5 Best Checking Accounts Of 2022 With The Most Minimum Fees


A bank account should serve as a tool for more than just paying bills and budgeting. Additionally, it should provide overdraft fees, be easy to combine with your other bank accounts, and have no hidden fees.

The best checking accounts charge the fewest fees and offer an extensive network of ATMs. We set out to identify the greatest checking accounts available, considering their price structures, online and mobile capabilities, minimum balance requirements, and interest rates, among other factors.

Just choose an option that is most appropriate for your circumstances.

Our Top 5 Picks For The Best Banks For Checking Account On The Market: 

  1. Personal Capital: Overall Best Checking Accounts, Editor’s Pick 
  2. Chime: Prime Choice Of Bank For Checking Account
  3. Consumers Credit Union: Most Recommended Monthly Maintenance Fee
  4. One Finance: Most Popular For Current Accounts
  5. Axos Bank: Highly Rated Value Checking Account 

#1. Personal Capital: Overall Best Checking Accounts, Editor’s Pick 


Brand Overview

Personal Capital is a combination wealth management organization that combines traditional and digital asset management. They provide a free personal finance and capital management application for desktop and mobile devices.

Nearly 2 million individuals use Personal Capital, with the free version being the most popular. However, the financial advisory business now serves over 25,000 clients with more than a $14 billion combined asset base. The company began operations in 2009 and is based in San Carlos, California.

You can access personal Capital in two different ways. The first one is a no-cost planning method that gathers data from every one of your banking statements and gives recommendations on boosting returns. It’s well worth investigating, regardless of which bank or investment firm you choose.

Personal Capital will also assist you in being financially prudent by utilizing tax-loss harvesting, a regular function of Robo-advisors, and analyzing your investment strategy between taxation and tax-advantaged private pensions.

This enables Personal Capital to store income-producing securities, such as debt securities, in tax-advantaged funds, such as an independent retirement account (IRA), without increasing your taxes. This may reassure you as you increase the investment risk in your taxable trading account.

Personal Capital’s second mode of interaction is via a wealth management service that requires a minimum account balance of $100,000 to begin. It is not major support for the novice saver or investor.

Cash Saving Account

Like several other firms that offer Robo adviser services, Personal Capital has entered the banking business. Interest rates are currently 0.05 percent annual percentage yield (APY) on all accounts, but 0.10 percent APY on Investment Service, Wealth Management, and Private Client plans.

No minimum amount is required, withdrawals are limitless, and the account is easily accessible via your phone. Additionally, the FDIC insured up to $1.5 million in assets. However, it would be best to keep in mind that such an account does not include debit cards or bill payments.


Good Security

As with any application that has accessibility to classified financial data, security is critical. Personal Capital utilizes two-factor verification, which means that every time you log in through an unfamiliar device, you’ll receive an SMS or voice call containing a PIN which you must enter in addition to your password.

Customer Service

Personal Capital can be reached via phone or email 24 hours a day, seven days a week. This is applicable for both the free and premium versions. However, the paid edition additionally includes a choice of two live investment planners. However, direct phone help is accessible Monday through Friday between 8:00 AM and 6:00 PM Pacific time.


  • Available on an individual basis
  • Investment management tools that are completely free
  • Financial advisors that are devoted to their client’s needs
  • Tax optimization approach that is highly sophisticated


  • Minimum investment of $100,000

Customers Experience

Personal Capital has a lot of positive reviews, and people love it. One customer said:, “I’ve used and evaluated plenty of personal finance applications over the years, and most of them quickly lose their freshness. I keep returning to Personal Capital as it is the only program that provides visibility into my complete investment portfolio, distributed across multiple brokers. Additionally, the net wealth dashboard is an excellent method to view an estimate of my total wealth without having to update a spreadsheet manually.”

⇒ Click Here to Visit the Official Website of Personal Capital

#2. Chime: Prime Choice Of Bank For Checking Account


Brand Overview

Chime was founded in 2013 to provide a modern alternative to traditional banks that is more user-friendly. Chime is a not-for-profit organization, not a financial institution. It is a financial technology business that provides banking services through partner banks.

Numerous banks provide various account types, making it difficult to evaluate which one is the greatest fit for your particular circumstances. Rather than overwhelming you with choices, Chime keeps things simple with a single checking account, a single savings account, and a single protected credit card, all linked via an appealing mobile app.

