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Last updatedJune 2023

Best Online Banking Accounts June 2023

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BestMoney Total Score

Our product scores consist of a combination of the following 2 components:

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BestMoney measures user engagement based on the number of clicks each listed brand received in the past 7 days. The number of clicks to each brand will be measured against other brands listed in the same query. Therefore, the higher the share of clicks a brand receives in any specific query, the higher the Click Trend Score. BestMoney accepts advertising compensation from companies, which impacts their (and/or their products’) position, and in some cases, may also affect their Click Trend Score.

Products & features

BestMoney’s editorial team researches and reviews financial products based on factors such as: range of products and services offered, ease-of-use, online accessibility, customer service, special awards, and more. Each brand is then given a score based on the offerings in each parameter. The specific parameters which we use to evaluate the score of each product can be found on its review page, which is updated every 3 months. If the editorial team cannot locate information relevant to a brand's Products & Services Score, it will not be included in its calculation.

Our Top Choice

Why Open an Online Checking Account?

An online checking account beats a traditional checking account for the same reason as email beats the postal system and online shopping beats brick-and-mortar stores. Online checking accounts are based on traditional checking accounts, but with more convenience, less cost, and less hassle.

Online checking accounts have been around since the early days of the internet, but at first were quite limited in terms of functionality. In recent years online checking accounts have become more sophisticated. In fact, many online checking accounts now include a free mobile app that lets people do their banking from their phone. 

These days, consumers can do virtually all their banking online or on their mobile banking app, from bank-to-bank transfers, to depositing checks, to scheduling bill payments. Many online banks even offer add-ons like ID theft insurance, roadside assistance, and retail rewards programs. 

Which Account Is Right For You?


Savings AccountChecking AccountBusiness Checking Account   
Earns interest✓ (varies by bank)
FDIC-insured
ATM access✓ (varies by bank)
Debit card access
Check writing access
Our Top Choice:pncLogoundefined

How to Compare Online Checking Accounts

No 2 checking accounts are equal, so it’s worth doing a comparison shop before settling on an online bank. The following is a checklist of things to focus on when comparing online checking accounts.

  • Monthly Fee: Some online checking accounts come with no monthly fees while others come with a flat monthly fee (typically ranging from $1 to $50). Typically, banks agree to waive the monthly fee if the customer keeps their balance above a minimum amount (e.g. $1,000 or $10,000). Always ask what you’re getting for your fee. For a basic checking account, there shouldn’t be any fee. For an account that’s packed with features, a fee is considered acceptable. Chime* an award-winning financial app and debit card, offer overdraft protection up to $200 without fees on top of zero monthly, transaction, and foreign fees. *Chime is a financial technology company, not a bank. Banking services provided by, and debit card issued by, The Bancorp Bank or Stride Bank, N.A.; Members FDIC.
  • Additional Fees: Online banks always charge a fee for international transfers and some also charge for domestic transfers. Most online banks offer free ATM withdrawals from their own ATMs and reimbursements from third-party ATMs. Varo has no-fee ATM withdraws from over 55,000 Allpoint® ATMs, which are conveniently placed in stores like Walgreens, CVS, Target, and more.  
  • Customer service: Some online banks have physical branches, while others operate exclusively online. Some offer personalized customer service (usually for a monthly fee) while others make you wait on the phone with everyone else. Some offer live chat straight from your online or mobile bank account, others don’t. Many online banks offer round-the-clock customer service.
  • Savings accounts: Some banks only offer checking accounts. Others offer a selection of checking accounts, savings accounts, and certificates of deposit. Better yet, some banks offer hybrid checking-savings accounts that let the customer simultaneously have everyday access to their account and save money.
  • Credit or debit cards: Like regular checking accounts, online checking accounts usually come with the option of linking a credit or debit card to the account. Online banks are increasingly offering customers a choice of credit card plans, each with a different rate and different set of features and benefits.
  • Loans: Another benefit of opening an online checking account  is it can give you easy access to loans. Depending on the bank, there may be personal loans, home loans, auto loans, and many other types of lending products. Online loans offer the same benefits as online checking accounts: greater convenience, lower fees, and quicker applications.

Our Top Online Checking Accounts

BankAPY/Rewards earning24/7 SupportExplore
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Earn up to $2,000 cash bonus when you open a new eligible checking account with required activities
YesCiti® Priority Checking Account  Citi® Priority Checking Account Visit Site

What Services do Online Checking Accounts Offer?

Online checking accounts offer all the same functions as traditional checking accounts—and more. Online checking accounts have revolutionized banking, allowing users to do everything they would have previously done in-branch from the comfort of their own home, or from on the go.

Here are some of the features usually offered with an online checking account:

  • Domestic and international wire transfers - Send and receive money between your account and another person’s account.

  • Transfer money between accounts - Transfer money between your own checking and savings accounts.
  • Multiple account integration - Keep your accounts organized and easy to access. 

