products.
- Second Form of Identification: This could be a birth certificate, credit card, or student ID.
Important Notes:
- Age: You usually need to be at least 18 years old to open a checking account independently. Some banks offer accounts for minors with a parent or guardian as a joint owner.
- Residency: Most banks require you to be a U.S. resident or citizen to open an account. However, some banks offer accounts for non-residents, but the requirements might be more stringent.
- Online vs. In-Person: You can usually open a checking account online or in person at a bank branch. The requirements might vary slightly depending on the method you choose.
ALSO READ: List of Best Banks in California
30 Best checking account for Americans In united states
Best Overall:
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Discover Cashback Debit:Offers 1% cashback on up to $3,000 in debit card purchases each month, no monthly fees, and access to over 60,000 free ATMs.
- Capital One 360 Checking:No fees, no minimum balance requirements, early direct deposit, and access to over 70,000 fee-free Capital One and Allpoint ATMs.
- Ally Bank Interest Checking Account:Earns interest on all balances, no monthly maintenance fees, and offers a debit card with ATM fee reimbursements
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Axos Bank CashBack Checking:Unlimited domestic ATM fee reimbursements, earns cash back on all signature-based debit card transactions, and no monthly maintenance fees.
- SoFi Checking and Savings:Earns a high APY, no account fees, and get up to 15% cash back at local businesses.
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Best for Students:
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Chase College Checking:No monthly service fee for students under 24, easy to link with Chase savings account, and access to Chase’s vast ATM network.
- Bank of America Advantage SafeBalance Banking:Designed for students and young adults, this account helps avoid overdraft fees and has no monthly maintenance fee with eligibility.
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Best for High APY:
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Quontic Bank High Interest Checking:High APY on balances up to $50,000, unlimited ATM fee reimbursements worldwide, and early direct deposit.
- LendingClub High-Yield Checking Account:Unlimited ATM fee reimbursements, high interest rates on balances over $2,500, and no monthly maintenance fee with direct deposits.
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Best for Military Members:
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Navy Federal Credit Union Free Active Duty Checking:Free checking account for active duty military members with no monthly fees, free ATM access, and special benefits for military personnel.
- USAA Classic Checking:Free for military members and their families, offers ATM fee reimbursements, early direct deposit, and a variety of financial tools.
Other Notable Options:
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Chime:Online-only bank with no monthly fees, automatic savings features, and early direct deposit.
- Varo Bank Account:No monthly fees, high-yield savings account option, and early direct deposit up to two days.
- NBKC Bank Everything Account:Free checking and savings account, early direct deposit, and unlimited ATM fee reimbursements.
- Axos Bank Rewards Checking:High APY potential with direct deposits and debit card purchases.
- Charles Schwab Bank High Yield Investor Checking Account:No monthly fees, no foreign transaction fees, unlimited ATM fee reimbursements, and linked to Schwab brokerage account.
- Alliant Credit Union High-Rate Checking:Earns interest on all balances, no monthly service fees, and access to over 80,000 surcharge-free ATMs.
- Connexus Credit Union Xtraordinary Checking:Earns interest on all balances, no monthly service fees, and ATM fee reimbursement.
- Consumers Credit Union Free Rewards Checking:Earns 4.09% APY on balances up to $10,000, no monthly fees, and ATM fee refunds nationwide.
- First Tech Federal Credit Union Dividend Checking:Earns dividends on all balances, no monthly fees, and ATM fee reimbursements.
- Lake Michigan Credit Union Max Checking:Earns a high APY on balances up to $15,000, no monthly fees, and ATM fee refunds.
- Aspiration Spend & Save Account:Cashback rewards, fee-free ATM network, and sustainable features.
- OneUnited Bank OneUnited CashBack Checking:Designed to support financial empowerment in underserved communities, this account offers cashback rewards and financial education resources.
- TIAA Bank Yield Pledge Checking:No monthly maintenance fees and a competitive APY on all balances.
- NorthOne:Business checking account for freelancers and small businesses with no monthly fees and integrated financial tools.
- Relay:Business checking account with multiple checking accounts for budgeting and expense tracking.
- Bluevine:Business checking account with high APY and cash back rewards for eligible purchases.
- Novo:Business checking account with no monthly fees, free ATM access, and integrations with popular business tools.
- Lili:Banking app for freelancers with expense tracking, tax tools, and a savings account option.
- Oxygen:Digital banking platform for freelancers and entrepreneurs with cashback rewards and virtual card option
Also Read: List of Banks in United states of America,Banks in USA
Q: What should I look for in a good checking account?
A: Key factors to consider include:
- Fees: Monthly maintenance fees, overdraft fees, ATM fees
- Interest rates: Some checking accounts offer interest on your balance
- ATM access: Availability and fees for using ATMs
- Online and mobile banking features: Ease of use, bill pay, mobile deposit
- Customer service: Accessibility and helpfulness of customer support
Q: Which banks offer the best checking accounts?
A: Some of the best checking accounts include:
- Discover Cashback Debit
- Capital One 360 Checking
- Ally Bank Interest Checking Account
- Axos Bank CashBack Checking
- SoFi Checking and Savings
- Chase College Checking (for students)
- Bank of America Advantage SafeBalance Banking (for students)
- Quontic Bank High Interest Checking
- LendingClub High-Yield Checking Account
- Navy Federal Credit Union Free Active Duty Checking (military)
- USAA Classic Checking (military)
- Chime
- Varo Bank Account
Q: What are the benefits of online checking accounts?
A: Online checking accounts often offer:
- Higher interest rates
- Lower or no fees
- Convenient online and mobile banking features
Q: Are there checking accounts with cashback rewards?
A: Yes, several banks offer checking accounts with cashback rewards on debit card purchases. Some popular options include Discover Cashback Debit and Axos Bank CashBack Checking.
Q: What are the best checking accounts for students?
A: Chase College Checking and Bank of America Advantage SafeBalance Banking are designed for students and offer features like no monthly fees and easy money management tools.
Q: Are there checking accounts specifically for military members?
A: Yes, Navy Federal Credit Union Free Active Duty Checking and USAA Classic Checking are excellent options for military members and their families, offering various benefits and fee waivers.
Q: What if I want a checking account with a high APY?
A: Quontic Bank High Interest Checking and LendingClub High-Yield Checking Account are good options for earning higher interest on your checking account balance.
Q: Do all checking accounts offer online and mobile banking?
A: Most checking accounts nowadays offer online and mobile banking capabilities, allowing you to manage your account, pay bills, and deposit checks from your computer or smartphone.
Remember, the best checking account for you depends on your individual needs and priorities. Compare the features and benefits of different accounts to find the one that suits you best.
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