It is a bank account guaranteed by the Federal Deposit Insurance Corporation (FDIC). It is capable of accepting direct deposits. It facilitates pre-authorized withdrawals and automatic clearing house (ACH) transactions. Additionally, Chime provides free payments and free one-to-one transfers.

Withdrawing money from any of the over 60,000 ATMs in the United States that are part of the MoneyPass, Visa Plus Alliance (VPA), or Allpoint networks is completely free. However, any withdrawal activity outside these systems in the United States and abroad incurs a $2.50 fee.

Spending Account

A Chime spending account is the company’s version of a checking account, and only you will not receive a checkbook. Account-holders receive a Visa debit card and online banking via Chime’s mobile application.

When you create a Chime spending account, you will be prompted to create a Chime savings account. This account is only available to users who currently have an existing spending account.

You will not receive a card with this account, but your investment will grow owing to a higher-than-average interest rate – and then you can withdraw money to the spending account if necessary.


Accepted Anywhere

You may use the Chime card to make purchases and withdraw money from an ATM anywhere Visa is authorized. On the other hand, you must enable foreign transfers in the app’s setup. Chime doesn’t charge for overseas payments, but foreign ATM withdrawals are subject to a $2.50 fee.

Easy To Use

It simply takes a few moments to create a Chime account. Another advantage of a Chime bank account is that there are no strict requirements for creating a bank account based on prior credit scores.


  • It’s simple to open a bank account online
  • Numerous services are provided free of charge
  • Utilize their debit card internationally without incurring foreign transaction fees
  • Service and support are available 24/7 via the highly regarded Chime mobile application


  • There is no option for in-person assistance

Customers Experience

Users recommend Chime since it provides innovative account solutions for consumers who want to manage their finances online and by phone. Chime may not offer the same breadth of account choices as a traditional local bank, but the costs are likely to be lower. One of how Chime is apart from many banks organizations is how it screens customers.

⇒ Click Here to Visit the Official Website of Chime

#3. Consumers Credit Union: Most Recommended Monthly Maintenance Fee


Brand Overview

Consumers Credit Union was established in 1930 by a collective composed primarily of Finnish refugees. Consumers Credit Union does not provide stringent entry criteria. You can join irrespective of where you reside by paying the Consumers Cooperative Association a one-time $5 joining fee.

It has far moreover 100,000 members and a net worth of $1.2 billion. If you’re looking for a high-interest checking account, you would like to check out the Consumers Credit Union’s Free Rewards Checking Account.

Consumers Credit Union provides an extraordinarily favorable incentive checking account with just an annual percentage yield (APY) of up to 4.09 percent on your first $10,000. There are no periodic maintenance or reserve ratio fees associated with Free Rewards Checking. Customers can view their accounts at over 30,000 service charge ATMs and be compensated for any other ATM fees.

Suppose you are a refugee or a non-US citizen. In that case, consumers allow users to set an account using a Matricula Consular ID or a permanent residence card rather than a US government ID. Additionally, you may utilize an ITIN number rather than an SSN.

Savings Account

People who want to save money can choose from four regular savings accounts at CCU: Membership Share, Smart Saver, and the Holiday Savings Club. It includes the preliminary minimum deposit of $5, which covers the cost of membership. At the moment, Membership Share and Special Share accounts get 0.05 percent annual percentage yield, while the Holiday Savings Club earns 0.25 percent annual percentage yield.

Checking Account

CCU offers numerous attractive possibilities if you’re interested in depositing up to $10,000 inside an interest-bearing checking account. The Credit Union’s no-fee standard checking account pays no return and requires no minimum deposit. It does offer interest on its rewards checking accounts. A minimum initial investment of $5 is required for the rewards accounts.



CCU encrypts data at a bank-grade level and adheres to industry best practices in terms of security. Additionally, its debit cards are chip-enabled for increased protection. Unlike banks, credit unions do not have their funds insured by the Federal Deposit Insurance Corporation. Rather than that, the National Credit Union Administration regulates CCU at the federal level (NCUA).

No Fees

The Free Checking Account is a simple checking account that does not need a minimum deposit or monthly maintenance costs. It earns no interest.


