If you want to keep more of your money in your pocket – and I’m sure you do – there are some pretty awesome free checking accounts to consider.
You won’t be required to pay monthly service fees – even if your bank balances aren’t extremely high.
But the best thing is that some of these accounts offer perks like free services and interest on your money!
7 Best Free Checking Accounts
Here are the best free checking accounts you can open today:
- Discover Cashback Debit Checking
- Axos Bank Rewards Checking
- Chase Total Checking
- Chime Deposit Account
- nbkc Personal Checking
- CapitalOne 360 Checking
- Ally Bank Interest Checking
1. Discover Cashback Debit Checking
Discover Cashback Debit Checking account will not only save you money on banking – it’ll also reward you for using your checking account.
Earn 1% cashback on up to $3,000 spent every month – as much as $30 a month just for using your debit card! That could add up to $360 a year – which you could use to start investing in some of the best passive income ideas.
Note that there are some exceptions for receiving cashback. For example, you won’t get cashback on ATM transactions, purchase of money orders, P2P payments, or loan payments (and a few other transactions). Make sure you’re fully aware of them before you spend money on your Discover Cashback Debit card to maximize your rewards.
You can open a Discover Cashback Debit Checking account with no minimum opening deposit – and there are no minimum balance requirements either.
Moreover, Discover allows you to manage your checking account online with a top-rated mobile app (4.8 stars on the App Store, 4.7 on Google Play) – and there are over 60,000 no-fee ATMs in the U.S.
Read more about the best online checking accounts.
| Discover Cashback Debit Checking Highlights | |
|---|---|
| APY | N/A, 1% cashback on debit spending |
| Minimum Deposit | $50 |
| Monthly Fees | $0 |
| Minimum Balance | $0 |
| Fee-Free ATMs | 60,000 in U.S. |
Learn More:
2. Axos Bank Rewards Checking
Lack of fees, solid rates, and domestic ATM reimbursements – Axos Bank Rewards Checking account has it all!
There are no monthly balance requirements nor maintenance fees, and you can reap some excellent rewards (for example, up to 3.30% APY on your balance) – but you will need to qualify as stated below.
To earn the highest APY, you will need to receive at least $1,500 in monthly direct deposits, and use your debit card for at least 10 transactions worth at least $3 (or sign up for Personal Finance Manager (PFM) “Account Aggregation” in Online Banking), maintain an average daily balance of $2,500 per month in an Axos Invest Managed Portfolios Account, maintain an average daily balance of $2,500 per month in an Axos Invest Self Directed Trading Account and use your Rewards Checking account to make your full monthly Axos Bank consumer loan payment (Mortgage, personal, and auto loans are eligible).
If you meet the criteria – Axos Rewards Checking offers one of the best checking account APYs on the market.
The Axos Bank Rewards Checking account requires a $50 minimum balance to open an account.
| Axos Bank Rewards Checking Highlights | |
|---|---|
| APY | up to 3.30% |
| Minimum Deposit | $50 |
| Monthly Fees | $0 |
| Minimum Balance | $0 |
| Fee-Free ATMs | ∞ Domestic (Fee reimbursement) |
Learn More:
3. Chase Total Checking
Chase is well-known for its credit cards and frequently offers some of the best bank promotions.
The main reason I couldn’t leave this one off the list is the sweet $200 sign-up bonus after you complete a direct deposit within 90 days. Offer expires 10/18/2023.
Chase Total Checking does have a couple of fees; however, there are ways to avoid them. For example, the $12 monthly fee can be waived with activities like maintaining a minimum balance of $1,500 or $500 in direct deposit each month.
Withdrawing money for free, but only at one of their more than 15,000 ATMs. Otherwise, you’ll be charged $2.50 per transaction within the U.S., $5 international.
Online banking is standard, but you can also do “text banking” for checking balances and transaction history via messaging.
Chase also offers account alerts to warn you prior to over-drafting and for account security.
Chase is a great choice for customers seeking a big brand with many product lines like: savings, cds, mortgages, lines of credit, etc.
Note: If you have a had trouble with checking accounts in the past, consider the Chase Secure Banking account which is offering a $100 bonus.
| Chase Total Checking Highlights | |
|---|---|
| APY | N/A |
| Minimum Deposit | $0 |
| Monthly Fees | $0, with qualifying activities |
| Minimum Balance | $0 |
| Fee-Free ATMs | 15,000+ |
Learn More:
4. Chime Deposit Account
You may have heard of Chime (one of the best bank accounts for millennials!) – a fast-growing mobile bank that offers low-cost banking. Chime makes it easy to put money aside into a savings account with automatic saving options. When you open your bank account with Chime, you get an optional Savings Account.
