Best Checking Accounts of June 2024

Why We Like Discover: We like Discover Bank because it offers almost everything you want in a checking account — it charges no fees, offers 1% debit card rewards up to $30 per month, offers free paper checks and has Zelle (after 90 days) and early direct deposit. Plus, its network of more than 60,000 MoneyPass and Allpoint ATMs is one of the largest among the banks on our list. You can also deposit cash for free at Walmart stores.

Optional overdraft protection is available with a linked Discover money market or savings account. There are also helpful security and privacy tools on the bank’s mobile app.

We opened an account with Discover, an online-only bank, to share our experiences with its application process and customer service. We found that Discover has fast, U.S.-based customer service, and agents are available 24/7. We loved the speed and competence of its customer support. There was only one screener question when we called, and we were connected to an agent in less than a minute.

During the application process, Discover was one of the few banks that asked where our funding would come from and if we planned to use money internationally.

One issue we didn’t love about opening the account was that Discover holds your initial funding for longer than most other banks — we couldn’t use our money for 48 hours after we funded our account. Also, we wouldn’t be able to use Zelle – a peer-to-peer digital payment platform – for the first three months.

Why We Like SoFi: Even though the application process is on the longer side, we like SoFi because it has no account fees or minimum balance requirement, lots of perks and a generous APY. When you open a SoFi account, you’ll automatically open both a checking and savings account. Its checking account offers 0.50% APY annual percentage yield and comes with these perks:

• Access to more than 55,000 fee-free Allpoint ATMs
• Free checks
• Free credit score
• Up to $50 in overdraft coverage (with monthly direct deposits of $1,000 or more)

Through June 30, 2024, the bank is offering a sign-up bonus when you set up qualifying direct deposits: a $50 cash bonus for deposits of $1,000 to $4,999.99 or $300 for deposits of $5,000 or more.

We opened a SoFi hybrid checking and savings account to give you a firsthand look into the customer experience. SoFi’s accounts took a little longer to set up than other accounts we opened — 17 clicks in total. However, the bank provided instant approval, unlike some other financial institutions. And once you set up direct deposit, it offers a host of perks.

SoFi shows you your credit report and, if your credit score has changed, information on why. You can also earn points — for paying bills, making peer-to-peer payments or activating your debit card — that you can redeem for cash back.

A couple of features we feel could be improved are the dashboard, which is cluttered, making it hard to see your account balances, and the customer service experience. We were on hold for less than a minute, but only after several phone prompts, and we had a bad phone connection with our non-U.S.-based agent.

Why We Like Ally: One reason we like Ally Bank’s online checking account — which it calls the Spending Account — is that it offers financial tools. These include spending buckets, which let you divide your account into as many as 30 segments. You’ll also have Zelle and other options for electronic transactions, including online bill pay, bank transfers and remote check deposits.

Ally’s checking account has no overdraft fees or monthly maintenance fee. In addition to having access to more than 43,000 Allpoint ATMs and a debit card, you can request free paper checks. Ally also reimburses up to $10 in out-of-network ATM charges per statement cycle. However, one big negative is that you can’t deposit cash directly into your checking account.

We opened an Ally account to give you real feedback from a customer’s point of view. Opening a new account was relatively easy, only taking 13 clicks, and we liked that there was a series of FAQ articles available on each application screen in case we had questions. The application process had great user design, with images to help us navigate the type of account we were opening.

Once the account was opened, though, we didn’t love Ally’s customer service experience. We had to wait on hold on the phone for four minutes, longer than any other bank we opened an account with. We also noticed this was one of the few banks that didn’t allow us to make a wire transfer on the app.

While we found Ally’s customer service to be slow, the bank does provide 24/7 online chat and phone support.

Why We Like Chase: We like the Chase First Banking checking account as an option for introducing kids to personal finance. It’s designed for kids between the ages of 6 and 12 and available for those as old as 17. Once you open an adult Chase checking account, you can add a First Banking account for your child. It comes with great money-management tools for kids, such as the ability for a parent to set spending limits, withdrawal limits, allowances and savings goals.

We opened a Chase checking account to test the application process. It was a very user-friendly process, broken down into bite-size steps so we only had to enter a small amount of information on each screen. We needed a state ID or license to open the account, but the application didn’t ask intrusive questions such as our annual salary.

However, we didn’t like that our application wasn’t instantly approved. Chase stated it would take one or two business days for us to get approval. We received a call an hour after submitting our application. We had to verify information such as past addresses and answer a security question, and then our account was approved that same day.

Aside from the manual approval, it was a smooth experience.

Chase First Banking includes a debit card for purchases and ATM transactions and supports transfers between the linked accounts. The only way to add funds is from the parent’s account. The mobile app has three tabs:

• Spend: You can limit where your child spends and withdraws money and the amounts for both.
• Save: You can automatically designate your child’s allowance to Spending, Savings or both, helping them learn how to save a portion of their earnings.
• Earn: Your child can earn money for completing chores.

There are no monthly fees or minimum balance requirements, but the account doesn’t have overdraft protection, Zelle or cash deposit capabilities. While kids can withdraw funds for free from any of 16,000 Chase ATMs, using a non-Chase ATM costs $3 domestically and $5 internationally.

Why We Like Axos: Axos Bank Rewards Checking, stands out for giving customers the chance to earn interest at over 45 times the national average rate for checking accounts. You can earn 0.70% APY with $1,500 or more in direct deposits and 10 qualifying debit card transactions per month. It’s harder to qualify for the additional 2.60% APY since it requires certain activity in Axos investment and loan accounts.

The Axos Bank Rewards Checking account also offers a sign-up bonus for new account holders. If you receive qualifying direct deposits of $5,000 or more each month for seven months and maintain an average daily balance of $7,000 during that period, you’ll earn a $300 bonus.

The bank has roughly 91,000 fee-free ATM locations, and you’ll get unlimited reimbursements for fees from other domestic ATMs. Axos doesn’t charge overdraft fees or monthly maintenance fees, either. You must deposit at least $50 to open the account.

Why We Like USAA: While the USAA Classic Checking account is only available to eligible current or former service members, existing USAA members and their spouses and children, it’s a great option if you qualify. We like USAA because it has few fees and a large ATM network. You can earn a small bit of interest — 0.01% APY — with a daily balance of $1,000 or more. The minimum opening deposit is $25.

A member of the MarketWatch Guides research team who already had a USAA bank account opened a new one to test the application process for existing customers. Although it took 15 clicks to open the new account, it was easy. USAA let our researcher know up front which documents would be needed to complete the application, and it educated them on features and rates throughout the process.

One downside of USAA is that membership is limited to current members of the military, veterans and their spouses and children.

The account also offers free checks, early direct deposit, Zelle and budgeting tools. Plus, you can get overdraft protection with a linked USAA savings account or credit card. USAA does charge overdraft fees (if you aren’t signed up for overdraft protection) and a 1% foreign-transaction fee.

While the USAA Classic Checking account is available nationwide, the bank only has four branches and one ATM-only location across four states. But there are more than 100,000 fee-free ATMs, some of which accept cash and check deposits, and USAA reimburses up to $10 in out-of-network ATM fees each statement cycle.