  • Anyone residing in the United States is eligible to join
  • Accounts with no monthly maintenance fee
  • All accounts require a small initial deposit
  • There are no subscription fees


  • Savings account yields are rather modest

Customers Experience

CCU users adore the services offered by the organization. Additionally, the Better Business Bureau assigned it an A+ rating. A positive BBB rating demonstrates that a firm is responsive to consumer concerns and operates with integrity. However, this does not imply that your connection with the firm will be ideal.

⇒ Click Here to Visit the Official Website of Consumers Credit Union

#4. One Finance: Most Popular For Current Accounts


Brand Overview

One Finance is a free online expenditure and saving account that enables you to manage your funds into different types called pockets for saving, spending, and sharing. There have been no charges or minimum balance limitations, and you can earn up to 3% annual percentage yield, another of the highest percentages available.

Additionally, One Finance provides the One bank card. This debit card is compatible with the One app, available on the Android & Apple mobile apps.

Users can end up spending from many pockets by entering into the app and selecting the pocket from which their card will be issued before making a transaction. This enables you to invest immediately from the appropriate budget group pocket, eliminating the need for subsequent transfers.

One does not charge monthly service charges, and the account earns interest at an astounding APY of up to 3.00 percent. However, the interface may appear a little complicated at first.

The standard annual percentage yield (APY) on One account is a good 1.00 percent. However, this rate applies only to monies allocated to your Save Pocket up to $5,000. If you participate in direct deposit of your paycheck, you’ll earn the same annual percentage yield on assets up to $25,000.

Spend Pocket

Consider the Spend Pocket to be similar to a checking account. While the Spend Pocket does not pay an annual percentage yield, it does make it simple to visualize how much cash you have accessible to use each month. You can have different spend pockets if you prefer to budget by categories, such as rent, groceries, and utility.


The save pocket in One Finance is there for non-automatic savings. These pockets are distinguished by their 1.00 percent annual percentage yield on account balances. To begin, you can receive a 1.00 percent annual percentage yield of up to $5,000. You can create many savings for different purposes and sometimes even title the accounts.


Early Direct Deposit

One enables you to receive your paycheck slightly earlier if you participate in direct deposit, a function that is becoming more prevalent among newer online banks. In essence, you can obtain funds more quickly than you would with a typical bank in a matter of days.

Only Online Banking

To begin, One is not a bank in the strictest sense of the word. A technology business offers internet banking through Coastal Community Bank, a Washington State-based FDIC-insured institution.

One does not have its physical premises. Thus all banking transactions take place in the digital realm. You can conduct payments and transfers from your PC or mobile device, and you can contact customer service at any time.


  • Payday is forthcoming
  • Pockets are fully customizable
  • You may use a single debit card to make purchases from many accounts
  • There are no additional costs


  • No physical locations only available online

Customers Experience

One Finance is an excellent choice for those who value the convenience of keeping all of their income in a single bank account. It’s also a smart option for consumers who routinely make purchases with a debit card or intend to set up an automatic, as these actions earn high-yield interest. On Trustpilot, users of One Finance gave it a 4.2-star review out of 5.

⇒ Click Here to Visit the Official Website of One Finance

5. Axos Bank: Highly Rated Value Checking Account 


Brand Overview

Previously known as Bank of Internet USA, Axos Bank is an online-only banking institution that offers a variety of financial products and services. Axos Bank, with $14.4 billion worth, focuses on innovation banking. The bank offers consumer, corporate, and corporate banking solutions.

Axos Bank remains committed to providing a “100% digital” service, as indicated by its absence of branches. No branches equate to a higher return on financial product offerings. Axos Bank is, however, a full-service bank that offers deposit, and lending products to individuals and businesses.

Due to the high annual percentage yield on the Axos Bank Rewards Checking Account is among the most profitable checking accounts available. Interest-bearing checking accounts are quite uncommon, and those that do exist often offer annual percentage yields that are far less than those offered by savings accounts. On amounts up to $50,000, you may accrue interest. Over this amount, no interest is earned.

Savings Account

While Axos Bank’s High-Yield Savings account provides significantly more return than those offered by most banks, it falls short of some of the greatest high-yield savings accounts. A $250 basic deposit is required to start an account, even though there are no minimum monthly balance restrictions after that.