Unsurprisingly, Chime also has a free checking account which comes with many attractive features like no foreign transaction fees, Early Direct Deposit, and access to over 60,000 fee-free ATMs.
When you spend money using your Chime Visa Debit Card, Chime will round up your spending to the nearest dollar and transfer the round-up into your automatic savings account.
Another cool feature of Chime is that it allows you to get a jump on payday through the Early Direct Deposit feature.
Early Direct Deposit makes your money available to you when your employer deposits it, and, because traditionally it can take up to two business days to deposit paper checks, that means you could get paid up to two days early.
Chime has a top-rated mobile app (4.7 stars on the App Store, 4.6 on Google Play) and access to 38,000 atms
| Chime Deposit Account Highlights | |
|---|---|
| APY | N/A, 1% cashback on debit spending |
| Minimum Deposit | $0 |
| Monthly Fees | $0 |
| Minimum Balance | $0 |
| Fee-Free ATMs | 38,000+ |
Learn More:
Promotions: None
5. nbkc Personal Checking
nbkc Personal Checking is another excellent free checking account option that will not only save you money by cutting out banking fees – but will also help you earn interest.
This account offers a very generous 1.50% APY on all balances – while many of its competitors require you to maintain an average minimum amount in your account (which can be anything from a $1,000 to $50,000).
On top of that, nbkc won’t charge you for many of the tasks that other banks charges fees for – such as overdrafts, stop payments, or incoming domestic wires.
However, bear in mind that you will be charged for sending domestic and international wires – and other fees may apply (word of advice – always check the fine print).
You can manage your nbkc Personal Account and perform common banking tasks like pay bills and transfer money easily from the nbkc mobile app – as well as add your nbkc Personal Account card to your digital wallet.
Withdraw money at over 32,000 MoneyPass® ATMs in the U.S. and Puerto Rico for free. And, if you get charged withdrawal fees at any other ATMs anywhere in the world, nbkc offers up to $12 in monthly refunds.
| nbkc Personal Checking Highlights | |
|---|---|
| APY | 1.50% |
| Minimum Deposit | $5 |
| Monthly Fees | $0 |
| Minimum Balance | $0 |
| Fee-Free ATMs | 32,000+ MoneyPass® ATMs |
Promotions: None
6. Capital One 360 Checking Account
Capital One 360 Checking Account is another excellent no-fee checking account that offers seamless banking on-the-go.
With a top-rated mobile app (4.7 stars on the App Store and Google Play), Capital One makes it easy to transfer money, manage accounts, and deposit checks while you’re out and about.
You won’t be charged any fees for any of these actions – and you won’t pay a fee for foreign transactions either.
Capital One 360 allows you to earn an annual percentage yield of 0.10% on all balances.
Minimum Deposit$0
| Capital One 360 Checking Highlights | |
|---|---|
| Monthly Fees | $0 |
| Minimum Balance | $0 |
| Fee-Free ATMs | 70,000+ |
Learn More:
Promotions: None
7. Ally Bank Interest Checking
Ally Bank offers a completely free checking account that gives your money a boost with pretty solid APY rates – 0.10% APY on balances of less than $15,000 – and 0.25% APY on balances of at least $15,000.
With Ally Bank Interest Checking Account, you won’t pay a dime for keeping your account open – and there are no minimum balance requirements nor minimum opening deposits.
Withdrawing money for free is easy – use any of Allpoint® ATMs nationwide. Plus, if you do get charged fees at any other ATM in the U.S., Ally Bank will reimburse up to $10 per statement cycle.
Ally Bank has a top-rated mobile app (4.8 stars on the App Store, 4.3 on Google Play).
It is a popular choice for customers seeking competitive rates and a good customer experience.
| Ally Bank Highlights | |
|---|---|
| APY | 0.10% – 0.25% |
| Minimum Deposit | $0 |
| Monthly Fees | $0 |
| Minimum Balance | $0 |
| Fee-Free ATMs | 43,000+ Allpoint® ATMs |
Learn More:
Promotions: None
Finding the Best Free Checking Account for You
Paying for a checking bank account isn’t something you have to put up with – not when there are so many excellent free options that can help you save money, as well as allow you to earn solid interest rates.
Which free checking account you go for will depend on your financial needs and the extras you’re after. The most important thing is to do your homework before you make a decision – and get clear about what your financial needs are.
If you’re after a high APY, make sure you can hit the account minimums. It’s also always a good idea to keep a checking account buffer.
Bear in mind that many of these free checking account providers are online banks – so there are no physical branches. If you don’t think you’ll ever need to go in and see a customer service representative face-to-face, then it won’t be a problem for you.
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