Best Free Checking Accounts of December 2023
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Want to dodge hefty banking fees? Learn about the best free checking accounts in this detailed guide. No hidden charges or high balances needed.
What is the best bank for free checking?
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BMO Smart Advantage Checking - $400 Cash Bonus
Open a new BMO Smart Advantage Checking online and get a $400 cash bonus when you have a total of at least $4,000 in qualifying direct deposits within the first 120 days of account opening. Offer is limited to one per customer and is not available for existing BMO personal checking customers (including signers on joint accounts) or those who have closed a BMO personal checking account within the past 12 months. Conditions apply.
Online Checking Account - Earn Cash Back
- 1% cash back on up to $3,000 in debit card purchases each month. See website for details
- No fees
- Early Pay - Get your paycheck up to two days early with no charge
- No credit impact - You can apply without affecting your credit score.
- Access to over 60,000 no-fee ATMs in the U.S.
Rewards Checking - Up to 3.30% APY
- Use promo code AXOS300 and apply by December 31st, to earn up to a $300 bonus!
- Up to 3.30% APY
- Zero monthly maintenance fees
- Zero overdraft or NSF fees
- Zero minimum monthly balance reqs
- Unlimited domestic ATM fee reimbursements
- Online debit card management
- Simple, 3-step process for direct deposit
- Only $50 to open an account
High Interest Checking - Up to 1.10% APY
- Earn up to 1.10% APY
- $100 minimum opening deposit
- APY is based on the account balance and making at least 10 qualifying debit card point-of-sale transactions of $10.00 or more per statement cycle.
Free Rewards Checking
- Earn up to 5.00% APY*
- Unlimited reimbursement for any and all ATM fees**
- Over 30,000 ATMs & over 5,000 shared branches
- No monthly maintenance fees
- No minimum balance
Rewards Checking Plus - Up to 2% Cash Back
- Up to 2% cash back on purchases.
- No monthly fees
- Get paid up to 2 days early.
- Maximize your rewards with direct deposit.
Key Smart Checking® - $200 Bonus
- Earn a $200 cash bonus when you open a Key Smart Checking account by 12/8/23 and make one direct deposit of at least $500 within 60 days.
- Convenient banking at 40,000+ KeyBank and Allpoint ATMs.
- Key Smart Checking® is a no monthly maintenance fee account
- Set custom alerts so you can receive text or email updates about the account information that's important to you.
- Move money easily with Zelle, mobile check deposit, online banking and more.
- Enjoy chip security, Tap & Go technology and all benefits of Mastercard.
- FDIC Insured.
Many people think that banking has to be expensive. But it does not have to be that way.
In fact, you can enjoy the conveniences of online, branch, or ATM banking without the pesky fees.
These great no-fee checking accounts prove you don't have to break the bank, to bank.
Checking Account | Best For | Minimum Deposit |
---|---|---|
Discover Cashback Debit | Cashback Rewards | $0 |
Axos Rewards Checking | Can earn high interest rate | $50 |
Chime Free Mobile Checking | Excellent mobile app; no credit check | $0 |
Chase Total Checking® | Lots of branches; new customer cash bonus | $0 |
Bank of America Advantage Plus Banking® | Large national bank | $100 |
Aspiration Spend & Save | Sustainable banking services | $10 |
BMO Smart Advantage Checking | Affordable checking | $25 |
Ally Bank Interest Checking | Full-service online banking with interest | $0 |
Betterment Checking | ATM fees reimbursed worldwide | $0 |
Varo Bank Account | Second chance banking | $0 |
Capital One 360 Checking | No foreign transaction fees | $0 |
Nationwide Advantage Checking | Potential for higher interest rate | $50 |
Bluevine Business Checking | Free business checking | $0 |
Chase Total Checking® - $200 Bonus
- New Chase checking customers enjoy a $200 bonus when you open a Chase Total Checking® account with qualifying activities
- Access to more than 15,000 Chase ATMs and more than 4,700 branches
- Chase Mobile® app - Manage your accounts, deposit checks, transfer money and more -- all from your device.
- JPMorgan Chase Bank, N.A. Member FDIC
- Open your account online now
- Available online nationwide except in Alaska, Hawaii and Puerto Rico. For branch locations, visit locator.chase.com.
