Best Checking Accounts (2020)

Описание: What is the best checking account in 2020? Watch best my checking account review video here to find out.

Follow me on Instagram @ConwayMoney

The first thing you need to know is that most of the checking accounts out there are simply awful. Instead of banks paying you, you end up paying the bank!

A lot of banks like Chase, Bank of America, Citi, and Wells Fargo charge $10-$15 per month for the privilege of letting them hold your money.

I will show you some checking accounts that won’t charge you a dime and instead pay YOU $10-$15 per month or much more.

SoFi Money (Best Overall Checking Account)
My favorite overall checking account in 2020 is SoFi Money. I have loved this account since I discovered it last year. Here are the key things you need to know:

It is free to use. There are no account maintenance fees and has no minimum balance requirement.
It is a checking and savings hybrid account, meaning you only need to have one simple account.
SoFi Money has a relatively solid interest rate, currently at 0.20%. Compare this to Bank of America, Citi, Wells Fargo, and most other banks, which have checking account interest rates of zero or near zero percent. It’s your money, you deserve to earn interest!
Your deposits are FDIC insured through SoFi Money’s sweep program up to $1.5M.

There are tons of other great reasons I love SoFi money for checking, including the free ATM access, check book access, mobile check deposit, bill pay, and so many other features.

I have been using SoFi Money for around a year now and I really enjoy it. It’s nice to know that the cash I have sitting in the account when I pay bills is earning me a little interest, and it’s super convenient to get cash in a hurry.

The only real downside that I have experienced with SoFi Money is that you cannot directly deposit cash into the account. However, this is the same problem that most other online banks have. If you have the need to deposit and withdraw a lot of cash, I have a checking account you should check out later in the video.

Now technically, the SoFi Money account is a brokerage cash management account with a debit card. But your funds are swept into an FDIC insured bank and the functionality is the exact same as a checking account. Most “checking” accounts that have a good interest rate and no fees are like this.

I have a referral link but you do not need to use it. If you do sign up, however, please use someone’s link, as you will get a bonus after setting up direct deposit.

💰 $25 signup bonus link for SoFi Money: https://bit.ly/390TLFp (this is my wife Sam’s link, mine’s not working right now)

Capital One 360 Checking (Best Checking Account for Cash Deposits)
Capital One 360’s checking account is free to use, FDIC insured, has no minimum deposit amount, and has ATMs and branches where you can directly deposit cash for no fee.

For most other checking accounts, if you wanted to deposit cash, you would need to either (1) pay a fee to use a service like Green Dot, or (2) deposit money at another bank branch and then transfer the money over.

Capital One 360 has ATMs, branches, and these weird Capital One cafe’s in mainly big cities. there is a map online you can use to see if there is one near you.

Now, Capital One 360’s checking account interest rate is 0.20%, which is good for a checking account. But what is great is that you can open a Capital One 360 savings account for free with no fees and earn 1.70%.

Consumers Credit Union Checking Account (Best Checking Account for Max Interest Rate)
If you don’t mind jumping through hoops, consumers credit union can give you an insane 5.09% interest rate! And this is an account protected by the National Credit Union Administration, which is the FDIC- equivalent for credit unions instead of banks (i.e. it insured your deposits up to $250k).

But to get this 5.09% rate, you must jump through a few hoops:
You must make at least 12 monthly debit card purchases that total $100 or more;
Set up direct deposit or ACH transfer at least $500 per month;
Select e-statements instead of paper; AND
Make $1,000 in purchases monthly on a CCU credit card.

CCU actually has a decent credit card too, known as the Visa Signature Rewards, which has no annual fee and gets you 3% at grocery stores and 2% on gas.

The 5.09% interest rate only applies for balances up to $10,000.

For accounts with more than $10,000 you earn 0.10% or 0.20% APY, depending on the amount. Alternatively, if you don’t complete the initial requirements in any month, you earn 0.01% APY on all balances.

Which checking account would you get?

AFFILIATE DISCLOSURE: Some of the links on this webpage are affiliate links, meaning, at no additional cost to you, I may earn a commission if you click through and sign up. However, this does not impact my opinions and comparisons.

#bestcheckingaccount