Best Online Checking Accounts in 2024
Managing your money online or in an app is pretty normal these days – and can save time as you don’t need to visit a branch to transact. Fully online checking accounts are available from non-bank providers and FDIC insured digital banks – plus you can pick an account from a bank with a branch network which has been optimized for digital use if you want to use a branch from time to time.
This guide covers 6 popular online checking and spending accounts, from both banks like Ally Bank and non-bank providers like Wise and Revolut, so you can see if any might meet your needs.
Quick summary: Online accounts for checking
| Providers | Great for: |
|---|---|
| Wise account | Holding and exchanging 40+ currencies, and getting paid in foreign currencies by others |
| Chime checking account | Few fees, free in network ATM use, no overdraft fees on amounts up to 200 USD |
| Revolut Standard account | Holding and exchanging 25+ currencies, with some no fee conversion and ATM use available monthly |
| Bank of America Advantage SafeBalance Banking | Hybrid account meant mainly for online and in-app use, but with the option to visit a branch if needed |
| Ally Bank Spending account | No monthly fees, with ways to deposit checks, and Zelle for peer to peer payments |
| Axos Bank Essential Checking | No overdraft, non-sufficient funds, or monthly maintenance fees |
Best online checking accounts: A quick comparison
You’ll be able to get an online checking account from a fully digital provider or bank – which has no branch network. You can also choose a checking account which has been optimized for use from a major bank which does have a branch network. To give a flavor of the options out there, we’ll start with a comparison of 6 popular account products.
For our comparison we’ve selected popular accounts from each provider, looking for low costs, convenience, and flexibility. Providers offer multiple account products – and of course there are also other great banks and non-bank alternatives out there which you may choose to look into.
Methodology: We don’t compare all providers in the market – here we’ve picked 3 popular non-bank providers and 3 banks, looking at accounts which are either entirely online, or primarily intended for online and mobile management.
| Provider / Services | Best features | Monthly and annual fees | APY (Interest rate) | Linked debit card | Minimum balance requirements |
|---|---|---|---|---|---|
| Wise account | Hold and exchange 40+ currencies Receive payments in 19 currencies | None | 4.85% variable on USD Interest also available on GBP and EUR | Wise debit card, available for spending in 150+ countries | None |
| Chime checking account | Very few fees, free in network ATM use No fees on overdraft up to 200 USD | None | Checking account is not interest bearing | Chime debit card available for spending and withdrawals | None |
| Revolut Standard account | Hold and exchange 25+ currencies Some no fee currency exchange and ATM use available | None | 3.25% variable | Revolut debit card, available for spending in 150+ countries | None |
| Bank of America Advantage SafeBalance Banking | Major bank with both digital and in person services | 4.95 USD/month | Checking account is not interest bearing | Bank of America debit card available | Waive monthly fee with a 500 USD balance |
| Ally Bank Spending account | Very few fees, ways to deposit checks Good range of add-on services | None | 0.1% to 0.25% variable | Ally Bank debit card available | None |
| Axos Bank Essential Checking | No overdraft or in network ATM fees Good range of add-on services | None | Checking account is not interest bearing | Axos debit card available | None |
*Information correct at time of writing – 20th June 2024
As you can see, there’s a good choice of different online checking accounts for US customers. Which is best for you depends on your preferences and how you need to transact.
- If you’d like to hold a foreign currency balance with no monthly fee to pay, Wise or Revolut might have products to suit you.
- Chime has very low costs and also offers credit building products if you need them.
- On the other hand if you want more of a hybrid account which is mainly meant for online use, but which also has in-person service, Bank of America products might appeal.
- Online banks like Axos and Ally have a solid range of add-on products, like loans and investment services, and maintain low costs by operating entirely digitally.
Let’s look at each option in more detail.
Wise account
💡 Great for: Holding and exchanging 40+ currencies, and getting paid in foreign currencies by others
Wise is a fully digital provider which offers services online and in-app. You can hold and exchange 40+ currencies in your Wise account, and get a linked Wise debit card for spending and withdrawals in 150+ countries around the world. Wise accounts use the mid-market exchange rate with low conversion fees from 0.33% whenever you need to exchange currencies to send a payment, spend money with your card or make a cash withdrawal abroad. This means your Wise account can support low cost money management in the US and around the world.
Best features to know about:
- No monthly or annual fee to pay
- Powerful international features
- Mid-market exchange rates
| Wise account pros | Wise account cons |
|---|---|
| ✅ Hold and exchange 40+ currencies ✅ No ongoing fees to pay ✅ Some free ATM use monthly before any fee begins ✅ Receive foreign currency payments like a local in 19 currencies | ❌ Currency conversion fees from 0.33% ❌ One time fee to order a debit card |
Eligibility criteria: Open a Wise account from the US or many other countries around the world, as long as you’re over 18 and have valid local ID and a proof of address
Is Wise safe to use?: Yes. Wise is regulated in the US and internationally, and safeguards customer funds for security
Chime checking account
💡 Great for: Few fees, free in network ATM use, no overdraft fees on amounts up to 200 USD
Chime is a financial technology company which offers checking accounts alongside savings products and ways to build your credit score. There are no ongoing fees for your checking account, and you can get a debit card to use in 50,000+ ATMs with no fees. There are ways to deposit cash to your account which can be handy, and you’ll be able to overspend up to 200 USD without paying overdraft charges.
