6 Must-Have Features for Checking Accounts

In 2001, paper checks accounted for 60 percent of noncash payments. By 2011, they were only 20 percent, and the decline has continued: the Federal Reserve’s latest payments study shows checks still falling in both number and value. So as the U.S. moves deeper into the cashless economy, checking account features like mobile banking and online bill pay are becoming must-haves.

Don’t get caught up in the features race when choosing a checking account. Having accounts in one spot and getting good security are important, too.

Tried-and-true features like free checking and being able to access lots of free ATMs also still rule.

When shopping for a new checking account, put these six features on your must-haves list.

Look for no minimum balance requirements

Near the top of the must-haves list is a checking account with no minimum balances.

Tying up money in checking accounts is inefficient. You could be earning higher interest elsewhere.

For now, credit unions are still a good place to look for accounts without minimum balance requirements. However, some banks still sock you with high minimums or monthly fees if you go below them.

Interest-bearing accounts also often carry high minimum balances, yet the yield is measly: according to the National Credit Union Administration (opens in a new tab), the national average rate on interest checking was about 0.15% at credit unions and 0.20% at banks at the end of 2025.

For these reasons, treat your checking account like a gas tank. Keep the account’s dollar amount within a constant range. Then add to your emergency reserve with any overage.

Search for accounts with no – or avoidable – fees

There are still lots of free checking accounts, and they’re worth looking into.

Look at online banks, community banks and credit unions when hunting for fee-free checking accounts. A Consumer Financial Protection Bureau study shows that big banks generally charge higher fees.

However, many credit unions still offer free checking, and online banks also often offer free checking.

And there’s one more alternative: Bank accounts that aren’t free can become free with direct deposit.

Free online banking and bill pay are available

As banks hit the digital highway, online banking and bill pay are must-haves.

Using these digital perks, you can bank from anywhere and check up on recent transactions. Even better, many banks and credit unions offer this service for free, including bill pay that lets you pay bills online and even receive e-bills.

Free online bill pay helps consumers save money on stamps, and online banking helps save time by making basic transactions.

Some banks also offer valuable tools for managing money so you don’t get overdrawn. For example, some offer a cash-flow forecast that warns you when you’re about to overdraw your account, and others track your spending and set up budget goals.

Catch this growing trend – mobile banking

Americans are turning to mobile banking in droves.

Nearly half of banked U.S. households (48.3%) used mobile banking as their primary way to access their accounts in 2023, according to a federal survey (opens in a new tab). A common use is to check account balances or recent transactions. Consumers merely download a free app to tap into mobile banking features.

Also, most banks, and many credit unions, now offer mobile deposits (opens in a new tab), where you simply take a picture of the check to deposit it.

In the old days, the bank lobby would be packed on Fridays with people trying to cash checks. Now, mobile banking is becoming a bank branch.

Free ATMs are readily available

Free ATMs are readily available nationwide. A number of smaller community banks belong to large ATM alliances that offer surcharge-free ATMs around the country and in other countries. Some statewide credit unions also have banded together, and credit unions nationwide have formed networks of fee-free ATMs.

There’s good reason to avoid fees. The average ATM surcharge has risen to $3.22, according to a 2025 survey, so ATMs with surcharges can quickly add up. When you tack on out-of-network fees, the total charge averages $4.86 per withdrawal.

Protecting your money is the first line of defense

So, make sure your bank has good security. One must-have is the fraud alert that your bank sends, so consumers are notified when there’s fraud activity. Other alerts, such as ones that notify you if your balance goes under $50, also are valuable. You can choose to be contacted by text, email or phone.

One more security tip: Only download bank apps from an official app store, or from your financial institution. There’s a ton of malware in apps, so be careful.

Editorial note: Fees, rates and ATM costs change often. ATM fee averages come from a 2025 survey; compare current terms before opening an account.