- Chase Overdraft Assist℠ - no overdraft fees if you're overdrawn by $50 or less at the end of the business day or if you're overdrawn by more than $50 and bring your account balance to overdrawn by $50 or less at the end of the next business day*
TD Convenience Checking℠ - $200 Cash Bonus
- New customers who apply online for a TD Convenience Checking℠ account can earn a $200 cash bonus after receiving direct deposits of $500 or more within 60 days. To qualify for this offer, you must be a U.S. resident and apply for the offer online. Offer is available in these states: CT, DC, DE, FL, MD, ME, MA, NC, NH, NJ, NY, PA, RI, SC, VT, VA
- Waive the $15 monthly maintenance fee with a low minimum daily balance of $100.
- Student perks: No monthly maintenance fee or minimum balance requirements if you're ages 17–23
- A little extra time. A lot of extra relief: Avoid fees with Grace Period, which gives you until 11 PM ET the next business day to fix an overdraft. Make sure your available balance is at least $0 by depositing enough to cover the overdrawn balance plus any additional transactions and TD will refund the overdraft fee to your checking account.
- Convenient locations with the longest hours around: We have over 1,100 locations from Maine to Florida that's open early, late, and weekends.
- Instant-issue debit card replacement: Instantly replace a lost or worn contactless debit card by visiting a TD Bank location near you
- Fast and secure payments: TD Bank debit cards are backed by the Zero Liability guarantee and 24/7 fraud monitoring
- Additional TD Bank checking account perks worth talking about: Get 24/7 access to all your TD accounts with Online & Mobile Banking, plus Bill Pay, Send Money with Zelle®, Mobile Deposit and Online Statements.
U.S. Bank Smartly® Checking and Standard Savings - Up to $800 Bonus
Earn up to $500 with a new Bank Smartly Checking account. Complete the following within 90 days of account opening:
- Enroll in online banking or the U.S. Bank Mobile App
- Make two or more direct deposit(s) totaling $5,000 to $9,999.99 to earn $300 or $10,000 or more to earn $500
Earn up to $200 with a new Standard Savings account.
- Make new money deposit(s) totaling $25,000 by January 31, 2024
- Maintain that balance until July 31, 2024
Earn an additional $100 by fulfilling both the Bank Smartly Checking and Standard Savings requirements!
Offer may not be available if you live outside of the U.S. Bank footprint.
Discover Cashback Checking
Online Checking Account - Earn Cash Back
- Minimum Deposit Required: $0
- Balance Requirement: $0
- Monthly Fee: $0
- APY: N/A
- ATMs: 60,000+ Allpoint or MoneyPass ATMs
- Perks: 1% cashback on up to $3,000 in purchases each month. See website for details
The Discover Cashback Debit Account is a great choice for free banking. There are no monthly fees, and you pay $0 for checks, stop payment orders, and insufficient funds.
Plus, you earn 1% cash back when you use your debit card (on up to $3,000 in purchases each month). That's potential for some pretty awesome earnings.
But remember, cash back is only for debit card purchases, not for ATM transactions, money orders, paying friends, or loan payments. See website for details.
You get free ATM withdrawals at over 60,000 locations, including ATMs in popular grocery stores, CVS, Walgreens, and Costco.
Discover Bank offers 24/7 phone and email customer support from a U.S.-based team. Simply call 1-801-451-3737 or send a message through the online Message Center.
Discover's cashback program is great if you typically spend a lot on your debit card. But if you like to keep a larger balance instead, the next option is for you.
Axos Rewards Checking
Rewards Checking - Up to 3.30% APY
- Minimum Deposit Required: $50
- Balance Requirement: $0
- Monthly Fee: No monthly maintenance fee
- APY: Up to 3.30%
- ATMs: Unlimited domestic ATM reimbursements
- Perks: Get your first set of 50 checks free
Not only does the Axos Bank Rewards Checking Account has no fees, you can even earn Up to 3.30% interest. That's considered really high right now.
Axos doesn't have its own ATM network. But it gives unlimited rebates of domestic ATM fees, so you can use any machine you want.
In simple terms, annual percentage yield (APY) is how much your money will grow in one year, with compounding interest. This assumes that you don't add or withdraw money. For example, if you deposit $1,000 into an account with 1% APY, you'll earn $10 by end of one year.
One thing to note: Axos does tend to require good banking history for approval. If you have some past banking mistakes, no worries, the next bank accepts everyone.
