Best Banks for Checking Accounts of 2021

Best for Cash-Back Rewards: Discover Bank

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Cash back rewards may seem plentiful with credit cards, but debit cards are less generous. Discover Bank’s Cashback Debit account is a free online checking account with rewards. Earn 1% cash back on up to $3,000 of qualifying debit card purchases each month, for total monthly rewards of up to $30. There are no monthly fees, and there’s no minimum balance requirement. If you already use your debit card for everyday spending, the extra cash is a bonus. But if you prefer credit card rewards, this may not be the best fit.

Best for Earning Interest: nbkc Bank

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Although the 0.5% APY you’ll earn in your personal account at nbkc won’t make you rich, in today’s low-interest environment, this rate stands out. The account has no monthly fees, and unlike some accounts that pay relatively high interest, nbkc Bank does not set significant restrictions. For example, you don’t need to use your debit card numerous times per month or limit certain withdrawals to six per month. nbkc asks that you deposit at least $5 when opening an account (or fund it within 75 days), and you can deposit checks with your mobile device.

Best for More Than $250,000: Wealthfront Cash Account

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If you keep substantial amounts of cash in checking and want to earn interest, Wealthfront is worth a look. The Cash Account pays 0.35% APY on your balance, and you can have up to $1 million dollars covered by FDIC insurance—in a single account. To provide that level of coverage (above the standard $250,000 limit), Wealthfront spreads your money among several FDIC-insured banks. You can spend from your account with a debit card or by setting up electronic transfers.

Best for Minors: Capital One

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Capital One helps children and teenagers learn about money with a free checking account designed for kids. Minors get a debit card for spending, accounts are available for children as young as eight years old, and there are no monthly fees or account minimums. Parents or guardians can monitor the account with online access and account activity alerts. Some parents may appreciate that the debit card cannot be used to make purchases at businesses that are considered inappropriate for young adults, such as liquor stores and bars. The account pays 0.10% APY.

The mobile app features instant purchase notifications, mobile check deposit, and allows you to send money via Zelle. You can also lock your card via the app if you ever lose it.

Best Credit Union: Alliant Credit Union

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For fans of customer-owned institutions, Alliant Credit Union offers a free checking account that pays 0.25% APY on your balance. Credit unions require you to be eligible before joining, but that’s easy with Alliant. Anybody can become a member after joining Foster Care to Success, which helps teens in foster care throughout the U.S.

Best With Branches: Chase Bank

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Big banks may not have a reputation for low-cost accounts, but Chase Bank’s Total Checking account comes pretty close. With nearly 4,900 branches available, you can bank in person if you so choose. You can also waive the monthly fee by direct depositing at least $500 per month or keeping a daily balance of at least $1,500 in the account. If you don’t qualify for a waiver, expect to pay $12 per month.

Best for Global Travel: Schwab Bank

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The Charles Schwab Bank High Yield Investor Checking account has the essential features you’d expect in a checking account, and it’s well-suited for travel. Schwab provides unlimited ATM fee rebates around the world, and there is no foreign transaction fee for purchases or withdrawals in foreign currency. There are no monthly fees or account minimums, and you earn 0.03% APY on your checking account balance.