Checking accounts are a safe place to keep money you need for everyday spending. Most checking accounts today make it easy to access your money, offer flexible withdrawal options, and are FDIC insured. And the best checking accounts have low or no fees, a high APY (so your money is making money), and ATM reimbursement.

Ready to compare checking accounts? We've scoured the banking world to find the accounts below -- our picks for the best checking accounts.

3 of our Best Checking Accounts:

If you're short on time, here are three of the best checking accounts we highly recommend:

• Top checking account for cash back: Discover Cashback Debit. Discover boasts cash back on every purchase, with up to $360 in cash back each year. That means it's possible to earn even more than you could with a typical checking account APY without changing your habits at all.
• Top checking account for earning interest: Axos Bank Rewards Checking. Axos stands apart with the opportunity to get an APY that rivals some savings accounts: 0.40% (up to 3.30%). If you qualify for it, this is a great way to put your money to work for you.
• Top savings and checking account in one: SoFi Checking and Savings. For those who want high interest checking and savings accounts in one, SoFi Checking and Savings is hard to beat. Not only does the savings account offer a strong APY, but the linked checking account earns above-average, too.

How to choose the best checking account for you

We believe the best checking accounts typically have:

• Low fees: There's no reason that anyone should have to pay an account maintenance fee.
• High interest rates: To find the best high-yield checking accounts, compare each account's annual percentage yield -- or APY. A higher APY means more interest.
• ATM reimbursement: Some of the best online checking accounts reimburse ATM fees charged by other banks.
• Convenient ATM or branch locations: Your local bank on the corner is convenient, but it's not the only option. Some online banks have massive ATM networks and easy methods to make deposits, even with cash.

When you compare checking accounts, look at all of the above factors to get the whole picture for each account.

Discover Cashback Debit

Best for: Customers who don't always keep high balances but use their debit cards often.

The Discover Cashback Debit account can be a great checking account alternative that offers especially good value for customers who use their debit cards to make purchases often.The account offers 1% cash back on debit card purchases, which is among the best debit card reward rates of any checking account (or checking alternative) on our radar. However, there's a limit -- only purchases up to $3,000 per month earn rewards, so this effectively sets a $360 annual cash back limit. The account has no monthly maintenance fees, overdraft fees, stop payment fees, or nonsufficient funds (NSF) fees. And the account offers the ability for customers with direct deposit to get their paychecks up to two days early.Discover Cashback Debit customers have access to more than 60,000 fee-free ATMs, and there is no minimum balance or account activity requirement. And one particularly unique perk is that Discover provides your checks absolutely free.One of the biggest drawbacks is that the Discover Cashback Debit account doesn't pay interest. However, the debit card spending rewards can certainly make up for the APYs offered by competing checking accounts, especially if you use your debit card often. If you regularly need access to your cash, Discover limits ATM withdrawals to $510 per day.The Discover Cashback Debit account is FDIC insured up to $250,000 per depositor and can be a great checking alternative for customers who generally don't maintain a high enough balance for interest to make much of a difference, but who use their debit cards regularly to make purchases.

Axos Bank Rewards Checking

Best for: Consumers who want to maximize yield and are willing to keep investment accounts at a bank.

The Axos Bank Rewards Checking account is one of the oldest online-based checking accounts in the industry, and is still one of the best. It offers one of the best APYs we've seen in a checking account, with the top yield of 0.40% (up to 3.30%) even rivaling some online savings accounts. It has no monthly maintenance or overdraft fees. One of the most unique features of the Axos Bank Rewards Checking account is unlimited ATM fee reimbursements, which can be an extremely valuable benefit. For example, have you ever been in a situation, such as at a concert, where ATM fees were outrageously high? Axos has you covered.

