Best Checking Accounts in Rhode Island for 2024

Rhode Island might be the tiniest state in the Union, but it still offers robust checking accounts for residents. Whether you choose to bank locally or online, here’s what to expect from checking accounts and banks in Rhode Island.

Compare Rhode Island and Online Checking Accounts

Does it matter if you go local or online with your checking account? That depends upon what you want. Consider these questions:

• Are you more comfortable with banking in person or online?
• Do you prefer to use a mobile app or visit a branch?
• Do you often use your ATM card?
• How often will you withdraw money?
• How often will you deposit cash?
• Are you willing to pay bank fees, and if so, how much?
• Does strong customer service matter to you?
• Do you prefer an account that pays you interest?

Best Checking Accounts in Rhode Island

Finding the best checking accounts in Rhode Island might seem like a daunting task, but some banks always stand out. These banks are good options to begin with.

Citizens Bank

Citizens Bank is a regional bank with a strong presence in Rhode Island. There are five checking accounts to choose from, starting with Student Checking for those under the age of 25, with no fees.

The next step is EverValue Checking, which has a non-waivable $5 fee but no overdraft fees. One Deposit Checking is great for everyday banking, including extra time for overdrafts and no fee if you have direct deposits. Quest Checking offers many perks for your money, such as a loyalty program.

Finally, Private Client Checking allows you to waive fees if you have over $200,000 in the bank at all times, as well as provides numerous perks that make it worth your money.

Santander Bank

With 32 branches in Rhode Island, Santander Bank has a strong presence in the state. Residents can choose from three checking accounts.

Essential Checking waives the $4 monthly fee if you are under 26 or over 65. It requires $10 to open.

Simply Right Checking requires $25 to open and allows for easy waiving of the $10 monthly fee by simply using the account every month.

Select Checking has a $25 monthly fee, takes $25 to open, and requires $25,000 in daily balances to cancel out that monthly fee. However, the account offers competitive interest and has no ATM withdrawal fees.

Bank Rhode Island

At Bank Rhode Island, numerous branches across the state offer in-person banking, but there is also a strong online presence for those who prefer to do it themselves.

Easy Checking is an ideal option for those who just want to pay their bills and don’t require any bells or whistles. One direct deposit each month eliminates the $6 service charge.

Premium Checking requires a $15,000 balance to avoid the $20 service fee but also offers competitive interest rates and other perks.

Classic NOW Checking is great for those who maintain a $5,000 balance to avoid the $10 fee, who want unlimited check writing, and who want a competitive interest rate.

Pros and Cons of Local Banks

Local banks offer the convenience of being right next door, but they also come with some downsides. Here’s what to consider.

Compare the Best Checking Accounts Online

How does Discover Cashback Checking stack up to its competitors? Compare rates, fees, accessibility, customer service, and more. Find the best checking account for your needs.

Online Checking for Rhode Island Residents

If you don’t find a local bank that’s right for you, check out the online banks that service Rhode Island. The best way to do that is to begin perusing reviews. Here are some that can get you informed.

Acorns

Acorns Checking is a streamlined checking account offered by Acorns, an investment and savings app. It’s part of the Acorns Personal plan, which includes Acorns Invest (investment account) and Acorns Later (retirement account). This account has no minimum balance requirements, monthly fees, or overdraft fees.

Acorns Checking comes with a Visa debit card and provides access to over 55,000 fee-free ATMs nationwide.

Funds deposited into Acorns Checking can be easily transferred to Acorns Invest, making it convenient for users to round up spare change from purchases into investments.

The account supports mobile check deposits, direct deposits, and digital wallets like Apple Pay and Google Pay. While it lacks in-person branches, Acorns Checking offers tools to manage finances entirely online and integrates well with Acorns’ automated saving and investing features, making it ideal for users looking to grow their savings through small, automatic investments.

Discover® Bank

Discover Bank Cashback Checking is Discover’s online checking account, designed for fee-free banking and cash rewards.

It has no monthly fees, overdraft fees, or minimum balance requirements, and offers access to over 60,000 fee-free ATMs across the U.S. A notable feature is its cashback program, which rewards 1% cashback on up to $3,000 in monthly debit card purchases, allowing users to earn up to $30 each month.

The account supports mobile banking features, including online bill pay, mobile check deposits, and direct deposits.

Additionally, Discover provides tools for managing finances online, like transaction alerts and spending analysis.

Since Discover Cashback Checking is a fully online account, there are no physical branches, but customer support is available 24/7. This account may be attractive to those seeking a simple, fee-free checking option with a cashback feature.

PNC Bank

PNC Bank offers several checking account options to suit different financial needs. The most popular is Virtual Wallet, which combines Spend, Reserve, and Growth accounts for daily spending, short-term savings, and long-term goals, respectively.

Virtual Wallet offers various tiers, including Virtual Wallet, Virtual Wallet with Performance Spend, and Virtual Wallet with Performance Select, each with different benefits and fee structures. Basic accounts come with a monthly fee, though it can often be waived with direct deposits or minimum balances.

PNC checking accounts include features such as overdraft protection, mobile banking, and access to PNC ATMs nationwide. PNC also provides tools for budgeting, spending analysis, and managing finances.

Account fees, minimum balance requirements, and perks vary depending on the account tier. Higher-tier accounts offer more perks, like ATM fee reimbursements and reduced overdraft fees.

Pros and Cons of Online Checking Accounts

Online checking accounts offer many perks but also have some downsides. Here’s what to expect.

What to Look for When Choosing a Checking Account in Rhode Island

Here’s more to know about opening up a checking account in Rhode Island.

Monthly Fees

Most checking accounts will charge a monthly fee. However, most will also offer many easy ways to waive that fee, such as using direct deposit. Those that offer high interest rates might make it tougher to waive the fee, so ask yourself if the fee is worth the money you will make in interest every month.

Other Fees

Even if a bank charges no monthly service fee, it often charges others. Some common checking fees are imposed for wire transfers, paper statements, writing a certain number of checks, or using foreign ATMs. Look at the fees and decide if they will apply to you. If so, are you willing to pay them?

ATM and Branch Access

Look for a bank that offers a broad network of fee-free ATMs to access your money with no penalty. If banking in person matters to you, a local bank with branch access might be your best bet. As a usual rule of thumb, online banks don’t have branches but have a wider ATM network, while local banks have more branches but fewer ATMs.

Interest Rates and Bonuses

There are good incentives for opening some checking accounts, such as competitive interest rates and perks like free money for accounts in good standing. Consider that interest-bearing accounts often have a monthly fee, but depending upon the interest, the fee might be worth it.

Mobile Banking Apps

If you bank online, a strong mobile app is an absolute must. Look for one that is easy to use, has all the options you need, and has great reviews from other users. A local bank might not have a strong mobile app but should have at least a good online presence.

What to Know About Rhode Island Checking Accounts

Here are more pertinent facts about checking accounts in Rhode Island.

• In Rhode Island, kids as young as 12 may open a checking account, but they must have a parent or guardian allow them to do so. Some banks allow those aged 16 or older to handle an account on their own.
• The first bank established in Rhode Island was Providence Bank, which came into existence in 1791.
• Rhode Island law requires that checking accounts for those under the age of 17 are free. That means there can be no monthly fees for an account for a minor unless there is more than $500 in that account. Then, it is up to the bank’s discretion, but most choose not to charge minors at all.