--- title: Best Online Checking Accounts description: The best online checking accounts, including Axos (Best for ATM Access), Ally Bank (Best for Overdraft Protection) authors: - name: Ana Reina role: Staff Writer url: https://money.com/author/ana-reina/ bio: Ana Reina holds a BA in International Studies from Bryn Mawr College. She specializes in insurance. at_money_since: 2019 articles: 14 covers: - Banking - Business - Education - Insurance - Mortgages social: - https://twitter.com/_anareina - https://www.linkedin.com/in/ana-gabriela-reina- former_staff: true editors: - name: Claudia Rodríguez Hamilton role: Lead Editor url: https://money.com/author/claudia-rodriguez-hamilton/ bio: Claudia Rodríguez Hamilton is a former lead editor at Money, with expertise in personal finance and banking. She began her time at the company as a staff writer, covering topics such as travel insurance, high-yield savings accounts, and personal loans. education: University of Puerto Rico at_money_since: 2018 articles: 1 covers: - Banking - Business - Career Advice - Credit - Health and Wellness - Housing - Identity Theft - Insurance - Investing - Lifestyle - Loans - Mortgages - Personal Finance - Pets - Professional Services - Taxes - Technology social: - https://www.linkedin.com/in/claudia-rodrguez-hamilton-41661a10b/ former_staff: true published: '2022-11-07T17:46:28.000Z' modified: '2025-08-06T13:58:51.000Z' section: Banking tags: - Best - Guides word_count: 1677 canonical: https://money.com/best-online-checking-accounts/ type: Article source: structured-blocks --- > **Disclosure:** We may earn a fee if you click on the links below. Compensation does not determine ranking. Not all brands are included. [Learn more](https://money.com/page/disclaimer/). ![Best Online Checking Accounts](https://img.money.com/2022/02/Best-2022-Online-Checking-Accounts.jpg?quality=85&w=1012&h=569&crop=1) ## Our Partners ![Learn More](https://s3.consumersadvocate.org/prd/image/image/19978/medium_09303199-0eb1-4bc1-81f4-bba87bf39bd2.png) Our Partner [Learn More](https://money.com/go/365a173bac70?ap_referrer=%2Fbest-online-checking-accounts%2F&bidid=4117377297&ptid=671031706&ptoken=9b6ec56a58f4fccee37bfd43f21d876c&zip=20149) **Earn up to $50 or $400¹ and 4.00% APY² when you sign up & set up direct deposit.\*** - Limited Time Offer: +0.90% Boost on Savings APY to up to 4.00% for up to 6 months on new accounts. Terms apply.⁸ - Earn 0.50% APY² on Checking Balances - $0 Monthly Fees³ & No Overdraft Fees⁷ - Up to 2-Day-Early-Paycheck⁶ - Access Additional FDIC Insurance up to $3M on Deposits⁴ \*Terms Apply. 5/27/26 * * * ![Learn More](https://s3.consumersadvocate.org/prd/image/image/24578/medium_01fca2a1-324a-4281-a4b4-1fe4b5e45a48.png) Our Partner [Learn More](https://money.com/go/3c2a64275969?ap_referrer=%2Fbest-online-checking-accounts%2F&bidid=4117377294&ptid=671031706&ptoken=0610f4f2dad282f73d09b0d872dc6c6f&zip=20149) **Get Paid Up To 2 Days Early with Direct Deposit Set Up** - No minimum balance fees - 47k+ Fee-free ATMs³ at Walgreens®, 7-Eleven®, CVS® & more\*\* - No foreign transaction fees - 24/7 live support * * * ![Learn More](https://s3.consumersadvocate.org/prd/image/image/21008/medium_cf760e76-e4a1-42b2-9602-d961dba60df1.webp) Our Partner [Learn More](https://money.com/go/208ec5009a62?ap_referrer=%2Fbest-online-checking-accounts%2F&bidid=4117377289&ptid=671031706&ptoken=955655c97567688eab29b324784e0680&zip=20149) **Earn up to 0.10%-0.25% APY (Annual Percentage Yield) on checking balance with the Ally Bank Spending Account** - Balances less than $15K earn 0.10% APY; balances $15K or more earn 0.25% APY - No monthly maintenance or overdraft fees - Pay no fees at 75,000 + Allpoint® and MoneyPass® ATM's - Get paid up to 2 days sooner with early direct deposit * * * ![Learn