Compare Online Checking Accounts 2023
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- Reviewed By Experts
- Secure & Trusted
Last updated
Account
APY
Balance to open
Balance to avoid fees
Reviews 8,528
Chime® at a glance
Fees? 5.0
No hidden fees˜
Security 5.0
SSL/AES encryption and supports 2 factor and biometric authentication
Customer Service 5.0
24/7 Live Support
Online experience 5.0
Excellent user friendly site with transparency of rates and full online banking capabilities
Mobile experience 5.0
Excellent mobile app with all mobile banking features enabled, including digital check deposits
Is Chime® the right choice for you?
Pros
- Get your paycheck up to 2 days early^ with direct deposit
- Automatic savings option
- 60,000+ fee-free˜ ATMs
Cons
- No joint accounts or secondary cards
- No CDs
- No branch locations
Checking Accounts Online: Why Should You Open One?
Checking Accounts Online: Why Should You Open One?
In the same way that email beats the postal system and online shopping beats brick-and-mortar shopping, an online checking account beats a traditional checking account. Online checking accounts are similar to traditional checking accounts, but are more convenient, less expensive, and easier to use.
Online checking accounts have evolved over the past few years. People can now do their banking from their phones using many online checking accounts that include free mobile apps.
With today’s technology, consumers can virtually do all their banking online or on their mobile banking app, from bank-to-bank transfers to checking deposits to scheduling payments. Add-ons like ID theft insurance, roadside assistance, and retail rewards programs are available from many online banks.
What You Need to Know About Comparing Online Checking Accounts
Before choosing an online bank, it’s a good idea to compare checking accounts. If you are comparing online checking accounts, here is a checklist of what you should look for:
- Monthly Fee: Depending on the checking account, some are free, while others have flat monthly fees (typically ranging from $1 to $50). Most banks waive the monthly fee for customers who maintain a minimum balance (e.g. $1,000 or $10,000). Make sure you know what you’re getting for your money. A basic checking account shouldn’t have any fees. When an account offers a lot of features, a fee is acceptable. An award-winning financial app and debit card, Chime* offers zero monthly, transaction, and foreign fee overdraft protection. In contrast to a bank, Chime is a company that provides financial technology. The Bancorp Bank or Stride Bank, N.A.; Members FDIC, provide banking services and issue debit cards.
Customer service: Some online banks operate exclusively online, while others have physical branches. Therefore, customer service is available round-the-clock at many online banks, and varies (usually for a fee) from company to company, as some banks let you chat right from your online or mobile bank account.
Savings accounts: There are some banks that only offer checking accounts. A variety of checking, savings, and certificates of deposit accounts are offered by others. Even better, some banks offer hybrid checking-savings accounts that allow the customer to access their account every day and save money at the same time.
Credit or debit cards: In most cases, online checking accounts include the option of linking a credit card or debit card. A growing number of online banks are offering customers a choice of credit cards with varying rates, features, and benefits.
Loans: You can also access loans easily by opening an online checking account. There are many types of loans available from banks, including personal loans, home loans, auto loans, and many others. In the same way that online checking accounts offer convenience, lower fees, and faster processing, online loans offer similar advantages.
What Are the Advantages of Online Checking Accounts?
Online checking accounts usually offer the following features:
• Transferring money between your and another person’s accounts domestically and internationally.
• Make transfers between your checking and savings accounts.
• Organize and access multiple accounts with ease.
• Make sure you never miss a payment by setting reminders for your bills.
• Get access to funds right away by scanning and depositing a check with your smartphone.
• Online/downloadable account statements are great for managing your budget and sending records directly to your accountant.
• Manage your accounts on the go with the mobile banking app.
• Pay using Google Pay, Apple Pay, or Samsung Pay directly from your account.
• Multi-factor authentication and extra-strong encryption keep your data safe.
• The FDIC insures deposits up to $250,000 (and sometimes up to $1.5 million).
• Alerts via SMS and email – Notifications whenever your bank account experiences unusual or suspicious activity.
• Thousands of ATMs worldwide allow you to withdraw money and receive reimbursement for third-party withdrawals.
• Earn points when you use your account-linked credit card