A checking account is a bank account with negligible or no interest that provides the account holder easy access to funds. It allows withdrawals and deposits. It is different from bank accounts in the way that regular bank accounts limit transactions, but a checking account permits numerous withdrawals and unlimited deposits.

A checking account is a place where you park your cash. As there are no restrictions on how often you can access the account, it is an effective one to resort to for everyday spending.

An online checking account permits a user to make financial transactions through the internet. In a fast-paced world, the era of online checking accounts comes as a long-awaited boon. An online checking account saves time and effort and score top marks for convenience. It allows the user to make transactions 24 hours a day, seven days a week. Financial transactions are faster, more efficient and safer against fraudulent activity. An online checking account also allows for the opening and closing of fixed and recurrent deposit accounts which offer higher interest rates on your savings. Online checking accounts are known for their perks, some of which include good interest rates and ATM refund fees. In order to prevent your online checking account from being hacked, ensure that you use data plans instead of public Wi-Fi networks when making a transaction.

According to NerdWallet, an American personal finance website, some of the best online checking accounts are:

• 360 Checking by Capital One which has one of the best overdraft policies of all banks. It provides several options to handle overdrafts such as choosing an overdraft credit line which is a borrowing opportunity with no transfer fees and a 12% interest rate, employing a 360 account to cover overdrafts free of charge, and getting the bank to refuse charges that you lack the money to cover. This account has on offered outstanding online tools and a free access to about 40,000 ATMs.
• The Alliant Credit Union Free High-Rate Checking is one of the easiest credit unions to become a member of. Becoming a member has its eligibility criteria. However, if you don’t meet them, you can just donate $10 to a nonprofit affiliated to Alliant. If you make even one electronic deposit per month and choose a paper-free statement, you will qualify for a 0.65% annual percentage yield and will have access to about 80,000 ATMs that are surcharge-free. Alliant lacks a profusion of physical locations. So, most banking activities will have to be taken care of online which, of course, will not be an issue thanks to their efficient online and mobile tools.
• The Ally Interest Checking Account offers good rates and has about 43,000 ATMs that are surcharge-free and provides outstanding customer service. You have several online options to contact them such as real-time chat, Twitter, secure online messaging services and a call center that operates twenty hours a day, seven days a week. Their packages are user-friendly, and they give an excellent digital experience to their users.
• The Aspiration Summit Account is not a bank but an investment firm. However, it functions as an online checking account. It has no monthly fee and does not require a minimum balance. What makes it special is that there’s an annual percentage yield of 1% for a balance of $2500, and an annual percentage yield of 0.25% for balances lower than that. They also offer ATM fee reimbursements which are unlimited and worldwide.
• The Bank5 Connect High-Interest Checking which offers an exceptional annual percentage yield of 0.76% and access to thousands of free ATMs. It also reimburses up to $15 of the fees racked up when using ATMs of other banks. It has outstanding mobile banking apps, no monthly service fee and a $15 overdraft penalty. To enunciate the point, this penalty is less than the national median which is $34. To open an account here, you’d need $10 and to earn interest off it, and you’d need to maintain a balance of $100.
• The Bank of Internet Essential USA Checking does not charge overdraft fees as transactions are declined if there isn’t enough money in the account to cover them. It does not charge a monthly fee either and offers ATM reimbursements without limit as long as they are domestic reimbursements.
• The Fidelity Cash Management which is a brokerage account that is fully serviced. With no monthly fee, unlimited ATM refunds anywhere in the country, an online bill payment system and an option to deposit checks through your mobile, it closely resembles other excellent online checking accounts.
• The Discover Cashback Checking which allows you to earn on debit card purchases, cleared checks and bill payments online. You get about $120 back on these.

Besides these, you have Radius Hybrid, Schwab Bank High Yield Investor Checking, Simple, and Free USAA Classic Checking that allow to carry on effective transactions as online checking accounts.