Best checking accounts in July 2024
A checking account, also known as demand or transactional deposit account, allows unlimited withdrawals and deposits, unlike savings accounts which may limit both.
Top 12 based on variable annual percentage yield (APY %):
| APY | Institution | Min. Balance | ATM Network | Monthly Fee | Overdraft Fee |
|---|---|---|---|---|---|
| 5% | Wealthfront → | $0 | 19K+ | $0 | $0 |
| 4% | Current by Choice Financial Group → | $0 | 40K+ | $0 | $0 |
| 3.3% | Axos Bank → | $0 | 80K+ | $0 | $0 |
| 3.25% | Paramount Bank → | $0 | 61K+ | $0 | $0 |
| 2% | Customers Bank → | $5,000 | 400K+ | $0 | $0 |
| 1.75% | NBKC Bank → | $0 | 37K+ | $0 | $0 |
| 1.5% | Consumers National Bank → | $0 | 37K+ | $0 | $0 |
| 1.1% | Quontic → | $100 | 90K+ | $0 | $0 |
| 0.5% | SoFi → | $0 | 55K+ | $0 | $0 |
| 0.45% | Schwab Bank → | $0 | 1.8M+ | $0 | $0 |
| 0.4% | EverBank → | $100 | 87K+ | $0 | $0 |
| 0.25% | Ally → | $0 | 43K+ | $0 | $0 |
What is a Checking account?
A checking account, also known as demand or transactional deposit account, allows unlimited withdrawals and deposits, unlike savings accounts which may limit both. Checking accounts are very liquid and can be accessed using checks, automated teller machines (ATMs), and electronic debits, unlike CD or savings accounts. The tradeoff for increased liquidity is that checking accounts don’t offer depositors much, if any, interest.
Compare Checking vs High-Yield Savings account at maxint.com/post/best-high-yield-savings-accounts