Best features to know about:
- Very few fees
- Get paid early with direct deposit
- Ways to add money in cash at a convenience store
| Chime checking account pros | Chime checking account cons |
|---|---|
| ✅ No monthly fee ✅ No overdraft fee ✅ No in network ATM fee ✅ Additional services for saving and credit building available | ❌ Cash deposit service has daily and monthly limits ❌ No multi-currency features |
Eligibility criteria: Chime accounts are offered to legal residents of the US, aged over 18, with government issued ID and a proof of address
Is Chime safe to use?: Yes. Chime offers banking services through The Bancorp Bank, and is safe to use.
Related: Best alternatives to Chime
Revolut Standard account
💡 Great for: Holding and exchanging 25+ currencies, with some no fee conversion and ATM use available monthly
Revolut in the US has 3 different account tiers for personal customers – we’ve selected the Standard account as there’s no monthly fee to pay. For other account types you’ll pay a monthly charge to unlock more features. All Revolut accounts can hold and exchange 25+ currencies and all get some weekday no fee currency conversion and ATM use every month. Once you exhaust your plan limit you pay a fair usage fee. Out of hours charges also apply if you exchange currencies when global markets are closed.
Best features to know about:
- Different account tiers to suit varied customer needs
- Hold and exchange 25+ currencies
- All accounts offer some no-fee transactions monthly
| Revolut Standard Account pros | Revolut Standard Account cons |
|---|---|
| ✅ No monthly fee to pay ✅ Hold and exchange 25+ currencies ✅ Some no fee ATM use monthly ✅ Lots of feature options, plus you can trade up to an account with monthly fees if you’d prefer | ❌ Fair usage fees apply once plan limits are exhausted ❌ Out of hours fees may apply to currency conversion |
Eligibility criteria: Open a Revolut account from the US or many other countries around the world, as long as you’re over 18 and have valid local ID and a proof of address
Is Revolut safe to use?: Yes. Revolut is trusted by millions of customers globally and is properly licensed in the US and wherever else it trades
Bank of America Advantage SafeBalance Banking
💡 Great for: Hybrid account meant mainly for online and in-app use, but with the option to visit a branch if needed
As a huge bank, there’s no surprise Bank of America has a great range of checking products. Here we’ve picked the Bank of America Advantage SafeBalance Banking account as it has a relatively low monthly charge which you can waive in various ways, including holding a 500 USD minimum balance. This account is meant for people who don’t need paper checks or an overdraft facility, making it a good choice if you want a USD account for digital use, but need to retain the option to visit a branch from time to time.
Best features to know about:
- Waive monthly fees by holding 500 USD in your account
- Budgeting tools and ways to customize your mobile banking experience
- Round up card spending and add the extra cents to savings
| Bank of America Advantage SafeBalance Banking pros | Bank of America Advantage SafeBalance Banking cons |
|---|---|
| ✅ Hybrid account with both online and in branch service available ✅ Several ways to waive monthly fee ✅ Easy ways to build a savings pot ✅ Large, trusted and well known bank with many extra products available | ❌ 4.95 USD monthly fee ❌ No paper check option |
Eligibility criteria: Open a Bank of America Advantage SafeBalance Banking as both a resident and non-resident of the US, provided you have the required paperwork and a US address
Is BoA safe to use?: Yes. Bank of America is one of the largest banks in the US, fully regulated and safe to use
Ally Bank Spending account
💡 Great for: No monthly fees, with ways to deposit checks, and Zelle for peer to peer payments
Ally Bank is fully digital and offers services online and through an intuitive app. The Ally Bank Spending account has very few fees, and makes it easy to set aside funds in savings buckets for future use. There are handy budgeting tools and you can also arrange to have your salary paid to Ally with direct deposit to receive it up to 2 days early in many cases.
Best features to know about:
- No monthly fee or overdraft fee
- Savings buckets to set aside funds for future spending
- Early direct deposit option
| Ally Bank Spending account pros | Ally Bank Spending account cons |
|---|---|
| ✅ No monthly fee ✅ Debit card for essay spending and withdrawals ✅ Savings buckets to make sure you can budget effectively ✅ Gets good customer ratings for simplicity and ease of use | ❌ Some fees apply, for outgoing wires for example ❌ No cash deposit option |
Eligibility criteria: Open an account as a US resident with proof of ID and address
Is Ally Bank safe to use?: Yes. Ally Bank is a licensed US bank which has a good range of products and is popular with its customer base
Axos Bank Essential Checking
💡 Great for: No overdraft, non-sufficient funds, or monthly maintenance fees
The Axos Essential Checking account has no monthly fee or minimum balance, and doesn’t charge overdraft or insufficient funds fees. You may also get ATM fee reimbursements and early direct deposits if you arrange to have your salary paid to Axos. All accounts come with an optional linked Visa debit card for spending and withdrawals, which also offers perks and benefits of its own when you spend.
