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The best online checking accounts typically don’t have fees or high minimum balances and offer access to a large ATM network. While brick-and-mortar banks may offer some online checking account features, too, they may come at a cost, such as monthly fees and out-of-network ATM fees.
If you’re looking for an account for your everyday purchases without strings attached, an online checking account might be right for you. Here are Bankrate’s picks for the best online checking accounts.
Bankrate’s picks for best online checking accounts
A closer look at the best online checking accounts
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Ally Bank’s Spending Account comes with all the bells and whistles you’d want from an online checking account, including no monthly fees, a robust mobile app, a very large ATM network and the account doesn’t have overdraft fees. What’s more, the account earns some interest and offers free standard checks.
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LendingClub Bank’s Rewards Checking account earns an unlimited one percent cash back on eligible purchases if you meet certain qualifications. To boot, the account even earns some interest, though you’ll need to deposit at least $2,500 to start earning a yield. Beyond these two perks, customers also get unlimited rebates on ATM surcharges and early pay.
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The Discover® Cashback Debit account is a good option for those who want to earn cash back without jumping through hoops. Unlike with LendingClub, you don’t have to meet any requirements to start earning cash back but there is a limit to how much you can earn: 1 percent cash back on up to $3,000 worth of debit card purchases a month. Apart from that perk, there’s no minimum deposit required to open an account and the account also doesn’t charge fees.
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The Capital One 360 Checking account is an online checking account that comes with the usual perks — massive fee-free ATM network, some interest, and few fees. It also comes with a rarity for online checking: branch access. Capital One has about 260 branches, mostly in the northeast and south and runs “cafés” in D.C. and a few states in the west.
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Axos Bank’s Essential Checking account holders get an unlimited amount of rebates on ATM fees incurred. If you find yourself needing to pull out cash often, this could give you peace of mind. This account also doesn’t charge a monthly service fee, overdraft fees and non-sufficient funds (NSF) fees.
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Bask Bank has an online checking account that pays a competitive yield (for a checking account) of 1 percent APY. The Interest Checking account doesn’t have a monthly service fee, overdraft fees and its customers can access more than 55,000 fee-free ATMs. In addition to paying a great rate on its checking, Bask Bank has one of best high-yield savings accounts on offer too: its Interest Savings account pays a highly competitive APY of
4.20% APY and also has no monthly maintenance fees.
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First Internet Bank’s Free Checking account is a simple, good checking account: it has a low minimum opening deposit requirement and it doesn’t have a monthly service fee or overdraft fees. You won’t find rewards or interest earned here, but if you want a reliable account from an online bank that helped pioneer online banking, this might be a good option for you.
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The Alliant Credit Union High-Rate Checking account is an interest-bearing account from an online-only credit union. Alliant is special because unlike some credit unions, nearly anyone can join Alliant by becoming an Alliant Credit Union Foundation digital inclusion advocate. The account has many of the best things you may want from a checking account: no monthly service or overdraft fees, a bit of interest and good ATM access.
Disclaimer: Please note that the details of these bank accounts may vary by region and may change. All details are accurate as of April 24, 2025.
Pros and cons of online checking accounts
Pros
- Online-only banks are more likely to offer an interest-bearing checking account with a competitive yield.
- Online checking accounts typically don’t charge monthly service fees.
- Some online banks are part of a large ATM network (or two).
- Online banks might refund some or all of your ATM fees.
Cons
- Generally, you can’t conduct in-person banking at an online bank.
- Online banks lack in-person special features, such as safe deposit boxes.
- Some online banks don’t allow cash deposits.
- A brick-and-mortar bank is more ideal for withdrawing a large amount of cash.
How to choose the best online checking account
The best online checking account for you will depend, of course, on you. As with any purchase, researching and comparing online banks can help you make the best decision. Always check to make sure the institution you’re banking with is federally insured (by the Federal Deposit Insurance Corp. for banks and National Credit Union Administration for credit unions). Apart from that, here are some things to consider when choosing an online checking account:
- Look for what fees are charged: Bankrate’s 2024 Checking Account and ATM fee study found the average monthly service fee for interest-bearing accounts is $15.45 but you can find an online checking account that pays interest and doesn’t charge a monthly fee. And see what other fees may be charged too, including for overdrafts and paper statements.
- Pick customer service that works for you: Look at the customer service types and hours offered by the bank and determine if they’re convenient for you and how you prefer to communicate.
- Consider access to funds: Check if the checking account comes with a debit or ATM card and a wide, fee-free ATM network. In addition to figuring out how you can access cash, look at the different options for transferring money into and out of your account.
- Check out the online user experience: With online banking you’re bound to, well, bank online. Check the website to see if it’s easy to use and reliable. And look up the mobile app ratings to make sure its highly rated for your operating system.
- Look for “you” perks and features: Consider what you’ll need from your checking account. If you want peace of mind, check for a free overdraft protection policy. Like to travel? Find an account with no foreign transaction fees. Shop using your debit card? You’d benefit from an account that earns cash back with debit card purchases. If you like to keep a good cushion in your checking account, you might benefit from a checking account with decent APY so all your money can be earning interest, not just what’s in your savings.
“The good news about banking and financial services is that there’s a virtual treasure trove of services and choices available. Ask yourself what are your personal priorities, such as mobile apps, a nearby brick-and-mortar outlet, or superior high-yield savings rates. A range of choices is good!”
— Mark Hamrick, Senior Economic Analyst, Bankrate
Online checking account FAQs
Research methodology
Bankrate researches over 100 banks, including some of the largest financial institutions, online-only banks, regional banks and credit unions with both open and restrictive membership policies.
To find the best online checking accounts, we rated these institutions on their checking account fees, minimum deposit requirements, ATM network, overdraft policies, APY offerings and more.
The online checking accounts on this page are selected based on their Bankrate score and mobile app ratings. Only banks and credit unions with broadly available checking accounts made the list. Learn more about how we choose the best banking products and our methodology for reviewing banks.
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