11 Best Free Checking Account of 2023
Isn’t it common that people fall for the myth stating banking is undoubtedly expensive? Or do some people think that the options for a checking account usually require fees or maintaining high balances?
Here the best free checking accounts have got you covered! The accounts don’t include any minimum balance requirements or monthly maintenance fees offered by credit and bank unions.
Moreover, consider that the accounts might still charge foreign transaction fees, overdraft fees, or other cashback options to promote better services.
YES! The best free checking accounts have become common and practical in the last few years. We have mentioned 11 top-quality accounts to promote better functioning.
Table of Contents
- Best Free Checking Accounts Overview
- What are Free Checking Accounts?
- 11 Best Free Checking Accounts: Detailed Insight
- Best Free Checking Account Comparison
- How We Rank the Best Free Checking Account?
- How to Choose the Best Free Checking Account?
- Conclusion: Best Free Checking Account
- Free Checking Account FAQs
Best Free Checking Accounts Overview
- Top Consumer’s Choice: Ally
- Top Free Checking Accounts: Discover Bank
- Best In-person Account: Chase
- Best Directed Trading Invest Account: Axos Bank
- Best Monthly Direct Deposits: Capital One 360
- Best Free Checking Accounts: Bank of America
- Best Opening Deposit Checking Account: Chime
- Best Overdraft Fee-free Checking Accounts: BBVA
- Best Mobile Check Deposit Account: Aspiration
- Top Online Account: Radius Bank
- Best Bank for High Yield Investor: FNBO Direct
What are Free Checking Accounts?
There is no exaggeration in saying that a checking account makes an integral component of the whole banking atmosphere providing customers a place to follow daily banking transactions followed by common checking account fees. You will get an account online that includes rewards checking accounts, and other features.
Before opening the account, it’s essential to know about the considerations and features such as interest, monthly fee, opening deposit, mobile app, and even the overdraft fee option. Many standard accounts are common to provide you with the same features, but multiple premium accounts include perks requiring high balances. Are these accounts not a bank? Well, they are!
The account might not include monthly service charges, but still, there are some incur fees for different services such as out-of-network ATM or service charges.
11 Best Free Checking Accounts: Detailed Insight
#1. Top Consumer’s Choice: Ally
Here we go with our top choice! Ally is no more an exception, and it’s a leader known for innovative online banking with minimum deposit accounts available. It also involves competitive interest rates that make the bank one of the top-notch options within the banking industry.
Despite providing some premium personal banking options, it also involves a broad range of banking services such as home loans, Ally bank interest checking feature, and minimum daily balance. The checking accounts pay interest with a significant annual percentage yield APY.
You can pass the savings with effortless and minimum balance while using this online account. It has no physical branch but includes an interest checking account, that’s the most accessible account offered by the bank.
With no monthly maintenance fees within the free checking accounts, you will also get access to a minimum deposit while opening the account. It won’t cost you an overdraft fee, and that’s a valuable advantage to the user.
It also includes three different CD types with high-yield premium CD options available. You won’t find any minimum deposit to get certificates of deposit as the rates will vary depending on the balance and other direct deposit options.
Ally’s savings account undoubtedly offers an annual percentage yield option that offers 0.50% APY without account balance. Getting an online savings account is an excellent way to reach financial aims and save money. It also completes refunding customers who get charged an excessive transaction fee for transfers per cycle.
The online checking account includes a free debit card and checks option with fee-free access to ATMs throughout the US. Ally Bank also reimburses almost $10 per statement period for fees when going for different out-of-network ATMs.
Who is it Best For?
People looking for minimum balance, no overdraft fee, competitive rates, and effortless access with support will promote deposit cash with access to in-person services. The bank doesn’t include worries about monthly fees and minimum balances to promote mobile check deposits and other cashback features.
Ally should appeal to customers who search for any full-service online banking feature and is particularly an excellent fit for customers. It works ideally to provide access to ATMs without paying more fees while providing a customer support feature. You can enjoy competitive rates on CDs with a minimum opening deposit.
