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Key takeaways
The 12 most common types of checking accounts include traditional, online, student, premium, interest-bearing, rewards, business, joint, senior, second-chance, private bank, and checkless accounts.
Compare fees, minimum balance requirements, ATM access, and mobile banking before choosing a checking account.
Some accounts may earn interest or rewards, but checking accounts generally pay little to none.
If your main goal is to grow your money, a savings or money market account may be a better fit.
A checking account offers a secure place to receive your pay, make debit card purchases, and cover your bills. With so many types of checking accounts to choose from, picking the right one can feel overwhelming.
This guide walks you through each option so you can match an account to the way you actually manage money.
12 types of checking accounts
Checking accounts generally share the same core purpose, but they come in several varieties built for different needs. The most common types are traditional, online, student, premium, interest-bearing, rewards, business, joint, senior, second-chance, private bank, and checkless accounts.
Each type differs in its fees, minimum balance rules, and perks. Traditional and online accounts handle everyday spending, while specialized options like student, senior, and second-chance accounts serve specific situations.
Here's a closer look at each of these checking account options and what makes each one useful.
1. Traditional accounts
Traditional checking accounts are the most common type of account. The best options have no minimum balance requirements, low monthly fees, and offer easy access to your money.
These accounts may also come with overdraft protection, check-writing abilities, and fee-free in-network ATM withdrawals. They can be a fit for people who want a no-frills, basic account.
2. Online accounts
Online checking accounts typically let you manage your money entirely through a website or a mobile app. Because online financial institutions don’t have brick-and-mortar locations, they have lower overheads. That can lead to no fees and potentially some interest earnings.
With an online checking account, you typically get around-the-clock access, mobile check deposit, and quick transfers. The trade-off is that you give up in-person branch service, making them best for people who are comfortable banking digitally. If avoiding monthly costs matters most, compare no-fee checking accounts before you decide.
3. Student accounts
Student checking accounts are typically designed for students who are 18 or older. These accounts generally come with low or no monthly fees and minimum deposit requirements.
They often add perks like fee-free checks, in-network ATM access, and rewards for good grades. Students under 18 will generally need a co-signer who takes responsibility for the account.
4. Premium accounts
Premium checking accounts tend to offer more benefits than traditional accounts, though they often come with higher fees and larger minimum balance requirements. They can include features like unlimited ATM fee reimbursements, checking account interest rates, and rewards programs.
These accounts could help people who want more perks and can meet minimum balance requirements.
5. Interest-bearing accounts
Interest-bearing checking accounts typically let you earn interest on your deposits without investing in the stock market. Some may come with higher opening deposit requirements and monthly maintenance fees, and the interest rate can change at any time.
Even so, high-yield checking accounts generally offer more earning potential for your money. But other types of accounts, like money market accounts and certificates of deposit, typically offer much higher interest rates.
6. Rewards accounts
Rewards checking accounts typically come with perks like cash back on purchases, fee-free ATM access, and bonus points you can redeem for merchandise, discounts, or travel. These accounts often carry higher fees and have stricter requirements.
If you can meet the account conditions, you could come out ahead on the rewards.
7. Business accounts
Business checking accounts are built for people who own or operate a business. They typically come with features tailored to a company's needs, such as higher account limits, mobile banking, electronic bill payment, and overdraft protection.
To open a business checking account, financial institutions commonly ask for an Employer Identification Number, or a Social Security number if you're a sole proprietor. They may also ask for your business formation documents and business license, if applicable.
8. Joint accounts
Two or more people can share a joint checking account, and each owner typically has full access to the money. Couples, family members, and roommates often use them to manage shared bills.
Any account owner can deposit or withdraw funds, so this account works best when everyone communicates openly. It can make budgeting for common goals easier when trust is in place.
9. Senior accounts
Financial institutions often offer special checking accounts to senior citizens. These accounts typically offer enhanced features such as higher interest rates, reduced fees, fee-free checks, and ATM access.
They can make sense for seniors who want to save money while keeping the benefits of a traditional account. It's still worth comparing a regular no-fee account, since it may offer better terms.
10. Second-chance accounts
Second-chance bank accounts are designed for people who can't open a regular account because of past financial issues. Financial institutions generally use checking account reporting companies, such as ChexSystems, to review your recent banking history for negative balances or involuntary account closures.
