Best personal checking accounts – August 2023

Best personal checking accounts – August 2023

Personal checking accounts are a key component of how we manage our everyday finances. They serve as the hub for our income and expenditures, handling everything from direct deposits of wages to payments for utilities, groceries, and other living expenses. In the United States, most adults have at least one checking account, and many manage multiple ones for different purposes such as personal expenses, joint household costs, or small business operations.

Despite their ubiquity, not all checking accounts are created equal. There can be a significant difference in the terms, fees, and features offered by different banks, which can have a substantial impact on the convenience and cost of managing your money. Therefore, it's essential to take the time to understand what a checking account is, how it works, and what to look for when choosing one.

The primary feature of a checking account is that it allows for numerous transactions. You can deposit money into the account and withdraw it as cash, write checks, or make payments using a debit card. Most checking accounts these days also come with online banking features that allow you to manage your account and make transactions online or using a mobile app.

Why a Good Checking Account Matters

A good checking account is more than just a place to store your money. It's a tool that helps you manage your finances smoothly and efficiently. A checking account that fits your needs can save you time and stress, giving you easy access to your money when and where you need it.

On the other hand, a checking account that is not well-suited to your needs can be a source of constant frustration and unnecessary costs. High fees, poor customer service, inconvenient access to ATMs, and a lack of useful online and mobile banking features are all common complaints about subpar checking accounts.

Furthermore, a good checking account is a key part of your financial health. It can help you manage your cash flow, avoid going into debt, and keep a clear record of your income and expenses. Some checking accounts also offer additional features such as overdraft protection, which can prevent you from accidentally spending more than you have in your account and incurring hefty overdraft fees.

The Importance of Choosing the Right Bank for Your Checking Account

The bank you choose for your checking account can make a significant difference in your banking experience. Each bank has its own set of fees, customer service standards, branch availability, ATM network, and online banking capabilities.

Choosing a bank with a wide network of branches and ATMs can make it easier and cheaper to access your money, especially if you often need to withdraw cash. Good customer service can save you a lot of headaches when you need to resolve issues or have questions about your account.

In the digital age, a bank's online and mobile banking capabilities are also increasingly important. The ability to check your balance, transfer money, deposit checks, and pay bills from your computer or smartphone at any time can be a major convenience.

Features to Look for in a Personal Checking Account

When choosing a personal checking account, there are several key features to look for. The first is low fees. Some banks charge a monthly maintenance fee just for having an account, while others charge fees for specific services such as using an out-of-network ATM or ordering checks. It's important to understand what fees an account has and whether you can avoid them.

Another important feature is convenience. This includes the availability of branches and ATMs, the quality of the bank's online and mobile banking platforms, and the bank's customer service.

Some checking accounts also offer benefits such as interest on your balance, cashback on debit card purchases, or rewards for certain types of spending. However, these benefits usually come with certain requirements, so you should read the fine print to understand what you need to do to earn them.

Review of Umpqua Bank's Personal Checking Account

Umpqua Bank is a regional bank based in the Pacific Northwest, but it offers online banking services to customers across the United States. Their personal checking account is known for its low fees and robust online banking features.

Umpqua's checking account has no monthly maintenance fee, no minimum balance requirement, and offers unlimited check writing. They also provide free access to a network of over 30,000 ATMs nationwide, making it easy to access your money wherever you are.

Umpqua's online and mobile banking platforms are highly rated for their ease of use and comprehensive features. You can check your balance, transfer money, deposit checks, and pay bills all from your computer or smartphone. Umpqua also offers customer service via phone, email, and live chat, providing responsive and helpful support when you need it.

Review of BMO Harris's Personal Checking Account

BMO Harris is a major bank with a broad presence in the Midwest and a growing online banking operation. Their personal checking account offers a blend of traditional banking conveniences and modern features.

BMO Harris's checking account has a monthly maintenance fee, but it can be waived with a minimum daily balance or a set amount of direct deposits each month. The account includes unlimited check writing and access to a large network of BMO Harris ATMs and branches.

The BMO Harris online and mobile banking platforms offer a wide range of features, including balance checks, transfers, bill payments, and mobile check deposits. They also offer a spending tracker tool that categorizes your spending and helps you manage your budget.

BMO Harris's customer service has a solid reputation, with multiple channels of support including phone, email, and social media.

Comparing Umpqua Bank and BMO Harris: Which is Best for Personal Checking?

Choosing between Umpqua Bank and BMO Harris for your personal checking account depends largely on your personal needs and preferences. Both banks offer checking accounts with a good blend of traditional and modern features, but there are some key differences.

Umpqua Bank's checking account stands out for its low fees and robust online banking platform. If you're looking for a checking account with no monthly maintenance fee, easy access to a wide network of ATMs, and a highly-rated online and mobile banking experience, Umpqua might be the better choice.

On the other hand, BMO Harris's checking account offers the convenience of a large branch network in the Midwest and a spending tracker tool that can help you manage your finances. If having a local branch nearby is important to you, or if you find the spending tracker tool appealing, you might prefer BMO Harris.

Other Top Personal Checking Accounts – August 2023

While Umpqua Bank and BMO Harris offer solid options for personal checking, there are many other banks to consider. Here are a few other top personal checking accounts for August 2023:

  • Chase Total Checking: This account from one of the nation's largest banks offers a wide range of features and a large network of branches and ATMs. There's a monthly fee, but it can be easily waived with direct deposits or a minimum daily balance.
  • Ally Interest Checking: This online-only account offers a competitive interest rate on your balance, no monthly maintenance fee, and no minimum balance requirement. Ally's online and mobile banking platforms are highly rated for their ease of use and features.
  • Capital One 360 Checking: Another online-only option, this account has no monthly fee, no minimum balance requirement, and offers free access to a network of 40,000 ATMs nationwide. Capital One's online and mobile banking platforms are also highly praised for their features and ease of use.

Tips for Managing Your Personal Checking Account

Once you've chosen a checking account that fits your needs, it's important to manage it effectively. Here are a few tips to help you do that:

  • Understand your account's terms and fees: Make sure you know what fees your account has and how to avoid them. This can save you a significant amount of money over time.
  • Use online and mobile banking: These tools can make it easy to check your balance, make transactions, and manage your account from anywhere. They can also help you catch any mistakes or unauthorized transactions quickly.
  • Set up direct deposit: Having your wages or other income automatically deposited into your checking account can save you the time and hassle of depositing checks. It can also help you qualify for fee waivers or other benefits.


Choosing the right personal checking account can make a big difference in your financial life. It can save you money on fees, provide convenient access to your money, and help you manage your finances more effectively. Whether you choose Umpqua Bank, BMO Harris, or another bank, be sure to consider the account's fees, features, and the bank's customer service when making your decision. With a little research and careful consideration, you can find a checking account that's a perfect fit for your needs.

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