6 Best Checking Accounts in 2023

Searching for the perfect checking account that suits your financial needs and goals can be an exciting journey. From avoiding pesky fees to maximizing benefits, finding the right checking account can be a game-changer for managing your money. 

Here are our picks for checking accounts based on the type of perk you’re looking for.

1. Capital One 360: Best Checking Account for No Fees

Capital One’s 360 Checking Account is one of the best options for those who are looking to avoid pesky fees. It offers no monthly maintenance fees, no minimum deposit to open an account and no minimum balance.

Other perks include account protection, which means you can switch your card on or off at any time if you misplace it, and 24/7 access to your money. 

Why choose a fee-free account? Sneaky fees can eat away at your hard-earned money. Picture this: you’re excitedly checking off your monthly to-do list, and suddenly, you spot an unwelcome surprise—an unexpected fee on your bank statement. 

Why settle for a checking account that wants to snatch your cash? Instead, look for an account that offers the freedom of fee-free banking. With no monthly or annual fees, you can focus on managing your money without worrying about unnecessary expenses chipping away at your balance.

2. Alliant High Rate: Best Checking Account for Avoiding Overdraft Fees 

If you have your money in different accounts and want to stay safe from overdraft fees, consider an Alliant High Rate checking account. So long as you have enough money in a savings account or other linked account, Alliant won’t charge you for insufficient funds. 

Other benefits of an Alliant High Rate checking account include up to 0.25% APY, rebates for ATM fees, compatibility with online payment portals and 24/7 fraud monitoring.

We’ve all been caught in the clutches of an unexpected expense that leaves our checking account in the red. Some banks charge an overdraft fee every time your balance is below zero, while others issue fees for each day you have a negative balance. 

3. Chime: Best Checking Account for Early Direct Deposit 

A Chime checking account lets you get paid up to two days early when you hook up direct deposit, which can come in handy for anyone who juggles multiple automatic payments. Chime can even front you up to $200 from your impending paycheck to cover you for expenses that might overdraw your account.

Today, direct deposit is the most popular way to get paid. It’s like having a personal money chauffeur who effortlessly delivers your paycheck straight to your account, so you can sit back, relax, and let your money work its magic. 

Direct deposit is a secure and convenient method of electronically transferring funds directly into your bank account. Employers commonly use it to deposit salaries or by government agencies for benefit payments. By setting up direct deposit, you avoid the hassle of physical checks, reduce the risk of lost or stolen payments, and gain faster access to your funds.

And don’t underestimate the convenience and benefits of direct deposit. In addition to putting your financial life on autopilot, it can help you avoid other fees. Many banks waive other charges if you set up direct deposit. 

Ways direct deposit helps you avoid fees:

• Waived monthly maintenance fees
• No minimum balance requirements
• Avoids overdraft fees
• Potential fee discounts or waivers
• Eliminates check cashing fees
• No lost check replacement fees
• Avoids returned check fees
• Reduces or eliminates atm withdrawal fees
• Possible fee-free or reduced-fee accounts
• Access to fee-free or reduced-fee atm networks

4. Ally Bank: Best Checking Account With No Minimum Balance 

Having access to your money is important, but minimum balance requirements can sometimes leave you with your hands tied. Ally Bank checking accounts don’t have any minimum balance requirements, which means you’re free to withdraw as much money as you need without worrying about incurring additional fees.

Nobody wants to feel like they’re struggling with their checking account balance. That’s why considering minimum balance requirements is crucial when choosing the perfect account. Think of it as finding the right dance partner who understands your financial moves and won’t make you feel off balance. 

5. Chase Sapphire: Best Checking Account to Skip ATM Fees

If you frequent the ATM, consider opening a Chase Sapphire checking account. It has a network of more than 17,000 fee-free ATMs and even reimburses its customers for all out-of-network ATM fees. And, if you do some of your banking with foreign banks, you don’t have to worry about any foreign transaction fees.

Picture this: you’re out and about, craving your favorite treat, but all you have is your trusty debit card. You head to the nearest ATM, excited to withdraw some cash, only to be greeted by a dreaded fee. 

6. M&T Bank: Best Checking Account With Sign-Up Rewards

Who doesn’t love a bonus surprise? You could earn up to $200 when you open an M&T checking account and deposit at least $500 within 90 days. While this might not be the largest bonus out there, it does have the least requirements. For instance, other banks may offer $500 or more in bonuses, but often require deposits of $10,000 or more to satisfy the requirements.

Other sign-up bonuses or promotions can range from cash rewards to gift cards or even special perks like fee waivers or interest boosts.

Types of Checking Accounts to Consider