Tired of dealing with paper checks? A checkless checking account gives you all the essentials of a traditional checking account—minus the hassle. No more writing checks, losing checks, or waiting in line to deposit one. Everything happens digitally and instantly.
These accounts offer fast, secure access to your money and are designed for the way you actually bank today. But what are they exactly—and are they right for you?
We’ll break down how checkless checking accounts work, their pros and cons, and highlight the best options available now.
What is a checkless checking account?
A checkless checking account is a modern version of a traditional checking account—but without paper checks.
Instead, you manage everything digitally: pay bills online, make purchases with a debit card, and transfer money via mobile apps. You still get direct deposit, a debit card, and online banking, but with fewer fees and faster access to your money.
These accounts are often more secure than traditional checking because there are no physical checks to lose or steal. And with faster transaction speeds, you won’t be stuck waiting for funds to clear.
If you want a simple, low-maintenance way to manage your money, a checkless checking account could be a smart choice.
5 Best Checkless Checking Accounts
Each of the options below offers no paper checks, minimal fees, and strong mobile tools—making them great picks for digital-first banking.
Current
- No minimum opening deposit or maintenance fees
- Get paid up to 2 days faster
- Overdraft up to $200 without any overdraft fees
- Earn 4.00% APY on your savings
- 40,000 fee-free ATMs
Chime
SoFi
SoFi offers a unique banking experience with its checkless checking account, ideal for those who prefer managing their finances digitally. There is no need for a minimum deposit or balance, and there are no monthly maintenance fees.
Chase
- $100 bonus after 10 purchases in 60 days
- Over 16,000+ fee-free ATMs
- $4.95 monthly service fee
Ally Bank
- No opening deposit
- No monthly maintenance fees
- 0.10% APY on less than $15,000 minimum daily balance, and 0.25% APY on $15,000 minimum daily balance
- Ally eCheck Deposit allows for check deposits from your smartphone
- Free use of 43,000 Allpoint ATMs and up to $10 reimbursement for other ATM fees per cycle
Pros & Cons of Checkless Checking Accounts
Let’s take a look at the pros and cons of these types of accounts.
Pros
- Low minimum deposit: One of the biggest advantages of checkless checking accounts is that they often require low or no minimum deposit, making it easier for you to get started with managing your money.
- Control over spending: With no option for overdraft, you’ll have a better handle on your spending, which can help you establish a positive banking history and avoid overdraft fees.
- Mobile check deposit: If your bank has a physical location, you can still deposit checks. If it doesn’t, you can use mobile check deposit.
- No overdraft fees: No overdraft means no overdraft fees! This type of account can help you avoid costly fees and keep your finances in check.
- Higher yields: Some banks that offer checkless checking accounts also offer higher yields, so you can earn more interest on your balance.
Cons
- Monthly fees: These types of accounts may come with monthly fees that can be more difficult to waive than with other types of accounts. However, some of them don’t have any monthly fees at all.
- No overdraft: These types of accounts may not allow you to overdraft, so be prepared for declined purchases if you don’t have enough funds. However, some of the best digital banks do allow it.
- Writing checks: If you need to write a check, you’ll have to either use a separate bank account or purchase a cashier’s check or money order.
Checkless Checking Account Features
Here’s a closer look at some key features of checkless checking accounts:
- Mobile banking app: A checkless checking account comes with a mobile banking app that allows you to manage your finances from anywhere, at any time. From checking your account balance to making deposits, the app provides quick and easy access to your funds, without the need to visit a physical bank.
- Bill pay: Put an end to the hassle of mailing paper checks and paying late fees. With a checkless checking account, you’ll have the ability to pay all your bills online, directly from your account. This feature makes it simple to keep track of your expenses and avoid late payments.
- Mobile check deposit: Forget about standing in line at the bank. With mobile check deposit, you can deposit checks directly from your phone, wherever you are. Simply take a photo of the check and submit it via the mobile banking app – it’s that easy.
- Interest: While not all checkless checking accounts offer interest, some do. If you’re looking to grow your savings, it’s worth considering an account that pays interest on your balance. Keep in mind, interest rates can vary, so it’s important to compare offers before choosing one.
- Debit card: Every checkless checking account comes with a debit card that provides easy access to your funds, wherever you go. Whether you need to make a purchase or withdraw cash, your debit card makes it simple and convenient.
- FDIC insurance: With a checkless checking account, you can rest easy knowing your deposits are protected. The Federal Deposit Insurance Corporation (FDIC) provides insurance up to $250,000, so you can feel confident that your money is safe, even in the event of bank failure.
Is a checkless checking account right for you?
With its array of features, including mobile banking apps, online bill pay, and even mobile check deposit, a checkless checking account streamlines the way you manage your finances.
Furthermore, this type of bank account is often associated with low fees and no minimum deposit requirements, making it easier to keep more of your money where it belongs – in your wallet.
However, it’s crucial to think about whether the tradeoffs align with your financial goals before committing to a checkless checking account.
