If you want to bank with a credit union, look into these 4 checking accounts

A checking account is one of the most important financial tools available. This is generally where you deposit your paychecks, and then use those funds for everyday expenses, from rent and mortgage to credit card bills. For that reason, it's wise to put thought into picking the right checking account for your needs.

Opening a checking account at a credit union can be a good choice if you value the more personalized approach these institutions may offer. CNBC Select compiled a list of the best checking accounts offered by credit unions based on fees, ATM access and other features, such as low initial deposits, earning interest, NCUA insurance and more. (Read more about our methodology below.)

• Best for earning interest: Consumers Credit Union Rewards Checking
• Best for high balances: Connexus Credit Union Xtraordinary Checking
• Best for a vast ATM network: Quorum QClassic Checking Account
• Best for no fees: Alliant Credit Union High-Rate Checking Account

Who's this for? If your goal is to find a checking account with a high APY, the Consumers Credit Union Rewards Checking account can offer excellent returns.

The account comes with a tiered system for earning interest. You can earn:

• 3.00% APY on up to $10,000 when you enroll in electronic statements, make at least 12 debit card purchases each month and deposit at least $500 monthly
• 4.00% APY on up to $10,000 when you meet the 3.00% APY requirements and spend $500 or more in CCU Visa Credit Card purchases each month
• 5.00% APY on up to $10,000 when you meet the 4.00% APY requirements and spend $1,000 or more with a CCU Visa Credit Card each month

Balances of over $10,000 and under $25,000.00 earn 0.2% APY and balances higher than $25,000 earn 0.1% APY.

The credit card spending requirements may be harder to achieve, but even a 3% APY is impressive and is in line with high-yield saving account rates. For example, if you were to maintain at least $3,000 on average in your account at all times, you would earn about $90 in interest annually.

The CCU Rewards checking account has no minimum balance and charges no monthly fees. You can use the debit card at more than 30,000 ATMs free of charge. The credit union also offers unlimited reimbursement for any ATM fees if you meet the monthly activity requirement.

Note that CCU charges an overdraft fee of $30 per transaction, up to four times per day. Considering many banks have reduced or dropped overdraft and NSF fees altogether, this is something to keep in mind if you find yourself charging more than your balance at times.

Joining CCU is easy. All you need to do is pay a one-time $5 fee to the Consumers Cooperative Association and then deposit and maintain a minimum of $5 in your membership account.

Who's this for? If you normally have a checking account balance higher than $10,000 and want to maximize it by earning interest, consider the Connexus Credit Union Xtraordinary Checking account.

Xtraordinary Checking earns up to 1.75% APY on balances up to $25,000 and 0.25% APY thereafter. To take advantage of the high APR rate, you need to make 15 debit card monthly purchases or spend $400 on your debit card each month, as well as sign up for electronic statements. Additionally, meeting this requirement allows you to earn up to $25 in ATM surcharge rebates each month. You can also avoid ATM fees if you use one of over 67,000 in-network ATMs.

Connexus doesn't charge maintenance fees and has no minimum balance requirements. Overdraft fees are also low — $4 per transaction, up to two per day.

As with any credit union, you need a membership to sign up for any of its products. The easiest way to join Connexus if you don't meet the employer or residence requirements is to become a Connexus Association member which requires a one-time $5 donation.

Who's this for? If you want simplicity from your checking account, including wide access to surcharge-free ATMs, the Quorum QClassic Checking Account can be a good choice.

Quorum offers access to over a whopping 90,000 ATMs nationwide, ensuring you can get cash from your debit card anywhere in the U.S. without worrying about fees. To add to that, the QClassic doesn't charge any monthly fees and comes with a free Bill Pay Service. The service allows you to schedule one-time or recurring bill payments and get bill and payment alerts.

However, like most checking accounts, QClassic doesn't earn any interest. Another potential drawback is high NSF fees: Quorum charges $37 when your balance drops below $0. If you sign up for overdraft protection with an automatic transfer from your savings account, an overdraft will cost you $20 per transaction. (And speaking of savings, CNBC Select picked the Quorum HighQ Savings Account as the best credit union savings account.)

