Best Checking Accounts 2023 – CBS News

The economy continues to weigh on the minds of many Americans Inflation. In this unpredictable environment, many people are rethinking where they put their money and how they do their overall banking.

Many savvy consumers are caught up on the benefits High Yield Savings Account which earn 10 times higher interest in APY than traditional ones. Likewise, many Americans look up to them Account checking To see if they can do more.

If you haven’t shopped for a new checking account in a while, you may be missing out on beneficial features In 2023, the best checking accounts offer valuable benefits like cash back rewards on purchases, no fees and the ability to earn interest on your balance.

Below, we’ll break down some of the best checking accounts that offer high interest rates and other benefits Explore your checking account options to see how much interest you can earn right now here

Best Checking Accounts 2023

Here are five of the best checking accounts available today, divided into five categories.

Best for yield/interest rate: Axos Bank Award

If you’re shopping around for a checking account with the best annual percentage rate (APY), Axos Bank Rewards Checking takes the cake with extra frosting. The online checking account offers an APY of up to 3.30%, far ahead of its competitors.

While its APY is impressive for a checking account, it comes with conditions. You must receive at least $1,500 in direct deposit to earn interest on your balance. And, to earn the most APY, you need to keep a variety of accounts.

If you meet the conditions, you’ll have a high-income checking account that charges no maintenance fees and offers unlimited domestic ATM fee payments.

Best for maintenance: Ally Bank

Ally Bank is one of the pioneers in online banking and continues to offer convenience-driven banking products including its checking account. If you’re tired of seeing maintenance and other fees on your checking statement, the Ally Interest Checking Account may be a good option. This account does not charge monthly maintenance or overdraft fees.

One problem with many online banks is the ATM fees they charge when you withdraw money outside of the network Ally offers free access to 43,000 ATMs for free withdrawals and will reimburse you up to $10 per month for fees you incur at non-partner ATMs.

Learn more here.

Best for minimum deposit: Capital One 360

Some banks require a significant minimum deposit to open a checking account or receive certain benefits. This is not the case with the Capital One 360 ​​Checking Account. While the account’s interest rate isn’t the highest, it excels as a simple, no-fuss checking account that doesn’t impose balance minimums or fees on its account holders.

Capital One has one of the largest ATM networks, with over 70,000 ATMs where you can make free withdrawals. The account also offers unique benefits like an early paycheck feature that lets you get paid up to two days in advance and the option to deposit cash into your account at any CVS location.

Best for Mobile Banking: PNC Bank

PNC Bank checking accounts offer an impressive tool to help you manage your accounts and finances. You can get push alerts when your balance is low or payment due date is approaching. Plus, PNC’s money management resources can help you set up and manage a budget.

The mobile app allows you to cancel pending checks or other transactions that may overdraw your account. If an overdraft occurs, the bank allows 24 hours to credit your account and avoid overdraft fees.

Learn more here.

Best for flexibility: TIAA Bank

TIAA Bank offers a variety of checking account features that can benefit you in a number of ways. Specifically, TIAA’s Yield Pledge Checking guarantees that its rates will be in the top 5% of competitive accounts. Additionally, the account doesn’t charge monthly fees that can eat into your returns, and you can open an account with just a $100 minimum deposit.

The Yield Pledge Checking Account Debit Card offers warranty protection on eligible purchases for up to one year. You also get 60-day price protection, so if the price drops within 60 days of purchase, you can get the difference between what you paid and the new advertised price, up to $250. Finally, the bank offers unlimited ATM fee waivers for yield pledge account customers with a balance of at least $5,000.

How to open a checking account

Before you open a checking account—whether you open a checking account online or at a brick-and-mortar bank office—research multiple banks for account features that align with your needs. Once you’ve chosen the best checking account for your situation, gather your Social Security number, valid identification, and proof of address to prepare for the application process.

If you are opening a checking account at a physical bank, visit a branch office and request to open an account. Alternatively, for an online bank, visit the bank’s website and follow the steps to open your account Most online banks offer a streamlined process to open your account completely online within minutes.

You will need to complete your application, provide the required documents and agree to the terms and conditions. Some banks may require you to make an initial deposit. Be sure to carefully review and understand the fees and account terms before you sign up for a new account. Start here now.