Checking accounts and debit cards are both key to storing and accessing your money for making everyday payments. Think about how often you use them as you pay bills, grab a latte, and check your balance to see if you can afford some new shoes.
Though they are linked, they are two separate financial tools — and it’s possible (though uncommon) to have one without the other.
Key Points
• A checking account allows individuals to store and access funds for daily transactions, often featuring options for writing checks and electronic transfers.
• A debit card provides a convenient method for making purchases and withdrawing cash from a linked checking account, requiring a PIN for secure transactions.
• Both checking accounts and debit cards offer various features, such as direct deposit capabilities and mobile wallet integration, enhancing accessibility and usability.
• Checking accounts are typically insured by the FDIC, while debit cards are linked to these accounts, providing an easy way to manage finances without incurring debt.
• Choosing the right checking account and debit card involves considering personal needs, such as fee structures, interest rates, and banking features that align with individual financial goals.
What Is a Checking Account?
A checking account is a type of bank account that allows you to access your money when you need it for paying bills or making purchases. Unlike other deposit accounts (like saving accounts), checking accounts allow you to make regular withdrawals by writing checks, swiping your debit card for purchases, or taking money out of an ATM.
Most checking accounts are insured by the Federal Deposit Insurance Corporation (FDIC) or NCUA (National Credit Union Administration), meaning your funds are protected up to $250,000 per depositor, per bank, per ownership category. You can typically fund your checking account through bank transfers and via direct deposit from your employer.
You can also connect your checking account to a peer-to-peer payment app like Venmo or Cash App to send money to and receive money from friends and family. Some banks may even offer built-in payment programs through their mobile apps.
Some checking accounts charge monthly fees while in other situations you can open a free checking account. Banks charging fees for accounts may offer ways to waive the fees. Other “fine print” details to consider when selecting a checking account include minimum balance requirements, overdraft fees, and annual percentage yield (APY).
Recommended: How Much Money Do You Need to Open a Checking Account?
Increase your savings
with a limited-time APY boost.*
What Is a Debit Card?
A debit card is a form of payment that gives you access to the funds in your checking account.
You can use a debit card online and in person to make purchases, wherever that card is accepted. You can even add your debit card to mobile wallets, like Apple Pay or Google Pay. You typically must use a unique personal identification number (PIN) to use the card for in-person purchases and ATM withdrawals.
Unlike a credit card that allows you to loan money from the card issuer, a debit card only gives you access to the funds in your checking account. If you don’t have enough funds in your account to cover a purchase, the transaction may be declined or you may overdraw the account (and face overdraft fees).
You can also use a debit card to withdraw cash at ATMs. Most banks and credit unions offer a network of fee-free ATMs where you can safely take out cash without incurring charges. You may also be able to request cash back at the point of sale at some businesses when paying with your debit card.
While we typically think of debit cards as a component of a checking account, consumers without a checking account can purchase a prepaid debit card, load funds onto it, and spend it at stores like a bank debit card.
Do You Automatically Get a Debit Card When Opening a Checking Account?
Most checking accounts come with debit cards nowadays, but it’s always a good idea to confirm before opening up a new account. Upon account creation, the bank or credit union will generally send your debit card in the mail. In some cases, you may have to request the debit card.
Not all debit cards are created equal. When looking for a checking account with a debit card, you may want to prioritize one that:
• Has a large network of ATMs
• Doesn’t charge fees for card replacements
• Doesn’t charge foreign transaction fees
• Offers cash back on debit card purchases.
Can You Have a Checking Account Without Having a Debit Card?
While most checking accounts come with debit cards these days, it’s still possible to encounter a checking account that doesn’t have a debit card. However, you’re more likely to find a checking account that no longer supplies free paper checks to members.
