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4 Best Checking Accounts for 2020

Here is a list of the best checking accounts available today. The list is based on the top online banks for the Millennial generation.

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Your choice of checking account can make or break your finances, whether you’re using it for deposits, direct debits, standing orders, or just to save some extra money

In 2020, there are countless checking accounts to choose from. Some have a monthly charge, some come with additional benefits, and some just offer the most basic functions. 

A great checking account won’t have any hidden charges and will meet all your banking needs – offering online banking, great customer services, and account benefits. 

Today we’re going to explore some of the best checking accounts available in 2020, including their pros, cons, and fees.

Best Checking Accounts for 2020

1. Chime


  • No hidden fees and charges 
  • Helpful automatic saving options
  • You can access your direct deposits sooner than competitors


  • Some of the banking services are limited (no branches or group ATM’s)

Hidden fees can be a nightmare – especially when they creep up on you the week before payday! Luckily, Chime offers an account that boasts no hidden fees and a zero-interest overdraft! There’s not really much more you can ask for when browsing for checking accounts.

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  • Aspiration: Want to get spotted a $100 for free? Simply sign up for Aspiration, and the free banking app will give you cash for free, you just relax while it gives you $100 just for opening a new debit card. There’s no catch, just use your card to make at least $1,000 in cumulative transactions within 60 days of opening an account. This bank account is legit and only takes two minutes to sign up for an account.

This is one of the more modern accounts available – in 2020, not many people actually do in-branch banking, so moving with the times, Chime doesn’t actually have any branches or ATM’s of their own.

It’s surprisingly quick and easy to sign up, and unlike many other current accounts, you can have a starting balance of zero. 

It’s refreshing to see a bank that profits with you instead of profiting off you. For every transaction made on a Chime debit card, Chime earns a small amount from Visa, which is paid by the merchant – not by yourself or the account holder.

Click here to sign up for Chime

2. Aspiration


  • Great customer service
  • 10% of every dollar paid to Aspiration goes to charities that help struggling Americans to build a better life
  • Digital debit card available while waiting for the physical card to arrive in the post


  • Many accounts have a monthly cost

With so many bank accounts available, it can be difficult to decide which bank account is for you. Thankfully, the Aspiration Spend and Save account is a versatile account that’s sure to be convenient for the average American.

If you’re hoping to save and spend, then this might just be the account for you. Not only is it easy and convenient to deposit and withdraw cash with an Aspiration Spend and Save account, but you can actually earn money back from your direct debits. It’s usually the more expensive, premium accounts that offer this, but with this account, you can choose a plan that you can afford.

Charges and fees can be overwhelming, especially if you’re trying your hardest to save. If you’re looking to build your bucks, you’ll be delighted to hear that you’ll get:

  • Zero check deposit fees 
  • Zero overdraft fees
  • Zero debit card fees
  • Zero inactive and dormant account fees

Click here to sign up for Aspiration

3. Simple


  • App is efficient and easy to use 
  • Great for budgeting – can set goals 
  • No minimum to open account 
  • No monthly fees or charges 


  • No branches

If you’re on the market for a simple account that offers easy money management features, quick and easy ways to bank, and a great customer service support system, then you’re sure to love the Simple checking account.

This is a great bank if you’re looking to manage your savings, but unfortunately, to get a meaningful interest rate, you’ll need around $2,000 in the account.

The bank account allows you to set up automated savings, which is extremely useful for those more forgetful customers. You can set your regular payments into certain categories, such as bills and luxuries – and it automatically sorts your expenses for you.

The Simple system puts any spare change aside for you, so you can save without even noticing! If you need to spend more than you have (accounting for bills and other scheduled expenses), then the money gets pulled from your goals – quick, easy, and hassle-free!   

4. Heritage


  • No monthly service charge 
  • Variety of accounts to choose from
  • Unlimited checks


  • Interest rates could be better
  • $100 minimum opening balance for standard checking account

In 2020, there are bank accounts that pretty much offer everything, which can be more harmful than helpful. Sometimes, you just want a basic, no-frills account that can hold your money for you. 

The checking accounts that Heritage offers are just that – simple accounts that will enable you to do your banking with ease. 

Unfortunately, the most basic checking account that Heritage offers (The Base Checking Account) have a monthly fee of $7, which can be waived with a minimum balance of $100. 

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With this account, you can earn money as you spend money. You’ll receive $0.10 for each signature transaction made with your VISA debit card, thanks to the Heritage Bank a Dime a Time Rewards Program.

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Brian Meiggs
Brian Meiggs
Brian is the founder of My Millennial Guide and is an entrepreneur who has spent the last few years creating websites and building brands. He has been quoted in several online publications, including Yahoo! Finance, NASDAQ, MSN Money, AOL, Discover Bank, GOBankingRates, Student Loan Hero, Fit Small Business, Cheapism, SmartAsset, Bankrate, RISE Credit, AllBusiness, Cheddar, Commonbond, Niche, Rewire, Credit Donkey,, and more. He believes that the true path towards financial independence is through increasing your earning potential (even if you have a 9-5 job).

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