More](https://s3.consumersadvocate.org/prd/image/image/39613/medium_867f3cb0-3d9e-40bd-9b1a-4291db327a57.webp) Our Partner [Learn More](https://money.com/go/58458b679f14?ap_referrer=%2Fbest-online-checking-accounts%2F&bidid=4117377291&ptid=671031706&ptoken=284c7ad939e8c77bbbe4c2f78463e6d0&zip=20149) **Learn How to Qualify For A $325 Bonus\*. Open a New Checking Account with Wells Fargo today** - Earn a $325 bonus when you open a new Wells Fargo Everyday Checking account and make qualifying direct deposits - Open online in minutes - Wells Fargo Bank, N.A. Member FDIC **\*How to qualify for this offer** **To be eligible:** Offer is for new consumer checking customers only and is available only to the primary owner of the new checking account. The primary account owner is the owner whose Taxpayer Identification Number, such as a Social Security Number, is assigned to the account and has tax responsibility. Offer is not available to customers that received a bonus for a Wells Fargo consumer checking account within the past 12 months, are Wells Fargo employees, or are non-resident aliens or foreign entities signing any version of IRS Form W-8. Deposit accounts that are part of the Wells Fargo Private Bank experience are not eligible for this offer. **To receive the $325 bonus:** you must use your bonus offer code when opening a new Wells Fargo consumer checking account, which is subject to approval, by October 13, 2026 and receive $1,000 or more in qualifying electronic deposits within 90 calendar days of account opening (the "qualification period"). A qualifying electronic deposit is a deposit of funds, such as your salary, government benefit payment, or other income, that has posted to your account and is (1) a **direct deposit** made through the Automated Clearing House (ACH) network, (2) an **instant payment** processed through the RTP® network (real-time payment system) or FedNow℠ Service, or (3) an **electronic credit** from a third party service that facilitates payments to your debit card using the Visa® or Mastercard® network (e.g., an Original Credit Transaction). Transfers from one account to another, mobile deposits, Zelle®, or deposits made at a branch or ATM are not considered a qualifying electronic deposit. An ACH direct deposit made available early with Early Pay Day does not count toward the bonus requirements until it posts to your account and is no longer pending (e.g., scheduled payment date). Once you have met all requirements, **we will deposit the bonus into your new account within 30 calendar days.** Your new account must stay open through the time we attempt to deposit the bonus. We may close accounts with a zero balance without prior notice. You are responsible for any taxes due on the bonus. We will report the bonus as income to tax authorities, as required by applicable law. If you are subject to backup withholding at the time of payment, we may withhold the required amount and remit to tax authorities. **Other Terms:** This offer may be discontinued or changed at any time without notice and cannot be combined with any other consumer deposit offer (limit one bonus per customer/account). Offer cannot be reproduced, purchased, sold, transferred, or traded. If we suspect bonus or promotional offer abuse, we may close or restrict the account and decline or reverse any bonus.  Talk with a banker or see the ["Consumer Account Fee and Information Schedule" and "Deposit Account Agreement"](https://www.wellsfargo.com/mobile-online-banking/consumer-account-fees/) available at wellsfargo.com/depositdisclosures for complete checking account details, including the applicable monthly service fee and options to avoid it. The actions required for this bonus are separate from the actions available to avoid the monthly service fee. Zelle® and the Zelle® related marks are wholly owned by Early Warning Services, LLC and are used herein under license. Wells Fargo Bank, N.A. Member FDIC *\*Rates and APYs are subject to change. All information provided here is accurate as of May 19, 2023.