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JPMorgan Chase






Selecting the best checking account for those who want the option of banking services at a physical branch is a balancing act of weighing the best account terms against the number and location of brick-and-mortar bank offices.

While my runner-up choice, , provides better terms than Chase Total Checking, it doesn't have nearly the number of branches or geographical coverage. Chase has more than 4,700 offices in 48 states (sorry, North Dakota and West Virginia), whereas Capital One has about 770, mostly on the East Coast, Texas and Louisiana, according to [url=]Branchspot.

Chase doesn't provide any real interest on your checking -- 0.01% -- but it is offering a $225 sign-up bonus until April 20, 2022. If you're a student age 17 to 24, you can get an additional $100 on top of that, for a $325 total reward. Even though Capital One offers a more respectable 0.10% on your money, you'd need to have $325,000 in your account for a year to earn $325 in interest.

Chase has no minimum balance requirement nor any minimum initial deposit, though it does charge $2.50 for non-network ATM transactions. It accepts mobile deposits via its iOS and Android apps, with a daily limit of $10,000 and monthly limit of $25,000.


Monthly fee: $12

Requirements to avoid monthly fee: Monthly direct deposit of at least $500; or $1,500 daily balance; or $5,000 combined average balance

Minimum opening deposit: None

Out-of-network ATM fees: $2.50

Out-of-network ATM reimbursements: None

In-network ATMs: 16,000 ATMs, 4,700 branches

Direct deposit funds available early: No

Mobile check deposit: Yes

Cash deposits: Branches and ATMs

APY: 0.01%


































Best checking accounts compared



















Best digital checking account





Best free-fee checking account





Highest APY checking account





Best checking for investors





Best in-person checking













Bank/institution





Axos






NBKC Bank





Quontic





Schwab Bank





Chase











Account





Rewards Checking





Everything Account





High Interest Checking





High Yield Investor Checking





Total Checking











Branch access





No





Limited (4 branches)





No





No (361 brokerage branches)





Yes, 4,700 branches












ATMs (number/network)





91,000 (MoneyPass)





34,000; MoneyPass





90,000 (Allpoint, MoneyPass)





Visa/Visa Plus Alliance





16,000












Out-of-network ATM fee reimbursement (monthly)





Unlimited





$12





None





Unlimited





None












Overdraft fee





$25 for insufficient funds





None





None





$34 for insufficient funds





$34 












Foreign transaction fee





None





None





None





None





3%











Monthly fee





None





None





None





None





$12











Minimum opening deposit





$50





None





$100





$0





$0













FAQs







Do I need a checking account to manage my money?


















Not always, but it can be difficult to pay bills or get approved for credit accounts without one. It may be helpful to think of a checking account as one part of a multifaceted personal financial system. Though it may require some management on your end, there are benefits to using an array of tools, with each serving a primary function: a checking account for receiving money and paying bills, a credit card for spending (and earning rewards or cash-back incentives) and a savings account for storing short-term savings or an emergency fund -- with investment and brokerage accounts driving long-term savings goals such as college and retirement.























Do I need to pay fees to use a checking account?


















No. Some banks may pass off fees as the normal costs of doing business, but with all of the free checking options available, you should avoid fee-heavy accounts. There are plenty of free checking options that will give you the tools you need to receive income and make payments, in addition to other benefits including mobile banking, without incurring any regular charges in the form of a monthly service fee.























How many checking accounts should I have?


















For most people, the answer is one. Even if you can earn a little extra money by combining rewards or interest, it's usually not worth the time and hassle. Your personal checking account should be simple and easy to manage, and should offer overdraft protection and mobile banking. If you run a business, you should look into opening a separate business checking account, which is different from a standard checking account.























How do the ATM networks like MoneyPass and Allpoint work?


















An increasing number of financial institutions are online-only (like some of the banks profiled above), without their own branches or ATM networks. Given this, an online bank will partner with established networks like MoneyPass or Allpoint, which place ATM locations in popular retail establishments such as pharmacies, grocery stores and convenience stores. People with an online checking account can use a "Find a nearby ATM" feature on their bank's website or mobile app before making an ATM withdrawal to insure they won't incur an ATM fee if their financial institution does not offer ATM fee rebates.























