Top 10 Checking Accounts to Check Out

With many businesses moving to a digital marketplace, many transactions take place through credit cards. While credit cards are convenient to use, it is not the only way to pay for items. There are still many places where you are unable to use credit cards. Most credit cards have a spending limit, which dictates how much you can charge at a single time. This is on top of the credit limit, which is a set amount of money you can charge without paying off your credit card. Some credit cards have a smaller limit, allowing you to make a maximum purchase of $500. Even more generous accounts have limits around $1000 to $2000, which is not enough for larger purchases.

In comparison, checks are used for whatever amount you want. Checks are especially important if you rent property, as many landlords only accept checks for payment. Checks are also a popular way to pay employees. Banks have made checks much more convenient thanks to a number of apps which automatically scan and deposit your checks right into your account. Unlike with credit and debit cards, there are no transaction fees or other hidden accounts associated with checks.

Axos Bank

Axos is a great bank to open your first checking account with. Most banks require you to deposit a certain amount of money into your account before you open. While Axos has this requirement, you only need to deposit $50 to create an account. Once you make the deposit, you are not required to maintain any sort of minimum balance. Axos has generous interest rates. You are also eligible for better rates based on several factors, such as receiving $1,000 or more in direct deposits.

Chase

Chase offers a few different checking accounts, including a special option for college students. What sets Chase apart from other banks is the bonuses. The exact benefits vary depending on when you sign up, but Chase frequently runs promotions. For example, opening a new college account comes with a $100 sign up bonus. Chase also increases the bonus if you open a savings account at the same time.

Ally Interest Checking

If you only want to use checks sparingly for big purchases, Ally is an excellent checking account. Ally does not require you to maintain any balance, nor is there a minimum deposit when you make your account. Ally has an excellent app, which allows you to view your account and deposit checks whenever you want. You can also schedule bill payments or send money to friends or family. Once you establish your account, you only need to use it as much as you want, without fear of being charged or having the account shut down.

Capital One 360 Checking

Capital One is another bank without a minimum deposit. When you open an account, you are eligible for 50 free checks. Capital One is one of the larger banking accounts, so it has top of the line customer service. It is also easy to manage a checking, savings and credit card account with Capital One, making it an excellent choice if you prefer to have a single bank for all your financial needs.

NBKC Bank

NBKC is an online banking account. You do not have to deposit any money when you make an account, but you must put in at least $5 within 60 days. There are no requirements for how much you need in your account to generate interest. You can deposit your checks using the mobile app. There are also options to pay your bills or other reoccurring fees online. NBKC bank does not have as many other features as other checking accounts, but it is an easy to maintain account, with generous late and overdraft fees.

Chime

Chime is another online checking service. Once you open a Chime account, there is no minimum balance to worry about. Many customers choose Chime because of the saving account options. You can customize your deposits so a portion of each check automatically goes into your savings account. There are further customization options, only allowing automatic deposits if the check exceeds a certain amount or comes from a specific source, like your employer.

Radius Rewards Checking

If you do not like waiting for direct deposits, Radius is a fantastic checking account. Radius completes direct deposit transactions within two days. As a bank, Radius does not charge any fees for ATM use. The downside is, the account has limited options for earning interested. You must have at least $2,500 in your account before you get any interest back.

Varo Bank

Varo is a great bank account if you frequently travel outside the United States. Varo does not charge any foreign transaction fees. You can also access an international ATM network. If you do not travel, Varo is still a good bank, since it does not have any overdraft fees.

Discover

Discover is mostly known for credit accounts, but they also provide checking services. If you already have a Discover card, you are eligible for greater cashback rewards on your purchases. Even if you do not have a Discover card, you get access to great benefits. Discover does not charge any fees, not even for returning checks or overdrafts.

Credit Union

Credit Union offers generous interest rates. The bank uses tiered interest rates, based on how much you have in your account. The lowest tier starts at 2.09 percent APY, with the middle increasing to 3.09 and the top maxing out at 4.09. For the higher tiers, you must spend a certain amount each month to earn the full interest rates.