* Opening an online checking account is an easy and safe way to manage your hard-earned cash. Online banks have many advantages over traditional brick-and-mortar banks, including attractive interest rates, little or no fees, and the added benefit of being able to manage your finances anytime, anywhere and from any Web-enabled device. Read on to learn more about Money’s top 5 picks for the best online checking accounts. ## Our Top Picks for Best Online Checking Accounts The companies listed below are in alphabetical order. - [Ally Bank](#ally) – Best for overdraft protection - [Axos Bank](#axos) – Best for ATM access - [PNC Bank](#pnc) – Best for college students - [Varo](#varo) – Best for low fees ## Best Online Checking Account Reviews ## Best for Overdraft : Ally Bank ![](https://s3.consumersadvocate.org/prd/image/image/21008/large_cf760e76-e4a1-42b2-9602-d961dba60df1.webp) [Open an Account](https://money.com/pr/o825c69bc612?ap_referrer=%2Fbest-online-checking-accounts%2F) **Pros** - Overdraft Transfer Service and CoverDraft both protect from overdraft - No maintenance or minimum balance account fees - Reimburses up to $10 for non-network ATM fees **Cons** - No cash deposits ### HIGHLIGHTS Monthly fee: $0 Balance to open: $0 ATM network: 43,000 APY: 0.10%-0.25% **Why we chose it:** [Ally Bank](https://money.com/pr/ka93bed0f546?ap_referrer=https%253A%252F%252Fmoney.com%252Fbest-online-checking-accounts%252F) is the best online checking account for overdraft protection because of its Overdraft Transfer Service and CoverDraft features. The former uses your savings account as a backup and the latter is a fee-free safety net starting at $100 in temporary coverage for accidental overdrafts. Ally’s Interest Checking Account offers no monthly or minimum balance fees and access to over 43,000 Allpoint ATMs in CVS, Walgreens, Target, and other convenience stores and retail locations. With Overdraft Transfer Service, Ally uses your savings in increments of $100 as a backup if you accidentally overdraft your account. The other overdraft coverage program, CoverDraft, serves as a safety net starting at $100 to cover your purchase with no fee. Ally stands out for its $0 monthly service fees and electronic payment fees. It has also gone further than other free checking accounts by eliminating the fees on incoming domestic or international wire transfers, official and cashier's checks, overdraft fees, and having the lowest fees for outgoing wire transfers and account research fees. ## Best for ATM Access: Axos ![](https://s3.consumersadvocate.org/prd/image/image/8977/large_ce5b5268-61b5-4c1d-b4e4-50e32ac62c7a.png) [Open an Account](https://money.com/pr/o5282f4dbfb2?ap_referrer=%2Fbest-online-checking-accounts%2F) **Pros** - Large ATM network - Unlimited reimbursement on domestic out-of-network ATM fees - No maintenance or minimum balance fees **Cons** - May be challenging for account holders to meet all the requirements needed to earn the maximum interest rate - Has an opening deposit of $50 ### HIGHLIGHTS Monthly fee: $0 Balance to open: $50 ATM network: 91,000 APY: Up to 1.25% **Why we chose it:** [Axos Bank](https://money.com/pr/i086530daa66?ap_referrer=https%253A%252F%252Fmoney.com%252Fbest-online-checking-accounts%252F) is our top pick for best ATM availability thanks to its extensive 91,000 ATM network and unlimited reimbursement on all domestic non-Axos ATM fees. Axos’ Rewards Checking Account has no monthly maintenance fee, no monthly balance requirement and no overdraft or non-sufficient funds fee. To unlock all the interest-earning opportunities, you must use it as a deposit account, with programmed direct deposits