Chime Free Mobile Checking
Free Mobile Checking
Chime is a financial technology company, not a bank. Banking services provided by, and debit card issued by, The Bancorp Bank or Stride Bank, N.A.; Members FDIC.
- Minimum Deposit Required: $0
- Balance Requirement: $0
- Monthly Fee: $0
- APY: N/A
- ATMs: 60K+ fee-free ATMs at convenient locations like Walgreens, 7-Eleven, CVS and more
- Perks: Get Paid Early, SpotMe up to $200, no foreign transaction fees
Chime is a leader in mobile app. The checking account has a Get Paid Early service that lets you receive your direct deposit payment 2 days early.
It also has a cool SpotMe feature, where Chime will help you cover up to $200 (or more) for free. You repay it when you make a deposit. SpotMe only covers debit card purchases, ATM withdrawals, and cash-back transactions.[1]
You can be eligible if you get at least $200 in direct deposits every month. Your SpotMe limit is based on your account history.
Plus, Chime doesn't run any credit checks or reports. So it's a great choice for those with bad credit or poor banking history. It's also ideal for college students who may not have any history.
Because online banks have less overhead, they don't have as many fees and can even offer interest. They usually partner with nationwide ATM networks so you can withdraw money easily. And you can still do tasks like pay bills online and deposit checks by taking a photo with the mobile app.
Not sure about purely mobile banking? You may consider a national bank if you like doing banking in person.
Chase Total Checking
Chase Total Checking® - $200 Bonus
- New Chase checking customers enjoy a $200 bonus when you open a Chase Total Checking® account with qualifying activities
- Access to more than 15,000 Chase ATMs and more than 4,700 branches
- Chase Mobile® app - Manage your accounts, deposit checks, transfer money and more -- all from your device.
- JPMorgan Chase Bank, N.A. Member FDIC
- Open your account online now
- Available online nationwide except in Alaska, Hawaii and Puerto Rico. For branch locations, visit locator.chase.com.
- Chase Overdraft Assist℠ - no overdraft fees if you're overdrawn by $50 or less at the end of the business day or if you're overdrawn by more than $50 and bring your account balance to overdrawn by $50 or less at the end of the next business day*
- Minimum Deposit Required: None
- Direct Deposit Required: Yes
- Monthly Fee: $12 Monthly Service Fee OR $0 with one of the following, each monthly statement period:
- Qualifying electronic deposits made into this account totaling $500 or more,
- OR a balance at the beginning of each day of $1,500 or more in this account,
- OR an average beginning day balance of $5,000 or more in any combination of this account and linked qualifying Chase checking, savings, and other balances
- APY: N/A
- ATMs: 15,000+ Chase ATMs
Chase is one of the largest banks in the US. Even though it's so big, Chase has great customer service reviews, plus a highly-rated mobile app.
Chase Total Checking® isn't exactly free, but it's easy to waive the $12 monthly maintenance fee. All you need is at least $500 in direct deposits. If you can do that, then you don't need to worry about maintaining a minimum balance.
You can also get a Chase bonus as a new customer. You only need to set up direct deposit to receive the bonus - no minimum deposit required!
Yes, some do! Here's a list of free checking accounts that either have a welcome bonus or offer interest.
- Axos Bank:
Rewards Checking - Up to 3.30% APY - Quontic:
High Interest Checking - Up to 1.10% APY - Ally Bank:
Interest Checking - Upgrade:
Rewards Checking Plus - Up to 2% Cash Back - Capital One:
360 Checking Account - Nationwide:
Advantage Checking - Up to 0.90% APY
Bank of America Advantage Plus Banking®
Bank of America Advantage Plus Banking®
- Minimum Deposit Required: $100
- Monthly Fee: $12 Monthly Maintenance Fee or $0 – No monthly maintenance fee each statement cycle when you meet one of the following:
- have at least one qualifying direct deposit of $250 or more or
- maintain a minimum daily balance of $1,500 in your account or
- are a member of Bank of America Preferred Rewards®
- APY: N/A
- ATMs: 16,000+
- Perks: Preferred Rewards program for extra benefits
Bank of America also offers bonuses for new customers opening a checking account.
The mobile app is packed with features, like built-in budgeting tools and cash rewards program. You also get Erica, the virtual assistant, who can help you manage bills, track your FICO score, lock your debit card, and more.
The monthly fee is easily waived with just a direct deposit of $250 per statement cycle.
