Whether you are a freelancer, side hustler, or run a full-time business, opening a separate business bank account should be your first move after starting your business.
A business bank account helps you keep your business finances and personal income and expenses separate. Having a business bank account for all your business finances makes it easy to run records and track your costs and deductions at tax time.
Business checking accounts can also help business owners establish credit, which they can use for net terms with suppliers or to take out business loans or business credit cards.
But which business checking account is best? And can you find good options with free business checking accounts?
12 Best Free Business Checking Accounts
We’ve done the legwork for you, compiling a list of the 12 best free business checking accounts available in the U.S. today.
1. Bluevine: Best Free Business Checking Account Overall
Bluevine offers one of the most comprehensive and best free business checking accounts you’ll find. It has no monthly maintenance fees, no overdraft fees, and an annual percentage yield APY of 2% on up to $250,000 of your balance if you meet monthly activity goals. To qualify, simply make $500 in debit card purchases with your Bluevine business debit or receive $2,500 per month in customer payments to your account.
Bluevine offers features that make it great for a team, including the ability to open multiple sub-accounts and even have separate logins for employees or contractors, like accountants and virtual assistants.
While some free business checking accounts have transaction limits, your Bluevine business checking account does not. Funds are backed by Coastal Community Bank, Member FDIC. Coastal Community Bank provides business banking services for Bluevine customers.
2. Capital One Business Bank Account: Best for Local Branches
If you’re looking for personalized service at local branches, consider Capital One business checking. Capital One offers two tiers of checking accounts: Basic and Enhanced. Both accounts offer unlimited digital transactions, free overdraft coverage, access to Capital One’s mobile app, no ATM fees at 70,000 Capital One, Allpoint, and MoneyPass ATMs, and low monthly fees that are easily waived when you meet minimum balance requirements.
Capital One Enhanced business checking is designed for larger businesses who can meet $25,000 average daily balance requirements needed to waive the $35 monthly service fee. Enjoy free incoming wire transfers, five free outgoing wire transfers monthly, and a remote scanner for mobile check deposits.
3. GO2bank: Best for Online Banking
GO2bank is a complete mobile banking solution with digital banking services provided by Green Dot Bank. The bank offers many features in its online business checking account that will appeal to business owners and their employees, including co-branded debit cards, optional overdraft protection, and a co-branded app for businesses. You can also get a secured business credit card through GO2bank.
Waive the monthly fees with qualifying direct deposits, and receive ACH payments up to two days early. You can also purchase eGift cards for yourself or as employee incentives and earn up to 7% cash back.
4. Found: Best for Freelancers
Hailed as the debit card for the self-employed, we rate Found as the best free business account for freelancers. It has no monthly maintenance fees, no minimum deposit or minimum balance requirements, and no credit check to open your account.
Found has a few features that can help you streamline your business. By evaluating your income and expenses, Found can calculate your tax bill, categorize tax write-offs, and even auto-save the correct amount from each deposit to cover your quarterly taxes. You can also send invoices from the app.
Found is a financial technology company, not a bank. Deposits are FDIC insured through Piermont Bank.
5. First Citizens Bank Basic Business Checking: Best for Checking Account Choices:
Most business checking accounts have one option for a business owner. First Citizens has four choices to help you choose the right business checking account with the features you need. The basic business checking account offers 100 transactions with no monthly fee, and has a minimum opening deposit of $100.
Business Banking I is free with a merchant account or a minimum daily balance of $25,000. It offers processing of up to $250 transactions per month, plus $10,000 in cash processing, including cash deposits. Business Banking II has similar features with 500 free transactions and $15,000 in cash processing, including cash deposits. There is a $50 monthly fee unless you have a merchant account or an average daily ledger balance of $50,000.
Business Banking III is best for larger enterprises who want choices and do a high volume of business. Process up to 750 transactions free each month, with $20,000 in cash deposits. You’ll need a merchant account or $75,000 in your average daily ledger balance to avoid the monthly maintenance fee.
Business Banking I, II, and III accounts also let you customize your plan with additional discounted services.
6. Novo Business Checking Account: Best for E-commerce and App Integrations
Novo is not a bank, it’s a financial technology company with deposits backed by Middlesex Federal Savings, Member FDIC. Novo is one of the most tech-forward financial institutions on our list, offering easy integration with apps like Shopify, Wise, Stripe, Square, and Quickbooks.
The Novo Business Checking account has no monthly fees, no minimum balance requirements, no cash deposit fees, and ATM fee reimbursement for out-of-network ATM use. Account holders can also get discounts on popular business software and services, including LegalZoom, Constant Contact, and Stripe.
7. Mercury Banking For Start-ups: Best for Start-ups
Bootstrapped and venture-backed startups of every size have unique needs in a business checking account. A Mercury free business checking account helps your money stretch further with no monthly fee, no minimum balance requirements, and no minimum deposit to open. You can earn 5.11% annual percentage yield APY with mutual funds invested through Mercury Treasury if you have an account balance of $250,000 or more.
Mercury free business checking offers unlimited free transactions, including no cash deposit fees, for businesses who process less than $200,000 per month. The account offers team management tools, debit cards for multiple employees, and capabilities to open multiple checking and savings accounts to manage cash flow.
Plus, your Mercury account is backed by up to $5 million worth of FDIC insurance through partner banks. Banking services are provided by Choice Financial Group and Evolve Bank & Trust, Members FDIC and deposits are held in various partner banks.
8. U.S. Bank Silver Business Checking: Best for Sign-up Bonus
If you’re looking to earn free cash to boost your business, consider a U.S. Bank Silver Business checking account with a $100 minimum deposit before June 30, 2023. You can earn a $500 bonus when you make new deposits of at least $5,000 and maintain a minimum balance of at least $5,000 until 60 days after the account opening. Increase that to $15,000 in new money deposits and maintain that balance for 60 days and earn $750 deposited into your new business checking account.
U.S. Bank offers tons of benefits for business owners, including no transaction fees for up to 125 transactions each month, 25 free cash transactions (or up to $2,500 in free cash deposits, whichever comes first), no monthly maintenance fee, and 50% off on your first check order, up to $50.
Larger businesses may prefer a Gold Business Checking Account, with no transaction fees for up to 300 transactions per month. It also has a waivable $20 monthly fee.
There is also a Platinum Checking Account Package with 500 free transactions and a $30 monthly fee. This fee is waived by meeting monthly minimum balance requirements.
9. Chase Business Complete Banking: Best for Payment Processing
For those who want to avoid online only banks and are looking for a big bank with international recognition and branches and ATMs across the U.S., Chase Business Complete Banking offers a solid solution. It comes with many ways to waive the monthly service fee.
Chase also makes it easy to accept credit and debit card payments without using a third-party payment processor. Chase QuickAccept is a built-in feature as part of Chase Business Complete Banking. You don’t need to apply for a separate merchant account, and the transaction fees are competitive with other credit card processing companies.
QuickAccept also allows you to access money faster with same-day deposits with no added fees. If you need a merchant payment processing provider that works in synch with your bank account, Chase Business Complete Banking could be the best choice for you.
Right now through August 3, 2023, businesses can earn a bonus up to $500 when they open a Chase Business Complete Checking account and meet requirements, which including total deposits of $15,000 or more. Deposit just $2,000 or more and snag an easy $300 for your new business checking account.
10. Huntington Business Checking 100 (Midwest): Best for Community Banking
Huntington National Bank, headquartered in Columbus, Ohio, since 1866, offers three business checking accounts, including a business interest checking account, Unlimited Plus Business Checking.
The top-tier account includes unlimited transactions, plus cash deposits of up to $25,000. Waive the $40 monthly fee with up to $50,000 in total deposit relationship balances across business accounts. Designed for larger businesses, the Unlimited Plus Business Checking allows you to choose two bonus services such as a fraud tool, waived returned deposited items fees on up to 25 items per month, or two free incoming domestic wires monthly.
The Unlimited Business Checking account offers similar features, with unlimited transactions, free cash deposits on up to $10,000 per month, and a choice of one bonus service. Waive the $20 monthly fee by maintaining a minimum balance of at least $10,000. A Business Checking 100 account offers up to 100 transactions per month, and up to $5,000 in cash transactions with no monthly fee.
Huntington is devoted to the local communities it serves and spotlights small business owners on its website. It also specializes in SBA loans and offers a linked business money market account to earn interest on savings with no monthly maintenance fee if you maintain an average daily balance of $10,000+.
11. Relay Business Checking: Best for Money Management
Relay online banking offers up to 20 primary business checking accounts for members of your team or for different business expenses, plus 50 virtual or physical Visa debit cards. Designed to assist with cash flow and money management, your Relay online banking account allows automated transfers into the various checking accounts based on percentage of income or flat-rate dollar figures.
Your Relay online and mobile banking account also includes up to two business savings accounts with APYs of 1% to 3%. Best of all, unlike many free business checking accounts that are only free if you meet transaction or balance requirements, Relay has no monthly maintenance fee, no transaction fees, no overdraft fees, no ATM fees, and no minimum balance requirements.
12. Axos Basic Business Checking Account: Best for No Fees
Axos Bank has been voted best online bank by Money Magazine and its business offering stands out for small business owners as a straightforward business checking account with no transaction fees, no monthly maintenance fee, and no minimum opening deposit. You also don’t have to worry about balance requirements or ATM fees. You’ll even receive unlimited reimbursements for using out-of-network ATMs within the U.S.
You will need to maintain a minimum balance of at least $5,000 for the first five statement cycles to earn a $100 account opening bonus. You will receive $25 into your business account each month you maintain the minimum requirements. However, if you close the account within 120 days, you might have to pay a $100 early closure fee.
What to Consider When Choosing the Best Free Business Checking Account
The best free business checking account for your business depends on the volume of cash deposits, number of transactions, the size of your company and your general banking needs.
It’s important for a business of any size, including a sole proprietor or 1099 contractor, to open a business checking account to keep business funds separate from your personal checking account and other personal finances. This is especially important at tax time.
Many of the business bank accounts on our list of best free business checking accounts make it easy for you to track your business finances. They offer end-of-month or quarterly reports or integrate with QuickBooks or other accounting software to make money management easy. This, along with costs, quality of customer service, mobile apps, and more should factor into your decision when you choose a small business checking account.
Monthly Maintenance Fee
Account fees have long been a fact of life for individuals and business owners, but they no longer have to be with so many free checking accounts available today. Some of the banks on this list, including Axos and Relay, offer no monthly fee of any kind. Others make it easy to waive the monthly fee by meeting balance requirements.
See if there are any balance requirements, direct deposit requirements, or minimum debit card purchases to avoid the monthly service fee, and if you will be able to meet those minimums easily each month.
Easy-to-use Online and Mobile Banking
Even basic business checking today should have a robust app and mobile banking solutions, including mobile check deposits, capability to turn your debit cards on or off, and to monitor spending in a user-friendly app.
You may think online-only banks have better mobile capabilities, but that’s not always the case. All the best business checking accounts on our list have intuitive, user-friendly mobile apps.
Low Minimum Opening Deposit Requirements
Most of the free checking accounts on our list have low minimum opening deposit requirements. Some may have higher minimums to earn a bonus on your business checking account. Make sure to read the fine print and know the minimum deposit requirements if you want to earn that sign-up bonus.
Reasonable Fees
While it’s possible to find a business checking account with no monthly service fee, your bank may have some fees. Read the fine print so you know exactly what you’re getting for your money. It should be easy to avoid ATM fees, overdraft fees, and even monthly fees.
However, you may have to pay for wire transfers, out-of-network ATMs, and other transactions. Unlike personal accounts, it’s common for business bank accounts to have fees if you deposit cash. Sometimes, a certain number of cash transactions is included in your monthly fee.
Customer Service
It’s important to research the bank’s customer service before you commit to a business checking account. Online only banks, especially, may have limited ways to reach customer support. Find out if they offer 24/7 service. Many people prefer online banking for the convenience and low account fees. But if you experience a problem, you want to make sure you can get help promptly.
Positive Customer Reviews
When you’re looking for the best business checking account, it pays to research the opinions of other business owners like you. Customer reviews can give you a feel for the level of customer service, ATM fees, monthly fees, fraud protection, and more.
Practical Transaction and Cash Deposit Limits
Many of the best business checking accounts offer unlimited transactions and reasonable monthly limits to deposit cash. Many banks offer different tiers of business checking accounts, so you can pay a set monthly fee for the level of service you need.
