How to Afford Your First Home

I spent a solid afternoon last year trying to track down the best checking account for my 22-year-old nephew, who was moving to a new city and wanted to start fresh with a different bank. He’d been with a local credit union and needed something with wider ATM coverage and a functional mobile app. I went down the comparison rabbit hole and came back with more opinions than he needed — but here’s the distilled version.

Choosing a checking account sounds simple. It’s more complicated than it should be.

What Actually Matters in a Checking Account

For most people, the core criteria come down to a short list: are there monthly fees (and can they be waived easily), how large is the ATM network, is the mobile app decent, and does the bank have functional customer service when things go wrong? Everything else is nice to have.

Chase Total Checking

Chase is the largest bank in the US by assets, and it shows in their branch and ATM footprint. If you move around a lot or value being able to walk into a physical location, Chase is genuinely hard to beat on accessibility alone.

The Total Checking account has a $12 monthly fee, but it’s waivable — set up a direct deposit of at least $500/month and the fee disappears. Most people with a regular paycheck will never pay it. The mobile app is polished and reliable. The main tradeoff: don’t expect your money to earn anything sitting in this account. It pays essentially zero interest.

Bank of America Advantage Plus Banking

BofA’s entry-level checking account has a $12 monthly fee with a few waiver paths — maintain a $1,500 minimum balance, set up a qualifying direct deposit, or be enrolled in their Preferred Rewards program. The Preferred Rewards tier is worth looking into if you have other BofA or Merrill accounts; it stacks benefits across products.

Their overdraft protection options are better than average. The ATM network is large. App quality is solid. My general read: this account works well for people who are already in the BofA ecosystem, less compelling if you’re starting from scratch.

Wells Fargo Everyday Checking

Wells Fargo has an extensive branch and ATM presence, particularly in the western US. The Everyday Checking account has a $10 monthly fee, waivable with a $500 direct deposit or maintaining a $500 daily balance. Mobile banking functionality is good, and the account includes real-time alerts.

I’ll be honest: Wells Fargo’s reputation took a serious hit from the fake accounts scandal, and trust in the brand varies significantly by person. The product itself is fine. Whether you’re comfortable with the institution is a personal call.

Discover Cashback Debit

This one earns a spot on any best-of list because it’s genuinely unusual: 1% cash back on up to $3,000 in debit purchases per month. That’s real money if you use your debit card regularly — potentially $360/year back. No monthly fee, no minimum balance, access to 60,000+ ATMs through the Allpoint and MoneyPass networks.

The tradeoff is that Discover is online-only. No branches. If you need to deposit cash regularly or want a physical location to resolve problems, this doesn’t work. But for people comfortable with digital banking, the cash back is a meaningful differentiator.

Ally Bank Interest Checking

Ally is the bank I actually recommend most often to people who are comfortable with online-only banking. The interest checking account pays a competitive rate (variable, but meaningfully above zero), reimburses up to $10/month in out-of-network ATM fees, has no monthly charges, and the mobile app is consistently excellent.

Ally also has a solid reputation for customer service compared to most online banks — shorter hold times, more useful responses. For people who don’t need a physical branch, this is where I’d start the conversation.

What to Think About Before Deciding

• Fees: Can you actually meet the waiver conditions, or will you be paying $10-12/month? That adds up to $120-144/year — not trivial.
• ATM access: Check whether the bank’s network covers the areas you frequent. Out-of-network ATM fees are $3-5 per transaction and add up fast if you’re hitting them regularly.
• Cash deposits: Online-only banks generally don’t accept cash deposits without a workaround. If you handle a lot of cash, you need a bank with physical locations or a cash-to-deposit partnership.
• Customer service: Reading current reviews on sites like Trustpilot or Reddit’s personal finance community can give you a realistic sense of what happens when something goes wrong.

The best checking account is honestly the one that fits your actual habits. If you’re depositing a paycheck and paying bills through autopay, almost any of these work. If you travel, handle cash, or run close to zero frequently, the details matter more. Worth spending an hour comparing before you commit.