Large commercial banks can get a bad rep for being soulless. If you're looking for something with more heart, the next one may be perfect for you.
Aspiration Spend & Save
Spend and Save
- Minimum Deposit Required: $10
- Balance Requirement: $0
- Monthly Fee: Pay What is Fair
- APY: 3.00% APY when you spend $1,000 per month on your debit card
- ATMs: 55,000+ Allpoint ATMs
- Perks: Get up to 5% cashback when you shop with socially-conscious retailers
Aspiration Spend & Save aims to make the world a better place while banking.
Your deposits do not go towards fossil fuel projects that harm the planet. Plus, you can plant a tree with every purchase. Aspiration will round up to the nearest dollar and plant a tree with your spare change.
You pay what you think is fair (even if it's $0). Aspiration donates 10% of whatever people give to charities that help struggling Americans.
Yes, free checking accounts are safe as long as the bank is a member of FDIC. This means if the bank fails, the government insures your money up to $250,000.
BMO Smart Advantage Checking
BMO Smart Advantage Checking
- Minimum Deposit to Open: $25
- Balance Requirement: None
- Monthly Fee: Waived with paperless statements (otherwise $2 for paper statements and $3 for check images)
- APY: N/A
- ATMs: Fee-free transactions at more than 40,000 Allpoint® network ATMs nationwide
BMO is a reputable financial institution primarily serving the Midwest region. It also has branches in Arizona and Florida. Or you can easily apply online or by phone.
Their Smart Advantage Checking is another excellent option for free checking. It has no fees on most everyday banking transactions, which spell good news for the budget-conscious.
Although they charge overdraft fees, note that they are waived if the overdraft was due to an ATM withdrawal or a one-time debit transaction.
BMO Smart Advantage Checking - $400 Cash Bonus
Open a new BMO Smart Advantage Checking online and get a $400 cash bonus when you have a total of at least $4,000 in qualifying direct deposits within the first 120 days of account opening. Offer is limited to one per customer and is not available for existing BMO personal checking customers (including signers on joint accounts) or those who have closed a BMO personal checking account within the past 12 months. Conditions apply.
BMO Smart Money Checking - $400 Cash Bonus
Open a new BMO Smart Money Checking online and get a $400 cash bonus when you have a total of at least $4,000 in qualifying direct deposits within the first 120 days of account opening. Offer is limited to one per customer and is not available for existing BMO personal checking customers (including signers on joint accounts) or those who have closed a BMO personal checking account within the past 12 months. Conditions apply.
BMO Relationship Checking - $600 Cash Bonus
Open a new BMO Relationship Checking and get a $600 cash bonus when you have a total of at least $7,500 in qualifying direct deposits within the first 120 days of account opening. Offer is limited to one per customer and is not available for existing BMO personal checking customers (including signers on joint accounts) or those who have closed a BMO personal checking account within the past 12 months. Conditions apply.
Ally Bank Interest Checking
Interest Checking
- Minimum Deposit Required: $0
- Balance Requirement: $0
- Monthly Fee: $0
- APY: 0.10% APY for daily balances less than $15,000; 0.25% APY for daily balance over $15,000
- ATMs: 43,000+ Allpoint ATMs
- Perks: Up to $10 ATM fee reimbursements per month
Ally Bank is a full-service online bank with checking, savings, IRAs, investment services, and loans. It's a great choice if you want to handle all your finances under one institution.
The Interest Checking account has no minimum requirements and offers interest on all balances. 0.10% APY for daily balances less than $15,000. 0.25% APY for daily balances over $15,000
Other benefits include no overdraft fees, free standard checks, and free access to over 43,000+ Allpoint ATMs. If you do go out of network, Ally will reimburse up to $10 of other banks' ATM fees each statement cycle.
Travel abroad often? This next one is better for frequent travelers to save money.
Betterment Checking
Betterment Checking
- Minimum Deposit Required: $0
- Balance Requirement: $0
- Monthly Fee: $0
- APY: N/A
- ATMs: ATM fees reimbursed worldwide
- Perks: Cashback rewards at popular retailers
Betterment, the popular robo-advisor, also offers a free checking account backed by NBKC Bank.
Just like a traditional bank account, you get a Visa debit card, mobile check deposit, paycheck direct deposit, and online bill pay. Oh, and there's no overdraft fee.