every month. Other actions you can take which will increase your rate include: - Receiving a monthly direct deposit of $1,500 or more - Using your Axos Visa Debit Card for 10 transactions per month for more than $3 per transaction or sign up for a Personal Finance Manager (PFM) program - Keeping an Axos Invest Managed Portfolios Account with an average daily balance of $2,500 - Keeping an Axos Invest Self Directed Trading Account with an average daily balance of $2,500 - Making a monthly consumer loan payment using your Rewards Checking Account. ## Best for College Students: PNC Bank ![](https://s3.consumersadvocate.org/prd/image/image/8724/large_4fc4bbb3-0b8b-43df-9da4-03a8ba19de94.webp) [Open an Account](https://money.com/pr/cce7a80a9bb5?ap_referrer=%2Fbest-online-checking-accounts%2F) **Pros** - No service fees when you provide qualifying proof of enrollment - Option to keep the monthly-fee waiver active up to six years after graduation - Reimbursement of first two non-PNC Bank ATM fees per statement cycle **Cons** - Doesn't come with free paper checks - Has a non-PNC Bank ATM surcharge and overdraft fee ### HIGHLIGHTS Monthly fee: $0 Balance to open: $25 ($0 if opened online) ATM network: 9,000 APY: NA **Why we chose it:** [PNC Bank](https://money.com/pr/o7ebc7ec4a1c?ap_referrer=https%253A%252F%252Fmoney.com%252Fbest-online-checking-accounts%252F)’s Virtual Wallet Student is our top pick for college students because the checking account (Spend) comes with both an interest-bearing checking account (Reserve) and a savings account (Growth). We chose PNC Bank for college students because its Virtual Wallet Student is more than just a checking account; it's three accounts in one. - The Spend account functions as the primary checking account. Students who work can receive their paychecks here or receive transfers from their parents. - The Reserve account functions as an interest-earning account that helps with short-term savings goals, such as saving up for spring break or getting a new iPad. - The Growth account serves as interest-bearing savings for long-term goals, like moving to a new city post-graduation or putting a down payment on a mortgage. There's a $25 minimum deposit to open a Virtual Wallet Student account. However, if you open the account online, this requirement can be waived. Virtual Wallet Student offers an automatic refund on your first overdraft or returned item fee, reimbursement of up to two non-PNC Bank ATM transactions and a free wire transfer per statement period. This account also has budgeting and spending tools to help students manage their money. ## Best for Low Fees: Varo ![](https://s3.consumersadvocate.org/prd/image/image/12602/large_73778085-8205-4457-b693-231fe2f295ae.png) [Open an Account](https://money.com/pr/r6a790cdf060?ap_referrer=%2Fbest-online-checking-accounts%2F) **Pros** - No monthly, minimum balance, or foreign transaction fees on ATM use - Deposit cash at 90,000+ retail locations using Green Dot Reload at the register - Early paycheck available with direct deposit - Borrow up to $100 with the Varo Advance feature **Cons** - This account doesn't earn interest - Has limits and fees on cash deposits ### HIGHLIGHTS Monthly fee: $0 Balance to open: $0 ATM network: 55,000 + fee-free AllPoint ATMs around the world APY: NA **Why we chose it:** [Varo](https://money.com/pr/iac226990b97?ap_referrer=https%253A%252F%252Fmoney.com%252Fbest-online-checking-accounts%252F) is our choice for low rates because it doesn’t have any monthly or minimum balance fees, ACH transfer fees, foreign transaction fees or fees for transfers from Varo to Varo. Unlike many other online banks, Varo doesn’t charge a foreign transaction fee on ATM transactions and doesn’t have any monthly or minimum balance fees. Another standout factor from Varo is its Cash Advance feature