Linked Business Savings Account or Business Interest Checking Account
If you want to earn interest on your cash reserves, look for a checking account that pays interest or for a bank with a high interest savings account. Pay attention to account fees, withdrawal limits, and
Consider the Need for a Bank With Physical Locations
Online banking offers lower monthly fees and convenience. But if your business needs to deposit cash regularly or you just want personalized service and relationship banking, you might prefer a bank account at a financial institution with brick-and-mortar locations.
Questions to Ask Before Deciding on a Business Checking Account
When you’re shopping around for a free business checking account, consider your needs, the number of transactions you conduct daily, your account balance, and whether you prefer a traditional bank or are willing to consider online only banks for your business checking needs. Ask yourself the following questions so you can compare your options.
Will you be making regular cash deposits?
Many business checking accounts charge a fee if you want to deposit cash. Sometimes, a number of cash deposits will be included in your monthly fee. Make sure to pick an account with the capabilities you need.
Do you prefer a bank or credit union?
You might prefer the personalized service of a credit union instead of choosing a large bank or an online bank. When you’re evaluating credit unions, compare all the features and fees the same as you would evaluate business bank accounts.
Do you need to process customer transactions?
Banks like Chase offer credit card processing as an add-on feature to their services. If you are using an online bank, you might want one that integrates with Stripe, Square, or other payment processors. The capability to process customer transactions is one element that sets a business bank apart from a personal checking account.
Do you want to earn interest on your balance?
Several banks on our list offer high yield savings accounts, which is a benefit for small businesses, start-ups, and any business that wants to earn free money from their balance. You might also consider an interest earning business checking account like Bluevine, which pays interest on your checking account balance.
Business Checking vs. Money Market Account
A money market account is a special savings account designed to hold money that you may need to access in the short term. Some money market accounts offer higher APYs than other savings accounts. A money market account often has limits on the number of fee-free withdrawals per month.
Most business owners will want to open a free business checking account and link it to a money market account to earn interest on cash reserves.
What You Need to Open a Small Business Checking Account
You may not need an Employer Identification Number or Tax ID number to open a business checking account. If you have one, you should open the account using that number instead of your Social Security number to help keep your business and personal funds separate.
But if you are a freelancer and file taxes as a sole proprietor/self-employed, you can open your business checking account with your SSN. However, if your business has a DBA (doing business as) you will need a certificate or paperwork showing that name.
Likewise, if you are an LLC, you’ll need your business registration along with your EIN. If you have a partnership, you’ll need your partnership agreement and paperwork showing the business name.
Beyond that, you can open a business checking account with your business address, a phone number, email address and the minimum deposit (if required). Visit a branch for personalized service or open your free business checking account online.
FAQs
See what people are asking about free business checking accounts.
Do you need to pay account or transaction fees?
Some business checking accounts have monthly fees that you can waive by meeting specific requirements. You may also pay ATM fees, fees for cash deposits, and fees for wire transfers or international transactions.
Read the fine print or speak to a personal banker to choose the account that’s right for you.
Can you open a business checking account with no credit check?
Most banks and credit unions will allow you to open a business checking account with no credit check. By maintaining a positive balance in your account, you can build your business credit. A credit check may be required for business loans, lines of credit, or “net” terms with vendors.
What are the most important features of business checking accounts?
Most business owners are looking for business checking with no ATM fees and no monthly fee or easy ways to waive the monthly fee. Beyond that, consider the type and number of transactions you complete monthly, whether you need payment processing capabilities, and if you want a linked savings account to earn interest.
What banks offer free business checking accounts?
Many online and traditional banks offer free business checking or easy ways to waive the monthly fee. The list above describes 12 of our favorite options in free business checking.
When you’re shopping for your next home, choosing the right mortgage lender is one of the most important decisions you’ll make (aside from choosing the right house, that is). The right mortgage lender can make the process more seamless. Not only that, but choosing the right lender can save you thousands on interest and other miscellaneous costs.
With so many lenders on the market, it can be challenging to choose just one. We’ll help narrow down your search by sharing the top 10 mortgage lenders in the industry.
Best Mortgage Lenders of 2023
There are many mortgage lenders to choose from, and they include online lenders, traditional banks, and local financial institutions. Some factors to consider when choosing the best lender include the loan types available, mortgage interest rates, fees and more.
Here are the top 10 mortgage lenders in 2023:
PNC Bank
Rocket Mortgage
Guaranteed Rate
Bank of America
Veterans United Home Loans
Navy Federal Credit Union
Chase
Ally
Better Mortgage
Northpointe Bank
1. PNC Bank
PNC Bank is available in all 50 states and offers a wide variety of mortgage options, including conventional loans, jumbo loans, FHA loans, VA loans and USDA loans. PNC also offers some specialty loans, including the PNC Community Loan and a Medical Professionals loan.
Pros:
Many loan types, including specialty loan programs
Online and in-person customer service
Digital preapproval process
Cons:
No renovation loans
In-person service isn’t available in all states
2. Rocket Mortgage
Rocket Mortgage received top marks in customer satisfaction in the J.D. Power 2022 U.S. Mortgage Origination Satisfaction Study. It offers a simple online mortgage process with a fully digital application and access to online home loan experts.
Pros:
Streamlined application process
Access to online loan experts
$10,000 off closing costs when you use Rocket Homes to buy
Cons:
No USDA loans or home equity lines of credit
No brick-and-mortar locations
3. Guaranteed Rate
Guaranteed Rate combines the online-only mortgage experience with the ability to meet with a mortgage officer in person at more than 400 branches nationwide. In addition to its standard loan options, Guaranteed Rate also offers HELOCs, renovation loans, interest-only loans and other specialty loan programs.
Pros:
Advanced online tools and application process
Online and in-person service
Transparent about its interest rates on its website
Cons:
No home equity loans
Higher credit score requirements
In-person service isn’t available in all states
4. Bank of America
Bank of America combines the benefits of a major national bank with the customer service of a smaller establishment. It offers a wide variety of mortgage types and helps connect buyers with down payment assistance, affordable housing assistance and more. And because it’s a national bank, you can find thousands of branches in the U.S.
Pros:
Offers various buyer assistance programs
Online and in-person service
Discounts for existing customers
Cons:
No renovation loans
No USDA loans or home equity loans
Lacking alternative mortgage programs
5. Veterans United Home Loans
Veterans United is one of the nation’s top VA loan lenders. The lender offers an easy online application process and the ability to track your loan progress through its app. It’s also one of the most highly rated companies for mortgage origination, according to J.D. Power. And while it specializes in VA loans, Veterans United also offers other loan types.
Pros:
Top VA loan lender
Free credit counseling to veteran and military families
Competitive interest rates
Cons:
No HELOCs or home equity loans
Limited transparency about non-VA loan rates
No physical branches in most states
6. Navy Federal Credit Union
Navy Federal Credit Union is only available to military households, meaning not just anyone can get a home loan through them. However, if you qualify, you’ll have access to competitive interest rates for VA loans and other mortgage types. Navy Federal also has a highly rated customer satisfaction rating from J.D. Power.
Pros:
Competitive interest rates
Top VA loan lender
Offers an interest rate match with competing lenders
Cons:
Only available to military families
No FHA loans
Limited number of branches
7. Chase
Chase is a large national bank and one of the country’s top mortgage lenders. It offers a wide variety of loan types, as well as down payment and closing cost assistance. And because the lender is so widely available, you can get in-person service no matter where you live. And as an added bonus, Chase has highly rated customer satisfaction for mortgage origination, according to J.D. Power.
Pros:
Online and in-person service
Many loan options, including low down payment options
Chase Homebuyer Grants for up to $5,000
$5,000 Chase Closing Guarantee for late closings
Cons:
Can’t complete the application process online
No USDA loans or HELOCs
8. Ally
Ally stands out from other mortgage lenders because it doesn’t charge any lender fees — no application fee, no origination fee, no underwriting fee, etc. It also offers a streamlined online application you can complete in as little as 15 minutes with the help of home loan experts.
Pros:
No lender fees
Get preapproved with no credit score impact
Preapproval in three minutes and closing 10 days faster than industry average
Cons:
No FHA, VA or USDA loans
No home equity loans or HELOCs
No physical branches
9. Better Mortgage
Better Mortgage prides itself on the one-day mortgage where you can complete your application, lock in your rate, and get a loan commitment letter within 24 hours. Better offers a fully online mortgage process and even offers added benefits like a network of real estate agents, attorney match, settlement services and more.
Pros:
Streamlined online mortgage process
No lender fees
See personalized rates before applying
Cons:
No physical branches
No USDA loans or home equity loans
10. Northpointe Bank
Northpointe Bank offers an impressive lineup of loan types and special programs for a regional bank. Unique options include physical loans, rural development loans, no-money-down loans, delayed financing and more. You don’t have to know what type of loan you want when you start your application — your loan advisor will help find the right loan for you based on your goals and finances.
Pros:
Many home loans and programs
Offers down payment assistance in some states
Loan options start at 0% down
Cons:
Can’t complete the application process online
Branches not available in all states
Lack of lender fee transparency
Which Lender Is Best for You?
With so many lenders to choose from, it would be easiest for someone to tell you which is best. But there’s no one mortgage lender that’s right for all borrowers. There are some that stand out from the rest, but each lender has some unique advantages and features. As a result, the best lender for you depends on the type of loan you need, your budget, and what characteristics you most want in a lender.
When you’re shopping for a mortgage, you can find the best lender for you by shopping around. Speak with loan officers from several different lenders and get interest rate quotes. You’ll get an idea of which lenders can offer you the best deal and which you’ll feel most comfortable working with while making this major purchase.
Information is accurate as of June 26, 2023.
Editorial Note: This content is not provided by any entity covered in this article. Any opinions, analyses, reviews, ratings or recommendations expressed in this article are those of the author alone and have not been reviewed, approved or otherwise endorsed by any entity named in this article.
The information related to Chase Home Lending products was collected by GOBankingRates and has not been reviewed or provided by the issuer of these products. Product details may vary. Please see the issuer’s website for current information. GOBankingRates does not receive commission for these products.
GOBankingRates is a personal finance and consumer interest rate website and an online marketing company serving top-tier banks, credit unions and other financial services organizations. Some companies mentioned in this article might be clients of GOBankingRates, which serves more than 100 national, local and online financial institutions. Rankings and roundups are completely objective, and no institution, client or otherwise, paid for inclusion or specific placement. Any opinions, analyses, reviews or recommendations expressed in this article are those of the author alone and have not been reviewed, approved or otherwise endorsed by the companies included in the article. All fees and rates are subject to change at the issuers’ discretion. Some interest rates might be short-term or promotional offers only, and it is possible additional terms and conditions must be met to obtain the interest rates listed. Rates and availability might vary by region. Verify terms and conditions before opening an account.
GOBankingRates bases its assessment of “best” and “top” products on the above-stated parameters to create a baseline for comparison. This assessment is an approximation of “best” and “top” designed to help consumers find products that might be appropriate for them. There could be other options available as well. Consumers should consider various options appropriate for their circumstances.
This article originally appeared on GOBankingRates.com: 10 Best Mortgage Lenders of 2023
From the hustle and bustle of Union Square to the peaceful tranquility of small villages like Cold Spring, New York is a great pace to live and work. New York residents have plenty of options when it comes to financial institutions, including some of the best credit unions and community banks in the country. Our goal is to make finding the right bank easier with this list of the best banks and credit unions in New York.
11 Best Banks in New York
New York City is known for Wall Street, but there’s far more to New York than its financial center. No matter where you live in the state, you can choose to go with a credit union, regional bank, local bank, or the biggest bank in the country. Don’t rule out online banks, either, since many have competitive offerings.
Here’s our list of the 11 best banks and credit unions in New York to help you narrow it down to one solid option.
1. New York Community Bank
It may be a New York bank, but New York Community Bank is one of the largest banks in the country. NYCB’s parent company is New York Community Bancorp, Inc., which also owns Flagstar Bank and has branches in New York, New Jersey, Ohio, Florida, and Arizona.
You’ll get access to more than 56,000 ATMs through NYCB’s ATM network, which includes both Allpoint and Presto! machines nationwide. NYCB also offers great rates on CDs. You can get a 6-month CD that earns 4.50% APY or a 12-month CD with a rate of 4.25% APY.