The really cool thing is that it reimburses all ATM fees worldwide, so you can travel anywhere with your card. Plus, all foreign transaction fees are reimbursed too.
Varo Bank Account
Varo Bank Account
- Minimum Deposit Required: $0
- Balance Requirement: $0
- Monthly Fee: $0
- APY: N/A
- ATMs: 55,000+ Allpoint ATMs
- Perks: Get paid up to 2 days early with direct deposit; no foreign transaction fees
Varo gives you access to your direct deposits 2 days early. The account has no overdraft fees and no foreign transaction fees.
There's a Varo Advance feature that lets you instantly borrow up to $100 cash. You just need to pay it back within 30 days. There's no interest, but there is a small fee based on the amount you borrow. Borrowing $100 will have a $6 fee.
It also offers a savings deposit account that pays 3.00% APY on entire balance, with chance to earn 5.00% APY (on up to $5,000) when you meet requirements.
To get the higher tier APY, you must receive at least $1,000 in direct deposits, don't exceed $5,000 in daily savings balance per month, and keep checking and savings balances above $0.
Varo does not check your credit score or banking history, so it's also great for those needing a second chance.
Capital One 360 Checking
360 Checking Account
- Minimum Deposit Required: $0
- Balance Requirement: $0
- Monthly Fee: $0
- APY: 0.10% APY
- ATMs: 70,000+ Capital One, MoneyPass, and Allpoint ATMs
- Perks: Free first set of checks
Capital One offers a solid basic checking account with a little bit of interest (no requirements to earn). Plus, the debit card charges no foreign transaction fees.
It also offers several overdraft programs. For example, if you add funds to your overdrawn account within one day, you won't pay a fee.
Capital One differentiates itself from other banks by offering more personalized service, like the Capital One Cafes where you can get in-person financial advice. But the cafes are only in larger cities.
Nationwide Advantage Checking
Advantage Checking - Up to 0.90% APY
- Minimum Deposit Required: $50
- Balance Requirement: $0
- Monthly Fee: $0
- APY: Up to 0.90% APY
- ATMs: 80,000+ fee-free ATMs
Nationwide is partnered with Axos Bank to provide banking services.
It's not too hard to earn up to 0.90% APY on your checking balance. You just need to get at least $1,000 in monthly direct deposits and make at least 10 debit card purchases each month.
There are no balance requirements, overdraft fees, or non-sufficient funds fees.
Bluevine Business Checking
Free Business Checking - Up to 2.0% APY
- Balance Requirement: $0
- Monthly Fee: $0
- APY: 2.0% APY on balances up to $250,000 with monthly eligibility requirements; 0% APY on balances over $250,000
- ATMs: 38,000+ MoneyPass ATMs
Bluevine is a great choice for small business owners and freelancers. Not only does it have no monthly fee, you have the potential to earn a high APY.
Even though Bluevine is an online-only bank, it has a lot of the same features as traditional banks. So it's a good fit for a lot of types of businesses.
You get free cash withdrawals from over 38,000 MoneyPass ATMs. And if you need to deposit cash, you can do so at 90,000+ Green Dot locations (with a small fee). It even gives you 2 free checkbooks.
You can create up to 5 sub-accounts for free. They get their own account numbers. And they can earn interest too (up to $250k in combined balance across all the accounts for Standard tier and up to $3M for Premier tier).
Other Free Checking Accounts
If none of the above seem like the right fit for you, here are some other checking account offers.
Wells Fargo Everyday Checking
This account is free for account owners 17-24 years old. For all others, you can waive the $10 monthly maintenance fee with a $500 minimum daily balance or direct deposits of at least $500 each statement cycle.
CIT eChecking
CIT Bank offers a basic checkless checking account with a little bit of interest. CIT Bank doesn't have an ATM network, but it will reimburse up to $30 in other bank ATM fees every month.
Axos CashBack Checking
Axos also offers a CashBack Checking account with no monthly fee. You can get up to 1% cash back rewards on purchases if you maintain a $1,500.00 average daily collected balance.
CashBack Checking - Earn up to 1.00% Cash Back
- Balance Requirement: $0
- Monthly Fee: No monthly maintenance fee
- ATMs: Unlimited domestic ATM reimbursements
- Perks: Up to 1.00% cash back on all signature-based purchases (up to $2,000.00 per month in cash back)
Schwab High Yield Investor Checking
Schwab checking account is a favorite for frequent travelers because it has no foreign transaction fees and reimburses all ATM fees worldwide.