It's important to clarify that there are certain conditions that need to be met to get the highest possible APY. To get the maximum yield, you'll need to:

• Receive $1,500 or more per month in direct deposits
• Use your account's debit card for at least 10 transactions per month
• Maintain an Axos Managed Portfolios (robo-advisor) account with at least $2,500
• Maintain an Axos Self-Directed Trading Account with average balance of $2,500 or more
• And use your Axos Bank Rewards Checking account to pay an Axos consumer loan.

Obviously, not all customers will do all of those things. But even if you do just a few of them, Axos can be one of the highest-yielding checking account options in the industry.

SoFi Checking and Savings

Best for: Consumers who want high interest checking and savings accounts all in one.

The SoFi Checking and Savings account is a combination account, meaning that all account owners have a checking and savings account in one -- there's no option to just open one or the other. However, the account is one of the best online checking accounts in the industry, with no account fees whatsoever, a competitive APY, and as much as $2 million in FDIC insurance for people with high-balance accounts.

One of the biggest benefits of having a combo account is being able to seamlessly transfer money between the checking and savings account, and the latter offers up to 4.60%. There are some unique benefits such as free checks, and SoFi typically offers excellent welcome bonuses, as well as some of the best referral bonuses in the business. Account owners also get free ATM access at over 55,000 ATMs in the Allpoint Network, as well as access to their direct deposits up to two days early.

Of course, the account isn't perfect. Not everyone wants both a checking and savings account, and some competitors don't require any special activities (like direct deposit) to take advantage of the best interest rates.

Quontic High Interest Checking

Best for: Customers who buy things with their debit card often.

The Quontic High Interest Checking is a solid option for consumers who use their debit cards to shop frequently. As long as you make at least 10 qualifying debit card purchases of $10 or more every month, you'll qualify for the highest APY (up to 1.10%) -- if you don't, the account will pay just 0.01%. This isn't the only reason Quontic is best for active checking account users: There's an inactivity fee of $5 per month that could be assessed to idle accounts.Customers can access ATMs through several partner networks for fee-free cash withdrawals at more than 90,000 ATMs. As an online bank, depositing cash directly into the account isn't possible, but this is quite standard for banks without branches.

American Express Rewards Checking

Best for: People who want to earn a competitive yield on checking account balances, as well as rewards for debit card spending.

American Express is best known for its card products, and for good reason. But it is also a fully functional FDIC-insured bank, and offers a range of consumer deposit accounts, loan products, and more. This includes the American Express Rewards Checking account, which can be an excellent choice for people who want an online checking account that pays interest on their money.It isn't too common for checking accounts to pay interest, even for online checking accounts, but the American Express Rewards Checking account does. To be sure, its APY isn't competitive with what you'll find through online savings accounts and CDs, but it can allow you to earn some money on the cash in your checking account.One of the most unique features is the debit card rewards program. Checking account customers earn 1 Amex Membership Reward point for every $2 in eligible purchases, with no maximum reward amount. Like most online checking accounts, there is no monthly maintenance fee and no minimum balance requirement. While Amex doesn't have branches or its own ATMs, customers have access to their money through 37,000 MoneyPass ATM locations throughout the United States.One way American Express stands out over other online checking accounts is its customer service. American Express offers account holders 24/7 customer service over the phone or live chat. And with American Express' highly rated mobile app, it could be a smart choice for people who like to manage their finances on the go, especially those who already have a credit card relationship with Amex.There are a few potential drawbacks, however. The American Express Rewards Checking account is only offered to Amex's U.S. Card Members who have been customers for at least three months. And there are some services Amex doesn't offer, such as outgoing wire transfers or online bill payment, so it might not be the best choice if you regularly use these things.

Betterment Checking

Best for: Customers who travel internationally and need access to cash often.

We'll start with the biggest negative -- unlike many online-based checking accounts, Betterment Checking doesn't pay interest. So the spot it's earned toward the top of our list despite this fact should tell you something.

Betterment Checking has no monthly maintenance fees or overdraft fees, two features that are rather common with online-based checking accounts. However, it offers unlimited ATM fee reimbursement and reimbursement of foreign transaction fees, and the latter is a rare benefit. So, depending on how often you need to access cash and how often you travel internationally, these perks can make up for the lack of interest on the account.

