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.
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.
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.
There are no fees with e-statements, but First Citizens Bank isn’t available nationwide.
It’s a debit card created by women and open for everyone, but there’s an unavoidable fee.
Invest your spare change in real-time and earn up to 10% in bonus investments.
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, Juno 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.
Compare the top banks and fintechs that offer virtual card options and learn how to use them.
Chime’s checking account has almost no fees and comes with great modern banking features.