Fees:
No monthly maintenance fees
No overdraft fees
Balance requirements:
$1 minimum deposit to open
ATMs:
Fee-free at New York Community Bank ATMs
Fee-free at Allpoint and Presto! ATMs nationwide
$2.50 fee for each out-of-network ATM transaction
Interest on balance:
Up to 4.50% APY on CDs
Additional perks:
2. Chime
Chime is a modern online banking service that features a wide array of benefits, including fee-free overdrafts up to $200, early direct deposit access, and no monthly fees or foreign transaction charges.
With Chime, you can also get a secured credit card to help boost your FICO Score® with no interest or annual fees. In addition, it allows for fee-free transfers and savings growth with an APY of 2.00%.
You also stay informed with daily balance notifications and transaction alerts. Safety is a priority with secure processes in place, FDIC insured funds up to $250,000, and round-the-clock support channels for any assistance required.
Fees:
No monthly service fees
No overdraft fees
Balance requirements:
No minimum opening deposit required
No minimum daily balance required
ATMs:
Fee-free at 60,000+ ATMs nationwide
$2.50 fee for out-of-network ATMs
Interest on balance:
2.00% APY on savings
Additional perks:
Secured credit card helps you build credit with no credit check required
SpotMe covers up to $200 in overdrafts
3. Chase Bank
National banks have plenty to offer, including expanded brick-and-mortar branches and a wide range of banking products. Chase Bank is one of the largest banks in the U.S., with branches and ATMs in 48 states and the District of Columbia.
Currently, Chase is offering a $200 bonus for its Chase Total Checking account. This account comes with a $12 monthly fee, but Chase will waive it if you receive at least $500 monthly in direct deposits, maintain a $1,500 daily balance, or have an average $500 daily balance across all your Chase accounts.
Fees:
$12 monthly fee (waived with requirements)
$34 overdraft fee
Balance requirements:
No deposit to open
No minimum balance requirement
ATMs:
Fee-free at 15,000+ Chase Bank ATMs nationwide
$3-$5 out-of-network ATM fee
Interest on balance:
0.01% APY on savings accounts
Up to 3.75% on CDs
Additional perks:
$200 bonus for new checking account
Bonus and 1.5% unlimited cash back on credit card
4. NBT Bank
Based in Norwich, New York, NBT Bank has branch locations in New York, Pennsylvania, Vermont, Massachusetts, New Hampshire, Maine, and Connecticut. You’ll find two checking accounts that don’t charge monthly fees.
Classic Checking includes unlimited check writing and is designed for those who prefer the experience that comes with traditional banks. NBT’s eChecking account has you managing everything. The biggest benefit to eChecking is that your balance earns interest.
Fees:
No monthly fees
$35 overdraft fee
Balance requirements:
No deposit to open
No minimum daily balance requirements
ATMs:
Fee-free at NBT Bank ATMs
$1.50 fee for out-of-network ATM withdrawals
Interest on balance:
0.01% APY on eChecking
Up to 0.03% APY on savings
Additional perks:
Competitive rates on loans
Multiple business checking accounts
5. Capital One
One of the top national banks in New York is Capital One, which has branches and cafés across the country. Although there are fewer branches these days, some locations have been turned into cafés with coffee and free Wi-Fi along with banking services. But wherever you are, chances are you’ll find a Capital One ATM. You can withdraw cash at any Capital One, MoneyPass, or Allpoint ATM nationwide.
Fees:
No monthly maintenance fees
No overdraft fee
Balance requirements:
No deposit to open
No minimum daily balance requirements
ATMs:
Fee-free at Capital One ATMs
Fee-free at any MoneyPass or Allpoint ATM
$2 fee for out-of-network ATM transactions
Interest on balance:
Up to 4.10% APY on savings
Up to 4.75% APY on CDs
Additional perks:
Cash deposits at any CVS location
Some branch locations have cafés and free Wi-Fi access
6. GO2bank
Online banks like GO2bank have their perks. You’ll often find competitive interest rates and low fees. However, mobile banking does have its limits, and that’s where GO2bank stands out.
You’ll not only be able to withdraw cash at any Allpoint ATM, but you can also deposit cash at more than 90,000 retailers across the country. As long as you’re okay with not having an in-person banking experience, GO2bank could be a solid option.
Fees:
$5 monthly fee (waived with requirements)
$15 overdraft fee
Balance requirements:
No opening deposit minimum
No minimum daily balance required
ATMs:
Fee-free at Allpoint ATMs nationwide
$3 fee for out-of-network ATM transactions
Interest on balance:
Up to 4.50% APY on savings
Additional perks:
Secured credit card helps you build credit with no credit check required
Deposit cash at 90,000+ retail locations nationwide
7. Santander Bank
Santander Bank is a regional bank with branch locations in New York, Connecticut, Delaware, Florida, Massachusetts, New Hampshire, New Jersey, Pennsylvania, and Rhode Island. The free checking account option is Simply Right Checking, which waives the $10 monthly fee as long as you have at least one activity on the account each month. This includes any deposit, withdrawal, transfer, or payment posted to the account within each calendar month.
Fees:
$10 monthly fee (waived with requirements)
$15 overdraft fee
Balance requirements:
$25 opening deposit
No minimum daily balance required
ATMs:
Fee-free at 2,000+ Santander Bank ATMs
$3 fee for out-of-network ATM transactions
Interest on balance:
0.03% APY on savings accounts
Up to 5.50% APY on CDs
Additional perks:
8. HSBC
HSBC isn’t just a national bank. It’s multinational, with locations across the U.S., as well as in Latin America, Europe, Africa, the Middle East, and Asia. This is a bank for high rollers, with a steep fee of $50 monthly if you don’t meet minimum requirements. Those requirements are either a $75,000 balance, monthly direct deposits of at least $5,000, or a residential mortgage loan of at least $500,000.
If you travel internationally, though, HSBC is worth considering since you can use your debit card at any ATM worldwide with no fees. HSBC also rebates up to five U.S. third-party ATM fees each month.
Fees:
$50 monthly fee (waived with requirements)
No overdraft fee
Balance requirements:
No minimum opening deposit
No minimum daily balance required ($5 to earn interest)
ATMs:
Fee-free at 55,000+ Allpoint ATMs nationwide
No fees for out-of-network ATM transactions
Up to five third-party U.S.-based ATM fees rebated monthly
Interest on balance:
0.01% APY on checking
Up to 4.15% APY on savings account
Up to 4.50% APY on CDs
Additional perks:
Unlimited rewards credit cards available
In-app support for international transactions
9. Corning Credit Union
Corning Credit Union membership is open to anyone who lives, works, worships, or attends school in Chemung County or Corning, New York. Membership is also open to residents of select areas in North Carolina, Pennsylvania, and South Carolina. The best thing about Corning Credit union is that its basic checking account earns 3.00% APY.
Fees:
No monthly fee
$32 overdraft fee
Balance requirements:
No minimum daily balance required
ATMs:
Fee-free at Corning Credit Union ATMs
$1 fee for out-of-network ATMs (waived for first four each month)
Interest on balance:
Up to 3.00% APY on checking
Up to 1.00% APY on savings
Up to 4.60% APY on share certificates
Additional perks:
Competitive rates on loans
Wide range of rewards-earning credit cards available
10. Dime Community Bank
If you run a business in the New York City or Long Island area, Dime Community Bank has plenty to offer. Dime’s business checking accounts come with a $12 monthly fee for up to 250 items, but Dime will waive it as long as you have an average daily balance of $10,000 each month.
Small business owners might find this on the high side, but if you have more than 250 items each month, that fee goes up to $25 with a balance requirement of $20,000 to waive it. But if you can meet the minimums, or you don’t mind the fee, you might like the extra services offered to members.
Fees:
$12 monthly fee (waived with requirements)
$35 overdraft fee
Balance requirements:
No minimum opening deposit required
ATMs:
Fee-free at Dime Community Bank ATMs
$1.50 fee for out-of-network ATMs
Interest on balance:
Rates not publicly disclosed
Additional perks:
Wide range of loans that serve small businesses
Access to legal, real estate, and accounting services
11. TD Bank
TD Bank is a national bank with hundreds of branches across New York. Although TD’s checking account comes with a $4.95 monthly fee, everything else is free, including overdrafts. One of this bank’s standout features, though, is its CD rates. Currently, you’ll get 5.00% APY on a six-month CD, with the option to bump up the rate if the market changes.
Fees:
$4.95 monthly fee
No overdraft fees
Balance requirements:
No minimum opening deposit required
No minimum daily balance required
ATMs:
Fee-free at 2,600+ TD Bank ATMs nationwide
$3 fee for out-of-network ATMs
Interest on balance:
Up to 3.51% APY on savings account
Up to 5.00% APY on CDs
Additional perks:
Live 24/7 customer service available online
Same-day replacement for lost debit card
Methodology
If you live in New York, chances are you know there’s no shortage of options. But we strove to create a list that brings together a little of everything. Not every customer wants the biggest bank, but plenty of customers would rather have a larger bank with a robust set of features. We combined small, local banks, credit unions, and large, corporate banks to ensure you can find the best bank for you.
Of course, it’s vital to make sure you’re going with a secure bank. We narrowed our list to those banks that had solid reputations and a history of serving New York residents. Beyond that, we made sure each bank offers savings accounts as well as checking, and we included a few that have features that would appeal to small business owners.
When you’re ready to open a bank account, it’s important to compare banks to make sure you’re getting the best rates. Many banks and credit unions can offer a great banking app and chat support, but you might prefer the personal touch you get with a local bank. Whatever your choice, pay close attention to fees and interest rates to ensure you’re getting the best deal for parking your money.
New Mexico’s rich, fascinating history makes it popular with both visitors and new residents. Whether you work for the federal government or one of the state’s many small businesses, banking services are an essential part of life. That’s why we’ve pulled together a list of the best banks in New Mexico to help you find the right bank to fit your needs.
10 Best Banks in New Mexico
From online and mobile banking to traditional banks with branches across the country, there’s a bit of everything in New Mexico. It’s important to take a look at the closest bank branch to your house, but you should also pay attention to which banks charge monthly maintenance fees to make sure you’re getting the best deal. The below list can help you kick off your search for the best bank.
1. U.S. Bank
With its vast array of branches and ATMs, U.S. Bank is a major player in the banking sector of the state.
Of particular interest to residents of New Mexico is the Bank Smartly® Checking account. This account provides the opportunity to gain up to $300, provided certain criteria are met. Specifically, within a span of 90 days from creating your new Bank Smartly® Checking account online, you are required to:
Successfully process two or more direct deposits that cumulatively total $6,000 or more
Sign up for either online banking or the U.S. Bank Mobile App
This promotional offer, valid until July 11, 2023, comes with particular terms and conditions. U.S. Bank is an FDIC member.
In addition to these enticing offers, U.S. Bank provides a broad spectrum of financial services, which include checking and savings accounts, loans, investments, and more. These services can be easily accessed through their user-friendly online and mobile banking platforms.
Fees:
$6.95 monthly service fee (waived with direct deposits or balance minimums)
No-fee overdraft protection transfers from a linked deposit account
Balance requirements:
$25 opening deposit
$1,500 minimum daily balance or $1,000 in direct deposits to waive service fee
ATMs:
Fee-free at U.S. Bank, MoneyPass, and Cardtronics locations nationwide
$2.50 charge per transaction at out-of-network ATMs
Interest on balance:
Up to 4.50% APY on money market accounts
Up to 4.75% APY on CDs
Additional perks:
Extensive mobile banking features
Money management tools available
2. New Mexico Bank & Trust
New Mexico Bank & Trust is a traditional bank with locations across New Mexico. This free checking account has no minimum balance, but if you frequently access cash, you’ll want to consider upgrading to a New Mexico Bank & Trust higher-tier account.
With direct deposit, both the Platinum and Signature Series checking accounts refund up to $20 in non-New Mexico Bank & Trust ATM fees each month. Currently, you can earn a $300 bonus on a new free checking account as long as you receive at least two monthly $300 direct deposits.
Fees:
No monthly service fees
$35 overdraft fee
Balance requirements:
$25 minimum deposit to open
No minimum daily balance requirements
ATMs:
Fee-free at New Mexico Bank & Trust ATMs
No out-of-network ATM fees
Interest on balance:
Up to 1.25% APY on savings account
Up to 4.75% APY on CDs
0.10% APY on money market savings account
Additional perks:
Up to $600 bonus with new checking account
New Mexico Bank & Trust cash-back rewards credit card comes with no annual fee
3. Chime
If online banking is how you get banking services, Chime is worth considering. The basic checking account is fee-free and includes all the features you need. Although Chime doesn’t feature the in-person service you get with brick-and-mortar banks, you can withdraw cash for free at more than 60,000 ATMs nationwide.