that protects from overdraft fees. With Cash Advance, you can borrow up to $100 interest-free for the first 30 days. If you use the Varo Visa debit card, you can earn up to 6% cash back on selected transactions. Varo also offers a secured credit card called Varo Believe. The card has no annual fees and no minimum deposit requirements. In addition, it doesn't require a hard credit check. Secured credit cards like Varo Believe are typically a great option to start building credit. Varo is also a member of the Allpoint ATM network with over 55,000 fee-free ATMs in the U.S., Puerto Rico, Mexico, Canada, Australia and the United Kingdom. ## Access your money easily with a Checking Account ### With a Checking Account from SoFi, you can make use of the funds as you need to, without any restrictions. Click below to open an account today! [Open an Account](https://money.com/pr/uad8da3665a2?ap_referrer=%2Fbest-online-checking-accounts%2F) ## Online Checking Accounts Guide Whether you’re a first-time user of online banking or looking to open a better online checking account, in this guide, we’ll break down everything you need to know. ### What are online checking accounts? Online checking accounts are offered by online banks – financial institutions that operate completely online. These virtual banks make it easy for you to manage your checking directly from your cell phone, computer or touchscreen tablet. Online banking offers perks like lower fees and higher interest rates than traditional banks because of lower overhead costs. Although you’ll be paying less in fees, you won’t have the ease of stepping into your local branch. Customer service for online checking accounts is done primarily via the phone, online chat or email. However, with some online checking accounts, like PNC Bank’s Virtual Wallet Student, you have the option to step into a brick-and-mortar location. ### Difference between brick-and-mortar and online checking accounts
Traditional checking accountsOnline checking accounts
Easy to deposit cash at brick-and-mortar locationsYou can open accounts entirely online, but cash deposits are more challenging
Typically have higher maintenance and minimum balance feesUsually have lower or no monthly maintenance and minimum balance fees
Handling account business at the branch takes longer than doing it onlineDeposit checks and order a new debit card using the mobile app, saving hassle and time
Many have online banking pages or apps availableAccess account information on the mobile app
Federally insured up to $250,000Federally insured up to $250,000
### How to open a checking account online? There are many conveniences in opening a checking account online – you save precious time and a trip to the bank, and the process of opening an online checking account is quick and straightforward. Here’s what you’ll need to take to get started in four simple steps. 1. Choose what type of account you’d like to open (i.e., an account with low fees or cash back rewards). 2. Get all your documents and important information together. You’ll need your Social Security number or an alternative ID number; a valid driver’s license or government identification and your debit card information to fund your new account (if the new account needs to be initially funded). 3. Go to the online bank of your choice and fill out the application to get ready to fund the new account. Some information you’ll be asked to fill in is your name, date of birth, address and contact information. 4. Make a deposit. Make sure you have your card information to make a transfer from an existing account. ### Difference between checking accounts and savings accounts Checking and savings accounts are two different financial products. Checking accounts are primary accounts for daily use, while savings accounts are for long-term needs.
