The answer is #1 minimum balance, fees, and interest. At the end of the day, MOST checking accounts are very similar. They are an on-demand account where you store money until you are ready to spend it. The difference comes in when you start looking at how much the bank will charge you for using their service. Some banks require a minimum balance to maintain an account or to avoid fees. Others charge fees for having the account, for the number of monthly transactions, etc. Some, not all, pay interest. These three things are the differentiating factors in choosing a checking account.