High Yield Investor Checking – Unlimited ATM Rebates
- Minimum Deposit Required: $0
- Balance Requirement: $0
- Monthly Fee: $0
- APY: 0.45% APY
- ATMs: Unlimited ATM fee rebates worldwide
- Perks: No foreign transaction fees
FNBO Direct Online Checking
FNBO Direct offers a little bit of interest on all balances. It's only $1 to open and has no monthly service charges.
FNBO Direct Online Checking
- Minimum Deposit Required: $1
- Balance Requirement: $0
- Monthly Fee: $0
- APY: 0.15% APY
- ATMs: 55,000+ Allpoint ATMs
Alliant Credit Union High-Rate Checking
Alliant High-Rate Checking has no monthly fees and offers a decent interest rate. To earn that interest, you must opt for eStatements and have a recurring monthly electronic deposit.
Alliant Credit Union High-Rate Checking
- Minimum Deposit Required: $0
- Balance Requirement: $0
- Monthly Fee: $0
- APY: 0.25% APY when you opt in to eStatements and have at least one monthly electronic deposit to your account
- ATMs: 80,000+ fee-free ATMs
- Perks: Up to $20 ATM fee rebates per month; free first box of checks
Is free checking really free?
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Not all "free" checking accounts are equal. Some accounts may have requirements you have to meet.
Make sure there are no strings attached to your free checking account by asking the following questions:
- Does the account have a monthly maintenance fee?
- Is there a monthly minimum balance requirement?
- Am I required to have direct deposit?
- What types of other fees are associated with the account?
- What services are not included with free checking? (e.g., wire transfers)
A truly free checking account should mean zero monthly maintenance fees and no minimum balance requirements.
How to Avoid Overdraft Fees
Overdrafts is one of the biggest banking problems for Americans. In just one year, 54% of Americans overdrafted 2-5 times.[3] With overdraft fees averaging $35 each, it can add up fast.
So how can you avoid these stressful fees? Luckily, banks usually have some overdraft programs to help.
- Sign up for text alerts. You can get an alert when your account balance is low. This way, you can add more money before an overdraft happens.
- Opt out of overdraft coverage. If you don't sign up for overdraft coverage, your bank will auto-decline transactions if you don't have enough money. This could be embarrassing at the cash register, but hey, at least you avoid the fee.
When a bank says there's no overdraft fee, what it means is that they will just decline transactions when you don't have enough funds. It doesn't mean that you can overdraw and have a negative balance.
- Grace period to add funds. Some banks give you a chance to avoid the fee if you deposit or transfer money to cover the overdraft by a deadline. This is not a bad option if you realize you've overdrawn your account and can act quickly.
For example, Chase gives you until end of the business day to add funds. Capital One gives you 1 day to add funds.
- Overdraft transfer protection. This is when you link a savings account with your checking account. When you overdraw, money can automatically be transferred from your savings to cover the amount.
But be aware - some banks charge you for the transfer. Some banks will make the transfer for free (like Chase). And note that usual 6/mo transaction limits still apply for savings accounts.
- Overdraft line of credit. This option isn't available for all banks. But some will let you take out a line of credit to cover overdrafts. You pay it back with interest.
It's okay if your checking account balance falls to $0. However, if it goes below $0, you could incur overdraft fees. And be careful that some checking accounts charge a monthly fee unless you maintain a certain balance.
If you have a free checking account with no minimums, you could have $0 balance. But if you leave your account empty and never use it, the bank may automatically close your account.
Hidden Fees to Watch Out For
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Even if your account has no service fee, here are common hidden fees you may encounter.
- Overdraft fee: This is when you don't have enough money to cover a purchase, but your bank covers it. The average bank charges $30-$35 each overdraft. And you can be charged multiple times in a single day.
- Non sufficient funds: This is triggered when your bank rejects a payment because your account doesn't have enough money. Even if you have overdraft protection, you can still be charged this fee if you bounce a check. This is also called a returned item fee.
- Out of network ATM withdrawals: Most banks have their own ATM network. If you're in a pinch and need to use a random ATM, you'll be charged a fee - usually around $2.50 - $3.50. Some banks will reimburse out-of-network ATM fees.
- Paper checks: Still need to write checks? Some banks charge you for each set of checks. If you write checks often, look for an account with free checks.
