To create this list, Forbes Advisor analyzed 14 checking account offerings at a mix of traditional brick-and-mortar banks, online banks and credit unions. We ranked each account on 16 data points within the categories of fees, access, customer experience, digital experience, minimums and whether or not the account considers an applicant’s ChexSystems banking file.
These categories were assigned the following weightings:
- ChexSystems: 30%
- Fees: 29%
- Minimum deposit requirement: 10%
- Access: 9%
- Customer experience: 9%
- Digital experience: 8%
- Minimum balance requirement to avoid monthly fee: 5%
Only accounts that are reported to not consider ChexSystems were included. Accounts with no or low fees and minimums rose to the top, as did those with higher customer service and mobile app ratings. Branch access was considered, but accounts at online-only banks ranked above those at brick-and-mortar institutions if they offered better perks and lower fees. To appear on this list, the checking account must be nationally available.
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*Chime is a financial technology company, not a bank. Banking services and debit card provided by The Bancorp Bank N.A. or Stride Bank, N.A.; Members FDIC. The secured Credit Builder card issued by Stride Bank, N.A.
¹Chime SpotMe is an optional, no fee service that requires a single deposit of $200 or more in qualifying direct deposits to the Chime Checking Account each at least once every 34 days. All qualifying members will be allowed to overdraw their account up to $20 on debit card purchases and cash withdrawals initially, but may be later eligible for a higher limit of up to $200 or more based on member’s Chime Account history, direct deposit frequency and amount, spending activity and other risk-based factors. Your limit will be displayed to you within the Chime mobile app. You will receive notice of any changes to your limit. Your limit may change at any time, at Chime’s discretion. Although there are no overdraft fees, there may be out-of-network or third party fees associated with ATM transactions. SpotMe won’t cover non-debit card transactions, including ACH transfers, Pay Anyone transfers, or Chime Checkbook transactions. See Terms and Conditions.
²Early access to direct deposit funds depends on the timing of the submission of the payment file from the payer. We generally make these funds available on the day the payment file is received, which may be up to 2 days earlier than the scheduled payment date.
³Out of network ATM withdrawal and over the counter advance fees may apply. See here for details.
⁴Out-of-network ATM withdrawal fees may apply except at MoneyPass ATMs in a 7-Eleven, or any Allpoint or Visa Plus Alliance ATM.
