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of April 2025
of April 2025
features that simplify your daily transactions.
- All-in-one small business banking
- Auto savings accounts earn 4.15% APY
- Bank without hidden fees or minimums
- User-friendly and accessible platform
- Best overall for small businesses
- Earn a $300 bonus on new accounts
- Use code CAP300. T&Cs apply
- Free ACH & incoming wires, no overdraft fees
- Control your own cashflow
- Auto savings accounts earn up to 3% APY
- Bank without overdraft fees or minimums
- Open up to 20 checking accounts
- Banking platform for the self-employed
- Integrated bookkeeping & tax features
- Send invoices & pay contractors for free
- Create customized sub-accounts
- Business checking for any size LLC
- Award-winning business checking app
- Automation and financial insight tools
- Speed up vendor transactions
- Start-up banking suite
- Business banking without monthly fees
- No minimum deposit to open an account
- Get FDIC insurance up to $5M
- All-in-one small business banking
- Auto savings accounts earn 4.15% APY
- Bank without hidden fees or minimums
- User-friendly and accessible platform
Choosing an online bank provides a modern, flexible, and convenient way to manage your finances, offering round-the-clock access to accounts, competitive rates, and innovative tools—all from the comfort of any device. Explore the unique advantages of online banking and see how it aligns with your financial habits and lifestyle.
| Online Banking | Traditional Banking | |
|---|---|---|
Accessibility  |  |  |
Convenience | | |
Security | | |
Service Speed | | |
Cost Efficiency | | |
Personal Interaction | | |
Loan/Account Setup | | |
Customization | | |
Cash Handling | | |
Competitive Rates | | |
What Is Online Banking?
Online banking lets you access your account and perform bank functions online instead of visiting a branch or making a phone call. What you can do online varies from bank to bank, but most let you deposit funds remotely, view your transactions, check balances, transfer funds, and more.
One of the biggest benefits is convenience. No matter where you are or what time of the day it is, you can access your accounts and bank without worrying about the branch being closed. It’s also incredibly quick and easy to use, whether online or in an app.
Keep in mind that banks that operate exclusively online will generally offer lower (or no) fees and more favorable rates thanks to lower overhead costs.
What Is a Checking Account?
A checking account is a bank account that’s used to make deposits, perform withdrawals, and send transfers, among other things. They’re designed for everyday use as opposed to saving money over the long term.
Many people have their wages directly deposited into a checking account and use the funds to pay bills, make purchases with a debit card, and transfer to savings or investment accounts. Here are a few pros and cons of checking accounts.
Pros
- Gives you a debit card to use
- Provides instant access to your funds
- Very easy to open in most cases
Cons
- Generally earn low or no interest
- Many checking accounts have fees
- Some accounts have a minimum deposit or balance requirement
Who Can Open a Checking Account?
Every bank has its own eligibility requirements, but in most cases, anyone who is over 18 years old and able to confirm their identity can open an account. However, if you have past banking issues like not paying overdraft fees, you could run into some trouble.
This is because some banks use a consumer reporting system called ChexSystems to track deposit account history. When your history is questionable, a bank may stop you from opening an account.
If there are banking problems in your past, you could consider working with banks that don’t use ChexSystems.
Our Top 3 Checking Accounts:
In a Nutshell
Lili, a financial technology company, provides essential online business banking and accounting tools. These include business checking and savings accounts, mobile check deposits, and a Visa debit card. There are no minimum opening deposits or balances. A significant advantage is the availability of ACH transfers two days earlier compared to traditional banks.
Features
- All-in-one small business banking
- Auto savings accounts earn 4.15% APY
- Bank without hidden fees or minimums
- User-friendly and accessible platform
Pros
- No minimum deposit or transaction fees
- No withdrawal fees when using the 38,000+ countrywide, in-network ATMs
- ACH Transfers received up to two days earlier than with traditional banks
Cons
- No physical locations
- You can only accept domestic wire transfers and transfer money to an external account linked to your Lili account
- No physical checks, insurance, business loans, and other typical business banking services
In a Nutshell
Bluevine is a financial services platform, not a bank, although it provides business checking accounts and other services through Coastal Community Bank. It's an ideal solution for digital-first businesses seeking access to paper checks without the need for numerous cash deposits. With additional features tailored for accountants, it's particularly well suited for small accounting and bookkeeping firms.