Fees:
No monthly maintenance fees
$15 overdraft fee
Balance requirements:
No minimum deposit to open
No minimum daily balance required
ATMs:
Fee-free at 60,000 ATMs nationwide
$2.50 for each out-of-network ATM transaction
Interest on balance:
2.00% APY on savings accounts
Additional perks:
Secured credit card helps you build credit with no credit check required
SpotMe covers up to $200 in overdrafts
4. Bank of Albuquerque
If you live in Albuquerque, the Bank of Albuquerque has bank branches throughout the area. You’ll find a fee-free checking account with nationwide access to cash at more than 32,000 locations in the MoneyPass ATM network.
One standout feature of this traditional bank is its youth account. Designed for those under the age of 18, this account features a Visa debit card, online and mobile banking tools (for ages 13+ only), and a savings account that pays 0.25% APY.
Fees:
No monthly maintenance fees
$34.50 overdraft fee
Balance requirements:
$50 minimum deposit to open
No minimum balance requirements
ATMs:
Fee-free at Bank of Albuquerque ATMs
Fee-free at 32,000+ MoneyPass locations nationwide
$2 fee for each out-of-network ATM transaction
Interest on balance:
Up to 0.20% APY on savings account
Up to 4.85% APY on CDs
Up to 1.50% APY on money market accounts
Additional perks:
Same-day credit for deposits at any Bank of Albuquerque ATM
Wealth management services available
5. GO2bank
Another online bank available to New Mexico residents is GO2bank. For those who regularly deal with cash, GO2bank is a great option. You can not only withdraw money at any Allpoint ATM, but you can deposit cash at more than 90,000 retailers nationwide. GO2bank will waive monthly fees on your checking account as long as you set up a qualifying direct deposit.
Fees:
$5 monthly fee (waived with requirements)
$15 overdraft fee
Balance requirements:
No minimum deposit to open
No minimum balance required
ATMs:
Fee-free at Allpoint ATMs nationwide
$3 fee for each out-of-network ATM withdrawal
Interest on balance:
4.50% APY on savings accounts
Additional perks:
Deposit cash at 90,000+ partner retailers nationwide
Up to 7% cash back on gift card purchases
6. WaFd
If you’re looking for the expanded services of a national bank with the personal touch of a local bank, Washington Federal Bank is worth considering. With bank branches across New Mexico, WaFd Bank makes an effort to connect with each community it serves. But if you’re in the market for a new CD, WaFd is currently offering up to 5.00% APY on 3-month CDs and up to 4.45% APY on 7-month CDs.
Fees:
No monthly service charges
$30 overdraft fee
Balance requirements:
$25 minimum opening deposit
No minimum balance required
ATMs:
Fee-free at WaFd Bank ATMs
Fee-free at 40,000+ MoneyPass ATMs nationwide
Interest on balance:
0.10% APY on savings accounts
Up to 5.00% APY on CDs
Up to 2.00% APY on money market accounts
Additional perks:
Three debit card style options available
Budgeting tools available in mobile banking app
7. Wells Fargo
With bank branches in 33 states and the District of Columbia, Wells Fargo is a national bank with plenty to offer. Currently, you can open a free checking account as long as you maintain a $500 daily balance, receive at least $500 in direct deposits each month, are 17-24 years old, or have a Wells Fargo campus ATM card linked to your checking account.
New checking customers can earn $300 by receiving at least $1,000 in qualifying deposits in the first 90 days.
Fees:
$10 monthly fee (waived with requirements)
$35 overdraft fee
Balance requirements:
$25 minimum opening deposit
No minimum balance required
ATMs:
Fee-free at Wells Fargo ATMs nationwide
$2.50 out-of-network ATM fee
Interest on balance:
Up to 2.51% APY on savings accounts
Up to 4.51% APY on CDs
Additional perks:
$300 bonus on new checking accounts
Robust mobile banking services
8. Century Bank
If you prefer banks in New Mexico with a long history in the state, consider Century Bank. The bank has served New Mexico since 1887. Century Bank has a wealth of financial products, including personal loans, business accounts, and retirement savings options. Currently, Century Bank is offering higher-than average rates on CDs, including 7-month CDs that earn interest at a rate of 5.00% APY.
Fees:
No monthly fees
Balance requirements:
$25 opening deposit
No minimum balance required
ATMs:
Fee-free at Century Bank ATMs
Fee-free at MoneyPass ATMs nationwide
$2 fee for each out-of-network ATM withdrawal
Interest on balance:
Up to 0.03% APY on savings accounts
Up to 5.00% APY on CDs
Up to 3.50% APY on money market accounts
Additional perks:
Multiple account options for small businesses
Great rates on personal and auto loans
9. Bank of America
One of the best traditional banks is Bank of America, which has branches throughout New Mexico. What sets Bank of America apart from other banks is its top-rated mobile banking options. You’ll get features like budgeting tools, debit card lock/unlock, and custom alerts. Frequent travelers appreciate Bank of America’s nationwide network of branches and ATMs.
Fees:
$12 monthly service fee (waived with requirements)
$10 overdraft fee
Balance requirements:
$100 minimum opening deposit
No minimum balance required
ATMs:
Fee-free at 15,000+ Bank of America ATMs nationwide
$5 out-of-network ATM fee
Interest on balance:
Up to 0.04% APY on savings accounts
Up to 4.75% APY on CDs
Additional perks:
Generous credit card bonuses and rewards
Wealth management services available
10. Nusenda Credit Union
Credit unions offer benefits like low interest rates on loans and high interest rates on savings accounts. With Nusenda Credit Union, you can not only get service at a bank branch bearing the credit union’s name, but at credit unions across the country that are part of the Co-Op Network. This network also includes more than 30,000 ATMs nationwide.
Fees:
$5 monthly service fee (waived with requirements)
$29 overdraft fee
ATMs:
Fee-free at Nusenda Credit Union ATMs
Fee-free at 30,000+ Co-Op ATMs nationwide
Interest on balance:
Up to 4.50% APY on CDs
Additional perks:
More flexible membership requirements than other credit unions
Competitive rates on loans
How We Picked: Methodology
It can be tough to choose the best bank in New Mexico since needs vary from one person to the next. That’s why we made every attempt to choose a variety of banks, from online banking providers to local banks and credit unions.
We also looked at the banking products each bank offers to make sure you’re getting the best variety. Here are a few criteria we considered when putting together this list of banks.
Interest Rates
A bank keeps your money safe, but it’s also a way to build on what you already have. If you’re going to save money, why not earn a little interest on that balance?
In building the above list, we looked at which savings account paid the most, finding that often the best bank for that was an online-only bank. We also looked at which bank offers the best rates on CD accounts and found many local banks had the best deal on those.
We also paid attention to the interest rates that banks charge on loans and credit cards. Smaller financial institutions like credit unions often compete with large banks by offering reduced rates on these products as an account holder perk.
Large Branch Network
You might never need in-person help with your account, but when you do, it’s important to be able to find a branch. You don’t need a large bank to get a national network of branches, though. Many online banks and credit unions are part of a partner agreement that offers branches across the country, both in major cities and more rural areas.
Large ATM Network
While you’re looking into coverage areas, withdrawing money should also be a priority. Make sure your bank has an ATM network that will cover you even when you’re away from home. Online or mobile banking can take care of services like online bill pay and mobile check deposit, but mobile services can’t handle banking transactions like cash deposits and withdrawals.
New Mexico residents have no shortage of banking options, from big banks to small community banks. Whether your priority is to earn interest on your balance or enjoy low fees on your checking account, you can easily find a bank that fits your needs.
Open a BMO Harris Premier™ Account online and get a $500 cash bonus when you have a total of at least $7,500 in qualifying direct deposits within the first 90 days of account opening. Expires 9/15. Conditions Apply.
Most of the accounts on our list of the best high-yield checking accounts come courtesy of online banks with lower expenses than traditional brick and mortar banks. They pass those savings to customers via higher yields on checking and savings balances.
A few credit unions offer excellent high-yield checking products too. One standout is the Signature Federal Credit Union High-Yield Checking account, which yields up to 4.00% APY on eligible balances when you complete qualifying activities. That’s on par with the top high-yield savings accounts.
Signature FCU High-Yield Checking appeals to anyone looking to earn an above-average yield on their day-to-day financial balances. But it’s not perfect for everyone. It has some limitations worth understanding before you apply for an account.
What Is Signature Federal Credit Union High-Yield Checking?
Signature Federal Credit Union High-Yield Checking is a high-yield checking account that earns up to 4.00% APY on balances up to $20,000. You must complete certain qualifying activities to earn interest in a given statement cycle.
This account has no ongoing maintenance fees or minimum balance requirements. It comes with a debit card that’s accepted by millions of merchants worldwide and includes fee-free access to tens of thousands of ATMs across the United States.
What Sets Signature Federal Credit Union High-Yield Checking Apart?
This account stands out from the competition in several important ways:
Interest rate on par with top high-yield savings accounts. This account’s yield is 4.00% APY on balances up to $20,000 with qualifying activities. If you’re able to earn it consistently, your yield approaches what you’d earn in a top high-yield savings account.
No maintenance fees or minimum balance requirements. There’s no monthly or annual maintenance fee on this account, nor are there any minimum balance requirements to open or maintain it.
Ongoing qualification requirements to earn interest. To earn interest in any given statement cycle, you must complete three qualification requirements, including a minimum monthly direct deposit and a minimum number of monthly debit card transactions. These requirements may not be practical if this isn’t your primary checking account.
Must join Signature FCU to apply. Signature FCU membership is open to U.S. citizens without geographic restrictions, but applying still adds time and complexity to the account-opening process. That’s not the case with traditional banks.
Key Features of Signature Federal Credit Union High-Yield Checking
Before applying for a Signature FCU High-Yield Checking account, take a few minutes to understand its key features and restrictions — starting with its membership eligibility requirements.
Membership Eligibility Requirements
Signature FCU membership is open to employees of about two dozen companies, organizations, and agencies, plus immediate family and household members of current Signature FCU members.
If you don’t meet any of those criteria, you can still join Signature FCU through the American Consumer Council. You must be a U.S. citizen or permanent resident with a valid U.S. address.
You can apply for Signature FCU membership while you’re applying to open a High-Yield Checking account. However, the process can take longer if Signature FCU needs to verify that you’re eligible for membership in the first place.
Account Yield & Requirements
This account yields 4.00% APY on balances up to $20,000 in any statement cycle where you complete all three qualification requirements:
Enroll in electronic statements, which you only need to do once
Receive at least $1,000 in eligible direct deposits
Complete at least 15 debit card transactions in-person or online
If you miss any of these requirements, you earn no interest for the period. Balances above $20,000 earn no interest, even when you complete the requirements.
Account Fees & Minimums
This account has no monthly or annual maintenance fee. There’s no minimum opening balance or ongoing balance once the account is open either.
ATM Access
Signature FCU has more than 30,000 fee-free ATMs in its coast-to-coast network, including at thousands of non-Signature credit union branches. Withdrawal fees and other fees may apply at ATMs outside this network.
Mobile Features
Signature FCU isn’t known as a leader in mobile banking technology, but its mobile app has useful capabilities like digital bill payments and remote check deposit. The regular online dashboard works fine on mobile devices as well.
Deposit Insurance
This account comes with deposit insurance up to up to $250,000. If Signature Federal Credit Union goes out of business, the National Credit Union Administration steps in to reimburse any balances up to that amount.
Pros & Cons
Signature FCU High-Yield Checking has a lot working in its favor — and some notable downsides as well.
Excellent yield on eligible balances
No maintenance fees or minimums
Loose credit union membership requirements
Must complete all three qualifying activities to earn interest
No interest on balances above $20,000
Joining Signature FCU adds time to application process
Pros
Signature FCU High-Yield Checking is an accessible, low-cost checking account that earns an excellent yield (for a checking account) on eligible balances.
Earn up to 4.00% APY on eligible balances. That’s one of the best interest rates offered by any checking account on the market. It’s not far off yields on the best high-yield savings accounts.
No maintenance fees. Signature FCU charges no maintenance fees, so you won’t pay anything out of pocket to keep this account open.
