A checking account is a financial tool offered by banks and credit unions to help you manage your finances by keeping a certain amount in a separate account. This money is set aside purely to use it on your fixed and flexible expenses throughout the year.
Most people do not bother opening a checking account due to the high sign-on fees, a hefty annual/monthly fee, a high minimum balance requirement, etc. But with the advent of technology, online banks have taken over the brick and mortar banks. Now you don’t have to worry about additional or hidden fees. Just download an app and begin saving a ton of money each year.
Here are the 5 best checking accounts at U.S. Banks
1. BBVA Free Checking Account
BBVA is Panama-based financial security and investment services. The interesting thing about the free checking account by BBVA is, they have different policies for every state in the US. For instance, in California, BBVA offers three types of checking accounts. Each catering a specific type of customer. The tree types are Premium, Convenience, and Free Checking Account.
Online and Mobile Banking available
A low opening deposit($25)
Zero monthly service charge for the Free account.
2. Radius Bank Hybrid Checking
Want the same high-interest rate of your savings to account in your checking account?
Most checking accounts are quite lenient when it comes to annual fees and minimum balance requirements. But they don’t offer a high-interest rate like a savings account. This is where Radius Bank Hybrid Checking Account comes into play.
No hidden fees and high interest on your money
Apply online and secure your other vital accounts in minutes
Receive the deposits made by your employer in no time. There are no delays.
3. 360 Checking by Capital One
Checking Account from Capital One offers all the features requested by someone who practices frugal living. No fees, zero balance allowed and a free mobile app to help you manage your money in an easy and hassle-free manner. Moreover, now you don’t have to worry about exceeding the withdrawal limit. Meaning, Capital One will not charge any overdraft fees of you replace the amount you are overdrawn in a full business day.
4. Ally Bank Interest Checking
Tired of brick and mortar banks? With Ally Bank, you can open an account, deposit checks and perform numerous other banking tasks without ever seeing accounts face. It is a 100 percent online bank. Besides, customer service is excellent.
With Ally eCheck Deposit, you don’t have to visit an ATM or the brick and mortar branch office to deposit a check. Just sign the check, but the amount; and take a picture of it with your smartphone. You can upload the check directly via a mobile app.
5. Simple Checking Account
Simple is a tech startup based in Portland. From an experimental phase, this app has now come to a pint where it has become one of the best online checking accounts in the US. This app manages your finances and creates a budget for you so you know exactly how much you can afford to spend.
Moreover, you can also set up your recurring or flexible expenses like electricity bills, house rent, etc in the app itself. The app will set this amount aside so you don’t spend it on a whim.
The bottom line
Banking can sometimes be a bit overwhelming. Brick and mortar banks are open all day. Most of them are only open for a few hours. To get your work done, you are supposed to visit the bank during office hours. Which can be taxing for a lot of working people. This where online banks come into play. They have introduced new features that brick and mortar banks could never afford to provide.