Features
- Best overall for small businesses
- Earn a $300 bonus on new accounts
- Use code CAP300. T&Cs apply
- Free ACH & incoming wires, no overdraft fees
Most Popular Products
Pros
- No fees or required minimum balances
- 2.00% interest rates on balances up to and including $250K
- FDIC-insured accounts up to $3 million
- Apply for a business line of credit and business insurance on the same platform
Cons
- Cash deposits are limited to $2,000/day at green dot locations
- Cash deposits have a $4.95 fee per deposit
- No physical bank locations
- No weekend customer support is available
In a Nutshell
Relay is a business banking platform great for enterprises of all shapes and sizes. The company offers up to 20 checking accounts and 50 physical or virtual debit cards for your business. It has no monthly or overdraft fees or minimum balance requirements, and it integrates with many accounting and payroll tools your business may already use. While there are no physical branches, Relay lets you withdraw and deposit for free at over 55,000 AllPoint ATMs throughout the U.S. The company also has great reviews and an intuitive mobile app.
Features
- Control your own cashflow
- Auto savings accounts earn up to 3% APY
- Bank without overdraft fees or minimums
- Open up to 20 checking accounts
Most Popular Products
Pros
- No account fees or minimum balances
- Integrates seamlessly with bookkeeping, payroll, and other tools
- Open up to 20 checking accounts for better money organization
- Deposit and withdraw using Allpoint ATMs for free
Cons
- No weekend phone support
- Funds from check deposits not available for 6-7 days
- No physical branch locations
What Do You Need in Order to Open a Checking Account?
To open a checking account, your first step is to fill out and submit an application with the bank of your choice. The application will generally ask for the following details:
- Your social security number
- A piece of government-issued ID
- Basic personal information like your phone number, date of birth, address, and email
While you can often open a bank account online with no deposit, some banks may request a minimum amount. Others may ask for other information and/or documents not listed here.
The length of time it takes to open a checking account varies. Some may only take 1-2 days, while others can take longer. In some cases, you can open a checking account online instantly.
What Is the Difference Between a Checking Account and a Prepaid Debit Card?
A prepaid debit card is a card that you need to load money onto before you can make purchases with it. You can buy them from a bank or credit union, as well as retail destinations like grocery stores. These are generally the locations where you load/reload funds onto the card, though you can often do it online or over the phone, too.
A checking account and a prepaid debit card are both great ways to make purchases, but there are many differences between them.
The main difference between the two is that prepaid debit cards aren’t tied to an account and must be reloaded each time you use all the funds on the card. In contrast, a checking account comes with a standard debit card that you can use as long as you have funds in the account.
Prepaid debit cards also have fees associated with them, including activation fees, transaction fees, reload fees, or inactivity fees. So make sure to do your research on the best prepaid debit cards to find one that doesn’t charge a lot. While many checking accounts also have fees, there are fewer of them. The most common include monthly fees or ATM fees.
Another difference is that many checking accounts allow you to become overdrawn on your account, which means you can spend more money than you currently have. This feature can come with expensive fees, but it’s nice to have the option if you need it. In contrast, a prepaid debit card only lets you use what’s on the card, nothing more.
What Features Should You Look for When Choosing a Checking Account?
To ensure you choose the best checking account from the many existing options, look for the features outlined below.
Low or no fees
First, try to find a free checking account with no minimum balance requirement. You’ll find that some checking accounts have no fees at all, while others require you to maintain a minimum balance or do other things to waive the fees, such as having direct deposit set up. Monthly fees are the most important ones to look at, but you should also consider overdraft fees, transaction fees, ATM fees, and others.
Interest paying
You may also want to seek an account that pays interest. While such accounts aren’t likely to pay as much as investments or savings accounts, something is better than nothing. Keep in mind that some accounts advertise incredibly high interest rates on a checking account but may have several requirements to meet to earn that much.
Excellent app
Another feature to look for is a highly rated app. Read reviews about the app and understand how it performs and the things it will let you do. The best online checking account apps are intuitive, easy to navigate, and secure. They should have all the features you need, such as mobile check deposits, instant transfers, and the ability to view balances.
Credit-building features
If you struggle with poor credit, there are specific bad credit checking accounts and cards that can help you build credit by reporting payments to credit bureaus. These often work by having the company providing the account pay for your purchases initially, and then you pay it back afterward to build credit.
