Best checking account for Americans 2023

What are the best checking accounts for Americans 2022

Checking accounts are meant for making transaction be it deposits or withdrawals, online tranffer, ACH, etc. Not all banks in America provide checking account. Some banks in fact provide online savings account which needs to be connected with a checking account to withdraw cash. It is also called Transactional account, most of the transactions are done using this account. To open a checking account mandatory documents are SSN (Social Security Number) and a ID proof. You can issue checks, use debit card to withdraw cash and also set up ACH using checking account. After a thorough research we have compiled a list of 10 best checking accounts issued by American Banks.

Discover Bank Open Checking Account

One of the most reputed bank in America, they deal with many products mortgages, loans, credit cards, debit cards, savings account, etc. Discover Bank was founded in the year of 1985, and since then the bank has grown up with total assets of more than $92 billion. There checking account falls under the top 10 checking accounts for Americans.   

APY : 0%

Minimum Deposit : None

Minimum Balance : None

Monthly Fee : None

Non Sufficient Funds Fee : $30

Bonus : None

Overdraft Fee : $30 per transaction

Overdraft Protection : yes

ATM Fee : None

Rewards : 1% on spending of $300 or more using debit card

Mobile Application : Yes 

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Ally Bank Open Checking Account

Ally Bank was founded in the year of 1919 by General Motors. The largest car finance company of United States. Ally has total assets of $167 billion and is growing. They do provide savings account, car loan, credit cards, debit cards, and many more. In 2019 the bank will celebrate it's 100th anniversary. 

APY : 0.10% if balance is less than $15,000 and 0.60% if balance is more than $15,000

Minimum Deposit : None

Minimum Balance : None

Monthly Fee : None

Non Sufficient Funds Fee : None

Bonus : None

Overdraft Fee : $25 per transaction

Overdraft Protection : yes

ATM Fee : None

Rewards : Withdrawal from Non Network ATM without any charges

Mobile Application : Yes 

Bank of Internet USA  Open Checking Account

APY : Upto 1.25%, when $100 is deposited and at lest 15 transactions are done in a month using Ally debit card. 

Minimum Deposit : $100 for opening a checking account

Minimum Balance : None

Monthly Fee : None

Non Sufficient Funds Fee : Not Applicable

Bonus : None

Overdraft Fee : N/A

Overdraft Protection : yes

ATM Fee : None

Rewards : Withdrawal from Non Network ATM without any charges

Mobile Application : Yes 

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Capital One Open Checking Account

APY : 0.20% if balance is less than $50,000 and 0.75% if balance is more than $50,000 but less than $75,000 and 1% if balance is more than $75,000 

Minimum Deposit : None

Minimum Balance : None

Monthly Fee : None

Non Sufficient Funds Fee : Yes

Bonus : None

Overdraft Fee : 10%APR or $35 or free savings transfer

Overdraft Protection : yes

ATM Fee : None in the network 

Rewards : None

Mobile Application : Yes 

Bank 5 Connect Open Checking Account

APY : 0.76% however, minimum $100 balance need to be maintained on daily basis. 

Minimum Deposit : $10

Minimum Balance : None

Monthly Fee : None

Non Sufficient Funds Fee : $15

Bonus : None

Overdraft Fee : $15 per transaction

Overdraft Protection : yes

ATM Fee : None (in and out of the network)

Rewards : None

Mobile Application : Yes 

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Chase Bank Open Checking Account

APY : 0.76% however, minimum $100 balance need to be maintained on daily basis

Minimum Deposit : $10

Minimum Balance : None

Monthly Fee : $12 however, if you maintain $1,500 or more in your account fee will be waived  

Non Sufficient Funds Fee : $34

Bonus : $200 on new account

Overdraft Fee : $34 per transaction

Overdraft Protection : yes

ATM Fee : None 

Rewards : $150 if you open a savings account along with checking account

Mobile Application : Yes 

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FNBO Direct Open Checking Account

APY : flat 0.65%

Minimum Deposit : $1

Minimum Balance : None

Monthly Fee : None

Non Sufficient Funds Fee : yes

Bonus : None

Overdraft Fee : $33 per transaction

Overdraft Protection : yes

ATM Fee : None in the network

Rewards : None

Mobile Application : Yes 

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Bank of America Open Checking Account

APY : 0.01-0.02% 

Minimum Deposit : $25

Minimum Balance : None

Monthly Fee : $12 and to waive you need to keep $1,500 daily average per month

Non Sufficient Funds Fee : Yes

Bonus : None

Overdraft Fee : $35 per transaction

Overdraft Protection : yes

ATM Fee : $2.5

Rewards : None

Mobile Application : Yes 

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Overdraft protection : It is a process wherein if your checking account has non sufficient funds and you need to make a transaction, the checking account automatically deducts the amount from savings account that is linked with it. 

Overdraft fee : It is a fee charged when you have non sufficient funds in your checking account when a transaction is made.

Bonus :  To attract customers many banks offer some amount of funds so that you open an account with them.

About the Author

Author: Paul William

I am an American Economist (Ph.D. MIT). Over 1981-88, I was an Assistant Professor of Economics at the City University of New York. I have also assisted the Republic Government of USA I have worked in several countries in Europe and Africa as a consultant. I have also been a consultant for a variety of U.S. agencies. These include the D.C. Public Service Commission, the D.C. Department of Energy and Wind and Solar Energy California.