Best Banks to Open Checking Accounts
There are many options when you are looking for banks to open checking accounts. You can actually walk into any commercial bank and they will help you to open a checking account. However, all banks operate under different conditions. The charges and fees differ from one bank to the other. If you’re not careful, you may end up losing a huge amount of money as fees and overdraft to the bank. That is why you should do thorough research and know the financial institution to go with.
The best financial institution should let you enjoy some benefits including free ATM services, and other banking conveniences. The best bank for your checking account will depend on a number factors. The bank that is excellent for you may not be so good for another person. It all boils down to your requirements and what you do with your checking account.
It all depends on the number of times you make deposits, how many times you withdraw, and even the balance type you carry.
You will need to conduct thorough research to know the kind of account that suits your requirements. We do not want you to stress when researching for the options that will be great for you. We have conducted in-depth research and compiled a list of the best banks to open checking accounts. We have also explained why these banks are the best options to choose. Check them out. These banks are mentioned in no particular order.
Chase is one of the best options for many reasons. Although the bank has good checking account options that are well patronized by customers. One of the biggest selling points of this bank is the wide network of branches. You can locate branches of this bank in major cities. If you looking for a bank that is physically accessible, Chase is one of the best options. The bank has over 16,000 ATMs and 51000 branches nationwide. The minimum deposit for opening a checking account is $25. You get to enjoy a bonus of $200 if you meet the requirements. They expect you to set up a direct deposit to your account within 60 days to enjoy this bonus. The bonus will be paid to your account within 10 business days. There is also a monthly maintenance fee of $12 but that fee will be waived if you have a balance of $1500 in your account by the end of the month. There are two major Chase checking accounts – Chase premier and checking and Chase total checking account.
- Bank of America
Bank of America is also a good option if you are looking for a financial institution that is great for opening checking accounts. This bank has similar features compared to Chase. This bank has two checking account options – core checking and interest checking. The core checking account has a monthly maintenance fee of $25 while the interest checking account has a monthly maintenance fee of $12. You can also avoid the monthly fee for a core checking account by meeting the following requirements. You need to keep a minimum daily balance of at least $1500, you should also make a direct deposit of $250 into your account, and or you should a student below the age the age of 24. You should be enrolled in a vocational, university, high school, or college program at that time. For the interest checking account, the monthly fees will be waived if you have a balance of at least $10,000 in your account. This balance can be a combination of linked savings, checking, and money market accounts. This bank also offers bonuses after you sign up online. However, this bonus changes with time. You check their terms and conditions for the next promotion.
- Capital One
Capital One is one of the banks that does not operate online only. The bank also operates at physical locations, unlike several other financial institutions. If you want to open an account with a bank where you can walk into the physical location, then this bank may work for you. Capital One offers many benefits to the account owner. You get to enjoy no monthly fees, ATM fees, and there is also no opening minimum. The bank also offers overdraft protection on some transfers. The bank does not charge you for transferring funds from one Capital One savings account to the other. This account also allows you to enjoy interests irrespective of the amount you have in your account. You get to enjoy 0.2% APY on balances up to $49,999.99. You also get to enjoy real convenience with over 40,000 ATMs nationwide. Capital one bank does not charge you for your first check book and you can also use your smartphone to make check deposits.
- Bank of Internet USA
This bank offers high interest rates for account holders. The highest APY is 1.25% and you can qualify for it if you make a direct deposit of at least $1000 worth monthly. You must also use your debit card for transactions of at least $3 to qualify for this APY. The card must also be used at least 15 times. You also get to enjoy interest even if you do not deposit $1000 or more in a month. There are no monthly fees and there is no required minimum balance. You also do not need to worry about overdraft fees since there is none. Bank of Internet USA does not charge for online services. You also get to enjoy cash back purchases when you sign up. The bank allows you to select banks where you usually shop and then you are rewarded when you shop in these shops.
- Alliant Credit Union
Alliant credit union is also one financial institution that allows account owners to enjoy sweet deals. There are no monthly fees and no account minimum amount. You also get a free visa card and check book. There are over 80,000 ATMs nationwide and you get to enjoy real convenience since ATMs are accessible. Alliant Credit Union also supports online banking and banking apps, and it is compatible with Android Pay, Apple Pay, and Samsung Pay.
- TD Bank
This bank allows customers to enjoy bonuses on deposits. There are two main checking account options – the premier checking account and the convenience checking account. The bonuses vary depending on the account type. For the premier checking account, you enjoy a $300 bonus when you make a direct deposit of $2500 or more within the first 60 days after opening your account. For the convenience checking account, you enjoy a $150 cash bonus when you make a direct deposit of into your account within the first 60 days. TD bank also allows you to enjoy free monthly maintenance if you manage to keep a minimum daily balance of $100. The bank operates online
- Ally Bank
Ally Bank is also a good option if you are looking for a good online bank to set up your checking account. This bank offers competitive interest rates to customers. The APY is 0.10% to 0.60% depending on your account balance. There are no monthly fees and there is no minimum balance as well. The bank does not charge their customers for overdraft protection as well. The bank does not charge you for using the ATM and the good news is that there are over 55,000 ATMs nationwide. These ATMs are from their partner, Allpoint.
- Charles Schwab Bank
This bank also allows its customers to enjoy free services and unlimited rebates. You get to enjoy free withdrawals from Schwab ATMS. You also get to enjoy unlimited withdrawal fee rebates when you withdraw from other banks. They do not charge their customers for international debit card transactions. Customers also enjoy interest at a rate of 0.20% APY. There are no monthly charges and there is also no opening minimum.
PNC bank is widely recommended because the monthly charges are not huge. This bank does operates both online and at physical locations. The bank charges a maintenance fee of $7 and you will also pay $2 when you request for a statement in print. If you have a minimum balance of $500 in your account, you will not be required to pay the maintenance fee. The bank does not allow you to pay the monthly maintenance fee if you are 62 or more years old. There is also the PNC performance select checking account that offers you a bonus of $300 if you meet the requirement. You should deposit a minimum of $5000 in your account within the first 60 days. You should also make at least 10 purchases with your PNC debit card within the first 60 days to qualify for the bonus. The bonus will be paid into your account within 10 business days.
If you are looking for a bank that is secured by the FDIC. There are no monthly charges. You also enjoy competitive interest rate depending on your balance. You earn 0.25% on balances less than $2500 and 1.00% on balances that are $2500 or more. There are no minimum monthly deposits required. There is also no minimum monthly balance. In terms of convenience, you get to withdraw from any ATM for free. Withdrawals are free even if you withdraw from an ATM that is not Aspiration branded. Aspiration will reimburse all ATM fees charged to your account. You will also be indirectly donating to NGOs since the bank donates a Dime from every dollar it earns to NGOs in the country.
- Radius Bank
Enjoy high interest rates with Radius Bank. Their customers enjoy 0.85% APY on balances of $2500 or more. This bank is also insured by the FDIC. The interest in calculated as a compound interest daily and it is paid into your account at the end of the month. There is no minimum account balance required when you run a checking account with Radius bank. The minimum initial deposit required is $10. This is lower than most standard banks. You can enjoy both mobile and online banking once you sign up. You can use SUM ATMs across the country. You are also not charged monthly fees.