Where to Open a New Checking Account

Looking to open a new checking account? With so many checking accounts available, determining which bank offers the best option for your needs can be difficult. That is why we've reviewed the key features of various checking accounts to bring you our top three, which are Capital One 360 Checking, Ally Online Checking and Charles Schwab High Yield Investor Checking. Of course, this isn't to say you won't find great checking account offers through nationwide banks such as Wells Fargo or Bank of America, and you might even find better offers through your locally managed banks and credit unions. However, we're pleased with the variety of perks offered by our top three checking options. Read on to learn more about some of the best places today for opening a checking account.

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Frequently Asked Questions ( 8 )   Add a Question

  1. Do any of the top checking accounts offer an Annual Percentage Yield?
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    With so many saving account options available to consumers, it should come as no surprise that many banks offer an Annual Percentage Yield on checking accounts. At Capital One 360 you will find a .20% APY. Ally Online banking comes in with a .10% APY and Charles Schwab High Yield Investor Checking Account comes in with a .06% APY.

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  2. What are the overdraft policies of the top-rated accounts?
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    Capital One 360 has a unique overdraft program where instead of paying fees you are charged interest on the amount you are short in the account. Ally bank has a $25 fee; however, if you link your savings account you will have free overdraft transfers. Charles Schwab charges an $25 overdraft fee.

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  3. If I choose an Ally Online account how will I get the support I need with no branches to go to?
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    Ally's customer service program is one the reasons it is considered a top-rated checking option. Ally has its call centers staffed 24 hours a day, 7 days a week. It also offers a highly effective online chat tool where customers never have to wait more than a few minutes to speak with someone. In addition, customers are encouraged to reach out on Twitter and Facebook for additional support.

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  4. What are these top rated banks' ATM fees?
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    Charles Schwab has absolutely no ATM fees and will reimburse you for any fees that are charged by another financial institution. Ally bank customers can use any Allpoint ATM for free which you can locate with their online search tool. If you do need to use an out of network ATM, Ally bank will reimburse you for up to $10 each billing cycle. Capital One also uses the Allpoint ATM network and will reimburse up to $8 per month in outside fees for non-network uses.

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  5. Does this checking option have no annual fees?
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    Most banks waive fees on checking accounts for customers who maintain certain minimum balances or sign up for direct deposits. Ask about no-fee checking options when looking for a new bank account.

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  6. Can I pay my bills through these banks?
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    Yes, in this day and age, any bank where there is no bill pay option should not find its way to a top-rated list. Capital One 360 allows you to pay all your bills online so you do not need to send a check out. As an added bonus if a bill is ever paid late as a result of Capital One 360 they will cover your penalty fees. Ally Bank and Charles Schwab also offer their customers online bill pay.

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  7. How long does it take to open a top-rated checking account?
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    All three accounts can be opened online and it will take about 10 minutes.

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  8. Do these accounts have mobile applications?
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    Of course, each of the top-rated checking accounts has a mobile application that you will be able to access from the convenience of your phone or other mobile devices.

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