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Best Online Checking Accounts December 2023

Get more from your money with the right checking accounts: a deposit account can be held at a bank or other financial institution. This type of account is also known as a current account. It can be accessed regularly and promptly by the account owner and enables a large number of transactions, including cash withdrawals, debit card usage, checks, and wire transfers.

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Pros

pros iconOne-stop shop for all your small business financial needs — banking, accounting and taxes

pros iconUnlimited fee-free transactions

pros iconOffers early payment feature with direct deposit

Cons

cons iconOut-of-network ATM fees: $2.50 for U.S. ATMs, $5 for international ATMs.

cons iconMobile only right now (web interface will be live soon)

Banking services provided by our partner bank Choice Financial Group Inc. Member FDIC.

1 Available to Lili Pro account holders only, applicable monthly account fee applies. Please refer to our Terms and Conditions for details.

2 The Annual Percentage Yield (“APY”) for the Lili Savings Account is variable and may change at any time. The disclosed APY is effective as of September 20, 2022. No minimum balance required. Must have $0.01 in savings to earn interest.

3 Early access to direct deposit funds depends on the timing of payer’s submission of deposits. Lili will generally post these deposits on the day they are received which can be up to 2 days earlier than the payer’s scheduled payment date.

4 Up to $1,000 per 24 hours period and a maximum of $9,000 per month. Some locations have lower limits and retailer fees may vary ($4.95 max). Note that Lili does not charge transaction fees.

© 2023 Lili App Inc. All Rights Reserved.

  • check mark Visa Business Debit Card with cashback rewards
  • check mark No account minimums, no account fees
  • check mark FDIC-insured by Choice Financial Group
Trending Now
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Pros

pros icon2% interest credited on account balances up to $250,000

pros iconNo minimum deposit or maintenance fees

pros iconNo insufficient fund fees or ATM fees

Cons

cons iconCustomer support only available during set business hours

cons iconA deposit fee of $4.95 per deposit at Green Dot locations

cons iconNo physical banking locations

Bluevine is a financial technology company, not a bank. Banking Services provided by Coastal Community Bank, Member FDIC. Bluevine accounts are FDIC insured up to $3 million per depositor through Coastal Community Bank, Member FDIC. The Bluevine Business Debit Mastercard® is issued by Coastal Community Bank, Member FDIC pursuant to a license from Mastercard International Incorporated and may be used everywhere Mastercard is accepted. Mastercard is a registered trademark, and the circles design is a trademark of Mastercard International Incorporated.

Application is subject to approval. No monthly or maintenance fees. Card Replacement Fees and Wire Transfer Fees may apply.

Certain Bill Pay funds, including Bill Pay with Credit Card, are held by Silicon Valley Bank, a member of the FDIC and the Federal Reserve System. Silicon Valley Bank is the California bank subsidiary of SVB Financial Group (Nasdaq: SIVB). Banking Services for payments made via ACH or wire from the Bluevine Business Checking Account are provided by Coastal Community Bank, Member FDIC.

Bluevine’s Flex Line of Credit is issued by Celtic Bank, a Utah-chartered Industrial Bank, Member FDIC. Applications are subject to credit approval. Rates, credit lines, and terms may vary based on your creditworthiness and are subject to change. Additional fees apply.

PPP loans are made by one or more approved U.S. Small Business Administration (SBA) lenders. Loan agreements will identify the issuing lender to small businesses at signing. Qualified applications will be submitted to the SBA as soon as possible. Bluevine does not guarantee that applications will be processed and submitted before PPP funds are no longer available. Approval and loan forgiveness are subject to your availability to meet government-set eligibility requirements.

Certain financing may be made or arranged pursuant to California Financing Law-License No. 6054789.