#2. Top Free Checking Accounts: Discover Bank
Have you ever heard about Discover bank? The Discover cashback debit account is perfect for its reward credit cards with full-service features and payment services worldwide. What makes it better? Let’s take a detailed look!
Discover aims to provide retirement and multiple banking solutions to people. Do you Discover is a lender known to provide personal, student, and home loans making it more accessible to customers.
It is one of the most premium credit unions known for effective bonus on lack of fees and other card services that allows it to stand as a top choice. Moreover, it includes effective and competitive interest rates. Sounds impressive, right?
Discover also includes both IRA saving account or individual Retirement Account CD. YES! It only needs a minimum balance of $2,500 to provide APY similar to regular CDs.
The main feature within a Discover free account is the cashback debit cards. Let us show you how! It applies a 1% cashback reward to purchases. But wait! Any loan payments, transactions, or orders you made with debit cards or peer-to-peer platforms will not make you eligible for rewards.
This credit union has no minimum balance essential to open an account, or you will not pay any fee to maintain the account monthly.
Who is it Best For?
Discover accounts are ideal for people seeking a digital bank that combines multiple services. It works best for people with digital transactions, don’t want to pay an opening deposit and use their debit card for everyday transactions.
>> Read More About Discover Bank Reviews: Is Discover a Good Bank?
#3. Best In-Person Account: Chase
One of the most innovative in-person banks, Chase is designed to offer full-service through its 16000 ATMs and 4,900 branches. You will find chase as the largest and popular financial institution and credit union known to provide customers with a wide range of products.
Besides this, chase offers different credit cards allowing the user to choose, including six for business and 24 for personal usage. You will find multiple credit card options depending on the balance transfer features and other goals with effective bank accounts.
Chase also includes additional checking bank features to deal with specific audiences. The secure banking account comes with no paper checks, minimum opening deposit, bank account fees, or money charges on different orders.
What does chase bank offer? Well, it includes a wide range of menu that offers different services and accounts while providing you access to different types of accounts such as checking or savings, CDs, other lending options, or credit cards.
The plus point is that the bank will reward clients who have different chase services with an ability to combine multiple balances and get waived fees to feature.
Who is it Best For?
Who can get the maximum benefit from chase? Basically, the chase is best for people with clusters of bank branches around them. It works great for people looking for investment, deposit, and other financial features from a single company.
Moreover, it suits customers who can maintain a daily balance limit to waive the fees options and earn different rewards from credit card purchases.
>> Read More About Chase Bank Reviews: Is Chase a Good Bank?
#4. Best Directed Trading Invest Account: Axos Bank
Axos Bank is one of the popular and oldest mobile banking platforms around. Established in 2000, it has been growing rapidly till now, providing full-service banking opportunities for businessmen and individuals.
Deciding whether Axos Bank is the right bank for you is quite easy, as this detailed review of the top online banking leaders will provide you with information about the services and accounts available through it.
The standard checking account used in Axos Bank, Essential Checking, does not earn rewards or interest. It offers you benefits like the Direct Deposit Express, enabling you to get your payment two days early.
This checking account has unlimited ATM fee recompense with no monthly minimum balance demands. With Axos Bank’s highly convenient checking account, you don’t need to worry about paying your Overdraft fees, monthly maintenance fees, and insufficient funds fees.
The rewards checking account of Axos Bank is an interest account earning up to 1.00% APY. Just a $50 deposit is required to open it without any minimum balance requirements or fees.
Finding a checking account earning cashback is rare, but Axos Bank is doing just that. On every signature-based purchase, the customers earn more than 1% cashback. Featuring no monthly fees, unlimited writing advantages, and domestic ATM reimbursements are CashBack Checking accounts privileges.
As Axos Bank do not have their own ATM network, the customers enjoy unlimited ATM fee reimbursements, including Cashback, Essential checking accounts, and Rewards. The Golden checking accounts get up to an $8 recompense fee per month.
