Best banks to open a checking account in United States

Do you want to know the best banks to open a checking account in the United States? Responsible Economy has conducted a thorough analysis of the checking accounts offered by the top 10 US banks. We present the top options along with their unique characteristics. Welcome!

Ranking of the best checking accounts in 2023

Let’s first present the ranking with the main features of each checking account, and then we’ll provide detailed information about each account:

Logo Chase
  • It is very easy to avoid monthly commissions
  • Welcome bonus of 200 dollars fulfilling conditions
  • More than 16,000 ATMs in the United States
  • $25 minimum deposit
  • Very low interest rates
Bank of America logo
  • It is very easy to avoid monthly commissions
  • More than 16,000 ATMs in the United States
  • $100 minimum deposit
  • No welcome bonus
  • High interest rates if you have a lot of savings
Wells Fargo logo
  • It is very easy to avoid monthly commissions
  • Nearly 12,000 ATMs
  • $25 minimum deposit
  • Welcome bonus of 300 dollars fulfilling conditions
  • High interest rates on CDs
Logo Sofi
  • No fees and no requirements
  • Nearly 60,000 ATMs
  • Welcome bonus of 250 dollars fulfilling conditions
  • High interest rates on CDs
Charles-Schwab-Logo
  • No fees no direct deposits
  • Fee-free withdrawals from ATMs around the world
  • Without minimum deposit
  • No welcome bonus
  • High interest rates on CDs
Chime checking account Logo
  • No fees no direct deposits
  • More than 60,000 commission-free ATMs
  • Without minimum deposit
  • No welcome bonus
  • High interest rates on Savings
Ally logo
  • No fees no direct deposits
  • More than 50,000 commission-free ATMs
  • Without minimum deposit
  • No welcome bonus
  • High interest rates on CDs and Savings
Citibank-logo
  • Commissions of $10 if you do not meet requirements
  • No fees at Citibank ATMs
  • Without minimum deposit
  • No welcome bonus
  • High interest rates on CDs

Capital One

Capital One offers one of the best checking accounts you can open in the United States. It has no annual maintenance fees, and there are no specific requirements to fulfill for account opening. This account can be opened both online and at physical branches. The main features of this checking account include:

  • No annual maintenance fees.
  • High yields on its savings account.
  • No specific requirements for account opening.
  • Convenient online account opening process.
  • Option to open the account at physical branches.

Here are the pros and cons of Capital One 360 Checking account:

ProsCons
No annual maintenance fees
High yields
No minimum requirements
Pros and cons of Capital One 360 Checking account

Chase Total Checking

Chase Total Checking is the most popular account offered by Chase. It has a $12 monthly fee unless you meet one of the following requirements:

  • Receive electronic deposits totaling $500 or more.
  • Maintain a minimum balance of $1,500 in the checking account.
  • Have a total of $5,000 across all Chase accounts.

As you can see, it’s easy to avoid the fees. There is no minimum deposit required to open the account, and there’s a welcome bonus of $200 if you meet the specified conditions. You can withdraw money at Chase ATMs without fees, while non-Chase ATMs may incur a $3 fee.

Here are the pros and cons of Chase Total Checking:

ProsCons
It’s easy to avoid commissionsVery low interest rates
$200 welcome bonus (conditions apply)
Wide network of ATMs and branches
Pros and Cons Chase Total Checking

Bank of America

Bank of America is undoubtedly one of the best banks for opening a checking account. The most popular checking account is Advantage Plus Banking. It has a $12 monthly fee unless you meet one of the following conditions:

  • Have at least one qualifying direct deposit of $250.
  • Maintain a minimum daily balance of $1,500.
  • Enroll in Preferred Rewards.

There is no minimum deposit required, but you need to deposit $100 to open the account. While there is no welcome bonus, you can enjoy high interest rates on CDs. Bank of America ATMs offer fee-free withdrawals, while non-Bank of America ATMs may charge a $2.50 fee.

Here is a table highlighting the pros and cons of Bank of America Advantage Plus Banking:

ProsCons
It’s easy to avoid commissionsNo welcome bonus
Access to high interest on CDsYou must deposit $100 to open the account
High number of offices and branches
Pros and cons Bank of America Advantage Plus Banking

Wells Fargo

Wells Fargo is among the best banks for opening a checking account. The most popular checking account is Everyday Checking. It has a $10 monthly fee unless you meet one of the following requirements:

  • Maintain an average balance of $500 in the account.
  • Have monthly direct deposits of $500 or more.
  • Have a linked Wells Fargo Campus ATM or Campus Debit Card.
  • Be the primary account owner and be between 17 and 24 years old.

There is no minimum deposit required to open the account, but a $25 deposit is required. Wells Fargo ATMs allow fee-free withdrawals, while non-Wells Fargo ATMs may charge a $2.50 fee per withdrawal. There’s a welcome bonus of $200 if you meet the specified conditions, and you can access high-interest CDs.

Here is a summary of the pros and cons of Wells Fargo Everyday Checking:

ProsCons
It’s easy to avoid commissionsYou must deposit $25 to open the account
Bonus of 200 dollars fulfilling conditions
High number of offices and branches
Pros and Cons Wells Fargo Everyday checking

Video with the best checking accounts in 2023

We have created a video showcasing the 11 best checking accounts in the United States in 2023. You can watch it here:

Best checking accounts in 2023

Key points to open a checking account

The most crucial factors to consider when opening a checking account are the monthly maintenance fees, interest rates offered, welcome bonuses, and additional features like ATM availability, branch network, and wire services.

Avoiding monthly maintenance fees in most primary checking accounts is relatively straightforward. We recommend verifying that you meet the specified conditions before opening an account.

While checking accounts generally offer low-interest rates, some banks provide access to Certificates of Deposit (CDs) with interest rates ranging from 3% to 4%. If you have savings, explore the CD options offered by each bank.

It’s important to note that banks often charge fees for withdrawals made at non-affiliated ATMs. If you anticipate making frequent withdrawals, ensure that you choose a bank with a wide ATM network or ample branch locations.

Frequent questions

Here we answer all the questions you may have:

Lastly, we provide you with related content on bank accounts.

Updated the day 1 September, 2023 by Alfredo Barandiarán

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