Debit Card vs. Checking Account
Let’s break down the difference between a checking account vs. a debit card.
| Checking Account | Debit Card |
|---|---|
| Deposit account at bank or credit union that is typically federally insured | A card that allows you to make purchases and withdraw cash, typically tied to a checking account |
| May earn interest | May earn cash back |
| May have monthly maintenance fees | May have foreign transaction fees and overdraft fees |
| Can be used for online transactions | Can often be used for online transactions |
| Can be linked to P2P app | Can be linked to P2P app |
| Federally insured | Insured if tied to insured account |
The best way to think about the difference between checking accounts and debit cards? A checking account is a deposit account for storing and spending your money; a debit card is a common tool to access the money in that deposit account.
Pros and Cons of Checking Accounts
Now that you know how a debit card vs. checking account stacks up, here’s a closer look at checking accounts. These accounts are a staple of personal finance and, as such, offer plenty of benefits to consumers. There are also some downsides to be aware of.
Here are some of the pros and cons of checking accounts:
Pros
• Easy access to funds: A checking account allows you to make purchases (in person or online), pay bills, and receive direct deposit paychecks.
• Security: Checking accounts are typically insured by the FDIC or NCUA.
• Banking benefits: Depending on the checking account, you may enjoy premium features like mobile check deposit, automatic savings tools, and early paycheck access.
Cons
Checking accounts have a specific and necessary purpose for most consumers, but they do have drawbacks:
• Low or no interest: In terms of checking vs. savings accounts, checking accounts typically have low APYs — if they earn interest at all.
• Fees: Some checking accounts may have monthly maintenance fees, overdraft fees, account inactivity fees, and other charges that can add up.
• Minimum balance requirements: Some checking accounts may require you to maintain a specific amount of funds in your account. They may also require a minimum deposit to open the account.
Here are the pros and cons of checking accounts in chart form:
| Pros of a Checking Account | Cons of a Checking Account |
|---|---|
| Easy access to funds | Low or no interest |
| Security | Fees |
| Banking benefits | Minimum balance requirements |
Pros and Cons of Debit Cards
To better understand the difference between a debit card and a checking account, it can be helpful to consider debit cards’ unique features. These cards also have their fair share of pros and cons.
Pros
Advantages of debit cards include:
• Easy way to spend and withdraw cash: Debit cards are more convenient than paper checks and give you quick access to your cash at ATMs.
• No risk of debt: Unlike credit cards, debit cards don’t let you spend money on credit. This means you don’t risk overspending and falling into high-interest credit card debt.
• No fees or interest: Debt isn’t the only risk of credit cards. You also have to worry about annual fees and annual percentage rates (APRs) when opening a credit card. Neither applies to debit cards.
Cons
Debit cards have drawbacks, as well:
• Less fraud protection: Credit cards may pose more debt risk, but they typically offer better fraud protection than debit cards.
• Ability to overdraft: Some banks and credit unions charge fees if you accidentally overdraft using your debit card.
• Daily spend limits: Your debit card likely has a daily spend limit, and it may be less than you think (possibly $300 or $400). Before using your card for a big purchase, you may want to check with your bank to see if they need to increase the limit temporarily.
Take a look at how these pros and cons look in chart form:
| Pros of a Debit Card | Cons of a Debit Card |
|---|---|
| Easy way to spend and withdraw cash | Less fraud protection |
| No risk of debt | Ability to overdraft |
| No fees or interest | Daily spend limits |
Tips for Finding the Right Checking Account and Debit Card
How can you find the right checking account and debit card for you? Each person’s banking needs are different, but here are a few tips to get you started:
• Think about the features that are right for you: It’s likely that no checking account will tick all the boxes for you, so it’s a good idea to make a list of the most important features of your ideal checking account. Maybe you want an interest-bearing account that also has a cashback debit card, or perhaps you just want a standard account with no monthly fees or overdraft fees. Deciding on your wish list will help you narrow down the options.
• Ask friends and family: Getting recommendations from people you trust is a great way to instill confidence in any big financial decision.
• Consider online banking: Online banks can often offer lower (or no) fees and higher interest rates because of their low overhead. With the advent of mobile banking, including mobile check deposit, online bill pay, and P2P payments, you may find that you don’t miss your brick-and-mortar bank — while enjoying the checking and debit features.
