(14) BEST Checking Accounts in 2024!!

Introduction

• Overview of checking accounts and the importance of choosing the right one to avoid fees.

• Encouragement to stick around for non-negotiables when selecting a checking account.

Best Checking Accounts of the Year

Discover Checking Account

• Cash Back Rewards:

  • Earn 1% cash back on spending up to $3,000 in one month.

  • Functions like a debit card with credit card perks.

• Features:

  • No fees and early direct deposit (up to 2 days).

Chime

• Account Type: Online checking account with no physical branches.

• Key Features:

  • Fee-free overdraft up to $200 with "Spot Me" feature.

  • No monthly service or minimum balance fees.

  • Early paycheck direct deposit.

• ATM Access: Withdraw cash for free at Walgreens, 7-Eleven, CVS, and Circle K.

Experian Smart Money Digital Checking Account

• Unique Selling Point:

  • Builds credit without debt; transactions reported to credit bureaus.

• Promotions:

  • Currently offering a $50 bonus for setting up direct deposit of at least $1,000 within 45 days.

• Eligibility:

  • W-2 earners can easily qualify by meeting direct deposit criteria.

CIT Bank e-Checking Account

• Account Opening:

  • Minimum opening deposit of $100.

• Interest Rates:

  • Earn 1% on balances under $25,000; 0.25% on higher balances.

• Additional Features:

  • Use of Zelle, Apple Pay, Bill Pay, and Samsung Pay.

  • No ATM fees with excellent customer service ratings.

Ally Bank Checking Account

• Spending Buckets Feature:

  • Organize money into various categories (groceries, rent, etc.) to manage spending effectively.

• Convenience:

  • E-check deposits via smartphone and no fees.

• Allied Features:

  • FDIC insurance.

Capital One 360 Checking Account

• Ease of Access:

  • Simple online setup; requires ID and social security number.

• Services Offered:

  • 24/7 mobile banking access and 70,000 fee-free ATMs.

• Additional Info:

  • No fees to open, maintain, or use the account.

Navy Federal Credit Union Checking Account

• Target Audience:

  • Specifically for military members and their families.

• Types of Accounts:

  • Flagship checking account with interest payouts (0.35% to 0.45%) for balances of $1,500 or more.

  • Free active duty checking and options for college students.

• Benefits:

  • Access to credit union benefits with various account types.

Non-Negotiables for Opening a Checking Account

• No Monthly Maintenance Fees:

  • Avoid banks that charge fees for account maintenance.

• No Minimum Balance Requirements:

  • Essential for individuals who maintain a low average account balance.

• Mobile App and Deposits:

  • Must have a functional mobile app for convenience and quick access.

• Connection to External Accounts:

  • Ability to transfer funds between savings and checking accounts easily.

• FDIC Insurance:

  • Ensured security for deposits.

• ATM Access:

  • Access to a wide network of ATMs, preferably with fee reimbursement.

• Interest-Bearing Accounts:

  • Accounts that offer interest payments are preferred, such as those from Navy Federal.

Conclusion

• Invitation to comment on additional checking account recommendations.

• Encouragement for viewers to engage and provide feedback on their experiences with checking accounts.