  • Bill payment - Stay on top of your bills and set reminders so you never miss a beat.

  • Digital check deposit - Instantly scan and deposit a check with your smartphone and get access to the funds straight away. 

  • Digital/downloadable account statements - Great for managing your budget, and for instantly sending records to your accountant.

  • Mobile banking app - Manage your accounts from your mobile device.

  • Mobile payments - Make purchases straight from your account with Google Pay, Apple Pay, or Samsung Pay.

  • Sophisticated security and encryption - Keep your data safe with multi-factor authentication and extra-strong encryption.

  • FDIC Insurance - Deposits insured up to at least $250,000 (and sometimes as high as $1.5 million, depending on the bank).

  • SMS / email alerts - Notifications whenever any unusual or suspicious activity occurs in relation to your bank account.

  • ATMs - Withdraw money from thousands of ATMs in the US and around the world, and get reimbursements from third-party ATM withdrawals.

  • Credit card rewards - Get points for making purchases with your account-linked credit card

U.S. Bank Disclaimer

*Earn up to $400 when you open a new U.S. Bank Smartly® Checking account and a Standard Savings account and complete qualifying activities. Subject to certain terms and limitations. Offer valid through June 20, 2023. Member FDIC.

Applicant must reside in AZ, AR, CA, CO, ID, IL, IN, IA, KS, KY, MN, MO, MT, NE, NV, NM, NC, ND, OH, OR, SD, TN, UT, WA, WI, WY to be eligible for Checking account.

VaroMoney Terms and Conditions:

1 Annual Percentage Yields (APY) are accurate as of December 1, 2022. Rates may change at any time without prior notice, before or after the account is opened. You can earn 5.00% on your first $5,000 if you meet these requirements: Make sure that you Varo account balances are above or equal to $0 at the close of the month. Receive total direct deposits of $1,000 or more each qualifying period. Additional balances over $5,000 will earn 3.00% APY. The requirements must be met within the Qualifying Period which begins on the first calendar day of the month and ends at the close of business (4:25 pm MST/ 3:25 pm MDT) on the last business day of the month. Meet the requirements in the current month to qualify to earn 5.00% APY for the following month. Qualifying direct deposits are electronic deposits of your paycheck, pension or government benefits (such as Social Security or unemployment) from your employer or government agency. Tax refunds and government stimulus payments, Person-to-Person payments (such as Venmo) and funds deposited using a Varo routing number are not considered a direct deposit. Be aware that interest is paid in whole cents only.

Chime Disclaimer

Chime is a financial technology company, not a bank. Banking services and debit card provided by The Bancorp Bank N.A. or Stride Bank, N.A.; Members FDIC. Chime Checking Account is required to be eligible for a Savings Account.

˜ Out-of-network ATM withdrawal fees may apply except at MoneyPass ATMs in a 7-Eleven, or any Allpoint or Visa Plus Alliance ATM. Cash deposit or other third party fees may apply.

*Eligibility requirements apply. Overdraft only applies to debit card purchases and cash withdrawals. Limits start at $20 and may be increased up to $200 by Chime. See chime.com/spotme.

^Early access to direct deposit funds depends on the timing of the submission of the payment file from the payer. We generally make these funds available on the day the payment file is received, which may be up to 2 days earlier than the scheduled payment date.

⁺The Annual Percentage Yield (“APY”) for the Chime Savings Account is variable and may change at any time. The disclosed APY is accurate as of October, 25th, 2022. No minimum balance required. Must have $0.01 in savings to earn interest.

¹ Round Ups automatically round up debit card purchases to the nearest dollar and transfer the round up from your Chime Spending Account into your savings account. Save When I Get Paid automatically transfers 10% of your direct deposits of $500 or more into your savings account.

² FDIC deposit insurance limit to $250,000 per depositor, per insured bank, per ownership category. For Stride Savings Account depositors, funds are eligible for FDIC insurance when it arrives at the bank. Please visit www.chime.com/savings-apy-and-program-banks/ for more details on FDIC insurance.

³ Sometimes instant transfers can be delayed. The recipient must use a valid debit card to claim funds. See your issuing bank’s Deposit Account Agreement for full Pay Friends Transfers details.

⁴ The average national savings account interest rate of 0.17% is determined by FDIC as of September 19, 2022 based on a simple average of rates paid (uses annual percentage yield) by all insured depository institutions and branches for which data are available. Visit National Rates and Rate Caps to learn more.

⁵ Chime will be offering members a chance to get their federal tax refund up to 5 days early when they file directly with the IRS and direct deposit with Chime. Getting your federal tax refund early is simple, just sign up for a Chime Checking Account, file your return with the IRS, and set up your tax refund to direct deposit into your Chime Checking Account. After setting up direct deposit, members will also be eligible to get regular paychecks up to 2 days early^.