Ally Spending Account

Best for: Customers who want an all-in-one online bank.

The Ally Spending Account is an online, interest-bearing checking account that could be worth a closer look. While the highest APY (Up to 0.25%) is only available for customers who maintain an average daily balance of $15,000 or more, those with smaller balances will still get a competitive yield on their money and there is no minimum balance required.Not only does Ally offer its customers free access to 43,000 ATMs nationwide through its partnership with the Allpoint network, but it also will reimburse up to $10 per month in ATM fees incurred on out-of-network locations. There are no monthly fees, and Ally has a highly rated mobile app that lets you manage your checking account and other Ally financial accounts in one user-friendly place.

Alliant High Rate Checking

Best for: Customers who want to be able to access their money from anywhere.

The Alliant High Rate Checking account is offered by Alliant Credit Union, and it offers a competitive APY with minimal hoops to jump through. You don't need to maintain any specific minimum balance to get the bank's best APY (0.25%), but you do need to enroll in e-statements and have one electronic deposit into your account every month to qualify.Not only does the Alliant High Rate Checking account offer fee-free access to more than 80,000 ATMs nationwide, but it also will reimburse up to $20 in out-of-network ATM fees every month. The account has no monthly maintenance fees and doesn't charge overdraft fees. To qualify for the account, you'll need to join the Alliant Credit Union, but if you're willing to take that step, this is a solid online checking account.

Schwab Bank High Yield Investor Checking

Best for: Schwab brokerage customers who want to earn interest on their checking account balance.

If you're a Schwab brokerage customer -- or are interested in becoming one -- the Schwab Bank High Yield Investor Checking account could be a good fit for you. It offers an APY that is on par with some of the top online checking accounts (0.45%) and has no monthly maintenance fee.

Unlike most online checking accounts, Schwab doesn't offer a fee-free ATM network, but it does offer unlimited ATM fee reimbursement, effectively putting every ATM in your network. It charges no foreign transaction fees, which is somewhat of a rarity for a checking account, and offers unlimited free paper checks to account owners.

Capital One 360 Checking

Best for: Customers who want branch-based banking convenience without the fees.

While the Capital One 360 Checking account doesn't have the highest APY in the industry, it's also one of the only no-fee, interest-bearing checking accounts offered by a branch-based bank, and with no minimum balance requirement. This makes it an excellent choice for customers who live near Capital One branches and frequently need to deposit cash or make other in-person transactions.Capital One gives access to its own branded ATMs as well as tens of thousands of others around the U.S., but unlike some other top-rated checking accounts, it doesn't reimburse for out-of-network ATM fees. However, it does have a top-rated mobile app and could be the best combination of the cost structure of an online bank and the convenience and customer service of a branch-based financial institution.

EverBank Yield Pledge® Checking

Best for: Customers without high balances who want purchase protection.

EverBank isn't an entirely online bank, with nine branches in Florida, but even if you don't live near a branch, the EverBank Yield Pledge® Checking account could be a good fit. It pays a competitive (but not top-tier) APY of 0.25% on checking account balances, and there's no minimum balance or direct deposit requirement to take advantage of it.EverBank not only offers a large network of ATMs available fee free to its checking account customers but offers at least $15 in monthly ATM fee reimbursements for all account holders. And, its debit card comes with some purchase protections, such as extended warranty and price protection, which are usually reserved for credit card customers.

LendingClub Rewards Checking

Best for: High balance customers who use their debit cards often.