No minimum balance. There’s no minimum balance to open this account or keep it open. However, the more you have in your account, the more potential interest you can earn.
Easy to qualify for membership. Through the American Consumer Council, Signature FCU membership is open to all U.S. citizens and permanent residents currently living in the country.
Cons
This account limits how much interest you can earn and makes it difficult to earn any interest at all if this isn’t your main checking account.
Must complete all three qualifying activities to earn interest. This account’s requirements to earn interest are challenging for people who don’t use it as their primary checking account.
No interest on balances above $20,000. Most people keep less than $20,000 in their checking account anyway, but this is still a downside for people with higher incomes and expenses.
Joining Signature FCU adds an extra step to account opening. Despite loose membership requirements, Signature FCU still requires new account holders to apply for membership. This adds more time and complexity to the process of opening an account relative to the process at traditional banks.
How Signature Federal Credit Union High-Yield Checking Stacks Up
The Signature Federal Credit Union High-Yield Checking account is one of the best high-yield checking accounts on the market. With one important exception, it compares favorably to the Quontic High-Interest Checking account, another popular option for anyone seeking a return on day-to-day balances.
Signature FCU High-Yield
Quontic High-Interest
Maintenance Fee
$0
$0
Minimum to Open
$0
$100
Minimum Ongoing
$0
$50
Maximum Yield
4.00% APY
1.10% APY
Qualifying Activities
Yes
Yes
Maximum Balance to Earn
Yes, $20,000
None
Signature FCU High-Yield Checking has a much higher yield and even lower minimums than Quontic High-Interest Checking, so it’s the better choice for most users. Its only drawback is the maximum interest-earning balance. That makes Quontic a better bet for users with higher incomes and assets.
Final Word
The Signature Federal Credit Union High-Yield Checking account really lives up to its name. Whereas many so-called high-yield checking accounts earn 1% APY or less, this account earns up to 4.00% APY on eligible balances, close to what the best high-yield savings accounts earn. It’s also free to use, with no ongoing maintenance fees or balance requirements.
However, this account comes with some catches. Its requirements to earn interest are relatively strict, and you don’t earn interest on balances above $20,000 no matter what.
Still, there’s a lot to like about this account. If you’re looking for a rewarding new checking account, it’s a worthy choice.
Editorial Note:
The editorial content on this page is not provided by any bank, credit card issuer, airline, or hotel chain, and has not been reviewed, approved, or otherwise endorsed by any of these entities. Opinions expressed here are the author’s alone, not those of the bank, credit card issuer, airline, or hotel chain, and have not been reviewed, approved, or otherwise endorsed by any of these entities.
The Verdict
Our rating
Signature Federal Credit Union High-Yield Checking
Signature FCU High-Yield Checking is one of the best everyday high-yield checking accounts around. The qualifying activity requirement encourages heavy use, but that’s fine if you’re in the market for a primary checking account. A maximum balance to earn interest caps potential earnings for higher-income users though.
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Brian Martucci writes about credit cards, banking, insurance, travel, and more. When he’s not investigating time- and money-saving strategies for Money Crashers readers, you can find him exploring his favorite trails or sampling a new cuisine. Reach him on Twitter @Brian_Martucci.
Open a BMO Harris Premier™ Account online and get a $500 cash bonus when you have a total of at least $7,500 in qualifying direct deposits within the first 90 days of account opening. Expires 9/15. Conditions Apply.
The most important feature of a high-yield savings account is its interest rate. But it’s nice when your account helps you manage your money too — or at least doesn’t get in the way of that.
The Marcus Online Savings account does both. It pays a yield that’s well above the national average for savings accounts (both online and at traditional banks) while offering some basic budgeting and money management tools, including automated savings. It also has an unusually large same-day transfer allowance, which could come in handy once in a while.
But Marcus Online Savings isn’t perfect, so take a few minutes to learn about its capabilities and shortcomings before opening one.
What Is the Marcus Online Savings Account?
Backed by Goldman Sachs, one of the biggest banks in the United States, the Marcus Online Savings account is a high-yield savings account that yields 4.15% APY on all balances. It has no monthly or annual maintenance fee and no minimum balance to open or earn interest.
Marcus Online Savings doesn’t come with an ATM card or person-to-person transfer capabilities, but it does have an unusually large same-day transfer limit ($100,000) and unusually robust money management features built into its online and mobile account dashboards. It complements a broader lineup of Marcus CDs and money market accounts.
What Sets the Marcus Online Savings Account Apart?
The Marcus Online Savings account has several standout features:
Excellent yield on all balances. Marcus Online Savings yields 4.15% APY on all balances, with no minimum required to earn interest at the headline rate.
No fees or minimums. This account has no minimum opening balance and no ongoing maintenance fees.
Useful tools for savers. Marcus offers useful money management tools, including automated savings, a built-in savings calculator that shows how much your cash could be worth at specific points in the future, and a comparison tool that shows how much you can earn with Marcus compared with other banks.
24/7 customer service. Marcus is one of the few banks of any size that still has 24/7 customer support by phone.
Key Features of the Marcus Online Savings Account
All things considered, Marcus Online Savings is a straightforward savings account from a straightforward online bank. But knowledge is power, so dig a bit deeper into its core features before deciding to apply.
Account Yield
Marcus Online Savings yields 4.15% APY on your entire balance, with no minimum required to earn interest.
Account Fees & Minimums
Marcus Online Savings has no monthly or annual maintenance fee. There’s no minimum balance to open or maintain an account either.
Money Management Tools
Marcus Online Savings has a handy savings automation tool that lets you deposit a set amount on a recurring basis — weekly, monthly, or another frequency. The mobile app and online dashboard also have useful savings calculators that show both how much you can earn on your balance over time and how that compares with potential earnings at another bank.
Deposit Options & Transfer Limits
You can deposit cash into your Marcus Online Savings account via:
Marcus Online Savings doesn’t have an ATM card or accept mobile check deposits. However, you can transfer up to $100,000 in or out of the account with same-day turnaround — just initiate the transfer by 12pm Eastern and your money moves by 5pm Eastern the same day.
Mobile Features
Marcus has a comprehensive mobile app that can do just about anything the online dashboard can. You can schedule online bill payments and external transfers on your phone, and link your account with third-party money management apps like Quickbooks.
Deposit Insurance
Through Goldman Sachs, Marcus Online Savings balances are FDIC-insured up to $250,000. In the unlikely event that Goldman Sachs fails, you won’t lose any funds below that amount.
Pros & Cons
Marcus Online Savings has more positive attributes than negative ones. In fact, it’s difficult to find too much wrong with this account.
Excellent yields on all balances
No maintenance fees
Same-day transfers up to $100,000
24/7 customer support by phone
No mobile check deposit
No ATM access
Pros
Marcus Online Savings is a well-rounded savings account with a mix of features that appeal to would-be users across the income and wealth spectrum.
Well above-average yield. This account has an excellent yield (currently 4.15% APY on all balances) that puts it comfortably ahead of most competing banks.
No monthly maintenance fee. Marcus charges no monthly or annual maintenance fees on this account, so your savings won’t erode over time unless you withdraw.
No minimum balance. There’s no minimum balance to open (or keep open) this account. There’s also no minimum balance to earn the full advertised interest rate.
Same-day transfers up to $100,000. You can transfer up to $100,000 into or out of your account with same-day delivery. That’s an unusually high limit, especially for external transfers, which usually take one to three business days to clear.
Helpful budgeting and money management tools. Marcus offers some basic but helpful budgeting and money management tools, including set-it-and-forget-it savings automation and customizable savings calculators.
24/7 customer support by phone. You can reach a Marcus customer service rep by phone at any time of day (or night). You’re unlikely to take advantage of Marcus’ customer service very often because the account is so simple, but it’s nice to know it’s there.
Cons
Marcus Online Savings has some notable gaps in its feature lineup that could impact your ability to access or top up your balance.
No mobile check deposit. Marcus Online Savings has no mobile check deposit feature. That’s a notable gap in its menu of deposit options, and one that’s increasingly rare among well-funded online banks.
No ATM access. Marcus Online Savings doesn’t come with an ATM card, so you can’t directly withdraw cash from your account.
How the Marcus Online Savings Account Stacks Up
Marcus Online Savings is among the best online savings accounts around, but it’s not the only one you should consider if you’re looking for a new home for your long-term savings. Before you apply, see how Marcus compares to another popular option: Upgrade Premier Savings.
Marcus Online Savings
Upgrade Premier Savings
Maximum Yield
4.15% APY
4.81% APY
Minimum Yield
4.15% APY
None
Minimum Balance
$0
$0
Minimum Interest Balance
$0
$1,000
Maintenance Fee
$0
$0
With no minimum balance to open the account or earn interest, Marcus Online Savings is ideal for if you’re just beginning your savings journey. Upgrade Premier Savings is a better fit if you can clear the $1,000 minimum balance to earn interest, as its yield is significantly higher.
Final Word
The Marcus Online Savings account is an excellent online savings account because it has a yield well above the national average, no maintenance fees, and no minimums of any kind. Sometimes, simpler is better.
Not that Marcus Online Savings is perfect. The ability to deposit checks remotely rather than mailing them and an ATM card to directly withdraw cash from the account would both be nice. You can also find higher savings yields if you know where to look. But all in all, there’s more to like than dislike about this account.
Editorial Note:
The editorial content on this page is not provided by any bank, credit card issuer, airline, or hotel chain, and has not been reviewed, approved, or otherwise endorsed by any of these entities. Opinions expressed here are the author’s alone, not those of the bank, credit card issuer, airline, or hotel chain, and have not been reviewed, approved, or otherwise endorsed by any of these entities.
The Verdict
Our rating
Marcus Online Savings
Marcus Online Savings has an excellent yield relative to other banks and no minimums or fees to get in the way of growing your savings. It’s customer-friendly too, thanks to a generous same-day transfer allowance and 24/7 service. But it has some missing features that make it less flexible than some users might like.
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Brian Martucci writes about credit cards, banking, insurance, travel, and more. When he’s not investigating time- and money-saving strategies for Money Crashers readers, you can find him exploring his favorite trails or sampling a new cuisine. Reach him on Twitter @Brian_Martucci.
Open a BMO Harris Premier™ Account online and get a $500 cash bonus when you have a total of at least $7,500 in qualifying direct deposits within the first 90 days of account opening. Expires 9/15. Conditions Apply.
The most important feature of a high-yield savings account is its interest rate. But it’s nice when your account helps you manage your money too — or at least doesn’t get in the way of that.
The Marcus Online Savings account does both. It pays a yield that’s well above the national average for savings accounts (both online and at traditional banks) while offering some basic budgeting and money management tools, including automated savings. It also has an unusually large same-day transfer allowance, which could come in handy once in a while.
But Marcus Online Savings isn’t perfect, so take a few minutes to learn about its capabilities and shortcomings before opening one.
What Is the Marcus Online Savings Account?
Backed by Goldman Sachs, one of the biggest banks in the United States, the Marcus Online Savings account is a high-yield savings account that yields 4.15% APY on all balances. It has no monthly or annual maintenance fee and no minimum balance to open or earn interest.
Marcus Online Savings doesn’t come with an ATM card or person-to-person transfer capabilities, but it does have an unusually large same-day transfer limit ($100,000) and unusually robust money management features built into its online and mobile account dashboards. It complements a broader lineup of Marcus CDs and money market accounts.
What Sets the Marcus Online Savings Account Apart?
The Marcus Online Savings account has several standout features:
Excellent yield on all balances. Marcus Online Savings yields 4.15% APY on all balances, with no minimum required to earn interest at the headline rate.
No fees or minimums. This account has no minimum opening balance and no ongoing maintenance fees.
Useful tools for savers. Marcus offers useful money management tools, including automated savings, a built-in savings calculator that shows how much your cash could be worth at specific points in the future, and a comparison tool that shows how much you can earn with Marcus compared with other banks.
24/7 customer service. Marcus is one of the few banks of any size that still has 24/7 customer support by phone.
Key Features of the Marcus Online Savings Account
All things considered, Marcus Online Savings is a straightforward savings account from a straightforward online bank. But knowledge is power, so dig a bit deeper into its core features before deciding to apply.
Account Yield
Marcus Online Savings yields 4.15% APY on your entire balance, with no minimum required to earn interest.
Account Fees & Minimums
Marcus Online Savings has no monthly or annual maintenance fee. There’s no minimum balance to open or maintain an account either.
