Ditch Your Bank and Go Online For A Better Checking Account
Schwab High Yield Investor Checking Account
One of the most frustrating things about banking is being in a place that has every financial institution۪s ATM except your own. You know what will happen as soon as you use one of them: not only is that bank going to tack on a fee, but yours will also. The Schwab High Yield Investor Checking Account from Charles Schwab is the solution to that. You can use any ATM anywhere in the world without worrying about any fees, because this account comes with unlimited reimbursements for those charges. Charles Schwab even throws in a free brokerage account for you to try your hand at investing. The only negative here is that the APY is pretty low at 0.06%.
Ally Interest Checking Account
Because Ally doesn۪t have any brick-and-mortar branches like traditional banks, it۪s able to absorb much of the costs that traditional banks pass on to customers in a ton of ridiculous fees. It also means Ally can offer pretty good rates on their accounts. The Ally account has an annual percentage yield of 0.10% on balances under $15,000 (and 0.60% on balances over that). Ally gets high marks for its customer service as well, which you can contact 24/7 if you run into a problem. You can withdraw money from all Allpoint ATMs for free, but if you do use another bank۪s ATM, Ally will reimburse you up to $10 per statement cycle. ATM fees tend to be in the $2-$5 range, so depending on how often you visit ATMs, you could blow through that reimbursement limit quickly. Also, if you link an Ally savings account, you can avoid overdraft fees.
Alliant Credit Union High-Rate Checking Account
Unlike the other banks on this list, Alliant is a credit union. The main difference is that credit unions are not-for-profit institutions, and they tend to have more favorable rates and are more consumer-oriented. Also, rather than being federally insured by the FDIC, they۪re backed by the National Credit Union Administration, which offers the same protection for your money. This account has a 0.65% rate, which is almost 11 times the national average, and Alliant has 80,000 in network ATMs across the country at places like CVS and 7-Eleven. Alliant also offers up to $20 a month in reimbursements for fees from ATMs outside of the network. To get the interest every month, though, you do have to sign up for eStatements and receive at least one monthly electronic deposit, which can be direct deposit, payroll deposits, mobile deposits, and even transfers from other banks.
Bank of Internet USA Rewards Checking Account
No, it۪s not a joke, it۪s actually called Bank of Internet USA, which is hilarious. Despite it۪s ridiculous name, this online bank is definitely legit. With their Rewards Checking Account, you can earn interest on your money, but there۪s a unique tiered system. You can get up to 1.25% (the highest on this list) if you meet these conditions: 0.4166% for monthly direct deposits totaling at least $1,000, 0.4166% for using your debit card for purchases of $3 or more at least 10 times a month, and 0.4166% for debit card purchases of $3 or more at least 15 times a month. There are unlimited ATM reimbursements, and you can earn cash back rewards on certain purchases. You۪ll also get access to their free money management service FinanceWorks.
Capital One 360 Checking Account
This account has a 0.20% APY, and offers a twist on traditional overdraft protection. Instead of incurring a charge when you drain your account, the amount you go over becomes a line of credit with an 11.50% interest rate. We۪ve beat you over the head with how important it is to be responsible with credit, so paying interest for spending money should be reserved for last resorts. Also like Ally, you can use Allpoint ATMs for free, but there۪s no reimbursement for fees at other ATMs.