Although it doesn't offer the highest APY in the industry, the LendingClub Rewards Checking is still a highly competitive checking account. It charges no monthly maintenance or overdraft fees, and offers unlimited ATM fee reimbursements anywhere in the world. And while virtually all checking accounts come with a debit card, the LendingClub Rewards Checking offers as much as 1% cash back on debit card purchases for account holders with an average balance of $2,500 or more, or monthly direct deposits of at least $2,500.Perhaps the biggest negative is that the LendingClub Rewards Checking only pays interest to account holders with $2,500 or more in their accounts, and reserves its best APY (which is still on the lower end for online checking accounts) for customers with $100,000 or more.

What is a checking account?

A checking account is a bank account designed for spending. Most checking accounts come with a debit card. Account holders can also take advantage of online bill pay services.

It contrasts with a savings account, which is intended for -- yes -- saving. Savings accounts usually don't have debit cards, because banks don't expect you to spend the money in your savings account.You can open a checking account for yourself, or you can open a checking account with someone else. An account with more than one account holder is called a joint checking account. If you're searching for the best joint checking account, you'll need to take into consideration both you and the other prospective account holder's needs, habits, and lifestyles.

You can open a checking account online or in-person, through both traditional brick-and-mortar banks and an increasing number of online financial institutions (like that new banking app your coworker won't stop raving about).

Checking vs. savings account: What is the difference?

A checking account is great for paying bills, because it's easy to get money in and out of a checking account. Savings accounts tend to earn more interest, which make them perfect for saving money over long periods of time. High-yield savings accounts typically have higher APYs, which makes them a better choice for an emergency fund or other cash you don't anticipate using anytime soon but don't feel comfortable investing. But savings accounts also have restrictions that limit the number of withdrawals you can make per month and the ease of access you have to your money.

Checking accounts are intended to be spending accounts used for everyday purchases. They have fewer limitations on the number of payments or withdrawals you can make each month. But they usually don't have a high APY like savings accounts do, even if they are high interest.

RELATED: How to Open a Checking Account

Why should you have a checking account?

Most American adults have checking accounts, and there's a good reason why it's such a popular place to keep money.Here are a few reasons to open a checking account, whether it be a high-interest online checking account or one from a traditional brick-and-mortar bank:

• Easy spending: If you have an emergency expense, an unexpected bill, or even just a fun shopping spree -- it's easy to spend money out of a checking account. Some options for spending out of a checking account include checks, debit cards, online banking, and mobile wallets. Checking accounts are also great for combining finances. The best joint checking accounts allow you to pay shared bills, like rent or insurance, with ease.
• (Usually) no restrictions: Believe it or not, most other bank account types have restrictions on spending. With a savings account, you can usually only make six withdrawals each month. And with a certificate of deposit (CD), you can't take money out at all without paying a penalty (unless your CD has matured -- but waiting for it to mature can take months).
• Protection: Most checking accounts have insurance covering up to $250,000 in deposits. Banks have FDIC insurance, and credit unions have NCUA insurance, with each offering coverage up to the same amount. In the unlikely event that your bank shuts down, insurance would cover it. Also, consumer fraud protection services are standard and free of charge in many checking accounts, both nationwide and at local banks.

Are checking accounts free?

Yes and no. When people talk about free checking accounts, they are usually referencing checking accounts that don't charge a monthly maintenance fee. Most accounts still charge other fees, though.

Even if you aren't charged a monthly maintenance fee, you could be hit with other fees. So not all "free checking accounts" are actually free. Here are some of the more common fees you might see:

• Monthly maintenance fee (also known as the service charge, among other names): This is the most common recurring checking account charge. It often ranges from $5 to $15, but can vary widely. Fortunately, banks often waive this charge if a customer meets certain standards. These can include a minimum number of transactions on the account's debit card, setting up recurring direct deposits from an employer, or meeting a minimum ongoing balance amount.
• Overdraft fee: This classic charge has been a staple of the checking account for many years. Should you spend more money than what you've got in the account, you'll be hit with an overdraft fee. $30 per incident is roughly the going rate. Banks don't typically waive overdraft fees, though some online checking accounts don't charge them.
• ATM fee: Banks like to charge ATM fees if you draw funds from cash machines that aren't theirs. A standard hit is $2 or $3 per transaction, but these can be much higher in certain locations, especially abroad. The ATM owner may charge their own fees as well.

