Checking accounts and debit cards are technically two separate products, but you usually can’t get one without the other. While they both allow you to manage your money and make transactions, there are a few differences that set them apart.
Many checking accounts offer an accompanying debit card to access funds. Though some savings accounts also offer debit cards, and digital-only banks or mobile apps are increasingly offering debit cards linked to their account or service. Ultimately, a debit card is dependent on another source for the funds it accesses.
| Checking account | Debit card | |
|---|---|---|
| About | Unlimited access to your money through deposits, withdrawals, checks, bill pay service and an optional debit card. | Payment card linked to a financial account used to withdraw cash at ATMs or swipe for payments at retailers or online. |
| Online transfers | Yes | No |
| Check writing | Yes | No |
| ATM access | Via debit card | Yes |
| FDIC or NCUA insurance | Yes | Depends on the account it’s linked to |
| Monthly fees | Varies by bank | No |
| Point of sale purchases | Yes with debit card | Yes |
| Online transactions | Yes | Varies by bank |
| Account features | Yes | No |
| Store money | Yes | No |
No. Checking accounts are a place to store money for everyday transactions separately from your savings. Debit cards are tools to access the money in linked accounts through ATM withdrawals and point-of-sale transactions.
You technically can’t get a debit card without a checking account (and vice versa). The only exception is if you find a prepaid debit card or a digital bank account that doesn’t offer physical debit card. With that in mind, here are some pros and cons of each:
These products are best used together, but here are some important factors you should think about if you’re considering one over the other:
Sort table by minimum deposits, ATMs and fees. If you’re eyeing more than one account, you can compare your top picks side-by-side by ticking the “Compare” box next to each one.
The Finder Score crunches over 300 checking accounts from hundreds of financial institutions. It takes into account the product's monthly fees, overdraft fees, opening deposit, customer support options, ATM network and features — this gives you a simple score out of 10.
To provide a Score, Finder’s banking experts analyze hundreds of checking accounts against what we consider is the best option: no monthly fees, no overdraft fees, a large ATM network of 50,000 or more, additional features outside of typical banking services, and the optional perk of earning interest. Accounts that are nearly free to maintain and use are scored the highest, while accounts with costly fees and few features are scored the lowest.
A checking account can help you store and manage your money while allowing you to make transfers and online purchases. Debit cards can be used to withdraw cash and make point-of-sale transactions.
Compare your options to find checking accounts or the best debit cards on the market.
Try to keep enough money in your checking account to cover monthly expenses, plus a small cushion. Read more tips here.
Banks that offer a metal debit card include Acorns, Cash App, Revolut and Crypto.com. See the pros and cons of a metal debit card here.
American Express’ first-ever consumer checking account comes with no monthly fees and rewards.
There are no fees with e-statements, but First Citizens Bank isn’t available nationwide.
Zeta’s joint account features in-app tools for tracking and budgeting, but there are extra fees for more members.
The free Upgrade Rewards Checking account offers 2% cashback, but you can’t deposit cash.
SoFi wins the best checking account overall, with close runners-up: Chime, Upgrade, Chase, Bluevine, Step, Varo and Capital One.
These banks don’t require ChexSystems or a credit check to open an account: SoFi, Chime, Varo, Dave Spending, Chase Secure Banking and more.
Earn a little interest without limiting your transactions. But don’t expect it to replace your high-interest savings account.
Chime’s checking account has almost no fees and comes with great modern banking features.