- Inactivity fee: Some banks charge an inactivity fee if you don't have any banking activities. It can be as much as $5 - $20 per month. You can avoid this fee by simply making any deposit or withdrawal, or using the debit card just once.
- Paper statement: As more banks are going green, they may charge a fee for printing and mailing statements to you. To avoid this, simply opt-out and sign up for electronic statements only.
- Wire transfers: Wire transfers are usually used to transfer money internationally or for a big purchase (like a house down payment). They usually cost $25 - $50 each. Some banks may offer free domestic wire transfers.
What Experts Say
As part of our series on saving and banking, CreditDonkey assembled a panel of industry experts to answer readers' most pressing questions.
Here's what they said:
Where can I find free checking accounts?
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Your best bet for a free checking account is an online bank. These institutions don't have the overhead costs of traditional brick-and-mortar banks. Oftentimes, they'll pass those savings on to you through no-fee accounts.
Local credit unions and community banks may also offer free checking accounts. But some may have a minimum balance requirement in order to waive the monthly service fee.
If you can easily meet the requirements, then don't overlook those either if they offer the convenience and features you need.
The minimum deposit is how much money you need to open a checking account (usually $0-$100). The minimum balance is how much you need to maintain in your account, to avoid a monthly fee. True free checking accounts don't have a minimum balance requirement.
What is the easiest checking account to open?
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If you've had some past banking mistakes, it can be hard to open a traditional checking account.
Most banks will do a soft credit check and run your banking history through the ChexSystem. They can deny you if you've had too many overdrafts or a bad credit score.
But not all hope is lost. Second-chance banking offers you an opportunity to get back into the game, so you can rebuild your banking history.
Here are the easiest checking accounts to open that don't use the ChexSystem or require credit approval.
- Chime: No monthly fees, balance requirements, or overdraft fees. Plus, you can get your direct deposit 2 days early.
- Varo: No monthly service charges, minimums, or overdraft fees. Offers access to direct deposit up to 2 days early.
- Sofi Bank: A nationally chartered bank that offers SoFi Checking and Savings which is a combined checking and savings account with no monthly fees or minimums. You get free access to 55,000+ Allpoint ATMs.
- GoBank (by Green Dot): A bank exclusively at Walmart. The monthly fee is waived as long as you have $500 in direct deposits each statement cycle.
- Wells Fargo Clear Access Checking: Specifically for those unable to get standard accounts. But it has a $5 monthly service charge (that can be waived for account owners age 13-24).
What to look for in a free checking account
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Minimum Deposit | Monthly Fee | ATMs | |
---|---|---|---|
Discover | $0 | $0 | 60,000+ Allpoint or MoneyPass ATMs |
Axos Bank Rewards Checking | $50 | No monthly maintenance fee | Unlimited domestic ATM reimbursements |
Chime Mobile Checking | $0 | $0 | 60K+ fee-free ATMs at convenient locations like Walgreens, 7-Eleven, CVS and more |
Aspiration Spend and Save | $10 | Pay What is Fair | 55,000+ Allpoint ATMs |
Ally Bank | $0 | $0 | 43,000+ Allpoint ATMs |
Betterment | $0 | $0 | ATM fees reimbursed worldwide |
Varo | $0 | $0 | 55,000+ Allpoint ATMs |
Capital One 360 | $0 | $0 | 70,000+ Capital One, MoneyPass, and Allpoint ATMs |
Nationwide Advantage | $50 | $0 | 80,000+ fee-free ATMs |
When looking for a free checking account, you'll have plenty of options. Here are some things to consider as you review your choices:
- Monthly fee / balance requirements
If you don't want any restrictions, then look for a bank with no maintenance fees. Most of the banks on our list has no monthly service fee. There are a couple of banks that have a fee, but it's incredibly easy to waive.How much should you have in your checking account?
You should keep at least 1 month worth of expenses in your checking account. It's smart to add a 30% buffer. This will give you enough to cover everyday living costs plus any unforeseen expenses.The most you should have is 2 months' worth of expenses. Any money above that will be better off in a high yield savings account or investment account.