Money Management Tools
Marcus Online Savings has a handy savings automation tool that lets you deposit a set amount on a recurring basis — weekly, monthly, or another frequency. The mobile app and online dashboard also have useful savings calculators that show both how much you can earn on your balance over time and how that compares with potential earnings at another bank.
Deposit Options & Transfer Limits
You can deposit cash into your Marcus Online Savings account via:
Marcus Online Savings doesn’t have an ATM card or accept mobile check deposits. However, you can transfer up to $100,000 in or out of the account with same-day turnaround — just initiate the transfer by 12pm Eastern and your money moves by 5pm Eastern the same day.
Mobile Features
Marcus has a comprehensive mobile app that can do just about anything the online dashboard can. You can schedule online bill payments and external transfers on your phone, and link your account with third-party money management apps like Quickbooks.
Deposit Insurance
Through Goldman Sachs, Marcus Online Savings balances are FDIC-insured up to $250,000. In the unlikely event that Goldman Sachs fails, you won’t lose any funds below that amount.
Pros & Cons
Marcus Online Savings has more positive attributes than negative ones. In fact, it’s difficult to find too much wrong with this account.
Excellent yields on all balances
No maintenance fees
Same-day transfers up to $100,000
24/7 customer support by phone
No mobile check deposit
No ATM access
Pros
Marcus Online Savings is a well-rounded savings account with a mix of features that appeal to would-be users across the income and wealth spectrum.
Well above-average yield. This account has an excellent yield (currently 4.15% APY on all balances) that puts it comfortably ahead of most competing banks.
No monthly maintenance fee. Marcus charges no monthly or annual maintenance fees on this account, so your savings won’t erode over time unless you withdraw.
No minimum balance. There’s no minimum balance to open (or keep open) this account. There’s also no minimum balance to earn the full advertised interest rate.
Same-day transfers up to $100,000. You can transfer up to $100,000 into or out of your account with same-day delivery. That’s an unusually high limit, especially for external transfers, which usually take one to three business days to clear.
Helpful budgeting and money management tools. Marcus offers some basic but helpful budgeting and money management tools, including set-it-and-forget-it savings automation and customizable savings calculators.
24/7 customer support by phone. You can reach a Marcus customer service rep by phone at any time of day (or night). You’re unlikely to take advantage of Marcus’ customer service very often because the account is so simple, but it’s nice to know it’s there.
Cons
Marcus Online Savings has some notable gaps in its feature lineup that could impact your ability to access or top up your balance.
No mobile check deposit. Marcus Online Savings has no mobile check deposit feature. That’s a notable gap in its menu of deposit options, and one that’s increasingly rare among well-funded online banks.
No ATM access. Marcus Online Savings doesn’t come with an ATM card, so you can’t directly withdraw cash from your account.
How the Marcus Online Savings Account Stacks Up
Marcus Online Savings is among the best online savings accounts around, but it’s not the only one you should consider if you’re looking for a new home for your long-term savings. Before you apply, see how Marcus compares to another popular option: Upgrade Premier Savings.
Marcus Online Savings
Upgrade Premier Savings
Maximum Yield
4.15% APY
4.81% APY
Minimum Yield
4.15% APY
None
Minimum Balance
$0
$0
Minimum Interest Balance
$0
$1,000
Maintenance Fee
$0
$0
With no minimum balance to open the account or earn interest, Marcus Online Savings is ideal for if you’re just beginning your savings journey. Upgrade Premier Savings is a better fit if you can clear the $1,000 minimum balance to earn interest, as its yield is significantly higher.
Final Word
The Marcus Online Savings account is an excellent online savings account because it has a yield well above the national average, no maintenance fees, and no minimums of any kind. Sometimes, simpler is better.
Not that Marcus Online Savings is perfect. The ability to deposit checks remotely rather than mailing them and an ATM card to directly withdraw cash from the account would both be nice. You can also find higher savings yields if you know where to look. But all in all, there’s more to like than dislike about this account.
Editorial Note:
The editorial content on this page is not provided by any bank, credit card issuer, airline, or hotel chain, and has not been reviewed, approved, or otherwise endorsed by any of these entities. Opinions expressed here are the author’s alone, not those of the bank, credit card issuer, airline, or hotel chain, and have not been reviewed, approved, or otherwise endorsed by any of these entities.
The Verdict
Our rating
Marcus Online Savings
Marcus Online Savings has an excellent yield relative to other banks and no minimums or fees to get in the way of growing your savings. It’s customer-friendly too, thanks to a generous same-day transfer allowance and 24/7 service. But it has some missing features that make it less flexible than some users might like.
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Brian Martucci writes about credit cards, banking, insurance, travel, and more. When he’s not investigating time- and money-saving strategies for Money Crashers readers, you can find him exploring his favorite trails or sampling a new cuisine. Reach him on Twitter @Brian_Martucci.
If you haven’t started your children or teens off with a kids checking account optimized for their needs, you’ll want to help your college student open a checking account before they begin school.
Opening a checking account for your child can teach them about money management and financial responsibility, along with providing them an easy way to make debit card purchases. It’s never too late to get started.
One advantage to helping your young adult open their first student checking account is they have more options than they might have when they were 16 or younger. Students over 18 can open a bank account with few restrictions.
But choosing a student checking account may give them access to higher interest rates and added features and benefits, along with fee-free checking, no monthly maintenance fees, and no minimum deposit to open an account.
12 Best Student Checking Accounts
Not surprisingly, many of the best student checking accounts come from banks that also offer some of the best checking accounts for any age. However, the products below – in most cases – are tailored for young adults from the ages of 18 to 24, with the features this age group desires most, including an intuitive mobile app and low or non-existent minimum deposit requirements.
1. Best for Students under 18: Capital One MONEY Teen
Most of the student bank accounts on our list exclude children under the age of 17 or 18. Capital One MONEY Teen checking is available to children ages 8 and up. It comes with all the benefits and security of a big bank, providing peace-of-mind. This includes access to Capital One branches and Capital One Cafes for in-person service. This account also serves as a great tool to teach your young adult the basics of banking.
Capital One MONEY Teen checking is a joint account with no monthly fee, no overdraft fees, and access to 70,000 ATMs with no fees. Plus, earn 0.10% on all balances, including those in checking.
You can link Capital One MONEY Teen checking to any other bank account through any bank or neobank, making it easy to transfer money to your teen while they are away at college. Plus, you can keep tabs on their spending with their linked account in the Capital One mobile app.
When they graduate, your teen can hold onto their MONEY account or transfer the funds into a top-rated Capital One 360 Checking account of their own.
2. Best for Working Students: Chime
Chime is not a bank. It’s a financial technology company and mobile app backed by Stride Bank, NA, and The Bancorp Bank. Many features make it perfect for working students. First, you can receive your paycheck up to two days earlier than you might at other banks with ACH deposit.
Plus, you can set up automatic transfers to your linked Chime Savings account, helping you to establish good financial habits early on. Simply set up Chime to transfer a percentage of your paycheck into your Savings Account every time you receive a direct deposit.
When you use your debit card for purchases, the “Save When You Spend” program rounds up your purchase and transfers the difference directly into savings. That small change can really add up, whether you’re saving for your first apartment after college, a new car, or your next tuition bill.
For working students looking to build their credit, Chime gives account holders access to a Credit Builder Secured Visa, with no annual fee, no credit check, and no security deposit required. Instead, the credit account is secured by your Chime checking account with monthly direct deposits.
Like many of the best student bank accounts on this list, Chime has no overdraft fee, no monthly service fee, no ATM fee for in-network ATMs, and no minimum balance requirements.
3. Best Account Opening Bonus: Chase College Checking
Chase Bank has been handing out student account opening bonuses like they hand out lollipops at their branches lately. College students ages 17 to 24 can snag a $100 bonus when they open an account online or at a local branch (students age 17 will need to visit a branch). You’ll just need to make 10 qualifying transactions within the first 60 days of opening the student bank account.
What’s a qualifying transaction? Virtually anything, according to the Chase website, including debit card purchases, online bill payments, Chase QuickDeposits, Zelle transfers, and ACH credits. Bank as you normally would, and you should easily earn that $100.
In addition to the generous sign-up bonus, Chase College Checking has no monthly fees for college students for up to five years, access to 16,000 ATMs and 4,700 branches across the U.S., and zero liability protection for unauthorized debit card purchases.
Chase Overdraft Assist covers purchases that exceed your account balance. You’ll pay no overdraft fee if you’re overdrawn by $50 or less at the end of the next business day.
4. Best for Yield: Ally Interest Checking
Ally Bank is the first bank on our list not designed specifically for students, but the vast array of features in this interest bearing checking account makes it ideal for young adults.
Ally Bank offers an APY of 0.25% on checking account balances and 4.00% APY on balances in a linked Ally Bank savings account. Neither account has any monthly fees.
Ally offers several features to help those on a tight budget manage their money. You can organize your money into spending and saving buckets, which can help you see exactly where your money goes each month. Ally will also review your bank accounts and help you find opportunities to save, and shuttle that extra money into your high yield Ally savings account.
Customers who have deposited $100 or more into their Ally checking account, or $250 via direct deposit, gain access to Ally’s CoverDraft service after 30 days. This protection covers up to $100 or $250 in charges that would overwise overdraft your account. Some purchases, including Zelle transfers, or ATM withdrawals, may be declined if they would put your account into overdraft.
Ally has no monthly maintenance fee, no overdraft fees, no ATM fee for in-network ATM transactions and no minimum balance requirement.
5. Best for Referrals to Earn Extra Cash: GO2bank
GO2bank, the digital bank associated with the top financial technology company Green Dot, offers an easy, straightforward money account with overdraft protection up to $200 with eligible direct deposits. The linked savings account pays a high 4.5% APY, with no fees for qualifying customers and no minimum balance requirement.
You can get regular ACH deposits from your job or side gigs up to two days earlier than most traditional banks. If you receive government benefits, such as Social Security, you can receive those deposits up to four days early.
Your GO2bank account will have a monthly service fee that costs $5 per month, unless you have a qualifying direct deposit that month. You will also pay fees for transfers from a linked debit card from another bank or fintech, mobile check deposits, and cash deposits.
If you are the type of person with friends who come to you for advice, you can earn $50 for each friend you refer to GO2bank who signs up with direct deposit. Your friend will also earn $50. You can use this offer for up to 30 friends, yielding $1,500 annually. This makes a GO2bank account great for social media influencers or college students with a large friend group.
6. Best for Full-Service Banking: Bank of America Advantage SafeBalance Banking
Bank of America Advantage checking accounts offer options for people in various stages of their financial life. College students might be best to start out with Bank of America Advantage SafeBalance banking, a straightforward money account with no overdraft fee and no checks.
The account has no monthly fee for students under the age of 25 or customers under the age of 18. Preferred Rewards customers also receive free checking. There is a $25 minimum deposit to open an account.
New Bank of America customers can earn a $100 account opening bonus when they open an account and set up direct deposits of $1,000 or more within 90 days.
7. Best for Comprehensive Money Management: PNC Virtual Wallet Student
Money Magazine named the PNC Virtual Wallet on its best banks for students list three years running. PNC Bank divides this mobile account into three separate accounts for everyday spending, “reserve,” or short-term savings, and “growth” for long-term savings.
The account has no monthly service fee for students for up to six years, along with all the benefits of a regular PNC Virtual Wallet. Additionally, students receive a courtesy refund of your first overdraft fee on your Spend account, one free incoming domestic or international wire transfer per statement period, and free paper statements if you opt in to receive them.
Once six years have passed or you are no longer a student, your account converts into a regular PNC Virtual Wallet, which may have associated monthly fees. Check the PNC website at that time to determine the fees and how you can waive them.
Your PNC Virtual Student Wallet pays a 0.01% APY on money in your Reserve account, and .02% on account balances up to $2,499 in your Growth account, with .03% APY on balances over $2,500. These may not be the best rates available, but the reputation of PNC Bank, along with the money management features in a Virtual Wallet Student account, make this an account worth considering for students just learning to budget.
8. Best for Establishing Savings Habits.: Wells Fargo Clear Access Banking
As one of the Big Four banks in the U.S., Wells Fargo offers a reliable and safe place to store your money, plus access to thousands of branches nationwide.
The Wells Fargo Clear Access banking account is great for teens and college students, since it’s available for account holders ages 13 to 24. Anyone under the age of 18 will need to open their account in a branch and anyone younger than 17 must have an adult aged 18+ as a joint account holder. The account has no monthly maintenance fee for anyone 24 or younger. A $25 minimum opening deposit is required.