Checking Account

With Axos Rewards Checking, there is no requirement to maintain a minimum deposit. All ATM charges in the United States are repaid by the bank, just like the bank’s additional checking accounts.

Axos does not charge its customers for ATM transactions. When certain standards are fulfilled, Rewards Checking offers an annual percentage reward of up to 1% on accounts up to $50,000.

Money Market

Axos Bank’s High-Yield Money Market accounts exhibit higher earning potential with the advantages of a checking account. A checking account comes with the ability to write checks and a debit card. It earns a 0.25 percent annual percentage yield on all balances.

A $1,000 minimum amount is required; however, there seem to be no monthly balance restrictions after that. It also does not require monthly maintenance.


Easily Accessible 

You can access Axos Bank accounts electronically and on mobile devices, convenient for customers. Mobile check depositing allows you to deposit checks directly into an account using your smartphone. Axos accounts do not demand account fees or monthly fees, making them more accessible and manageable for clients.


Axos Bank is an FDIC participant, which means that each customer’s deposit accounts are insured up to $250,000. Furthermore, they employ bank-grade encryption, two-factor verification, anti-virus, malware security, automatic logout, and accounts monitoring. In a nutshell, everything you’d expect of an online bank.


  • There are no monthly service charges on checking or savings accounts
  • Refunds for domestic ATM fees
  • The app is simple to use
  • Outstanding rates and incentives on checking accounts


  • There are no branch locations

Customers Experience

Consumers appreciate that Axos Bank offers a diverse selection of checking accounts with attractive annual percentage yields. While Axos Bank does not have any locations outside its San Diego office, it offers 24-hour customer assistance. Axos Bank’s charge system and ATM reimbursement are superior to those of most bigger banks, and its mobile app is intuitive.

⇒ Click Here to Visit the Official Website of Axos Bank

Buying Guide For Beginners: Things To Consider Before Selecting The Best Checking Accounts


Fees are a convenient and deceptive way for banks to earn money – and drain your savings. Always look for a monthly price, which is a payment for the privilege of owning the accounts, or for methods to avoid the monthly fee.

Additionally, costs for out-of-network ATM activity, wire transfers, and hardcopy bills are prevalent. Also, most banks charge a substantial overdraft fee if they ever have to fund a purchase that surpasses your balances.


To create a checking account with certain banks or credit unions, you must make a required deposit. Additionally, they may demand you maintain a certain minimum amount to receive the APY or avoid paying a charge.

Whenever you set up an account, verify that you match the bank’s or credit union’s eligibility conditions. Alternatively, search for a bank account with no reserve ratio restriction.

Overdraft Protection

Suppose you start spending further than your total balance. In that case, overdraft protection will move money from a sub account, credit card, or credit line to cover the gap, enabling you to avoid paying an overdraft fee.

Some banks pay a minor cost equivalent to an interest charge for this feature, while others provide everything free. Please remember that if you use a credit facility to repay your overdraft, the remaining debt may be subject to interest charges that you must repay.

Access To ATM

Your checking account is the preferred method of depositing and withdrawing funds, while savings accounts impose monthly transaction limits. Investigate if a bank restricts you to one’s ATMs and hence to its geographic reach or if it collaborates with some other ATM operator to expand its reach as well. Bear in mind that costs may apply for out-of-network ATM usage; check with your bank to see if your account covers surcharges.

FDIC Insured

Deposit insurance is critical in determining the legitimacy of a bank; the Federal Deposit Insurance Corporation gives it for bank deposits and by the National Credit Union Administration for credit union accounts. This insurance can protect your funds in the extremely unlikely event your bank fails.

All of the big-name banks you’re familiar with, as well as most of the accounts mentioned above, are FDIC-insured. Nonetheless, it is critical to verify the quantity of insurance coverage a bank provides.

Mobile App

Ascertain that the institution you’re choosing has a mobile app, and then peruse the Apple or Google Play stores for evaluations. Consider how much functionality you’ll require from the app as well. If you are going to deposit cheques into your bank account, for instance? Locate a mobile application that includes a check deposit feature.

Numerous excellent checking accounts are available. The trick is to choose which one is ideal for you. You may find the best fit by considering the features and benefits you desire from your accounts and banking experience.

