Best Checking Accounts in Pennsylvania 2024
Pennsylvania is home to more than 150 banks, almost all of which offer checking accounts to customers.
Choosing the right one, whether local or online, depends upon a variety of factors that can be different for each person. Here’s what you need to know about opening a checking account in Pennsylvania.
Compare Pennsylvania and Online Checking Accounts
Whether it’s an online bank or a local institution, there are pros and cons to opening a checking account there. Before you jump in, consider these questions:
- Do you prefer in-person banking or handling it on your own?
- Do you like using a mobile app to move money around?
- Do you often use an ATM card?
- Do you withdraw money often?
- Do you always have some cash to deposit?
- Are you willing to pay bank fees, and if so, how much?
- Does strong customer service matter to you?
- Do you prefer to earn interest on your money?
Compare Local and Online Checking Accounts in Pennsylvania
Best Checking Accounts in Pennsylvania
Having so many checking account options in Pennsylvania can seem overwhelming, but there are a few great places to start. These checking accounts in Pennsylvania are popular among customers for very good reasons.
PNC Bank
This is the largest bank in Pennsylvania, with over 2,000 branches across several states, PNC Bank is home to the Virtual Wallet, a new way to manage money that combines checking accounts with other services.
Checking accounts available to customers in Pennsylvania include the Foundation account, where the monthly service charge is waived for the first 12 months, and there are no fees for things like cashier’s checks or overdrafts.
There are accounts for students with several perks, as well as no fees for those over the age of 62. An award-winning mobile app keeps you connected no matter where you are. And finally, PNC Bank is known for offering exceptional cash bonuses and incentives for opening or connecting accounts.
Penn Community Bank
Penn Community Bank has been a staple of Bucks County, Pennsylvania for more than 150 years. There are currently four checking accounts available, including Access Checking, which allows for easy access to your money but no checks, no overdraft fees, and the option to waive the $4 monthly fee with deposits of $500 or more.
Student Checking offers no fees and is available for those between the ages of 13 and 23. Free Checking Plus offers many of the same perks but also gives you one free overdraft per year.
Relationship Checking is for those who carry higher balances ($1,500 or more per month) as well as those who have other products with the bank that can be linked to their checking.
Community Bank
With multiple locations across Pennsylvania, Community Bank offers numerous ATMs for those in the Keystone State, making it easy to deposit money into three checking accounts. All accounts require $50 to open.
The Basic Checking requires no monthly fee but doesn’t provide interest. Community Choice Checking requires no fee and does earn interest as long as you meet certain guidelines, such as having a direct deposit into your account and at least 15 debit card transactions per month.
Club Checking requires a $25,000 minimum balance to avoid the monthly service fee and offers some other perks, such as a free safe deposit box (where available).
Pros and Cons of Local Banks
The convenience of local banks is an enormous perk, and there are plenty of other good reasons to try one. But there are also disadvantages. Here’s what to expect from local banks in Pennsylvania.
Pros
- Local banks tend to offer strong customer service, especially in person, though they also have phone and online options for help.
- Expect a full suite of services from local banks, including mortgages, auto loans, and more.
- Numerous branches and ATMs allow for easy withdrawals and deposits.
- Local banks tend to be strongly tied to the community and provide many ways to give back to the local area.
Cons
- Local banks have higher overhead costs, so they might not offer the same competitive interest rates as online banks.
- Local banks have higher overhead costs, so they might not offer the same competitive interest rates as online banks.
- Local banks tend to focus on in-person service, so their mobile app and online presence might not be that robust.
- Expect normal business hours for local banks, which can make banking challenging for those who work all day.
Easily Compare the Best Checking Accounts Online
Compare fees, see which banks are offering bonuses for new account holders, and find the best checking account for your needs.
Online Checking for Pennsylvania Residents
Paying attention to what others have to say about banks in Pennsylvania can help you find the right one. These reviews can help you narrow down your options.
Discover® Cashback Checking
The Discover Cashback Checking account is a fee-free, online-only option that offers cash-back rewards on debit card purchases. Account holders can earn 1% cash back on up to $3,000 in eligible debit card purchases per month, which can be redeemed in various ways.
This account has no monthly maintenance fees, no insufficient funds fees, and no minimum balance requirement, making it accessible for various budgeting needs. Discover provides access to over 60,000 no-fee ATMs, allowing for convenient cash withdrawals.