To be clear, not all checking accounts (especially online checking accounts) charge all of these fees. For example, many of our picks for best high-interest checking accounts don't have any monthly maintenance fees or overdraft fees, and some even go so far as to reimburse customers for ATM fees charged by other banks.

So the best checking accounts with no fees are the checking accounts with no fees you will incur. That said, if you can find a no fee checking account (as in, you can avoid any fees the bank charges, such as overdraft fees) you can save a lot of money. If you're looking for a free checking account, make sure to keep an eye on all the possible charges -- not just monthly maintenance.

Do checking accounts earn interest?

The best checking account offers include at least a low APY, but they can be hard to find. Most banks don't offer interest on their checking accounts.This is particularly true of banks with brick-and-mortar operations. Keeping branches open is expensive and resource-draining, and the prevalence of checking accounts make them a prime target for cost cutting.There are, however, exceptions to this no-interest standard. Interest-bearing checking accounts exist.Unfortunately, these accounts often have relatively high opening and/or minimum ongoing balance requirements. The effort it takes to hit those marks, plus the funds they tie down, are not worthwhile for many customers, especially because many of the best interest-bearing checking accounts only offer a low APY.

You can sometimes find better APYs if you open a checking account online. Online-only banks have more wiggle room to pay interest since they don't bear those brick-and-mortar costs. It's not unusual to see interest-bearing online checking accounts. Even with the best online checking account, interest rates are generally much lower than what you'll find with online savings accounts.

Types of checking accounts

Here’s a look at some of the most common types of checking accounts.There's a lot of different types, but most of the differences come down to the perks each account offers. To find the best checking account offers for you, ask yourself what you'll need from your checking account. Do you want to earn interest? Avoid maintenance fees? Get a checking account bonus when you sign up? The answers to these questions will help you compare checking accounts and find the one that fits your lifestyle.

Traditional checking account

Traditional checking accounts are available through most banks and credit unions. They usually don’t earn interest, and some charge monthly maintenance fees if your balance is too low. But it's usually pretty easy to access your funds. Most give you check-writing capabilities and a debit card so you can directly withdraw your funds when you need them. And if you choose a brick-and-mortar bank, you'll be able to get money at any bank branch as well.

Premium checking account

Premium checking accounts offer special perks, like lower fees or monthly out-of-network ATM fee reimbursements. But these are usually only available to customers who open multiple accounts with the same bank. Brick-and-mortar banks offer these as a way of competing with the fee-free checking accounts offered by online banks.

Student checking account

Student checking accounts are geared at college students, usually up to age 25. Most of the time, these accounts don't have monthly maintenance fees and they allow for online and mobile banking just like traditional checking accounts.

Senior checking account

Senior checking accounts are targeted to adults who are 62 or older in most cases. These accounts may have lower monthly maintenance fees or they may not charge a monthly fee at all for account ownership. Their features are usually pretty similar to traditional checking accounts.

Interest-bearing checking account

Interest-bearing checking accounts enable you to earn a modest annual percentage yield (APY) on your checking account funds. Rates are usually lower than what you typically see with high-yield savings accounts, and you may need to maintain a high minimum balance to qualify for interest. The best high-yield checking accounts are often online, because online banks don't have as many overhead costs to cover as brick-and-mortar banks.

Business checking account

Business checking accounts are designed for companies rather than individuals. There are often several options business owners can choose from, depending on the features they need and the number of monthly transactions they make.

Checkless checking account

Checkless checking accounts are traditional checking accounts that don’t offer check-writing capabilities. Banks sometimes offer these as a fee-free or low-cost alternative to traditional checking accounts. One of these might suit you as long as you're comfortable paying for items a different way.