Best features to know about:
- Pretty much no fees to pay
- Exclusive Visa perks when you use your card
- Budgeting tools built into the app
| Axos Bank Essential Checking pros | Axos Bank Essential Checking cons |
|---|---|
| ✅ No maintenance fee ✅ No overdraft or insufficient funds fee ✅ Early direct deposit ✅ Some free ATM use available | ❌ Not interest bearing ❌ You’ll need to specifically request a card if you want one |
Eligibility criteria: Open an account as a US resident with proof of ID and address
Is Axos safe to use?: Yes. Axos is a safe and licensed bank in the US.
Online checking accounts with no fees
There are almost always some fees to pay for a checking account, but exactly what you need to pay can vary a lot based on the provider you select and the services you use. Some accounts may require you to maintain a minimum balance to avoid a monthly fee, for example, or charge transaction fees when you access some services. However, all the options we’ve included in this guide do offer a decent range of services with no fees, which can be handy.
Here is an overview of some of what the providers we’ve detailed so far offer for free.
| Provider / Services | Free services |
|---|---|
| Wise account | No monthly fee, free to spend a currency you hold in your account, some free ATM withdrawals monthly |
| Chime checking account | No monthly fee, no foreign transaction fee, no fee for in network withdrawals, no fee for up to 200 USD of overdraft |
| Revolut Standard account | No monthly fee, no fee to spend a currency you hold in your account, some no fee ATM withdrawals monthly |
| Bank of America Advantage SafeBalance Banking | No monthly fee if you’re under 25, no fee for in network withdrawals, |
| Ally Bank Spending account | No monthly fee, no fee for in network withdrawals, no fee for early direct deposit |
| Axos Bank Essential Checking | No monthly fee, no fee for in network withdrawals, no fee for early direct deposit, no overdraft fee |
Pros and cons of online checking accounts
| Pros of online checking accounts | Cons of online checking accounts |
|---|---|
| ✅ Intuitive online and in app services ✅ Costs can be very low compared to some alternatives ✅ Save time waiting in line at the bank ✅ Many providers have a broad selection of add-on options and services ✅ Secure and trusted banks and providers | ❌ You may not be able to deposit cash ❌ In person service is not usually available ❌ Not all accounts pay interest |
Want more? Check out: How to open a bank account online
Online checking accounts with no minimum balance requirement
Of the providers and accounts we have chosen to feature in this guide, none has a specific minimum balance requirement. However, there are a couple of finer points to note:
- If you don’t hold at least 500 USD in your Bank of America Advantage SafeBalance Banking account you’ll pay a monthly maintenance fee
- If you hold under 15,000 USD in your Ally Bank Spending account you’ll get a lower level of interest paid
How to choose the best online checking account for yourself
Let’s finish up with a few pointers on things to look out for when you’re choosing an online checking account:
- Reviews and ease of use: Check you like the provider’s interface – the app or online site – and see what other customers are saying in reviews
- Range of features: Make sure your preferred provider has all the features you need
- Fees: Make sure you’re really clear on the costs of the account – including any unavoidable fees like maintenance charges
- Safety: Pick a licensed and regulated provider you trust
Conclusion: What is the best online checking account?
There’s no single best online checking account – in fact there are loads to choose from in the US, which means you’re bound to find the right one for you with a bit of research.
You may consider an online checking account from a fully digital bank like Ally or Axos, or look for a major bank with good on and offline services like Bank of America. Or leave the banks behind altogether and look at non-bank alternatives like Wise, Revolut, and Chime, which offer flexible, secure services, with low fees.
- Consider the Wise account for holding and exchanging 40+ currencies, and getting paid in foreign currencies from other countries
- Check out the Chime checking account for fees, free in network ATM use, and no overdraft fees on amounts up to 200 USD
- Look at the Revolut Standard account to hold and exchange 25+ currencies, with some no fee conversion and ATM use available monthly
- Consider Bank of America Advantage SafeBalance Banking if you want a hybrid account meant mainly for online and in-app use, but with the option to visit a branch if needed
- Look at the Ally Bank Spending account if you want no monthly fees, with ways to deposit checks, and Zelle for peer to peer payments
- Check out Axos Bank Essential Checking for no overdraft, non-sufficient funds, or monthly maintenance fees
Best online accounts for checking FAQs
Are online checking accounts safe to use?
As long as you pick a licensed and regulated provider, your online checking account is safe to use with normal precautions. Online account services have been built with security in mind, and use high level tools to make sure your account and funds are kept safe.
What is the easiest checking account to open online?
Generally opening an account online or in app is pretty easy – and can save time compared to arranging your account in a bank branch. Check out the online account applications for banks like Ally and Axos if you have US ID and address documents – it’s also good to know that options like Wise and Revolut are available from the US and from many other countries worldwide, with an intuitive digital onboarding process.
