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Published: Mar 29, 2022 13 min read

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Best for ATM Access
Best for OverdraftBest for Cash BackBest for College StudentsBest for Low Fees
Axos BankAllyDiscover Bank PNC Virtual Wallet ProVaro
Company Highlight

Unlimited reimbursement on all domestic out-of-network ATM fees

Allows deposits of up to $50,000 per day and $250,000 per month with mobile deposit

Customer service is available 24/7 by phone

3-in-1 account offers budgeting and savings tools for students

No monthly account fee, minimum balance transfer or foreign transaction fees

Monthly Fees

$0

$0

$0

$0

$0

Minimum Opening Balance

$50

$0

$0

$0 if online, $25 at branch

$0

Est. APY

Up to 1.00%

0.10%-0.25%

N/A

N/A

N/A

Best for ATM Access
Axos Bank
Open an Account
Company Highlight

Unlimited reimbursement on all domestic out-of-network ATM fees

Monthly Fees

$0

Minimum Opening Balance

$50

Est. APY

Up to 1.00%

Best for Overdraft
Ally
Open an Account
Company Highlight

Allows deposits of up to $50,000 per day and $250,000 per month with mobile deposit

Monthly Fees

$0

Minimum Opening Balance

$0

Est. APY

0.10%-0.25%

Best for Cash Back
Discover Bank
Open an Account
Company Highlight

Customer service is available 24/7 by phone

Monthly Fees

$0

Minimum Opening Balance

$0

Est. APY

N/A

Best for College Students
PNC Virtual Wallet Pro
Open an Account
Company Highlight

3-in-1 account offers budgeting and savings tools for students

Monthly Fees

$0

Minimum Opening Balance

$0 if online, $25 at branch

Est. APY

N/A

Best for Low Fees
Varo
Open an Account
Company Highlight

No monthly account fee, minimum balance transfer or foreign transaction fees

Monthly Fees

$0

Minimum Opening Balance

$0

Est. APY

N/A

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

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Best Online Checking Account Reviews

Why we chose it: Axos Bank 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.

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 1.00%

Axos’ Rewards Checking Account has no monthly maintenance fee, no monthly balance requirement and no overdraft or non-sufficient funds fee.

Additionally, you can earn up to 1.00% interest with this account—a higher annual percentage yield (APY) than most high-interest checking accounts.

To unlock all the interest-earning opportunities, you must use it as a deposit account, with programmed direct deposits every month. To earn the first 0.40%, you must receive a monthly direct deposit of $1,500 or more.

If you use 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, you can earn 0.30% interest.

To get the remaining 0.30%, there are three actions you can take which will increase your rate by 0.1% respectively: 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, and making a monthly consumer loan payment using your Rewards Checking Account.

Why we chose it: Ally Bank 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.

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%

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.

The Interest Checking Account has a return of 0.10% APY on balances of $15,000 or less and 0.25% on balances of $15,000 or more.

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 cashiers checks, overdraft fees, and having the lowest fees for outgoing wire transfers and account research fees.

Why we chose it: We chose Discover Cash Back Debit Checking as the best online checking account for cash back because of its offer of 1% cash back on up to $3,000 in monthly debit card purchases.

Pros
  • Earn 1% cash back on debit card purchases
  • Discover has a high customer satisfaction rating in the J.D. Power 2021 U.S. Direct Banking Satisfaction Study
  • No account balance minimum fee
Cons
  • Account doesn't earn interest
  • Cash deposits are not available
HIGHLIGHTS
Monthly fee:
$0
Balance to open:
$0
ATM network:
60,000
APY:
NA

Discover’s online checking account provides access to a network of over 60,000 ATMs and has no minimum balance or activity requirements.

Use the Discover app to instantly send and receive money with the Zelle feature and freeze your debit card if lost or stolen.

The Cash Back Debit account allows you to get 1% cash back for debit card purchases. However, Discover does exclude ATM withdrawals, peer-to-peer payments, money orders or other cash equivalents, loan payments and account funding.

Finally, although this isn’t an interest-bearing account, Discover’s online savings account does earn interest.

Why we chose it: PNC Bank’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).

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:
Balance to open: $0 if opened online, $25
ATM network:
9,000
APY:
NA

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 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, on the other hand, 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.

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.

Why we chose it: Varo 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.

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

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 15% cash back on selected transactions. Varo also has a secured credit card option called Varo Believe.

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.

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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 such as 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 accounts Online checking accounts
Easy to deposit cash at brick and mortar locations You can open accounts entirely online, but cash deposits are more challenging
Typically have higher maintenance, and minimum balance fees Usually have lower or no monthly maintenance and minimum balance fees
Handling account business at the branch takes longer than doing it online Deposit checks and order new debit card on the mobile app, saving hassle and time
Many have online banking pages or apps available Access account information on mobile app
Federally insured up to $250,000 Federally 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 cashback 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 accounts Saving accounts
Funds for everyday use Funds for long-term goals
Lower interest rates Higher interest rates
Easily access your cash with a debit card, checks or a digital wallet You 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. We’ve also compiled a list of the best savings accounts of 2022.

How to choose an online bank account

Look for online banks with low fees. Most online bank accounts waive monthly account maintenance fees, but others have minimum opening balance requirements. 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.

Most online checking accounts don’t have the most competitive interest rates, but check out our top picks for the best high-yield savings accounts if you're looking for better interest rates. Although not all online checking accounts have cash back rewards available, some accounts like Discover and Axos offer cashback on select debit card transactions.

When looking for the best online bank account, make sure the bank has a comprehensive 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.

Also make sure the online bank of your choice is insured by the Federal Deposit Insurance Corporation (FDIC). It protects your funds if your bank defaults. All of the online banks on our list are FDIC members.

Best Online Checking Accounts FAQ

How to deposit a check online

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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

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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?

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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?

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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 of 2022