Who is it Best For?
Axos Bank should be appealing to customers who are finding a full-service mobile bank. It is a good option for customers who are willing to earn rewards and interest using a checking account. It enables you to open a savings or checking account without any maintenance fees.
It enables the customers to earn savings with competitive rates. It allows users to complete most of the banking work online. Axos bank gives access to parents to open a checking account for their child. You can easily get unlimited recompense for ATM fees.
>> Read More About Axos Bank Reviews: Is Axos a Good Bank?
#5. Best Monthly Direct Deposits: Capital One 360
Another premium bank on our list is Capital One, with no-fee accounts and high-interest rates to meet the banking needs. Generally, it’s an online bank that meets checking needs by offering Checking accounts.
The account includes a Checking MasterCard with a free checkbook and no fees for the accounts. YES! It has no minimum opening deposit requirements or fees.
Besides this, it has three different overdraft options such as Next day grace, auto-decline, and free transfer with savings. Quite simply, it includes a banking option via CD.
Let’s dig a little deeper! Opening a CD is an excellent option to enhance the savings with time. That’s because the option is available from six to five years.
One cool feature that this Capital One account incorporates is the money account. Moreover, the account is ideal for students as it doesn’t require an opening deposit or any monthly fee to maintain it.
What’s more? The money account will pay 0.10% APY on interest, and you will get access to real-time alerts to let you know where the child is spending or when the balance is getting low.
Who is it Best For?
For anyone who desires to get a free savings and checking account with excellent rates and other options, this option is no more an exception. It is reliable for people searching for a bank with a minimum daily balance and no monthly fees.
>> Read More About Capital One Bank Review: Is Capital One a Good Bank?
#6. Best Free Checking Accounts: Bank of America
Bank of America is a full-asset bank with financial centers and in-person banking throughout the US. YES! You heard that right. That’s what makes this bank better than others. It maintains a high-end digital presence with a fully functional mobile app.
Moreover, the banking platform offers personal banking products as the Bank of America includes commercial and reliable banking services and products within the credit union.
You can get exclusive lending accounts and rates as the bank rewards clients with higher rates if they build a long relationship with the bank. The credit union offers different discounts to customers on specific cards and others.
The best part is that the bank is highly accessible with no overdraft fees and waivable monthly fee, mainly if you are a 24 years old student. Have you got that?
In addition to this, the bank offers advantages plus options and different features, making it more innovative and accessible for in-person and mobile banking.
Who is it Best For?
Let’s see who can get maximum advantage from Bank of America! It is beneficial for people searching for ease of access features and wants to bank in person. People will find the bank reliable if they need easy access to bank ATMs or want to open an account with a low opening deposit.
>> Read More About Bank of America Reviews: Is it a Good Bank?
#7. Best Opening Deposit Checking Account: Chime
Chime is one of the best online banks to provide free checking accounts and direct deposits. Chime differs from other banks as it opens an account for you at partnership banks. But wait! It still has Federal Deposit Insurance Corporation (FDIC) insurance. The bank n.a members FDIC will find it a secure place to save all their money.
You have to use chime through a mobile application, and it ensures a plethora of features to make the banking process highly convenient. And guess what? The mobile app is well-rated at the Apple and Google Play stores. That’s how a chime account works!
Chime app works by letting the clients fee-free checking and saving options with depositing cash and a card. The chime is a challenger bank that ensures no fees without even having physical bank branches. Mobile features and saving accounts are the top options chime uses to provide credit reports and user-friendly services.
Without a doubt, chime also offers clients the option to paychecks deposited at least two days before. The account includes two automatic saving options to help the customers more. One provides the client’s choice to evaluate the debit-card payments to almost the nearest dollars. The other option will direct a total percentage of all paychecks to the account.
Chime provides debit cards. The cardholders aren’t responsible for any charges. The plus point is that clients can block transactions on the card through the app.