A negative ChexSystems report could make it harder to get a regular checking account. But your financial institution may offer you a second-chance account instead. These accounts usually have more restrictions, higher fees, and lower debit card limits. Still, they typically give people a way to rebuild their financial history and keep an account open.
11. Private bank accounts
A private bank checking account is generally designed for customers with significant deposits or investments, often in the hundreds of thousands of dollars. These accounts typically include exclusive access to advisors, credit cards, and other benefits you won't find with regular accounts.
They also typically offer higher interest rates, customized loan products, and other perks that fit high-income individuals.
12. Checkless accounts
Checkless accounts are also known as noninterest-bearing accounts. They generally work like traditional checking accounts but do not allow check writing.
These accounts typically have lower fees and lower balance requirements. However, they may not offer as much flexibility as accounts that let you write checks.
Pros and cons of checking accounts
While checking accounts aren't all the same, established, regulated financial institutions keep your money protected and easy to access. These pros and cons can help you know what to look for in your next account, including any fees you could waive or avoid.
Pros
No minimum balance on some accounts. Some traditional accounts may not require an opening deposit or a monthly minimum.
You can often waive monthly service fees. Some accounts may charge monthly service fees, but you may be able to waive them if you meet a minimum balance or set up direct deposit.
Convenient direct deposit. You can typically set up direct deposit to receive your pay automatically, reducing check-cashing fees or trips to a branch.
Access to an ATM network. Checking accounts often give you access to a network of ATMs with little to no fees. This can save you money when you withdraw cash or make deposits.
Check-writing benefits. Some accounts may provide checks for paying bills or making purchases that require a physical payment.
Extra services. Some accounts may offer extra services such as fee-free overdraft protection and ATM fee reimbursement for out-of-network withdrawals.
Cons
Some financial institutions require a minimum balance. Failure to maintain a minimum balance can limit your rewards and interest earnings.
Extra fees. Depending on the institution, accounts may charge monthly maintenance fees, overdraft fees, check fees, and stop-payment fees.
Little to no interest. Many checking accounts don't pay interest, so you may not earn much of a return. A high-yield savings account could be a better fit if you want to grow your balance.
How to choose a checking account
Choosing the right checking account comes down to your needs and preferences. Do you need online access, ATM availability, or mobile banking? These steps can help you make an informed decision.
1. Determine your needs and priorities
Start by narrowing down what you're looking for. Think about how often you use the account, what you'll use it for, and how much you'll typically keep in it.
These factors help you decide which features you actually need from your checking account.
2. Consider monthly balance requirements
Many financial institutions set a monthly average balance requirement and charge a maintenance fee if you fall below it. A basic or traditional account may be a better option if you don't expect to keep a steady balance.
If your balance tends to dip during the month, look for an account with overdraft protection or one that doesn't charge overdraft fees.
3. Compare checking account fees
Some financial institutions may charge monthly maintenance fees or per-item overdraft fees, so make sure you aren't paying more than you need to.
Even if an account is advertised as having no monthly fees, read the account agreement and the fine-print disclosures to confirm you aren't missing any hidden costs.
4. Evaluate interest-bearing rates if interested
If you want an interest-bearing account, make sure you can meet the minimum balance or transaction rules. Also research how the rate is calculated, whether tiered or flat.
A tiered rate applies a different interest rate based on your balance, while a flat rate applies the same rate no matter your balance.
5. Choose an account
Pick an account type that matches how you bank. For example, accounts with no foreign transaction fees or one that offers out-of-network ATM rebates can suit frequent travelers.
If you want to manage money better, look for a fast mobile app and monthly reporting tools. And if you withdraw cash often, steer toward an account with a large network of fee-free ATMs. The Chime Checking Account, for instance, is a no-monthly-fee account you can manage from the Chime app.
There's a checking account option for everyone
There are many checking account options, from traditional and online accounts to rewards and second-chance accounts. Narrowing down your options can save you time, money, and future headaches.
Remember to compare fees, features, and benefits, and ask questions about anything that doesn't make sense before you agree to the terms. Doing so helps you choose the best account for your needs and get more from your banking experience. You can also review how to open a checking account in this step-by-step guide.