Checking accountsSaving accounts
Funds for everyday useFunds for long-term goals
Lower interest ratesHigher interest rates
Easily access your cash with a debit card, checks or a digital walletYou will need to transfer funds, visit the bank to withdraw money or use a debit card if available
If, instead of an online checking account, you’re looking to open a traditional checking account, take a look at our top picks for the [best checking accounts](https://money.com/best-checking-accounts/). We’ve also compiled a list of the [best savings accounts](https://money.com/best-savings-accounts/) of 2023. ### How to choose an online checking account When choosing the [best online bank](https://money.com/best-online-bank/) account, consider the following: **Check the fees**. Most online bank accounts waive monthly account maintenance fees, although some might require a minimum opening balance. Other standard fees include wire transfers, debit card replacement fees, account statement requests and charges for using out-of-network ATMs. Also, check for overdraft protection fees. **Compare cash rewards and APY rates.** Although not all online checking accounts offer cash back rewards, some accounts like Axos offer cash back on select debit card transactions. Note that checking accounts don’t typically have the most competitive interest rates — if you're looking for better interest rates, you should check out some of the [best high-yield savings accounts](https://money.com/best-high-yield-savings-accounts/). **Make sure the bank has a widespread ATM network.** Your checking account is typically your main account for depositing and withdrawing funds, so knowing if an account has a vast network of ATMs is crucial. ## Best Online Checking Accounts FAQ ### How to deposit a check online To make a deposit with mobile banking, all you have to do is take a picture of the front and back of the check on your smartphone's banking app. With mobile check deposits, you can upload your funds to your account remotely without physically going to the bank. ### How to open a checking account online Opening an online bank account is a safe and easy process. First, decide what bank has the features you're looking for in an account. Then, gather all your important information and documents with your debit card so you can fund your newest account. When you have all the necessary information, fill out the online application and get ready to fund the account. ### Are online banks safe? Yes, online banks insured by the FDIC are government-backed financial institutions. The National Credit Union Administration (NCUA) backs credit unions with online bank account alternatives. Several online banks are backed or are a subdivision of an FDIC-insured national bank. ### How does online banking work? Online banking operates entirely on the internet without physical branches. However, this depends on the bank since some traditional banks have supplementary online banking. Since online banks avoid the overhead cost of brick-and-mortar locations, they tend to offer lower fees. ## How We Chose the Best Online Checking Accounts To choose the top picks for Best Online Checking Accounts, we: - Analyzed over 25 reputable online banks, including neobanks — banks that operate exclusively online and usually offer apps, software and other technologies. - Evaluated banks’ account minimums and monthly fees, ATM fees, ATM fee reimbursements, interest rates, overdraft fees, overdraft protection charges, wire transfer fees, among other components. We valued online banks with no monthly service fees or minimum balance requirements, an extensive ATM network and competitive APYs. ## Summary of Money’s Best Online Checking Accounts The companies listed below are in alphabetical order. - [Ally Bank](#ally) – Best for overdraft protection - [Axos Bank](#axos) – Best for ATM access - [PNC Bank](#pnc) – Best for college students - [Varo](#varo) – Best for low fees ```json { "@context": "https://schema.org", "@graph": [ { "@type": "BreadcrumbList", "@id": "https://money.com/best-online-checking-accounts/#breadcrumb", "itemListElement": [ { "@type": "ListItem", "position": 1, "name": "Home", "item": "https://money.com" }, { "@type": "ListItem", "position": 2, "name": "Banking", "item": "https://money.com/banking/" }, { "@type": "ListItem", "position": 3, "name": "Checking Accounts", "item": "https://money.com/checking-accounts/" }, { "@type": "ListItem", "position": 4, "name": "Best Online Checking Accounts" } ] }, { "@type": "WebSite", "@id": "https://money.com/#website", "url": "https://money.com", "name": "Money", "publisher": { "@id": "https://money.com/#organization" } }, { "@type": "WebPage", "@id": "https://money.com/best-online-checking-accounts/#webpage", "url": "https://money.com/best-online-checking-accounts/", "name": "Best Online Checking Accounts", "isPartOf": { "@id": "https://money.com/#website" }, "datePublished": "2022-11-07T17:46:28.000Z", "mainEntity": { "@id": "https://money.com/best-online-checking-accounts/" }, "inLanguage": "en-US", "breadcrumb": { "@id": "https://money.com/best-online-checking-accounts/#breadcrumb" }, "dateModified": "2025-08-06T13:58:51.000Z" }, { "@type": "Article", "headline": "Best Online Checking Accounts", "articleSection": "Banking", "image": [ { "@type": "ImageObject", "url": "https://img.money.com/2022/02/Best-2022-Online-Checking-Accounts.jpg?quality=85", "width": 2880, "height": 1920 } ], "author": [ { "@type": "Person", "name": "Ana Reina", "url": "https://money.com/author/ana-reina/", "@id": "https://money.com/author/ana-reina/#author", "description": "Ana Reina holds a BA in International Studies from Bryn Mawr College. 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