The Best Checking Accounts in Delaware for 2024

Explore best checking accounts in Delaware with optimal features like low fees, high interest, and reliable customer service for all your banking needs.
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Written by Shannon Lee
Financial Expert
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Managing Editor
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A view of the Wilmington, Delaware skyline

Delaware has many large banks, including some of the largest with nationwide reach. This means that the options for banking in Delaware are quite robust, with dozens of opportunities to open a checking account. And that’s before you look at the many online banks serving the state.

Here’s what Delaware residents need to know about their banking options.

Compare Delaware Checking Accounts with Online Checking Accounts

Choosing an online checking account versus a local Delaware bank can take time and effort. As you compare your options, ask yourself these questions:

  • Do I need branches available to do my banking?
  • How often do I use the ATM?
  • Am I willing to pay bank fees?
  • Will I need to deposit cash?
  • Do I need strong customer service?
  • Do I want to earn interest on my money?
  • What online or mobile app features do I want to see?

In-Person and Online Checking Accounts: What’s the Difference?

Best Checking Accounts in Delaware for 2024

Choosing the best checking accounts in Delaware starts with ensuring the bank you are considering has all the benefits you need. These three banks are among the top-tier options in the state.

Citizens Bank

Citizens Bank, which has branches in 11 towns across Delaware, offers five checking account options. These range from Student Checking, which requires no fee for those under the age of 25, to Private Client Checking, which requires a minimum monthly balance of $200,000.

Options for everyday checking include One Deposit Checking, Quest Checking, and EverValue Checking, all offering unique options to suit your specific financial needs.

WSFS Bank

The acronym in WSFS Bank means “We Stand For Service,” a testament borne out by the many customers who flock to the numerous locations across the state.

Three checking account options are available. Campus Banking is for students and young adults. Relationship Checking offers interest and perks for those with balances between $5,000 and $25,000. However, the most popular is Everyday Banking, where maintaining a balance of $500 or more means waiving fees and other necessities for customers.

M&T Bank

There are four options for checking accounts at M&T Bank, each with perks and offerings for those in Delaware. The EZChoice account is the most popular, offering the basics with no monthly fee or minimum balance.

Those who don’t need checks can go entirely digital with MyWay Banking, while those who want to earn interest can sink their money into MyChoice Plus. MyChoice Premium offers a broad suite of services, including better loan deals for current customers.

Find the Best Checking Accounts in Delaware

A large number of banks and credit unions in Delaware offer checking accounts, and there’s strong competition among them to offer the best perks and the lowest fees. Use the list below to find the best checking account to fit your financial goals.

Pros and Cons of Delaware Local Banks

When you choose a local bank in Delaware, you can enjoy the feeling of community banking and lots of perks. But there are some downsides, too. Here’s what you might encounter:

Pros

  • For a strong community presence, you can’t beat local banks. They are often run by people living in the local neighborhoods.
  • If you want to talk with someone in person, there are usually several branches that allow you to do so.
  • You can get much more than checking accounts. Mortgages, car loans, CDs, and more are available through local banks.
  • Local banks have strong ATM networks and often tap into the nationwide network, allowing you to use over 40,000 ATMs nationwide.

Cons

  • Local banks might offer lower interest rates on checking because they have higher overhead than online banks.
  • Some local banks don’t have robust websites or user-friendly mobile apps.

Online Checking for Delaware Residents

When looking for the best checking accounts in Delaware, it pays to listen to others’ opinions. These reviews of online checking accounts available in Delaware can help.

U.S. Bank

The U.S. Bank Smartly® Checking account offers financial management with potential interest earnings. It has a $6.95 monthly fee, waivable under certain conditions, such as maintaining a $1,500 balance or receiving $1,000 in direct deposits.

The account features include overdraft protection options, FDIC insurance, and a rewards program. It also provides financial tools through its mobile app for budgeting and account management, including linking accounts from other banks.

The account opening process is quick, requiring a $25 initial deposit. U.S. Bank also offers a simple business checking account for entrepreneurs and small business owners.

Axos Bank

Axos Bank offers a range of checking accounts, including Essential Checking, with no monthly fees and unlimited ATM fee reimbursements.