• Bank in one place: It’s possible to have checking and savings accounts at separate institutions, but you may appreciate the convenience of banking in one place (or in one app). If you already have a credit card or savings account with a specific institution, it might be worth researching their checking account and debit card offerings.
Banking With SoFi
Looking for a new checking account with a debit card? Open an online bank account with SoFi. Our Checking and Savings account allows you to unlock a wealth of banking features, including a competitive annual percentage yield (APY), no account fees, automatic savings tools, and cashback on select local purchases when swiping your debit card.
Bank smarter with SoFi, and see why people love the SoFi debit card and Checking and Savings Account.
FAQ
Is a checking account a debit card?
A checking account is not a debit card. Rather, a debit card is a common way for consumers to spend and withdraw cash from their checking accounts.
Can you withdraw cash without a debit card?
It is possible to withdraw cash without a debit card. If your bank has a physical branch, you can go in person to take out funds. Some banks offer ATM cards for ATM withdrawals, and others may even offer cardless ATMs that allow you to access your funds through a mobile app.
Do checking accounts come with a debit card?
Most checking accounts come with a debit card. The bank may automatically send you the card upon account creation, but in some cases, you may have to request the card before the bank will send it.
Photo credit: iStock/Phiromya Intawongpan
Annual percentage yield (APY) is variable and subject to change at any time. Rates are current as of 11/12/25. There is no minimum balance requirement. Fees may reduce earnings. Additional rates and information can be found at https://www.sofi.com/legal/banking-rate-sheet
Eligible Direct Deposit means a recurring deposit of regular income to an account holder’s SoFi Checking or Savings account, including payroll, pension, or government benefit payments (e.g., Social Security), made by the account holder’s employer, payroll or benefits provider or government agency (“Eligible Direct Deposit”) via the Automated Clearing House (“ACH”) Network every 31 calendar days.
Although we do our best to recognize all Eligible Direct Deposits, a small number of employers, payroll providers, benefits providers, or government agencies do not designate payments as direct deposit. To ensure you're earning the APY for account holders with Eligible Direct Deposit, we encourage you to check your APY Details page the day after your Eligible Direct Deposit posts to your SoFi account. If your APY is not showing as the APY for account holders with Eligible Direct Deposit, contact us at 855-456-7634 with the details of your Eligible Direct Deposit. As long as SoFi Bank can validate those details, you will start earning the APY for account holders with Eligible Direct Deposit from the date you contact SoFi for the next 31 calendar days. You will also be eligible for the APY for account holders with Eligible Direct Deposit on future Eligible Direct Deposits, as long as SoFi Bank can validate them.
Deposits that are not from an employer, payroll, or benefits provider or government agency, including but not limited to check deposits, peer-to-peer transfers (e.g., transfers from PayPal, Venmo, Wise, etc.), merchant transactions (e.g., transactions from PayPal, Stripe, Square, etc.), and bank ACH funds transfers and wire transfers from external accounts, or are non-recurring in nature (e.g., IRS tax refunds), do not constitute Eligible Direct Deposit activity. There is no minimum Eligible Direct Deposit amount required to qualify for the stated interest rate. SoFi Bank shall, in its sole discretion, assess each account holder's Eligible Direct Deposit activity to determine the applicability of rates and may request additional documentation for verification of eligibility.
See additional details at https://www.sofi.com/legal/banking-rate-sheet.
SoFi Checking and Savings is offered through SoFi Bank, N.A. Member FDIC. The SoFi® Bank Debit Mastercard® is issued by SoFi Bank, N.A., pursuant to license by Mastercard International Incorporated and can be used everywhere Mastercard is accepted. Mastercard is a registered trademark, and the circles design is a trademark of Mastercard International Incorporated.
Financial Tips & Strategies: The tips provided on this website are of a general nature and do not take into account your specific objectives, financial situation, and needs. You should always consider their appropriateness given your own circumstances.
SOBK1222005