Do you want to know which are the best banks to open a checking account in the United States? Alfredo Barandiarán has analyzed for Economía Responsable the checking accounts of the 10 main US banks and shows which are the best and the characteristics of each one. Welcome!
Ranking of the best checking accounts in 2023
First we show you the ranking with the main features of each checking account and then we go into detail about each account:
- 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
- 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
- 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
- No fees and no requirements
- Nearly 60,000 ATMs
- Welcome bonus of 250 dollars fulfilling conditions
- High interest rates on CDs
- No fees no direct deposits
- Fee-free withdrawals from ATMs around the world
- Without minimum deposit
- No welcome bonus
- High interest rates on CDs
- No fees no direct deposits
- More than 60,000 commission-free ATMs
- Without minimum deposit
- No welcome bonus
- High interest rates on Savings
- 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
- 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
Chase Total Checking
Total Checking is Chase’s account with the most customers. It has a commission of 12 dollars per month unless you meet one of the following requirements:
- Electronic deposits made into this account totaling $500 or more.
- Have more than $1,500 in the checking account.
- Have $5,000 in all Chase accounts.
As you have seen, it is easy to avoid commissions. It is not necessary to make a minimum deposit to open the account and it has a welcome bonus of $200 as long as you meet its conditions. You can withdraw money at all Chase ATMs without commissions and in the rest of the ATMs you have a commission of 3 dollars.
Here we show you all the advantages and disadvantages of Chase Total Checking:
| Pros | Cons |
|---|---|
| It’s easy to avoid commissions | Very low interest rates |
| Bonus of 200 dollars fulfilling conditions | |
| High number of ATMs and branches |
Bank of America
Bank of America is undoubtedly one of the best banks to open a checking account. The checking account with the most Bank of America customers is Advantage Plus Banking. This account has a commission of 12 dollars per month unless you meet one of the following conditions:
- Have at least one qualifying direct deposit of $250
- Maintain a $1,500 minimum daily balance
- Are enrolled in Preferred Rewards
It is not necessary to have a minimum deposit but to open the checking account you will need to deposit 100 dollars. It does not have any welcome bonus but you will have access to high interest rates on CDs. You can withdraw money without commissions in all Bank of America ATMs and in the rest of ATMs you will have a commission of 2.5 dollars.
Here is a table with all the advantages and disadvantages of the Bank of America Advantage Plus:
| Pros | Cons |
|---|---|
| It’s easy to avoid commissions | No welcome bonus |
| Access to high interest on CDs | You must deposit $100 to open the account |
| High number of offices and branches |
Wells Fargo
Wells Fargo is one of the best banks to open an account. The checking account with the most Wells Fargo customers is Checking Everyday. This current account has a commission of 10 dollars per month unless you meet one of the following requirements:
- Have an average of 500 euros in the bank account
- Have monthly salary income greater than 500 dollars
- A linked Wells Fargo Campus ATM or Campus Debit Card
- Primary account owner is 17 – 24 years old
It is not necessary to have a minimum deposit but to open the checking account you must deposit 25 dollars. Withdrawals at Wells Fargo ATMs have no fees and at other ATMs they have a $2.5 fee for each withdrawal. You have a welcome bonus of 200 dollars fulfilling conditions and you have access to CDs with high interest.
Here is a summary of all the advantages and disadvantages of Bank of America Everyday Checking:
| Pros | Cons |
|---|---|
| It’s easy to avoid commissions | You must deposit $25 to open the account |
| Bonus of 200 dollars fulfilling conditions | |
| High number of offices and branches |
Video with the best checking accounts in 2023
We have made a video with the best 11 checking accounts in the United States in 2023:
Key points to open a checking account
The most important points are the monthly maintenance commissions, the interest rates they offer, the welcome bonuses and other points such as ATM numbers, branches, wires, etc.
It is very easy to avoid the monthly commissions of the main current accounts of each bank. For this reason, we ask you to verify that you meet these conditions before opening an account.
Although the interest rates offered by checking accounts are very low, we do have access to CDs with interest rates between 3% and 4%. If you have savings, look for the CDs of each bank.
Banks have commissions for money withdrawals that are not from their own ATMs. If you are going to make a lot of withdrawals, make sure that you open a bank account that has a lot of ATMs or branches.
Frequent questions
Here we answer all the questions you may have:
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Updated the day 30 May, 2023 by Alfredo Barandiarán
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