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10 Best Checking Accounts of July 2022

When it comes to opening a checking account, there are many things to consider. You need to find one that's right for you, and your specific needs.

We're here to help! In this article, we'll discuss some of the best checking accounts on the market today and what makes them so great. We'll also provide a review of each account, so you can decide which one is best for you.

A checking account is an important part of your financial life. It helps you manage your money more easily and keeps you from overspending or forgetting about important bills.

10 Best Checking Accounts of July 2022

1- Discover Bank Cashback Debit

Discover Bank Cashback Debit is a credit card that offers cash back rewards.

Would you like to receive cash-back after every qualifying debit card purchase? Discover Bank® checking can grant that. The bank also provides free access to over 42,000 ATMs. The company also has a strong high-interest savings account that comes with a decent introductory interest rate. But if you’re not big on online banking, then you might not like the fact that Discover only has one location.

Best for: Customers who value competitive rates, checking perks and ATM access over branches, and might overdraft from time to time.


  • No monthly fees on checking and savings accounts.

  • Cash back rewards checking account.

  • Solid rate on savings.

  • Large ATM network.

  • Paychecks available up to two days early with direct deposit.


  • Only one physical branch location.

  • Doesn't accept cash deposits.

2- Alliant Credit Union High-Rate Checking

Many credit unions offer better interest rates than banks do, but they also may have narrow membership requirements and less polished technology. But Alliant Credit Union combines the best of both worlds with broad membership criteria and strong rates, plus a good tech experience.

Best for: Consumers who want high-yield checking and saving rates and a large ATM network.


  • More than 80,000 free ATMs.

  • Interest rates on checking and savings are well above average.

  • No overdraft fees.


  • No branches.

3- Axos Bank® Rewards Checking

Axos Bank, formerly called Bank of Internet USA, is an online bank that does away with many fees and offers something that's somewhat rare: rewards checking. As an online-only bank, Axos doesn’t have in-person customer service options, though it does provide a 24/7 phone line, automated online chat, secure online messaging and Twitter. If in-person customer service isn’t important to you, consider giving Axos Bank a closer look.

Best for: Customers who want high-yield savings and checking accounts, are comfortable with online-only customer service and would benefit from unlimited ATM fee reimbursements.

Penalty for outsize CFPB complaints: NerdWallet deducted 0.5 star from Axos’ overall rating due to the volume of complaints on the Consumer Financial Protection Bureau database relative to its asset size. For more information about this penalty, see our methodology page.


  • Excellent checking rates and rewards.

  • No monthly fees for checking or savings.

  • Domestic ATM fee reimbursements.


  • No branches.

  • CD rates are low for an online bank.

4- Consumers Credit Union Free Rewards Checking

Consumers Credit Union’s biggest appeal is its checking account, thanks to a rate that can go up to 4.09% APY. But you have to meet transaction requirements to get the best yields. Savings rates are much lower.

Best for: Those who want to maximize interest and earn ATM fee refunds in a rewards checking account and who are unlikely to overdraft.


  • Free Rewards checking earns a high rate.

  • Large free ATM network and access to shared branches.

  • Easy to join.


  • Low savings account interest rate.

  • Overdraft courtesy pay fee is $30 and can be charged an unlimited number of times.

5- Quontic Cash Rewards Checking

Quontic Bank is a digital bank with a strong lineup of rates and other features on its checking, savings, money market accounts and certificates of deposit. It is recognized as a community development bank based in New York City, though its offerings are available nationwide.

Best for: Customers who want high-interest accounts in one place, do their banking online and don’t need weekend customer support.


  • High rates on savings and CDs.

  • High-interest checking, in addition to options for cash back or Bitcoin rewards checking.

  • Free access to over 90,000 ATMs.

  • No monthly fees.

  • No overdraft fees.


  • No branches.

  • No weekend customer support hours.

  • Does not accept cash deposits.

6- Monifi Spend Balance

Monifi is a digital-only bank and a division of the Oklahoma-based MidFirst Bank. Monifi customers get two linked accounts, which are referred to as “balances”: a spending balance, which doesn’t earn interest, and a savings balance, which does. A debit card is connected to the spending balance. Monifi’s robust budgeting tools allow users to add tags and notes to transactions, as well as export transaction data. Customers can also set up specific goals within their savings balance, and the app displays progress bars toward meeting those goals. Money in the savings balance earns a solid rate of 0.70% annual percentage yield. There are no monthly fees. Customer support is available seven days a week, though mobile app store reviews describe issues with getting help.