Wells Fargo Clear Access banking is a simple, straightforward money account with no checks and personalized service at Wells Fargo branches. There are no overdraft fees with the account, but also no overdraft protection. Transactions that exceed the account or minimum balance amount will be declined, which helps put teens and young adults in charge of their money.
You can link your Clear Access bank account to a Way2Save Savings account and earn a 0.15% APY. You can establish good money habits by setting up automatic savings. Wells Fargo will transfer $1 from your Clear Access account into your checking account each time you use online bill pay or use your debit card for a one-time purchase. You can also transfer as little as $25 per month or $1 per day into your account to see your savings grow even faster.
9. Best for Cash Back: Discover Cashback Debit
The Discover Cashback Debit account may not be marketed to teens and students, by name. But, it’s enticing to anyone looking for a standard checking account with no monthly service fees and 1% cashback on debit card purchases, up to $3,000 per month. It’s highly unlikely for most college students to max out that free money (unless they are putting housing, tuition, and car expenses on their card).
Discover Cashback! debit card offers many of the benefits you’d expect from these top-rated money accounts, including early direct deposit, 60,000+ no-fee ATMs, and overdraft protection from your linked Discover Savings with no fees. Discover charges no fees for insufficient funds, bank checks, regular checks, or expedited delivery of a replacement debit card.
These features make it one of the most convenient accounts you can hold. Plus, you don’t have to worry about “aging out” of the account and facing fees for a non-student bank account. Your Discover Cashback Debit account will be free no matter your age. Link it to a Discover Savings Account to earn 4.0% APY with no minimum deposit required.
10. Best for Unlimited Out-of-Network ATM Fee Reimbursement – Axos Bank Rewards Checking
Another bank account not marketed to students but meeting all their needs is the Axos Bank Rewards Checking account. This account has no monthly fees. It also reimburses ATM fees for out-of-network ATMs nationwide, which is great for students who travel domestically or who don’t have ATMs in their network on campus.
Pay no overdraft fee or non-sufficient funds fees with this account. Best of all, earn an APY of 0.40% on your checking balance if you receive monthly direct deposits of $1,500-plus. Young investors can ramp up their interest rate by 1% with an average daily balance of $2,500 in an Axos Invest Managed Portfolio Account, plus another 1% by holding $2,500 in a self-directed trading account. If you take out a loan through Axos, you can add another 0.60% to your APY.
College students likely won’t regret opening an Axos Bank account to take them through adulthood, especially with options for investing, low mortgage rates, car loans, and more.
Plus, earn a welcome bonus when you open an account and have direct deposits of at least $1,500 within a single calendar month during the first three months of account opening.
11. Best Credit Union: Alliant Credit Union Teen Checking
Alliant Credit Union offers a teen checking account for minors ages 13 to 17. The account is insured up to $250,000 per account holder by the National Credit Union Administration (NCUA). The adult account holder must be an Alliant Credit Union member. But it’s easy to join by depositing $5 into an Alliant Credit Union saving account. Alliant Savings earns an APY of 0.25%.
The teen checking account has no overdraft fees or non-sufficient funds fee. It also has no monthly fees or minimum balance requirements. Account holders gain access to 80,000+ fee free ATMs nationwide plus $20 per month in ATM fee reimbursement for out-of-network ATM use. This is an interest earning checking account which also pays 0.25% APY on all balances as long as you have at least one deposit, via ACH direct deposit, mobile check deposit, or transfer from another bank or credit union, each month.
12. Best for Young Shoppers: Varo Bank
Varo Bank is another account not necessarily marketed to college students but definitely optimized for their needs. The Varo Bank debit card delivers up to 6% cash back, with money deposited into your Varo account as soon as you accrue $5 in rewards.
Like many of the best student accounts on this list, Varo has no monthly fee, no minimum balance requirements, and no overdraft fee. If you need money before payday, you can use Varo Advance, an interest-fee program that allows you to borrow up to $250 and pay it back within 30 days. You will not pay fees to borrow less than $20. Borrowing up to $250 comes with fees that can be as high as $15, depending on the amount of cash advance you need.
Varo Bank uses the Allpoint network of ATMs, with fee free access to 55,000+ ATMs nationwide. Using other bank ATMs could result in charges up to $3 from Varo and fees charged by the other banks, as well.
It pays to open a linked Varo Bank savings to take advantage of a high 3% APY. Account holders with direct deposits equal to $1,000 per month and a positive balance in their Varo checking and savings can earn up to 4% APY.
One of the best things about a Varo account is it can grow with you. You won’t pay additional fees as an adult out of college, so you can keep the same bank account you started with for your entire life if you want.
Methodology: How We Select the Best Student Checking Accounts
To find the best student checking accounts, we evaluated the monthly maintenance fees, ATM fees, minimum deposit requirements, features, benefits, banking services provided, along with customer service and mobile app access at several of the biggest and most well-known banks and credit unions.
ATM Network
Most banks have ATM networks or partner ATM networks of 20,000 or more ATMs nationwide where you can use your debit card with no ATM fees. You might be surprised to learn that even online banks and financial technology companies that are not a bank provide access to thousands of ATMs nationwide through partner programs.
Nationwide availability (physical locations or mobile access)
College students often split time between their college campus and the home where they grew up. Finding a bank with physical locations in the areas they live or an online bank that provides a mobile banking app with fee free mobile banking from anywhere is important.
Fees and minimum requirements
Bank fees no longer have to be a way of life for today’s young adults. We chose financial institutions with no monthly maintenance fees or easy ways to waive maintenance fees.
Benefits such as high APY, cash-back rewards, or other additional perks
Student checking accounts today are more than just “bare bones” places to store your cash. Many student bank accounts offer perks, benefits, and high-yield savings or an interest bearing checking account to provide added value.
Overdraft fees
Cash management mistakes happen, especially when young adults first start learning to budget and manage their finances. Many banks have no overdraft fees and some offer overdraft protection to help out in a pinch.
How to Choose the Best Bank for College Students
We’ve offered 12 solid options to help you choose the best student checking account. Before you open a student bank account, it’s a good idea to think about what you need in your primary checking account and a linked savings.
The list below makes it easy to review your must-haves and nice-to-haves when you choose your first bank account as a college student.
Best student checking account interest rates
If you’re looking to earn interest on your standard checking account, many banks offer this feature. Review annual percentage yield (APY) figures for your top choices.
Remember, a higher savings interest rate might benefit you more, since money in your checking account tends to fluctuate based on paychecks, bills, and expenses. The best checking account may not pay interest, but can save you money in other ways.
Annual Percentage Yield (APY)
Likewise, you can put money in your pocket with an account with linked savings offering a high annual percentage yield (APY).
Mobile Check Deposit
If you get paid via paper checks, you’ll want to find an account with a mobile app that offers mobile check deposit. Find out how fast deposits clear, and if mobile banking services are fee free.
No Monthly Maintenance Fees
Many banks today make it easy to find a free checking account with no maintenance fees. If you have to pay a monthly maintenance fee, find out exactly what you’re getting for your money. Find out if the perks and benefits, such as a cash back debit card or reimbursement of ATM fees make the maintenance fees worthwhile.
Minimum Deposit and Minimum Balance Requirements
When you’re just getting started, cash may be tight. It’s important to find an account with no minimum deposit to open.
Banking Services Provided
Accounts should have customer service online, by phone or in branches, plus an easy-to-use mobile app and a debit card with no ATM fees.
FAQs About Student Checking Accounts
Read what people are asking about the best student checking accounts, including minimum deposit requirements and benefits of a student checking account.
What are the benefits of a student bank account?
A bank account tailored for students gives young adults a head start on their financial future and learning how to manage money. For students who work, they can receive direct deposits in their student account, pay bills online, and send money to friends and family using Zelle.
How to get a student checking account bonus?
Several student checking accounts, including Chase, provide sign-up bonuses. Make sure to read the fine print and complete the requirements, which may include setting up direct deposit or making a minimum opening deposit, to collect the bonus.
Can I open a student checking account without a deposit?
To open a student checking account without a minimum deposit amount, simply look for a bank account, like Varo, that has no minimum opening deposit.
Are there any downsides to opening a student checking account?
When you open a student checking account, you’ll want to make sure you won’t pay monthly maintenance fees. Some student checking accounts convert to a regular account once the student graduates, and there may be fees associated with the regular account.
Is there an age limit on a student checking account?
Most student checking accounts are open to students from the age of 18 to 24 without a joint account holder. Customers under the age of 18 may be able to open an account with a joint owner.
Can minors open student checking accounts?
Accounts like Capital One Money Teen are available to children ages 8 and up with a joint account holder. Some other accounts require students to be 18 or older.
What happens to your student checking account when you graduate?
Many of the student bank accounts on this list won’t change when you graduate college. Others offer the option to convert your account to one of the bank’s regular checking products. A Chase College Checking Account has no monthly fees for your first five years in college, but if you graduate or exceed that time frame, you might pay a $6 monthly maintenance fee unless you meet other requirements.
Opening a bank account online has not only become an effortless task but also a smart move towards managing your finances with ease. This guide will help you understand the benefits, requirements, and steps to transition your banking experience into the digital realm.
This will give you control and accessibility like never before. Embrace the future of banking today and discover how opening a bank account online can be a game-changer for your financial journey.
Understand Your Banking Needs
Determining your banking needs is a crucial first step in choosing the right account. Are you looking for a secure place to deposit your paycheck, withdraw cash, and manage your bills? A checking account could be your answer. It’s an excellent tool for everyday transactions, providing features like check writing, debit card access, and often, the ability to set up direct deposits.
Alternatively, if you have a financial goal in mind, such as saving for a down payment or creating an emergency fund, a savings account could be more suitable. These accounts typically offer higher interest rates compared to checking accounts, allowing your money to grow over time.
It’s worth noting that many people maintain both checking and savings accounts. The checking account serves as a hub for daily transactions, while the savings account functions as a reservoir for longer-term savings and investment goals. Your specific mix will depend on your personal financial needs and goals.
Choosing the Right Bank
Finding the right bank depends on your individual needs and preferences. There are three main types of banks to consider: traditional banks, credit unions, and online banks.
Traditional banks offer a wide array of services like various types of accounts, credit cards, and loans. They are great if you prefer having in-person access to services and a large network of ATMs.
Credit unions are member-owned and often excel in customer service. They generally offer better interest rates on savings accounts but may have less online and physical accessibility than traditional banks.
Online banks operate purely online, which often allows them to offer lower fees and higher interest rates. They’re a good choice if you’re comfortable doing all your banking digitally.
No matter which type of bank you choose, make sure it’s FDIC insured to protect your money. Also, consider the bank’s fees, such as monthly service and ATM fees, as they can add up over time. A bank with fewer fees or options to waive them could save you money.
Requirements for Opening a Bank Account Online
Once you’ve decided on your banking needs and the financial institution, it’s time to gather the necessary information to open your bank account online.
Most financial institutions will require:
Personal Information: Your legal name, date of birth, and Social Security number.
Contact Information: A valid mailing address and phone number. Banks typically require these to verify your identity and as part of their communication and security protocols.
Identification: A valid form of identification such as a driver’s license, state ID, or passport. You may need to provide the ID number and expiration date.
Initial Deposit: Some banks may require an initial deposit to open the account. You can usually fund this by transferring money from an existing account or using a credit or debit card.
Before starting, it’s helpful to check the specific requirements of your chosen bank, as requirements may vary from one financial institution to another.
Step-by-Step Guide on How to Open a Bank Account Online
Taking your banking experience online might seem intimidating initially. However, the process is typically straightforward, taking just a few minutes. Follow this step-by-step guide to set up your bank account online.
Visit the bank’s website: Begin by visiting the official website of your chosen bank or credit union. Look for the “Open an Account” or “Apply Now” option, typically found in the main navigation or home page.
Fill out the application form: The bank will prompt you to fill out an application form requiring your personal information. This includes your full name, mailing address, and Social Security number. You may also need to provide a valid form of identification and employment information.
Verify your identity: As part of the process, you’ll be asked to verify your identity. This could involve answering security questions based on your credit history or providing a valid ID. This step is crucial to protect against identity theft and fraud.