- Other banking fees
Does the bank charge for things like overdrafts, insufficient funds, checks, wire transfers? Make sure the bank is transparent about their other fees. - Access
Do you want the option of banking in-person, or are you okay with completely online banking? Also make sure the bank has convenient ATMs near where you live and work. - Website & Mobile App
Whether on your computer or mobile device, you want to be able to handle your finances from anywhere. Choose a bank with a user-friendly website, mobile app, and features like online bill pay and mobile check deposits. - Security
Your bank should be FDIC insured. This means that if the bank defaults, the government will pay you back everything you had in the account (up to $250,000).
What you need to open a checking account
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To open a checking account, you will need:
- Government issued ID, like a driver's license
- Social Security Number
- Proof of address (lease or utility bill)
- Contact information (name, home address, email address, phone number)
- Date of birth
- Money for the opening deposit (if required)
You can open a checking account either online or in-person at a branch. To open an account by yourself, you need to be at least 18.
Most financial institutions will run a soft credit check on you to see your past banking history and then approve or deny you for the account.
Several checking accounts will allow you to open an account without an initial deposit. These include:
- Ally Bank Interest Checking Account
- Capital One 360 Checking
- Chime Free Mobile Checking
Checking Accounts with Free ATM Transactions
Here are some of the best banks to avoid ATM fees.
- Axos Reward Checking - unlimited domestic ATM fee reimbursements
- Charles Schwab Investor Checking - also reimburses international ATM fees
- Alliant Credit Union - reimburses up to $20 of ATM fees per month[4]
- Ally Interest Checking - reimburses up to $10 of ATM fees per month[5]
Some banks, like Capital One, Ally, and Citibank, offer free account access using the Allpoint ATM network. That means customers won't pay fees for transactions at more than 55,000 domestic ATMs. They may, however, be charged fees for out-of-network ATM withdrawals.
Bottom Line
With the rise of online banks, free checking accounts are becoming more popular. Compare accounts-and banks-to find the best fit for your financial needs. Some banks offer additional perks or bonuses.
And remember, "free" checking isn't always free. Do some research or speak to a bank representative to see if your fee-free checking comes with requirements like minimum account balances or direct deposits.
Rewards Checking - Up to 3.30% APY
- Use promo code AXOS300 and apply by December 31st, to earn up to a $300 bonus!
- Up to 3.30% APY
- Zero monthly maintenance fees
- Zero overdraft or NSF fees
- Zero minimum monthly balance reqs
- Unlimited domestic ATM fee reimbursements
- Online debit card management
- Simple, 3-step process for direct deposit
- Only $50 to open an account
High Interest Checking - Up to 1.10% APY
- Earn up to 1.10% APY
- $100 minimum opening deposit
- APY is based on the account balance and making at least 10 qualifying debit card point-of-sale transactions of $10.00 or more per statement cycle.
Rewards Checking Plus - Up to 2% Cash Back
- Up to 2% cash back on purchases.
- No monthly fees
- Get paid up to 2 days early.
- Maximize your rewards with direct deposit.
Essential Checking
- Unlimited domestic ATM reimbursements
- No monthly maintenance fees
- No annual fee
- No overdraft or non-sufficient funds fee
CashBack Checking - Earn up to 1.00% Cash Back
- Earn up to 1.00% cash back on signature-based purchases
- Unlimited domestic ATM fee reimbursement
- No monthly maintenance fee
- $50 minimum balance required to open account
Advantage Checking - Up to 0.90% APY
- Up to 0.90% APY
- $50 minimum opening deposit
- No monthly service fee
- No minimum balance requirement
- 80,000+ fee-free ATMs
References
- ^ Chime. Fee-Free Overdraft with SpotMe, Retrieved 10/21/2023
- ^ Alliant. Who is eligible to join Alliant?, Retrieved 10/21/2023
- ^ Pew Center on the States, Overdraft America: Confusion and
Concerns about Bank Practices, Retrieved 10/21/2023 - ^ Alliant. Does Alliant rebate fees if I use an out-of-network ATM?, Retrieved 10/21/2023
- ^ Ally. ATMs & withdrawals FAQs: What are your ATM fees?, Retrieved 10/21/2023
Write to Anna G at feedback@creditdonkey.com. Follow us on Twitter and Facebook for our latest posts.
Note: This website is made possible through financial relationships with some of the products and services mentioned on this site. We may receive compensation if you shop through links in our content. You do not have to use our links, but you help support CreditDonkey if you do.
This content is not provided by Citi. Any opinions expressed are those of the author's alone, and have not been reviewed, approved or otherwise endorsed by Citi.
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