5 Top-Rated Checking Account Programs

May 7th 2016

Some banks save customers money through checking account interest rates, loan products and a lack of fees. These options create good customer service practices and happy customers simultaneously.

Capital One 360

Capital One 360 offers its checking account through the Internet only, and because the institution does not have physical locations, it offers a competitive interest rate. The account has no minimum balance, no maintenance fees and a revolving line of credit in case of overdrafts. The overdraft coverage has an interest rate lower than many credit cards. The starting annual percentage yield is 0.20 percent as of 2015, which comes in above the national average of 0.17 percent. For people with more than $100,000 in the account, the annual percentage yield rises to 0.80 percent.

Bank5 Connect

Bank5 Connect checking accounts give customers 0.76 percent interest with no monthly fees. The minimum deposit to open an account is $10, and the bank refunds up to $15 of out-of-network ATM fees per billing cycle. Customers can also enroll in the debit rewards program that earns points towards purchases of thousands of items online.

Bank of Internet USA

Bank of Internet USA's Rewards Checking account starts with an interest rate of 0.47 percent, but customers can earn up to 1.25 percent when they meet various criteria, such as using the debit card at least 10 times per month. The minimum to open an account is $100. However, holders get a cash-back rewards program, unlimited ATM fee reimbursements and free money management software from Quicken for that opening balance.

Lake Michigan Credit Union

The Max Checking account from Lake Michigan Credit Union gives customers a 3 percent interest rate on balances of more than $15,000, with monthly stipulations. Account holders must use direct deposit, log into online banking at least four times, make 10 debit card purchases, and sign up for e-statement and e-notices to earn the higher rate. The account is free to start and has no monthly fees.

Ally Bank

Ally Bank's checking account features several free services, including incoming wire transfers, standard checks and cashier's checks. The interest rate earned on the account starts at 0.10 percent, plus the non-sufficient funds fee is just $9, one of the lowest rates among top banks.

Find Out for Yourself

Both NerdWallet.com and GOBankingRates.com allow users to compare checking accounts and search for a bank that has the right features. NerdWallet.com includes national banking associations and local banks in a particular ZIP code. GOBankingRates.com lists the best checking accounts in various states and regions, and the website compares interest rates among local institutions so that customers can find the best rates available.


Checking accounts come with many options, such as free checking, online bill pay, interest, rewards and bonuses. Other accounts offer great ways to use technology to connect with the account, allowing customers to check balances and deposit checks into the bank online. The best programs in the United States have a ton of perks, including non-sufficient funds coverage, no minimum balance and a small minimum deposit to start the account.

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