What Is an Online Checking Account?

An online checking account is a digital bank account that allows you to manage your money and perform all your financial transactions online. Online checking accounts save you trips to the bank with services like digital check deposits, domestic and international wire transfers, downloadable account statements, mobile banking apps, loans, and more.

Should You Open an Online Checking Account?

It can be a wise financial decision and time-saving solution to open an online checking account; online checking accounts grant you complete access to your funds whenever and whenever you might need them. Online checking accounts are best for frequent transactions, such as bill payments, day-to-day purchases, and direct deposits.

Online savings accounts, on the other hand, are perfect for setting aside money for future goals or emergencies, often featuring some of the highest APY rates that help your savings grow faster. Many online banks offer multiple account integration, so you can easily transfer money between your checking and savings accounts.

What Makes a Top Online Checking Account?

The best online checking accounts in 2024 provide a mix of convenience, security, and cost-effectiveness that traditional banking methods struggle to match, with features like mobile payments, 24/7 access to your funds, and modern tools designed to help you budget, track, and save.

How to Compare Online Checking Accounts

Many online banks offer interest and rewards on your balance just for keeping your money with them, but there are more benefits to keep an eye out for if you’re in search of the best online checking account. A leading online checking account should offer a mix of the following:

• New Customer Promotions – Similar to checking account bonus offers, online banks frequently offer new customer promotions including sign-up bonuses, referral bonuses, or promotional rates.
• Checking Account Bonus Offers – Many banks offer checking account bonus incentives. The best checking account offers can often be found at online banks, with bonuses like cash rewards, interest on your balance, or waived fees.
• Free ATM Withdrawals – Checking accounts with free withdrawals, whether from in-network ATMs or ATM reimbursement policies, can save you lots of small expenses in the long run.
• Debit Card Offers – Top checking accounts often come with the best debit card offers, including cash back on purchases, discounts at partner merchants, and enhanced security features.
• Mobile Bank Accounts – The best online checking accounts owe a big part of their success to mobile banking apps. The highest-rated mobile banking apps let you perform tasks like depositing checks, transferring funds, and paying bills from anywhere.
• Additional Perks – Consider what other perks or rewards you might find beyond checking accounts, like pre-approved credit cards or high-yield savings accounts.

Are Online Checking Accounts Safe?

Online checking accounts are a safe and secure way to simplify your finances and save money. With the money they save on branch locations, online banks often offer lower fees and higher rates than traditional banks.

The best online banks are FDIC-insured and offer strong security measures, including two-factor authentication and strong encryption, to keep your online bank account safe.

What are the Different Types of Online-Only Checking Accounts?

Online-Only Checking Account

An online-only checking account is strictly a digital-first experience, offering everything from bill payments to customer service online. Online checking accounts allow you to do virtually everything you can do with a traditional checking account. Many of the best checking account banks operate completely online, offering exceptional service, convenience, security, and affordability.

Online Joint Checking Account

A joint checking account is a bank account shared by two or more individuals, typically used for managing shared expenses or savings. An online joint checking account offers the flexibility of managing shared finances from anywhere, anytime. Many banks now allow you to open a joint checking account online.

Finding the right joint checking account can be crucial for couples looking to manage their finances together. The best joint checking account for couples should allow both partners to easily monitor spending, save for future goals, and handle household expenses.

No-Fee Checking Accounts

Online banks may offer low- to no-fee checking accounts. No-fee checking accounts often waive any monthly fees, maintenance, and overdraft fees, making them much more cost effective than traditional banks.

No Minimum Balance Checking Account

No minimum balance checking accounts offer flexibility and ease, removing the stress of maintaining a certain balance to avoid fees. These accounts are ideal for those just starting out or looking to avoid the hassle of maintaining a minimum balance.

What are the Best Checking Accounts for 2024?

Looking forward, the best checking accounts of 2024 are expected to offer even more advanced features, including enhanced digital tools, better integration with financial apps, and more attractive rewards programs.

Disclaimers

Ratings Disclaimer: The star ratings of our teams are established by our editorial team, utilizing scoring formulas that consider various data points for each financial product and service.

SoFi Disclaimer: Direct Deposit Promotion begins on 12/7/23 and will be available through 12/31/24.

Chime Disclaimers: Chime is a financial technology company, not a bank. Banking services and debit card provided by The Bancorp Bank, N.A. or Stride Bank, N.A. ¹ Out-of-network ATM withdrawal fees may apply except at MoneyPass ATMs in a 7-Eleven, or any Allpoint or Visa Plus Alliance ATM. 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. ³ You must notify your financial institution immediately of any unauthorized use. For specific restrictions, limitations and other details, please consult your issuer.