Fund your account: Most banks require an initial deposit when opening a new account. You can fund your account via a transfer from an existing bank account, a credit or debit card, or even a check. The required deposit varies from bank to bank, with some online banks allowing you to open an account with no initial deposit.
Confirm and finalize your account setup: Once you’ve completed these steps, you’ll receive a confirmation email or message from the bank. This message usually contains instructions on how to set up online banking, including setting up your username and password.
What to Do After Opening Your Account
With your bank account online set up, it’s vital to get acquainted with all its features and maximize them for your convenience and financial growth.
Set up direct deposit: Direct deposit is a crucial feature to set up as soon as your account is active. It allows your paycheck to be automatically deposited into your account, saving you from manual deposits and giving you quicker access to your money.
Learn to use online banking features:Familiarize yourself with key online banking features. Bill pay, for instance, can automate your monthly payments, ensuring timely transactions without manual intervention. Mobile check deposit lets you deposit checks without the need to visit a bank branch, and the money transfer feature enables seamless transfer of funds between accounts or to friends and family, making your banking experience both quick and hassle-free.
Regularly review your account statements: Regular monitoring of your account statements is a good financial habit. It helps track your spending, review any account fees, and promptly detect any suspicious activity or discrepancies. This practice keeps you aware of your financial status and ensures the security of your account.
The Importance of Regularly Reviewing Your Banking Needs
As life unfolds and your circumstances evolve, so too do your banking needs. Major life events – a career shift, marriage, welcoming a child, or even retirement, could alter your financial landscape significantly.
Perhaps a job change comes with a pay increase, necessitating a better savings strategy, or marriage might call for a joint account. A new child could lead you to start a college savings account. These changes underscore the importance of regularly reassessing your banking arrangements.
Every few years, or at the occurrence of significant life events, it’s beneficial to review your banking needs. This regular review ensures your financial arrangements align with your life’s dynamics, ensuring your money is working for you at every stage.
Bottom Line
Opening a savings or checking account online is an easy and efficient process, offering you the freedom to manage your finances at your fingertips. But remember, the process doesn’t stop with opening an account.
Make sure to fully utilize the features of your online account, keep a close eye on your statements, and adjust your banking needs as your life changes. Stay informed and proactive in your approach to banking – this way, you ensure that your online bank account serves you effectively in every phase of your financial journey.
Frequently Asked Questions
Can I open a bank account online without a deposit?
Yes, certain banks allow you to open an account with no opening deposit. However, they may require you to fund the account within a specific time frame to keep it active.
What should I do if I don’t have a Social Security number?
If you’re an international resident without a Social Security number, you might still open a bank account using an Individual Taxpayer Identification Number (ITIN), passport, or other forms of identification. It’s advisable to contact the bank directly for their specific requirements.
How old do I need to be to open a bank account online?
Typically, the minimum age to open a bank account online is 18. For those under 18, many banks offer the option of joint accounts with a parent or guardian, or specific accounts designed for minors.
Can I open multiple bank accounts online?
Yes, you can open multiple bank accounts online, including a mix of checking and savings accounts, depending on your financial needs. It’s important to consider potential monthly fees and the ease of managing multiple accounts.
Is it safe to open a bank account online?
Opening a bank account online is generally safe as long as you’re using a secure network and are applying through the official website of a reputable bank or credit union. Always look for indications of security, like the “https” at the beginning of the web address.
What should I do if I face issues while opening a bank account online?
If you encounter any issues while opening a bank account online, the best course of action is to contact the bank’s customer service for assistance. They can guide you through the process or resolve any technical glitches you might be facing.
Hawaii is an exciting place to call home. It offers incredible weather, scenic views, friendly people, and a slow-paced lifestyle. If you’re lucky enough to live or work in Hawaii, you might be looking for the best banks in the state.
While the Aloha State has fewer banks than other states, there are still plenty of reputable, member FDIC options available to you.
12 Best Banks in Hawaii
To make your search for a bank a bit easier, we’ve done some research and compiled this list of the best banks in Hawaii.
1. First Hawaiian Bank
First Hawaiian Bank, the oldest bank in the state, holds the distinction of having the most branches in Hawaii. This makes it a convenient choice for many people looking to open a checking account, as it provides three different options.
Their first option, Pure Checking, offers a straightforward, fee-free experience, complete with a complimentary debit card. The second, Priority Banking Gold, expands on these features by offering free checks and online bill pay, as well as discounts on loans.
For those seeking the most benefits, the Priority Banking Platinum provides an extensive list of perks, including a credit card with unlimited rewards and cash back, travel points, and no restrictions on redemption dates.
Beyond checking accounts, First Hawaiian Bank also caters to various other personal banking needs. They offer savings accounts, mortgage services, and wealth management solutions, among other things.
2. SoFi
SoFi serves as a top-notch alternative to traditional banking, catering to individuals seeking the convenience and flexibility of online banking. The SoFi Checking & Savings account offers a unique combination of checking account accessibility and high-yield savings account returns in a single, streamlined account.
There is no minimum balance requirement, no monthly fees, and no overdraft fees, positioning SoFi as a cost-effective solution for a broad spectrum of users. There’s also an enticing offer of earning up to $250 with qualifying direct deposits.
One of the most compelling aspects of SoFi is the impressive interest rates it offers. The savings account yields a 4.30% APY, while checking account balances earn 1.20% APY, both rates far outpacing those offered by most traditional banks. What’s more, deposits are insured by the FDIC up to $2 million, providing an added layer of financial security.
With SoFi Checking & Savings, accessing your money is both straightforward and convenient. Over 55,000 Allpoint® Network ATMs across the globe offer fee-free withdrawals, ensuring you can easily access your money whenever you need it.
3. Ally Bank
Ally Bank is an online bank that serves residents in every state, including Hawaii. It’s worth considering if you’re seeking an interest bearing checking account or competitive rates on high yield savings accounts, CDs, and money market accounts.
While deposit accounts are Ally’s bread and butter, the bank also offers mortgages, auto refinancing, and investment products. As an Ally account holder, you won’t have to worry about any monthly fees or minimum opening deposits.
Since Ally is an online-only bank, there are no local branches in Hawaii. Fortunately, it’s part of the Allpoint ATM network that will give you free access to more than 43,000 Allpoint ATMs. If you do use an out-of-network ATM, the bank will reimburse you up to $10 per month.
4. First American Trust
First American Trust operates one branch in Honolulu. If you have a particular interest in wealth planning, it should definitely be on your radar. It provides several wealth planning services, such as financial planning, retirement planning, and estate planning for individuals and families.
Its advisors can also help you set up a trust and protect your greatest assets. Additionally, First American Trust is a great resource if you’d like to build a diversified investment portfolio.
5. Bank of Hawaii
Headquartered in Honolulu, Bank of Hawaii is a regional bank and the second-oldest bank in the state. It serves local communities with a comprehensive suite of products and services as well as sponsorships and volunteerism. The bank’s lineup of personal banking products includes checking accounts, savings accounts, certificates of deposit (CDs), credit cards, personal loans, and insurance.
In addition, it supports small business owners with business deposit accounts, business credit cards, merchant services, and small business loans. The bank also specializes in investment services and long-term financial planning to help you meet your personal finance goals. If you’re interested in Bank of Hawaii, you can chat with a banker online or in-person at a local branch.
6. Central Pacific Bank
Central Pacific Bank has been around since 1954 and has physical locations in Hawaii, Oahu, Maui, and Kauai as well as mobile banking services. It was originally founded to help immigrants build a safe life.
Today, the Hawaii bank offers a wide range of products and services to individuals and small businesses in the Aloha State. Central Pacific Bank stands out for its diverse savings account options, high rates on CDs, and low minimum balance requirements.
It also provides personalized, high quality wealth planning services from a team of wealth advisors. You can download the bank’s mobile app to pay bills, send money through Zelle, check your online statements, set notifications, track your budget, and keep tabs on your financial activity.
7. CIT Bank
CIT Bank is a digital bank with several attractive products for Hawaii residents. Savings Connect is a savings account that offers a competitive interest rate you might not be able to find elsewhere.
Another savings account you may want to consider at CIT Bank is the Savings Builder. While the Savings Builder has a lower annual percentage yield or APY than Savings Connect, it can encourage you to save as you must deposit at least $100 per month from your paycheck or elsewhere to secure the highest APY.
Unlike many brick-and-mortar financial institutions, CIT Bank doesn’t charge monthly maintenance fees, overdraft fees, ATM fees, or excessive transaction fees. You can open a new account and manage it via the online portal or mobile app. If you have any questions or concerns, you can contact phone support on weekdays and Saturdays during select hours.
8. Hawaii National Bank
Hawaii National Bank is a local bank that made its debut in 1960 and has branch locations in Oahu, Maui, and Hilo. It offers several checking accounts, including the Household Checking, Personal Checking, 55+ Checking, Super NOW, and VIP Money Market Deposit. Even though some checking accounts come with monthly fees, the bank may waive them if you maintain a certain balance.
Savings account options include the traditional Personal Savings account with a variable, competitive interest rate, Kids’ Savings account for kids ages 5 to 17, and Christmas Savings account that can help you save for the holiday season.
In addition to checking accounts and savings accounts, you may turn to Hawaii National Bank for personal loans, credit cards, home loans, CDs, and retirement accounts. The bank also serves small business owners with deposit accounts, business loans, and commercial mortgages.
9. American Savings Bank
Known as the third-largest bank in Hawaii, American Savings Bank serves the Aloha State with a wide range of offerings. You can choose from three checking accounts, six savings accounts, and several credit cards with cash back rewards or points. American Savings Bank also offers CDs, student loans, mortgages, and credit cards.
If you open a checking account, you’ll reap the benefits of Overdraft Courtesy, which protects you from overdrafts that may occur from checks and electronic payments. Additionally, the bank’s advisors can assist you with investments and insurance.
If you become an American Savings customer, you may take advantage of online banking, which allows for mobile check deposit, automatic bill pay, Zelle payments, eStatements, and more.
10. Synchrony Bank
Synchrony Bank is an online bank you might want to explore as a Hawaii resident. With Synchrony, you can expect high interest rates on savings accounts and CDs, no monthly fees, a variety of credit card options from popular retailers, and reimbursements for out-of-network ATM access.
If you join the Synchrony Bank Perks Rewards program, you can earn elite status if you meet certain criteria. You’ll reach Diamond status, which is the top level if you deposit more than $250,000 or stay with the bank for five years. This status comes with perks like three free wire transfers per statement cycle and unlimited reimbursements for domestic ATMs.
11. Territorial Savings Bank
Territorial Savings Bank has served Hawaii customers since its inception in 1921. If you open a checking account, you’ll be able to earn interest as long as you deposit $100.
The bank also offers numerous CDs with competitive interest rates, special mortgage rates for first time homeowners, and discounts from local merchants, like hotels, car rental companies, and restaurants.
If you’re a small business owner, you may select from a number of business deposit accounts, business credit cards, and business loans.
12. Finance Factors
Headquartered in Honolulu, Finance Factors has 13 branches throughout the Aloha State. The bank’s deposit products are savings accounts, CDs, and retirement accounts.
It also specializes in a wide range of home loans like conventional mortgages, government-backed mortgages, jumbo mortgages, and investor mortgages. You can stop into a local branch or log into the online portal to manage your account.
Bottom Line
As you can see, there are a variety of banks in the Aloha State. Before you move forward with one, it’s a good idea to weigh the pros and cons of all your options. Factors like your particular banking needs and whether you prefer an online or in-person banking experience will help you make the best choice for your unique situation. Good luck with your search for the best bank in Hawaii.
Frequently Asked Questions
What is the largest bank in Hawaii?
First Hawaiian Bank holds the title as the largest bank in Hawaii, establishing a significant presence with a total of 49 branches scattered across the state. Founded in 1858, it boasts a long history and deep roots in the local community.
Should I choose an online bank or a traditional bank in Hawaii?
An online bank is your best bet if your goal is to land the best interest rate and lowest fees. However, if personalized service is important to you, you’d likely be better off with a traditional bank. Fortunately, most traditional banks offer mobile apps and online portals.
Is a credit union a good option in Hawaii?
If you find a credit union with the ideal loan or the products and services you need and qualify for membership, you may want to join it. But you may find a wider range of offerings at a bank.
Why are there no national banks in Hawaii?
National banks aren’t in the Aloha State due to its small population and the high cost of real estate. Smaller banks are your only option if you live or work in Hawaii. The good news is you’ll find many local banks that offer just as many products and services as big banks.