To join Quarum, you can become a member of the American Consumer Council (ACC), which is free, or Select Savers Club (SSC). The latter costs $5, but Quorum will pay the fee for you.

Who's this for? The Alliant Credit Union High-Rate Checking Account can help eliminate worries about ATM fees.

We ranked the Alliant checking account as one of the best no-fee checking accounts as it provides up to $20 in monthly ATM fee rebates if you use out-of-network ATMs. While this is less than some other accounts on our list offer, there are also no requirements for you to meet to take advantage of this perk. Plus, Alliant's ATM network is extensive with more than 80,000 fee-free ATMs.

Besides that, Alliant doesn't charge any overdraft fees or service fees and has no balance requirement for the checking account. You'll also earn a 0.25% APY if you enroll in paperless statements and set up a recurring monthly deposit into the account.

There are several ways you can be eligible to join Alliant but anyone can become a member by supporting Foster Care to Success — Alliant will pay the charity $5 on your behalf when you apply for an Alliant membership.

• What do credit unions call their checking accounts?
• Do credit unions check your credit to open a checking account?
• Do checking accounts at credit unions earn interest?
• Are checking accounts at credit unions federally insured?

Some credit unions may refer to their checking accounts as share draft accounts.

Credit unions offer the same products as traditional banks, from deposit accounts to loans and credit cards. However, since credit unions work differently — they're owned by members and run by member-elected boards of directors — they also have their own terminology. For example, savings accounts may be referred to as "share savings accounts" and the interest they earn as "variable dividends."

A credit union will usually perform a hard pull when you're applying for credit but only do a soft credit check when it comes to checking and savings accounts. This means a hard inquiry won't appear on your credit report and your credit score won't be affected when opening a checking account with a credit union.

Additionally, they may run your ChexSystems report, which is a version of a credit report for banking products. A ChexSystems report can display previous negative information, such as overdrafts and bounced checks.

Normally, checking accounts don't earn interest since they're designed to hold liquid funds for everyday transactions. However, it's possible to find interest-earning checking accounts at credit unions, as well as some traditional banks. That said, such accounts often come with spending requirements for accruing interest, and the yield isn't likely to match that of high-yield savings accounts.

While traditional banks are insured by the Federal Deposit Insurance Corporation (FDIC), credit unions are backed by the National Credit Union Share Insurance Fund (NCUSIF), managed by the National Credit Union Administration (NCUA). The fund can provide up to $250,000 in coverage per account for federal and most state-chartered credit unions. For jointly-owned accounts, the NCUSIF covers each additonal account holder for $250,000.

All accounts on our list are NCUA-insured.

Since a checking account is one of the most essential tools in your everyday financial life, it's a good idea to spend some time choosing the right account for you. You can find plenty of options at credit unions, whether your goal is to get an interest-bearing checking account or pay as few fees as possible. Make sure the credit union is NCUA-insured and pay attention to important terms, such as minimum balance and fees.

To pick the best checking accounts offered by credit unions, CNBC Select analyzed dozens of U.S. checking accounts. We narrowed down our rankings by only considering checking accounts that charge no monthly maintenance fees (and no catches to benefit from zero monthly fees).

While the accounts we chose in this article consistently have no monthly maintenance fees, we also compared each checking account on a range of features, including:

• No minimum balance requirement
• Annual percentage yield (APY)
• Low initial deposit of $0 to $50
• Available nationwide
• Large ATM network and/or ATM fee rebates
• Ease of use and account accessibility

All of the accounts included on this list are National Credit Union Administration (NCUA) insured up to $250,000. This insurance protects and reimburses you up to your balance and the legal limit in the event your credit union fails.

The rates and fee structures for checking accounts are subject to change without notice and they often fluctuate in accordance with the prime rate.

Your earnings depend on any associated fees and the balance you have in your checking account. To open an account, some banks and institutions may require a deposit of new money, meaning you can't transfer money you already had in an account at that bank.

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