What are overdraft fees?


















For checking accounts, banks and credit unions may or may not charge "[url=]." Overdraft fees are penalties levied when withdrawals or payments -- cash from an ATM, automatic bill pay or paper check, for example -- are bigger than the amount of your checking account balance.

In the case of a true overdraft, banks will process your payment or withdrawal and give you a negative balance. That's when they may charge an overdraft fee, typically in the range of $30 to $40. Many banks now provide free overdraft protection, meaning that if you have another account with them, they'll transfer money to cover your negative checking balance.

"Nonsufficient funds" fees, often abbreviated NSF, are related to overdraft fees but slightly different. The most common example of NSF is the "bounced check." In this case, your withdrawal is rejected, your checking account does not go into a negative balance and you're charged a fee, usually around $25.

More and more banks are entirely. Banks that don't have any overdraft or NSF fees will generally reject payments and withdrawals that are more than your checking balance and not charge you anything.























How much interest can I earn with a checking account vs. with a savings account?


















While many accounts use an APY as a selling point, it's important to note that a checking account's interest rate will rarely net you much. A balance of $2,500 at a 0.10% APY earns you roughly $2.50 annually. In contrast, savings accounts generally deliver between 0.60% and 1%, which would net you between $15 and $25 per year. So if you're looking for an interest-bearing checking account, you're not going to find a great or even good one. Go for a [url=] instead.























Methodology


















More than two dozen options were examined across a broad range of categories in both traditional and online-only banks in order to determine these picks for the best checking account. As with any financial account, a handful of key features rise above the rest: ATM and branch availability, overdraft protection, fees, bank bonus enticements and reimbursements, minimum deposit requirements and just how simple it is to move money in and out of an account -- whether by direct deposit, mobile deposit or old-school cash deposit. Interest rate isn't really a factor with a standard checking account (more on that below). 

Each financial institution's online banking capabilities were taken into consideration. We also looked at some new, trendy features, such as banks making funds available a few days early to customers who've signed up to receive their paycheck via direct deposit. 

We paid close attention to bank account fees. Even if a bank touts a "free checking account," that might not be the whole truth. If you're considering a new checking account, scrutinize the fee schedule, which will reveal how much a bank charges for a "monthly maintenance fee," using an out-of-network ATM, falling below a minimum balance requirement or spending more than you have in the account (resulting in an overdraft fee). You don't want to get hit with a $4 fee just for making an ATM withdrawal at the wrong machine for your bank account.

Though some fees may apply only in certain conditions -- you haven't set up direct deposit or you want to receive monthly paper statements, for example -- such waivers should be carefully scrutinized. You won't want to be in a position where missing your minimum deposit by a couple of bucks or keeping an account balance that's slightly too low racks up a "monthly maintenance fee."

We're also a bit dubious about checking accounts that feature cash-back and rewards incentives. Though a 1% cash-back account could be moderately lucrative, this type of account may obligate you to hit a monthly spending threshold or maintain a certain minimum balance. If earning cash back or rewards is your priority, you're better off using a , the best of which offer significantly higher rates. And if you tend to maintain a high account balance in your checking account, consider putting some of that cash into a savings account, CD or money market with a higher annual percentage yield.

















Checking accounts researched



LendingClub Rewards Checking

NBKC Bank Everything Account

Chase Total Checking

Consumers Credit Union Rewards Checking

Alliant Credit Union High-Rate Checking

Chime Spending Account

Axos Essential Checking

Connexus Credit Union Xtraordinary Checking

Simple Simple Account

CIT Bank eChecking

Wells Fargo Everyday Checking

Bank of America Advantage Plus Banking

Discover Cashback Debit

Capital One 360 Checking

Aspiration

PNC Virtual Wallet with performance spend

Betterment

Fidelity Cash Management Account

HSBC Choice Checking

TD Checking

Current Bank

Varo Checking Account

Wealthfront Cash Account

Novo

BlueVine Business Checking

Ally Bank 


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