7 Best Online Checking Accounts Of 2022

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With the addition of online checking accounts, there are more options than ever when looking to open a new checking account. Because banks with online accounts are often able to save money on overhead costs, they are also able to offer more benefits and perks.

There are online checking accounts that even offer interest — something scarce in the world of checking accounts. If you’re paying your bank for the privilege of loaning out your money, it might to time to find yourself an online checking account.

The Best Online Checking Accounts

If you’re on the hunt for an online checking account, check out a few of our top options.

Aspiration Spend & Save Online Checking Account

If you’re passionate about using your finances in a way that benefits communities and the environment and want cashback with high-interest potential, consider opening a Spend & Save online checking account with Aspiration.

Deposits are never used to fund the fossil fuel industry, and Aspiration even offers rewards for making purchases from companies that score well on policies regarding the treatment of employees, customers, communities, and environmental practices.

Monthly fee: $0 (optional pro plan for $3.99 monthly)

Minimum balance: $0

Why we like it: Funds are used responsibly by the bank. Earn up to 10% cashback on purchases and high-interest potential. FDIC insured. No minimum balance requirements.

Additional features: Access to ATM network of 55,000 fee-free ATMs. Reimbursement for one out-of-network transaction fee each month.

Bonus: Earn a $100 bonus when you spend $1,000 with your Aspiration debit card within the first 60 calendar days from account opening.

BBVA Online Checking Account

If you value simplicity, check out the BBVA online checking account. With your free BBVA debit card, you’ll be able to access a network of over 64,000 ATMs with no fees. All you need is a minimum deposit of $25 to get started.

Monthly fee: $0

Minimum balance: $0

Why we like it: Get simple cash back, based on your spending habits. FDIC insured.

Additional features: Complimentary online banking, mobile banking, mobile deposit, and bill pay features.

Chime Online Spending Account

Chime’s online checking account is known as a spending account, and this account boasts no monthly fee or minimum balance requirement. For those who have their paychecks direct deposited into their Chime spending accounts, they can access that money up to two days early. And get this — the Chime online spending account has no foreign transaction fee!

Monthly fee: $0

Minimum balance: $0

Why we like it: Early access to direct deposit funds. FDIC insured. No monthly fee, minimum balance requirement, or hidden fees.

Additional features: Access to ATM network of 38,000 fee-free ATMs. Convenient cash deposit through Green Dot locations. No foreign transaction fees.

CIT Bank eChecking Account

With a CIT Bank eChecking account, you’ll earn a modest interest rate. There is no monthly fee to keep the account, and the minimum balance is just $100.

CIT is not part of an ATM network, but you can still use other banks’ ATMs and CIT will reimburse you up to $30 per month in ATM fees.

Monthly fee: $0

Minimum balance: $100

Why we like it: Earn interest on your checking balance. No monthly fee or hidden fees. FDIC insured.

Additional features: Reimbursement of up to $30 in ATM fees per month.

Axos Bank Rewards Online Checking Account

If you plan on using your online checking account heavily, the Axos Bank Rewards online checking account might be a great option for you. With $1,000 in direct deposits and at least 15 debit card transactions each month, you could earn a high APY on your balance. Make a minimum opening deposit of $50 and watch your money grow!

Monthly fee: $0

Minimum balance: $0

Why we like it: Earn interest with at least $1,000 in direct deposits and 15 debit card transactions each month. No monthly fee or minimum balance. FDIC insured.

Additional features: No overdraft fees or insufficient fund fees. No ATM fees on domestic ATM transactions. Reimbursement for any ATM fees charged.

Axos Bank Essential Checking Account

If fees are what you loathe most about banking, the Axos Bank Essential Checking account might be a breath of fresh air. This account has no fees — no monthly fees, no overdraft fees, no non-sufficient funds fees, and no hidden fees. What’s more is that you’ll enjoy unlimited ATM reimbursements!

Monthly fee: $0

Minimum balance: $0

Why we like it: No fees or minimum balance requirements. Get access to your direct deposit funds up to two days early. FDIC insured.

Additional features: No hidden fees, overdraft fees, or non-sufficient funds fees. Unlimited reimbursements on domestic ATM fees.

Nationwide by Axos Interest Checking Account

If you want to earn interest on your checking account funds, Nationwide Interest Checking account might be a good fit for you — a product that features interest tiers based on different balance amounts. This account even comes with no monthly fee or minimum balance requirement!

Monthly fee: $0

Minimum balance: $0

Why we like it: Earn higher interest rates as your balance grows. Access direct deposit funds early. No monthly fee or minimum balance requirements. FDIC insured.

Additional features: Get reimbursed for up to $30 in domestic ATM fees per month.

What is an Online Checking Account?

An online checking account works much like a traditional checking account. You can use it to pay your bills, transfer money, and withdraw cash at an ATM via a debit card. The difference is that most of your typical banking functions can be performed from the comfort of your own home. No more standing in line at your local branch!

Pros of an Online Checking Account

With an online checking account, you’re more likely to benefit from the bank’s lower overhead costs. Often, this means better interest rates, fewer fees, and sometimes even no fees!

What’s more? Online checking accounts offer greater convenience to the user. Skip the hassle of driving over to a physical branch, and instead make transactions, deposit checks, and review your account activity from your smartphone or computer!

Cons of an Online Checking Account

Because online checking accounts depend on the internet and technology, there may be times every so often when the bank’s online service goes down — whether it’s due to maintenance or a system error.

Many people are also wary of security threats and identity theft concerns with regard to online checking accounts. While the protection of online accounts has improved by leaps and bounds, cybersecurity might still sway you to stick with a traditional checking account.

What’s the Best Online Checking Account For Me?

With hundreds of different banks competing to hold your money, you shouldn’t have to settle for an account that charges heavy fees, imposes high minimum balance requirements, and yet pays you little to nothing in interest.

Instead, check out a few online checking accounts and be sure to compare line items such as the following:

  • Minimum opening deposits
  • Minimum balance requirements
  • Interest rates
  • ATM networks
  • ATM fees
  • Foreign transaction fees
  • FDIC insurance

Should I Have More Than One Online Checking Account?

If you’re living with someone and you share expenses but your finances are not 100% combined — be it a partner, a spouse, or someone you trust — having more than one online checking account can make splitting expenses less complicated. You have your own account, as does the other person, and ideally, you have a joint account from which shared expenses are paid.

Another thing to keep in mind is that the FDIC insurance maximum is $250,000 per account. If you happen to be sitting on that kind of money and are keeping it in an online checking account, you should open multiple accounts so that no single account contains more than $250,000.

And of course, it’s wise to have both an online checking account and a savings account. Putting your savings into a separate account that is dedicated for savings can help prevent the temptation of spending that money.

Do Online Checking Accounts Earn Interest?

Most checking accounts, traditional or online, don’t offer interest; but there are exceptions, and it’s more common among online checking accounts. Some of the online checking accounts on our list pay interest!

Can I Open an Online Checking Account With No Money?

Many online banks do allow customers to open an account with no opening deposit and some even allow you to open an account with no minimum opening deposit and no minimum monthly balance.

It’s Time For a Change

It might be that your current checking account isn’t doing you any favors. Tired of hidden fees, high minimum balance requirements, and low interest rates? Consider making the switch to an online checking account today!