A Comparative Analysis of Digital Banking Offerings in 2025

San Francisco financial services research firm NerdWallet studied the checking account landscape of U.S. financial institutions, citing similarities and highlighting differences. Their findings provide an interesting cross-section of how today’s banking industry addresses one of its bedrock products. 

Individual Bank Checking Account Breakdown

Editorial Note: This section provides a comparative analysis of digital checking accounts. To maintain editorial independence and transparency, no financial incentives were accepted for these mentions, and direct links to the listed institutions’ websites have been excluded.  

SoFi, San Francisco

SoFi Checking and Savings provides a 0.50% APY on checking balances, while the savings portion offers a higher 3.8 percent APY for customers enrolled in SoFi Plus, which requires a $10 monthly subscription or at least $5,000 in deposits every 30 days. Otherwise, the savings rate drops to one percent APY. 

SoFi accounts come with no monthly or overdraft fees, early paycheck access, and a bonus of up to $300 for customers meeting qualifying direct deposit requirements. 

Upgrade, Inc., San Francisco

Upgrade’s Rewards Checking Plus account emphasizes cashback rewards, offering two percent back on select debit purchases—such as those at restaurants, gas stations, and streaming services—up to $500 per year. Customers must, however, maintain $1,000 in monthly direct deposits. Other purchases earn either one percent or one-half percent cashback, depending on the transaction. This account also eliminates monthly and overdraft fees and provides free access to 55,000 AllPoint ATMs.

Discover, Riverwoods, Ill.

For customers looking for straightforward incentives, Discover’s Cashback Debit account allows them to earn one percent cash back on up to $3,000 in monthly debit purchases. The company also offers early paycheck access when direct deposits are set up, fee-free access to a network of 60,000 ATMs, and two overdraft protection programs at no cost.

ZYNLO, Indianapolis, Ind.

ZYNLO Bank’s More Spending Account offers a two percent APY on balances with a low $10 minimum deposit requirement. Customers also enjoy fee-free access to over 55,000 Allpoint ATMs, no monthly maintenance charges, and the option to receive their paychecks up to two days early.

NBKC, Overland Park, Kan.

NBKC Bank’s Everything Account combines a competitive 1.75 percent APY with broad ATM access, giving customers fee-free transactions at more than 90,000 ATMs. There are no monthly fees or minimum balance requirements, and the bank even reimburses up to $12 per month in fees for out-of-network ATM usage.

American Express, New York, N.Y.

American Express Rewards Checking caters to existing AmEx credit cardholders, providing a one percent APY on balances with no monthly fees or minimum balance requirements. Customers benefit from a network of 70,000+ fee-free MoneyPass and Allpoint ATMs and round-the-clock customer service.

Bask Bank, Dallas, Tex.

Bask Bank’s Interest Checking account offers a one percent APY, with an added incentive of a promotional two percent APY for those who opened an account by December 31, 2024, and maintain it through January 2025. The account has no monthly fees and requires funding within 15 days to remain open. Like many of its competitors, Bask Bank provides fee-free ATM access through the Allpoint network, which includes more than 55,000 locations nationwide. 

TAB Bank, Mayville, Wisc. 

For those prioritizing high-yield returns, TAB Spend offers an impressive 3.5 percent APY on balances, along with one percent cash back on debit card purchases. The account has no monthly fees or minimum balance requirements and provides access to 40,000+ fee-free ATMs through the MoneyPass network. 

The full analysis of 2025’s best checking account offerings is available at Nerdwallet.