Whenever you get paid chime, send 10% of direct deposit into the Chime Account. YES! It converts a portion of the money to the nearest dollar upon each $500 deposit and sends the money through automated savings tools into the account.
Who is it Best For?
You can open a savings account with zero balance requirement and monthly fee. Open a chime spending account using the debit card and bill pay feature. Get a practical credit report with a large ATM network.
If you are the one searching for simple and convenient services, chime has got your back! The chime spending account and chime savings account are best for people who don’t want to pay a monthly fee or balance requirement.
>> Read More About Chime Banking Reviews: Is Chime a Good Bank?
#8. Best Overdraft Fee-free Checking Accounts: BBVA
Here we go with the BBVA online banking account that involves basic savings accounts with effective features and foreign transaction fees to promote reliability and performance. What makes free checking reliable? Let’s consider in detail what it offers!
The bank includes a 0.01% annual percentage yield with multiple features such as a $25 minimum balance deposit and no ATM fee, thereby making the bank account an excellent choice. You will get four withdrawals during a statement period with the high yield investor checking option.
The online savings account is BBVA is the same as the standard account, but it doesn’t charge a quarterly maintenance fee while earning 0.01% APY. The premium checking option is one of the truly free checking accounts that’s an interest-bearing option to provide a free overdraft feature.
Furthermore, it also includes a monthly maintenance fee of about $19, which you can waive while keeping a balance of $4000 direct deposits monthly. The features provide you access to 7-Eleven ATMs throughout the US. You will get access to free checking and checking accounts.
With many reliable free checking account features, the account includes different options like other traditional checking accounts like unlimited check and writing privileges, free debit card option, and no monthly maintenance fees.
The primary feature is the full-service banking options available to meet every customer’s needs, including money market, CDs, savings, checking, and more. It includes unlimited ATM fee rebates with debit card purchases via the Cash Back program to make it simpler.
Another thing is the large ATM network that accounts with other debit cards access to different 64,000 BBVA ATMs and other ATMs. The bank includes direct deposits and overdraft protection with ease of use and reliability.
Who is it Best For?
BBVA appeals to multiple clients who are searching for a full-service reliable and online bank to get monthly direct deposits and online bill pay features. It works great for people who need multiple accounts at the same bank.
People who want to build an account online through a mobile app or pay interest options will find the bank highly reliable. Anyone who doesn’t desire to earn interest from checking and saving accounts will find it helpful. It is also beneficial to provide a no-fee large ATM network. The account balances will avoid the monthly service fees.
#9. Best Mobile Check Deposit Account: Aspiration
One of the free checking accounts, Aspiration, works to pitch itself to different clients that are far more effective than traditional banking and aim to patronize do-good businesses. It’s a single-checking-like account that helps pay a high yield of 1% APY. Let’s get right into the details!
Some well-suited brick-and-mortar banks offer 0.01% linked savings account service to the customers. Moreover, Aspiration includes different features to replace the free checking account with a spend and save account. The new checking account also contains one spending account with debit card purchases, and the saving account features paying 2%.
Aspiration also promises people to set the deposits with the inadvertent fund and climate changes. It is an exclusive bank that aids you in making greener choices with checking and saving account options. Whether you are looking for a responsible and fossil-free bank, it is undoubtedly one of the top choices.
Do you know this online bank promotes saving and checking accounts options? It also contains high yield investor checking, fossil-free fund, investment accounts, and other credit card options to provide exclusive benefits.
The bank is second to none in impact management to help you get an improved score for the spending. Thanks to the minimum balance requirement options, it offers mobile check deposits making it user-friendly and accessible.
The foremost and basic feature is the spend and save for customers. That’s because the account enables the clients to save and spend from one place while providing multiple benefits for a checking account. You will get the most significant CMAs for Aspiration Plus customers. Sounds good, right? See the difference!