Best for: Mobile-focused banking customers who want interactive budgeting tools and a high-yield savings option.


  • Solid APY on the savings balance.

  • Customized budgeting tools for tracking spending and setting goals, along with transaction alerts such as for low balances.

  • Free access to the Allpoint network of 55,000 ATMs nationwide.

  • No monthly fees.


  • Mobile app ratings are average. Many of the low-rating reviews describe situations in which the bank closed accounts abruptly, and some mention problems with getting ahold of customer service.

  • Monifi has no branch access, despite its parent bank’s network of locations.

  • No cash deposits are allowed.

  • $15 fee for checks or online transfers that get declined due to insufficient funds.

7- Connexus Credit Union Xtraordinary Checking

Connexus Credit Union checking account offerings are strong, with the potential to earn high rates. Its website and online and mobile banking platforms are also generally helpful. The credit union is part of shared ATM and branch networks across credit unions nationwide. But its savings account has a relatively low rate.


  • 1.75% on Xtraordinary Checking, if a couple requirements are fulfilled.

  • No monthly fees on checking or savings accounts.

  • Over 54,000 free ATMs available.


  • Better rates available elsewhere on savings.

  • $5 inactivity fee for checking or savings with less than $100 and no activity over a certain number months.

8- Lake Michigan Credit Union Max Checking

Lake Michigan Credit Union is among the 20 largest credit unions nationwide and boasts solid rates and low to no monthly fees across its checking and savings accounts and certificates of deposit. The credit union’s most nationally competitive offering is its Max Checking account, which has a rate of 3.00% annual percentage yield on balances up to $15,000, provided certain conditions are met.

LMCU’s membership requirements aren’t as restrictive as those at many credit unions. Most people can apply for membership by contributing $5 to a nonprofit organization that LMCU supports — and residents of Florida and parts of Michigan can join without that contribution. Membership is available to residents in all states except California. New members must open and maintain a Member Savings account with at least $5. The credit union offers free access to a nationwide ATM network, but branch access is limited to two states, Michigan and Florida.

Best for: Savers who want a high-interest checking account and generally manage their banking online.


  • Max Checking’s highly competitive rate on balances of up to $15,000 (no interest above that) can mean up to $450 in interest per year.

  • Strong CD rates, especially on terms of 3 years and longer, and a low minimum deposit of $500.

  • Free access to over 55,000 ATMs through the Allpoint network. For Max Checking account holders, up to $10 in monthly ATM fee reimbursements.

  • No monthly fees or minimum balance requirements on Max Checking or several other checking accounts.

  • Ability to create subaccounts with Member Savings, a feature that can make budgeting easier.


  • To earn the Max Checking rate, you must meet four requirements each month: receive at least one direct deposit, make at least 10 LMCU debit or credit card transactions, log onto online banking at least four times and receive electronic statements.

  • Branch access in two states only.

  • Interest rate on Member Savings is low compared with offerings by online banks and some credit unions.

  • $5 monthly fee on Member Savings — although the fee is relatively easy to avoid, such as by having a checking account or maintaining a daily balance of at least $300.

9- LendingClub Rewards Checking

After acquiring Radius Bank and rebranding it with its own name, LendingClub offers an excellent checking account with perks including ATM fee rebates and cash back. It also offers deposit-taking ATMs for easy cash deposits and solid rates on its savings account and certificates of deposit.

Best for: Online banking customers who use a debit card often, want to earn a high yield, and don't mind getting support online or by phone.


  • One checking option has cash back rewards and pays interest.

  • Unlimited ATM fee reimbursements.

  • High savings account and CD rates.

  • Free checking and savings accounts available.


  • Only one physical branch location.

10- SoFi Checking and Savings

Financial services company and brokerage SoFi recently gained its bank charter and launched its new combination account, SoFi Checking and Savings, which allows customers to have checking and savings balances in the same account. The account has a high interest rate, no monthly fees and a solid free overdraft coverage program for customers who qualify. For this review, we separated the checking features of the account from the savings features to evaluate each on its own merits.

Customers who had a SoFi Money cash management account have the option to upgrade to a SoFi Checking and Savings account. SoFi will no longer be opening any new SoFi Money accounts.

Best for: Those who want to earn high interest and don’t mind using remote customer service instead of bank branches.


  • High interest rate.

  • No monthly maintenance fees or overdraft fees.

  • Fee-free access to more than 55,000 Allpoint ATMs.

  • Two-day early direct deposit.


  • Cash deposits cost up to $4.95 and are available only through third-party retailers.