Benefits Of Having A Checking Account:

Money Management

Among the huge advantages of checking accounts is their capacity to teach young individuals about financial management, and the development of financial education. Your child may practice writing checks, paying bills, balancing the checkbook, and budgeting with a shared bank account for future needs. You invest in your child’s financial literacy and education by providing guidance and avoiding costly financial blunders.

A checking account established specifically for teenagers enables your youngster to form a bond with the credit union or bank. Due to this association, they gain exposure to financial health classes, workshops, and other financial tools such as auto loans and savings accounts.

Saves Money

Fees for check cashing, ATM usage, and late bill payments accumulate. Avoid costs and save cash by utilizing checking account features, bank transfer, and automated bill pay.

Additionally, a complimentary checking account is available. You retain access to all funds in your account because you will not be charged a monthly or per-check fee with such an account.

To ensure that you gain the maximum value for your checking account offerings, carefully read the agreement’s Terms and Conditions page. banks and credit unions are supposed to be upfront about their fee schedules, and you should ensure that you know them well before opening an account.

Go Cashless

Once you establish a checking account, you no longer need to carry all your cash or store it in a box inside your wardrobe. Cash stored at home carries several dangers, including loss due to theft, fire, or other natural calamities. Additionally, it’s simple to lose track of the money. With a checking account, you can simply trace the cash that comes into and leave the account.

Additionally, the Federal Deposit Insurance Corporation insures the majority of banks. This implies that your savings are covered by the FDIC to a maximum of $250,000 per accounts owner/ownership type, per insured bank.

Receive Direct Deposit

Enjoy the benefits of direct deposit rather than obtaining a physical check from your workplace, pensions provider, or another benefit source. Your funds are immediately transferred into your bank account.

You gain quicker access to cash, save time, and eliminate the inconvenience of having to visit your financial institution or bank each time you are paid. While you should still inspect your pay stub for inaccuracies, this checking account benefit improves your access to your earned money.

How To Open A Checking Account?

Assemble Your Submission Materials

To apply online, you must provide your Ssn, date of birth, as well as the number of a government-issued identification document. If you’re registering for a joint bank account, you’ll need to present documentation for both account holders.

Additionally, address verification is necessary, and the minimum initial investment for a standard checking account is somewhere between $25 and $100, but this amount may be greater for interest-bearing accounts.

Fill Out The Application

Hit up the institution’s website’s registration page or a local location. Following that, the organization will review your data. Usually, the bank will conduct a specialized credit check to ascertain your past financial history before approving your accounts. You should get documentation with your account opening number, routing number, and other critical account information if your application is granted.

Complete A Signature Card

Every time you post or deposit a check, your sign will be compared to the card on which it was recorded. While many online-only organizations allow electronic signatures, others may need you to physically visit the branch to verify the signature card or send or email documents.

Make An Initial Deposit

Based on how you complete this transaction, it may take several days before your cash becomes accessible for writing cheques, making withdrawals, or completing debit card purchases.

Get Access To Your Account Tools

Following the approval of your application, your deposit is completed, and the bank or financial institution establishes your account. You may receive a pair of customized checks, deposit slips, and, in most cases, whether it’s a debit card or an ATM card in the mailbox. You must register your debit/ATM card and create an online account access password.

Create A Direct Deposit

Preparing for payroll or government handouts directly deposited into your account is frequently required to prevent monthly charges or qualify for other perks. Suppose you’ve selected an account that demands direct deposit or wishes to take benefit of this simplicity. In that case, you’ll need to speak with the financial department at your workplace, for example, to initiate the automatic payments.

Different Types Of Checking Accounts:

Regular Checking Accounts

A standard checking account allows you to make everything you’d anticipate from a checking account: deposit and withdraw funds out of an ATM, write a check, pay bills, and purchase items with a payment card. It is possible that you may be charged a monthly service fee for the service of account ownership, but so many banks remove the price provided you maintain a sufficient balance in your account.

A standard checking account earns almost no interest on the money in most cases. Therefore, if you’re trying to earn some extra money, you may want to consider creating a savings account in addition to your checking account.

Premium Checking Account

Premium checking accounts are accessible to customers who make sufficient deposits to qualify for a more upscale banking experience. This account may have more benefits, incentives, and checking account bonus in consideration for a slightly greater monthly maintenance fees.

Premium account restrictions and requirements vary by bank. However, banks are often attempting to increase the number of accounts and services provided to their biggest clients.

