6 Best Checking Accounts of 2023

Having a checking account is essential to everyday financial needs. Finding the right one for you will be determined what matters most when it comes to bank accounts. 

We have outlined our top six choices for checking accounts for 2023 below.

What is a checking account?

A checking account is a type of deposit account held at a financial institution where you are allowed to deposit and withdraw money physically. Checking accounts are known to be highly liquid accounts and can be accessed at an ATM, a teller counter in a bank, or digitally online.

With this transaction account, you can deposit cash and checks at an ATM, and now checks can be deposited digitally. The difference between a traditional savings account and a checking account is that each account differs in the number of withdrawals you can make. There is usually no limit for a checking account, whereas there are restrictions on savings accounts.

Typical uses of a checking account would be to pay bills and make easy transactions with debit; basically, it is used to manage your day-to-day financial needs. 

What should I look for in a checking account?

• Low fees: Due to frequent transaction activity with a checking account, it is essential to keep costs as low as possible. Keep in mind monthly fees, transaction fees, overdraft fees, foreign transaction fees, and out-of-network ATM fees.
• ATM network: An extensive ATM network will be crucial for those who need convenient and easy access to your funds. Many account holders will choose a checking account in an institution that is nearby to them. Be careful about ATM access; we recommend looking for fee-free ATMs or accounts with ATM fee reimbursement if possible. 
• Low minimums: Many banks and credit unions require a minimum deposit upon account opening. This also means that there can be a minimum balance requirement, which means a fee will be charged if the account balance falls below. Some accounts even require a minimum daily balance. If you cannot meet the minimum requirements, look for a no-minimum account.
• Monthly fees: Some banks will charge a monthly service fee. Much of this account fee may be waived if there is a consistent minimum balance in your account or a direct deposit coming into the account monthly. If you are lucky, you may be able to find an account that has no monthly fees or minimums at all.
• Earning interest/ APY: Not all checking accounts pay interest, but there is a rare chance that some accounts do. Depending on the financial organization, a checking account accrues an APY would range from .01% to 2.5%. 
• Customer service: Being able to reach a representative at most hours of the day is an essential feature that an account should include. Whether you have a simple question or need to make a fraudulent report against your account, being able to get into contact with an account agent is extremely necessary. Not only is getting in touch with someone critical but their responsiveness and efficiency are also vital.
• Safety and security: You must feel safe and secure where you place your money. Make sure that any account that you decide to open is FDIC (Federal Deposit Insurance Corporation) government insured. This will provide up to $250,000 in reimbursement per depositor, even in a bank failure.
• Digital experience: A positive digital experience is crucial for those who bank online. This means having quick account updates, transaction reflections, and user-friendly interfaces.

The bottom line

Finding the proper new checking account for you will determine what you consider essential in everyday account use. The best accounts tend to have a few things in common, like high APY rates, low to no minimum fees, and exceptional customer support. Feeling secure where you keep your money is very important, so do enough research on checking accounts that interest you. 

 

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