Rewards Checking earns a competitive APY, while CashBack Checking provides up to 1.00% cash back on purchases.

Features include 24/7 customer support, advanced digital security, and FDIC insurance up to $250,000. Axos emphasizes convenience through online banking, low fees, and complete account access.

Citi Checking

Citi offers a few different checking accounts with benefits like easy cash access through over 65,000 fee-free ATMs and $0 liability on unauthorized charges. Features include mobile check deposits, Zelle payments, and seamless money transfers.

No minimum deposit is required for account opening, but maintaining a minimum balance can waive monthly service fees. Enhanced Direct Deposit helps avoid fees, and customers can enjoy tiered relationship benefits.

Pros and Cons of Online Checking Accounts

Just as local banks have pros and cons, online banks do, too. Here’s what to expect from them.

Pros

  • Online banks are only as good as their website and mobile apps. Most of them will have very robust apps and solid websites that are easy to navigate.
  • Most online banks offer checking accounts with no fees or straightforward ways to waive that fee.
  • You could get a higher interest rate from an online bank than a local bank.
  • Online banks are great for those who can’t get to a local bank during regular business hours since they are “open” around the clock, and everything can be handled on the app.

Cons

  • You can’t talk to a person face-to-face because online banks often have no or limited branches.
  • While some online banks offer a wide range of financial instruments, most have a narrower focus, such as checking and savings accounts, but no mortgages or personal loans.

What to Look for When Choosing a Checking Account in Delaware

Choosing your checking account in Delaware requires some research. You will want to explore the potential fees, interest rates, apps, and other points that make a bank a good option for you. Consider the following:

Monthly Fees

Though many banks are moving to the convenient no-fee model, some still charge fees for opening checking or savings accounts. However, those fees can usually be waived relatively easily, such as by having direct deposit on the account. Look into the potential fees and decide if the waiver options suit your situation.

Other Fees

Some banks don’t charge monthly fees but might charge fees for other things. Look at the fine print to determine if that’s okay with you. For instance, a bank might charge for wire transactions, but you can safely ignore this fee if you have no wire transfers. If you have those transactions coming into or leaving your account, consider how much that bank fee is and whether you want to pay it or look elsewhere.

ATM and Branch Access

It’s crucial to get to your money when you need it. Look for banks that offer robust ATM access, and if banking in person matters to you, branch access as well. If you need help finding a branded ATM, look for banks that will reimburse you for a certain amount of foreign ATM transactions each statement cycle.

Interest Rates or Bonuses

If you want to earn more money from your paychecks, consider the interest rates that some banks offer on checking accounts. Remember that these accounts might have higher fees or require you to maintain a certain minimum balance. Many banks also have promotional offers for new customers, such as a certain amount of money if you keep your account in good standing for a set period.

Mobile Banking Apps

Banking apps should be robust and allow you to do whatever you need without going into a branch. The website should be strong, too. Before you open a checking account, look at the app the bank offers to determine its usefulness for you. 

What to Know About Delaware Checking Accounts

Want to know more about bank accounts in Delaware? Here are some facts:

  • In Delaware, there are no mandated minimums for checking accounts. So, if a minimum is imposed, it is the bank’s decision, not one that state law forces them to make. 
  • If a customer gets into trouble with creditors, the creditor cannot garnish more than 15% of an individual’s disposable income.
  • Delaware has strong laws protecting LLCs and individuals, which is why so many corporations create their bank accounts in Delaware. Delaware is the place to build a business and not worry about overly burdensome fees.
  • There are no strict regulations on who can be a joint checking account owner. Some banks will allow a parent to open an account and add their child to it, for instance, and that child has the right to use the account under the parent’s supervision.
About Author
Shannon Lee
Shannon Lee, a versatile contributor to MoneyRates, is a freelance writer with a passion that spans over two decades. Her extensive writing portfolio encompasses a myriad of topics, ranging from personal finance and home improvement to education, relationships, and medical and health subjects. In addition to her prolific freelance career, Shannon is also a novelist. Shannon’s dedication to providing insightful and informative content makes her a valued voice in the world of personal finance.
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