With 24/7 access through Discover’s mobile app and website, users can manage their finances on the go.
First Tech Federal Credit Union Checking
First Tech Federal Credit Union offers a range of checking account options designed for different banking needs.
Each account provides features like no monthly fees, access to thousands of ATMs nationwide, and options for earning dividends on account balances.
The Dividend Rewards Checking account, for example, provides an APY on qualifying balances when certain conditions are met, such as a minimum number of monthly transactions.
First Tech also offers budgeting tools and resources through its mobile app and online banking, allowing members to monitor spending and manage finances digitally.
SoFi® Checking and Savings
SoFi’s combined checking and savings account provides a blend of features for digital banking with no monthly fees or minimum balance requirements.
Account holders can earn interest on both checking and savings balances, with competitive APYs that apply to direct deposit balances. The account also offers up to 15% cash back on purchases made with participating retailers.
With access to a large ATM network, SoFi users can make cash withdrawals without additional fees. The SoFi app provides tools for managing budgets, tracking spending, and automating savings, as well as options for financial insights and goal planning.
Pros and Cons of Online Checking Accounts
Online checking accounts offer many advantages, but there are some downsides as well. Here’s what to expect:
Pros
- Expect competitive interest rates from online banks, as they have less overhead than local banks do.
- New perks for sign-ups are common and usually include cash bonuses for accounts in good standing.
- Mobile apps and websites are strong, so you can confidently bank from anywhere, anytime.
- Customer service is usually solid via phone, email, chat, or text.
Cons
- Most online banks don’t have branches; the ones that do are few and far between.
- Online banks often focus on one or two things and do them well, such as checking or savings accounts.
- Customer service might be an automated system, which makes it tough to get in touch with a human.
What to Look for When Choosing a Checking Account in Pennsylvania
Ready to find a checking account in Pennsylvania? Keep these points in mind:
Monthly Fees
Many banks charge monthly fees but also offer easy ways to waive them. This might include having a direct deposit sent to your account every month, keeping a certain minimum balance, or connecting your checking to another account, such as your savings. If you can’t waive the fees, ask yourself if you are willing to pay the fee.
Other Fees
Even if a bank requires no monthly fee, there are likely other fees, such as for overdrafts, wire transfers, paper statements, and cashier’s checks.
Depending on how often you use these services, those fees could add up fast. Look at the fine print and determine if you are willing to pay the fee for these additional services.
ATM and Branch Access
Easy access to your money matters. If you are banking locally, keep in mind that accessing your account might be easier in person, and that might only be possible during normal business hours.
If you are banking online, look for a place that offers fee-free ATMs or rebates for the use of foreign ATMs.
Interest Rates and Bonuses
You can find cash bonuses at many banks as an incentive for signing up for a checking account. That’s free money if you keep your account in good standing.
You can also find competitive interest rates, especially at online banks – however, these banks will often charge fees with no way to waive them. Ask if the interest earned makes up for the fee you must pay for the privilege.
Mobile Banking Apps
If you prefer to bank online, a strong mobile app and website are absolute musts. Look for a mobile app that gives you everything you need but isn’t that difficult to use. Being able to move your money around when you want to gives you more control over your financial life.
What to Know About Pennsylvania Checking Accounts
Here are a few things you might like to know about checking accounts in Pennsylvania:
- It is legal to postdate a check in Pennsylvania. However, the rules from there depend upon your banking institution. Though you can postdate a check, most banks are free to cash it once it is written. That means that though you postdate a check, there’s no guarantee that it will be held until that date. To be sure the check clears, make sure you have enough money in your account on the day you hand over the check.
- In most cases, a teenager can open a checking account in Pennsylvania without the assistance or knowledge of a parent or guardian. However, the teenager is beholden to the same rules adults are; for instance, if a check bounces, the person on the account is responsible for that, no matter their age. Keep in mind that some banks choose to not allow minors to open an account without a cosigner.
- Some banks in Pennsylvania offer a significant amount of interest on their checking accounts, but there are rules to get that amount. For instance, you might get 8% APY on the first $25,000 and nothing after that. Or you might have to have dozens of debit card transactions each month to achieve the highest tier of interest rates. Read the fine print to ensure you are doing all you need to do to take advantage of Pennsylvania’s impressive interest rates.