  • check mark Built for business accounts.
  • check mark No hidden fees.
  • check mark Offers high yield checking account.
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Pros

pros iconEarn up to 1.25% APY

pros iconNo monthly fees or overdraft on most accounts

pros iconVariety of accounts with unique perks

Cons

cons iconLow CD (certificate of deposit) rates

Axos Bank® offers bank products and services. All deposit accounts through Axos Bank brands are FDIC insured through Axos Bank. All deposit accounts of the same ownership and vesting held at Axos Bank are combined and insured under the same FDIC Certificate 35546. All deposit accounts through Axos Bank brands are not separately insured by the FDIC from other deposit accounts held with the same ownership and vesting at Axos Bank. For more information, read our FDIC Notice. Axos Bank NMLS# 524995. For example, if you get approved for a $15,000 loan at 6.99% APR for a term of 72 months, you’ll pay just $256 per month for a total amount of $18,432.

 

  • check mark Earn up to 1.25% APY
  • check mark Use Promo Code "Lucky" for a $100 bonus!
  • check mark FDIC Member

Top Savings Accounts

December 2023

Editor's Choice
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Overview

Axos Bank lays claim to being one of the oldest digital banks in the world. The company was founded as Bank of Internet USA in 1999 and rebranded to Axos Bank in 2018. Nowadays, Axos Bank is based in San Diego, California, where it has grown to a workforce of over 1,000 and is the consumer-facing arm of Axos Financial.

Axos has built a solid reputation over two decades of trading as an online bank. The company is well known for its excellent APYs, ATM reimbursements, and one of the market’s most rewarding ranges of checking accounts. To this day, the company remains online-only, with the lack of branches resulting in better value financial products for its customers.

Axos Bank is a public company: stock ticker NYSE: AX

Pros

pros iconEarn up to 1.25% APY

pros iconNo monthly fees or overdraft on most accounts

pros iconVariety of accounts with unique perks

Cons

cons iconLow CD (certificate of deposit) rates

  • check mark Earn up to 0.61% APY
  • check mark Up to $200 Bonus for High-Yield Savings
  • check mark FDIC Insured Financial Institution
Rising Star
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Overview

Founded in 1999, Patriot Bank, N.A. is a community-focused, full-service bank that operates in Fairfield and New Haven, Connecticut, as well as Scarsdale, NY. The bank offers personal, business, and commercial banking for its customers. It also has lines of credit, business and commercial loans, and more.
What stands out about Patriot Bank is its commitment to helping its customers build solid money management habits and achieve short- and long-term financial goals. The bank is actively involved in the community and supports many local organizations, including Housatonic Community College and a Child Guidance Center in Mid-Fairfield County. It also sponsors various community activities, such as the Stamford Boys & Girls Club 5K Race, to support financial literacy and community development.

Patriot Bank is a public company: stock ticker NASDAQ: PNBK

Pros

pros iconDependable institution

pros iconNo ATM fees

pros iconAccount fees are easily avoided

Cons

cons iconNo live chat

  • check mark Enjoy a 0.70% APY high-yield
  • check mark Personalized products for your goals
  • check mark FDIC Insured financial institution

Top Online Checking Account Providers

Lili Business Online Banking
Lili

Designed For Small Businesses

3,800+

ATM Network

None

Other Fees

Business Online Banking

No minimum

Min Deposit

Max 2%

Min APY Business

Pros & Cons

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  • con-icon One-stop shop for all your small business financial needs — banking, accounting and taxes
  • con-icon Unlimited fee-free transactions
  • con-icon Offers early payment feature with direct deposit
  • con-icon Out-of-network ATM fees: $2.50 for U.S. ATMs, $5 for international ATMs.
  • con-icon Mobile only right now (web interface will be live soon)