The more funds you place with your bank and the more insurance instruments you join up for in that bank, the more perks you are likely to receive from your bank. Consider it similar to a common program for banking: the more trade you conduct with the bank, the more aggressively it will pursue a premium service.

Interest-Bearing Checking Accounts

You can earn interest on these checking accounts. Several of these accounts may have special restrictions for earning a specified APY, such as a required direct deposit or a bare minimum of debit card purchases.

Additionally, there may be restrictions on the percentage of your balance that receives an APY. Certain interest-bearing accounts at online banks offer larger annual percentage yields than savings or money market accounts.

Online savings and money market accounts, on the other hand, are more likely to offer the same APY on amounts above a particular threshold. However, they might have their account limits.

Other interest-bearing accounts provide only a portion of a high-yielding savings account’s yield. These may be in the neighborhood of the median savings account return of 0.1 percent annual percentage yield (APY) or even less.

FAQs Regarding Checking Accounts For Financial Benefits:

Is A Checking Account Beneficial To Or Detrimental To Your Credit?

The easy answer is that, with a few exclusions, opening a checking account will not harm your credit. Banks may run your credit history whenever you establish a checking account, but it is termed as a soft inquiry, and it will not affect your credit score.

However, if you enroll in overdraft fees, you may face a hard inquiry, which may end in a five-point reduction in your credit score. This is since overdraft protection is similar to a credit card, except it is regarded as a line of credit.

While credit bureaus may overlook your banking activity, it is closely watched by a national credit bureau organization that supplies banks with data on any discrepancies in an account applicant’s financial history.

A history of missed payments, unpaid fines, and other infractions can make approval more difficult. However, some banks provide second-chance checking accounts to individuals in need of a second opportunity. While these accounts can assist you in re-establishing your financial history, they frequently lack the features of a traditional checking account.

Can One Earn Interest On A Checking Account?

While most checking accounts offer interest, interest is often less essential than fees when deciding on a checking account. A $2,000 bank would require an interest rate of 8% to cover the costs, and you won’t be finding anything near that these days. In the end, standard monthly charges now equal over $160 each year. Additionally, if you’re searching for interest, there seem to be other accounts available.

How Many Checking Accounts Should An Individual Maintain?

For the majority of people, the response is single. Although you can make a little extra cash by mixing incentives or interest, the time and aggravation are probably not worth it. Your checking account ought to be straightforward, offer overdrafts, and support mobile payments, in addition to being simple to use and administer. You may consider opening a specific business checking account distinct from a regular one if you own a business.

Should I Open My Checking Account With A Bank Or A Credit Union?

It’s critical to make the greatest decision possible, given your circumstances. Credit unions, on average, provide the best benefit in terms of fees rates. However, other variables may influence the decision, such as qualifying for a cheaper borrowing on a mortgage by setting up an account with a particular bank.

It is worthwhile to evaluate all of the possibilities available in your area, and reviewing the free options would only take a couple of minutes. Bear in mind the fees and restrictions associated with each new account you establish.

If you choose to change banks, take your time and do it properly. Before closing the first account, you will have to transfer all recurring payments and bank transfers.

How Does A Checking Account Operate?

Because there is no other limit on the number of times you can access a checking account, users may utilize the account to pay bills and other everyday expenses and withdraw cash from an ATM or bank employee.

You can decide to get your paycheck automatically transferred to the checking account either once-twice a month through a process known as direct deposit. Additionally, you may be able to schedule automated withdrawals from your accounts for regular billing such as rent, mortgages, vehicle loans, or school loans.

Many individuals maintain a savings and checking account at about the same bank or credit union, making money transfers between the accounts simple. Each month, you might transfer any money remaining in your best checking account to savings to collect interest and save for a crisis. However, federal law restricts transfers from savings to other accounts, especially checking, to six times per month.

Conclusion: Which Is The Best Options For Getting A Checking Account? 

If you adhere to the old-fashioned belief that you must not be required to pay for a basic checking account, any of the choices above will suffice. However, before settling on best checking accounts, conduct research like we did and found Personal Capital as the #1 best platform.

Keep a close eye out for any evidence of systematic difficulties at your selected bank, including such data security concerns or a history of client service concerns. After all, you would not want to abandon your consumer education because goods or services are offered free.

Share this Article