Rewards checking account

Rewards checking accounts offer special perks, like cash back on debit card purchases. This is more common with online banks. It may not appeal to everyone, but if you use your debit card often, you might earn more money this way than you would with a traditional interest-bearing checking account.

Private bank checking

Private bank checking accounts are reserved for the ultra-wealthy. These customers usually have large balances, and banks give them dedicated representatives to assist them with their needs.

Second chance checking

Second chance checking accounts are for individuals who have previously had their bank accounts closed, usually due to a failure to pay fees or because they were using their accounts to commit fraud. This makes banks reluctant to work with them again. These second chance accounts usually have more stringent application requirements and there's often a monthly fee you can't waive.

Questions to ask when choosing a checking account

You'll probably use your checking account a lot, so choosing the right one is important. Here are the basic questions you should ask to compare checking accounts:

1. What checking account features do you need?
   Do you want a debit card? Overdraft protection? Mobile banking?
2. How much will your checking account balance be?
   Many checking accounts have maintenance fees, but these fees can be waived if you keep a certain amount of money in the account.
3. What are the most convenient banks for you?
   Is there a bank near your grocery store? Is there a bank with a top-rated mobile app?
4. What checking account fees do those banks charge?
   You can usually find the bank's fee schedule online, or you can ask for it in-person at a branch.
5. What checking account bonus offers are available to you?
   Some banks offer sign-up bonuses to new customers who fulfill certain requirements.

Identifying the best bank for a checking account can be tricky, but it'll make a major impact on your overall experience. If you're opening an account with someone else, make sure the account works for them, too. The best joint checking accounts will make life easier -- for both account holders.If you can't decide between two similar checking accounts, look for extras that make one stand out. For example, some banks offer cash back on debit card purchases or out-of-network ATM fee reimbursements. Also consider what's convenient for you when choosing the best bank for a checking account: Is there a branch or ATM near your home? And remember: The best checking account offers for you might be different from the best checking account offers for your neighbor. Think about your lifestyle before deciding which account has the best bonus for your money.

Key checking account terms to know

Here's some important checking account terminology you should be familiar with:

Debit card: A debit card is a payment card that's linked to a checking or savings account. It's usually (but not always) Visa- or Mastercard-branded. Unlike a credit card, which allows you to borrow money and pay it back later, debit card transactions are approved based on the current balance of your account, and the money is immediately deducted.

PIN: Short for "personal identification number," a PIN is a number that's typically four to six digits. It's used to identify you when using your debit card for ATM withdrawals or in-store purchases.

Insufficient funds: If you write a check or attempt to spend more money than you have in your checking account, the transaction may be rejected for insufficient funds.

Overdraft: An overdraft is the result of a transaction that causes your account to have a negative balance. The key difference between an overdraft and insufficient funds is that a transaction that results in an overdraft is approved, and a transaction resulting in insufficient funds is rejected. Overdrafts usually carry fees.

Mobile or remote deposit: Most checking accounts allow customers to make check deposits from their smartphone or other mobile device by uploading a photo of the check, thereby saving a trip to the bank.

Endorsement: To endorse a check means to sign the back of a check in the specified area, indicating that the person being paid is accepting the money.

Routing number: There are three important numbers on every check, and the first is the routing number. This is a nine-digit code that corresponds with the bank that holds the checking account. Some major banks have several different routing numbers, depending on the geographical location where the account was opened.

Account number: The account number identifies the specific deposit account within the bank indicated by the routing number. In order to send money to a checking account, you'll need both the routing and account number. In short, the routing number tells the sending institution which bank to send the money to, and the account number tells that bank where to put it.

Check number: Although it's not particularly important when it comes to most transactions, every check has a unique number (usually three or four digits). Check numbers are useful for helping the account holder keep track of payments they make by check and can also help identify fraud in many cases.

Discover our other checking account top picks:

• Best Online Checking Accounts
• Best Free Checking Accounts
• Best High Yield Checking Accounts
• Best Student Checking Accounts
• Best Business Checking Accounts