Overdraft coverage and/or protection
Having a checking account with overdraft protection or overdraft coverage is also a good idea. These ensure that transactions will go through even if you don’t have enough money in your account at that time.
For example, if your $1,000 rent is due today, but you only have $850 in your account, the overdraft coverage feature means the bank covers the rest to ensure that your rent payment is made on time and in full. Of course, you’ll need to pay back the amount you borrow and there’s also a fee associated with this feature in most cases, so be careful to use it sparingly.
On the other hand, overdraft protection allows you to link a different account to your primary checking account to cover any shortages. So instead of the bank covering that extra $150 for you, the money will come from another account you’ve linked. There may be a fee for using this feature, too.
Disclaimers
Chime
Chime is a financial technology company, not a bank. Banking services are provided by The Bancorp Bank, N.A. or Stride Bank, N.A., Members FDIC.
1 The Annual Percentage Yield ("APY") for the Chime Savings Account is variable and may change at any time. The disclosed APY is effective as of September 20, 2023. No minimum balance required. Must have $0.01 in savings to earn interest.
2 SpotMe® on Debit is an optional, no fee overdraft service attached to your Chime Checking Account. To qualify for the SpotMe on Debit service, you must receive $200 or more in qualifying direct deposits to your Chime Checking Account each month and have activated your physical Chime Visa® Debit Card or secured Chime Credit Builder Visa® Credit Card.
Qualifying members will be allowed to overdraw their Chime Checking Account up to $20 on debit card purchases and cash withdrawals initially but may later be eligible for a higher limit of up to $200 or more based on Chime Account history, direct deposit frequency and amount, spending activity and other risk-based factors. The SpotMe on Debit limit will be displayed within the Chime mobile app and is subject to change at any time, at Chime's sole discretion. Although Chime does not charge any overdraft fees for SpotMe on Debit, there may be out-of-network or third-party fees associated with ATM transactions and fees associated with OTC cash withdrawals. SpotMe on Debit will not cover any non-debit card transactions, including ACH transfers, Pay Anyone transfers, or Chime Checkbook transactions. SpotMe on Debit Terms and Conditions.
Current
Current is a financial technology company, not a bank. Banking services provided by Choice Financial Group, Member FDIC, and Cross River Bank, Member FDIC. Cryptocurrency services are not provided by Choice Financial Group or Cross River Bank, and cryptocurrency is not insured by or subject to the protections of the FDIC. The Current Visa Debit Card is issued by Choice Financial Group pursuant to a license from Visa U.S.A. Inc. and may be used everywhere Visa debit cards are accepted. The Current Visa® secured charge card is issued by Cross River Bank pursuant to a license from Visa U.S.A. Inc. and may be used everywhere Visa credit cards are accepted. Please see back of your Card for its issuing bank. Current Individual Account required to apply for the Current Visa® secured charge card. Independent approval required
Current is a financial technology company, not an FDIC-insured bank. FDIC insurance up to $250,000 only covers the failure of an FDIC-insured bank. Certain conditions must be satisfied for pass-through deposit insurance coverage to apply. Banking services provided by Choice Financial Group, Member FDIC, and Cross River Bank, Member FDIC.
1. Debit card: Fees may apply, including out of network cash withdrawal fees, third-party fees, cash load fees, inactivity fees, account closure fees, international transaction fees, replacement card fees, express mail fees and escheatment fees.
Build Card: Some fees may apply, including out of network ATM fees of $2.50 per transaction, late payment fees of 3% of any total due balance outstanding and past due for two or more billing cycles, foreign transaction fees of 3% of the full transaction amount (minimum $0.50), card replacement fees per card of $5 for regular delivery and $30 for expedited delivery, cash deposit fees of $3.50 per deposit, and third party processing fees.
2. Faster access to funds is based on comparison of traditional banking policies and deposit of paper checks from employers and government agencies versus deposits made electronically. Direct deposit and earlier availability of funds is subject to timing of payer's submission of deposits.
3. Actual overdraft amount may vary and is subject to change at any time, at Current’s sole discretion. In order to qualify and enroll in the Fee-Free Overdraft feature, you must receive $500 or more in Qualifying Deposits into your Current Account over the preceding 30-day period. For more information, please refer to Fee-free Overdraft Terms and Conditions (https://current.com/overdraft_protection_terms_of_service/).
Us Bank
*Offer may not be available if you are an existing U.S. Bank customer or live outside U.S. Bank footprint.