Account types

drop-down-btn
  • Business Checking
  • Business Savings
Bluevine logo
Bluevine

Helping Business Owners Achieve Financial Growth

No minimum

Min Deposit

MoneyPass & Green Dot Networks

ATM Network

Yes

Other Fees

Business Online Banking

No minimum

Min Deposit

2.00-4.25%

Min APY Business

Pros & Cons

drop-down-btn
  • con-icon 2% interest credited on account balances up to $250,000
  • con-icon No minimum deposit or maintenance fees
  • con-icon No insufficient fund fees or ATM fees
  • con-icon Customer support only available during set business hours
  • con-icon A deposit fee of $4.95 per deposit at Green Dot locations
  • con-icon No physical banking locations

Account types

drop-down-btn
  • Business Checking
  • Business Savings
Axos_Bank_L
Axos Bank

Save Smarter, Compound Faster

$50

Min Deposit

90,000+ fee-free ATMs

ATM Network

None

Other Fees

Online Banking Savings

Min 0.61%

Min APY Savings

Online Banking Checking

0.1-3.30%

Min APY Checking

Pros & Cons

drop-down-btn
  • con-icon Earn up to 1.25% APY
  • con-icon No monthly fees or overdraft on most accounts
  • con-icon Variety of accounts with unique perks
  • con-icon Low CD (certificate of deposit) rates

Account types

drop-down-btn
  • Checking
  • Savings
  • Money Market Deposit Account (MMDA)

A checking account is useful for anyone who wants regular access to their bank account to make withdrawals or conduct transactions. Typically, opening a checking account is a relatively straightforward process.

Types of Checking Accounts

The following are a few of the common checking account types that can be opened at any local bank:

  • Traditional: Includes checks, a debit card, and internet transactions. Be cautious, however, because some may charge more than others (some do not charge any fees).
  • Premium: Offers more benefits than traditional checking accounts (safe deposit boxes, fee waivers, etc.). Usually, these accounts involve higher fees or higher minimum balances.
  • Reward: Allows you to earn points or cashback. These accounts are usually subject to strict conditions in order to receive benefits.
  • Student: Very low or no fees and generally has many advantages. However, it is reserved for students generally aged 25 years or less.

Top Checking accounts reviews

Lili Business Online Banking
Lili - Business Online Banking
  • Visa Business Debit Card with cashback rewards
  • No account minimums, no account fees
View rates
Bluevine logo
BlueVine Banking
  • Built for business accounts.
  • No hidden fees.
View rates
Axos_Bank_L
Axos Bank
  • Earn up to 1.25% APY
  • Use Promo Code "Lucky" for a $100 bonus!
View rates

Opening a Checking Account: Why Should You Do It?

There are a variety of positive outcomes that might result from opening a checking account. It enables you to get to your money more quickly, to easily execute financial transactions using your smartphone or tablet, to have peace of mind that your money is secure, and to conveniently monitor your spending so that you can make smarter decisions with your money.

Checking vs. Savings Account

  Checking account Savings account
Purpose Accessing your money for daily use Putting money aside for future use or projects
Accessibility Easy accessibility through cards, checks, and other online payment options available on all devices Little or no access options beyond simple withdrawals, which are usually subject to a monthly limit
Interest Low interest among account types Better APYs than other account types

The primary distinction between checking and savings accounts is that checking accounts are used mostly for daily access to funds, whilst savings accounts are used primarily for saving. Because checking accounts are considered transactional, you have access to your funds whenever and wherever you need them.

If your goal is to set aside money for the future, opening a savings account will certainly be the best fit. Savings accounts are designed to keep funds for an extended length of time, allowing you to save for long-term goals as opposed to daily expenses. With savings accounts, you earn interest at more advantageous rates than checking accounts.

Typically, you should create both a checking account and a savings account so that you may get the benefits of each. Most banks provide a variety of checking and savings accounts, allowing you to pick the accounts that best suit your needs.

Conclusion

In summary, you must assess what you require from your bank account. Checking and savings accounts each have advantages and disadvantages and should be used for different purposes. As previously noted, it is often advised to create both account types in order to meet all of your potential demands. You are also suggested to conduct thorough research to evaluate the better terms offered by various suppliers.