Best Checking Accounts of July 2024

Requirements vary by bank for opening an account, but you’ll typically need to be at least 18 years old and have a valid Social Security number or Individual Taxpayer Identification Number. You’ll also need to submit photo identification and provide proof of your current address.

You should keep at least the minimum balance in your checking account and ensure you have enough to cover all your monthly bills. It’s a good idea to have a cushion to protect yourself from accidental overdrafts, but you shouldn’t keep too much money in your checking account if you could earn a better APY by moving some of that money into a savings account.

There’s no magic number; it’s totally okay to have one or multiple checking accounts in your name. Sometimes, having more than one checking account can make money management and budgeting easier. For example, you might want a separate checking account for spending on your kids, or a business checking account for your business expenses.

You may have noticed the words "Member FDIC" or "FDIC Insured" when shopping for a bank. The Federal Deposit Insurance Corporation provides deposit insurance for consumers, specifically to protect their funds if their bank fails.

Accounts that are insured by the FDIC must be deposit accounts, which include checking accounts, savings accounts, money market accounts, and CDs (certificates of deposit). With FDIC insurance, you’ll get up to $250,000 in insurance per owner, per insured institution, per account category.