There are no traditional checking and savings accounts. However, you will get paid two days earlier, allowing you to manage cash and make desirable payments. The credit unions offer extensive reliability and performance.
Who is it Best For?
The bank appeals most to the environmentally and socially conscious options for people who are comfortable with a different nontraditional financial institution. It prefers those who desire to get interested in CMA don’t require a deposit cash feature.
It is beneficial for people who need a financial institution that cares for social problems and sustainability. You can choose your monthly fee with flexibility and other factors—anyone who desires incentive to spend money with retailers.
>> Read More About Aspiration Bank Reviews: Is Aspiration a Good Bank?
#10. Top Online Bank Account: Radius Bank
Another bank on our list is this innovative bank with no minimum deposit and balance requirements after opening the account. It has different exclusive free checking account features to provide users with a competitive experience.Let’s dig a little deeper!
Do you know Radium bank has no ATM charges? YES! It’s free unless to whom the ATM belongs. It further includes multiple CDs ranges with $500 or $1,000 minimum to open. You can get exclusive visa cards via financial services such as repairing credit, debit cards, prepaid debit cards, and other low introductory rates.
The plus point is that the reward checking account has no fees and interests on a minimum deposit of $2,500 or cashback services on eligible purchases. It also involves a minimum balance requirement and only requires a minimum deposit of $100.
Clients with unreliable banking records might not get access to Rewards checking accounts. But guess what? They can repair the history by choosing the essential checking account feature.
The radius bank offers many exclusive benefits such as car loans, student loans, and even personal loans to the customers with early warning services. It is an excellent choice for people looking for competitive interest rates and the lowest monthly maintenance fee with minimum balance fees.
Radius bank includes different features for direct deposit accounts. That’s because it includes saving accounts, checking account, debit cards, deposit certificates, and credit cards options by providing ease to account holders.
Who is it Best For?
It suits people looking for free access to ATMs worldwide. Moreover, the bank provides cashback on different debit card purchases and, most importantly, low-fee banking options with no hidden bank fees.
Generally, radius banks should appeal to people who desire online banking and don’t want to deal with traditional accounts. Therefore, choose wisely whether Radius bank will benefit you or not.
#11. Best Bank High Yield Investor: FNBO Direct
Lastly., FNBO is one of the most exclusive checking accounts, as illustrated by the national credit union administration, and is the online-only bank to offer to save and checking account services with no monthly maintenance fee and minimum balance requirements.
Let’s dig a little deeper! You will find a monthly fee 0, and that’s a significantly valuable advantage. It offers live customer service 24/7, allowing you to talk in person all time. You can also access the account through the mobile apps and view the statements. Sounds impressive, right?
FBNO includes an effective online checking account that’s beneficial to provide 0.15% APY, and it requires you to spend one dollar to get access to open your account. Moreover, the checking account will not earn interest with different money market account options and the least monthly service fees. You can avoid the charge and earn money with no minimum balance requirements.
The plus point is that the bank ensures an Allpoint ATM network that ensures access to more than 55,000 fee-free ATMs throughout the world. The clients will also get complete access to a high-grade nationwide ATM network. It has overdraft fees, but you can avoid it with different waivable features.
Thanks to the high-grade insurance options, the FNBO is fully secured by the Federal Deposit Insurance Corporation. The account balance and saving account are safe, particularly when you are worried about the fees. It keeps the account open with no monthly service fee.
Who is it Best For?
It works great for people who desire to avoid monthly fees on checking or need access to a broad range of ATM networks; this new checking account is second to none to provide exclusive benefits. It is not for anyone looking for in-person services. The bank also utilizes cash to create loans while charging interest on loans.
This bank or credit union offers the customers FNBO’s service area that’s a way to go. Suppose if you are searching for an effective saving account, this brokerage account will provide you with everything that helps to know about FNBO online account.
Best Free Checking Account Comparison
|Bank||Monthly Fee||ATM Fees||Insufficient Funds||Reimbursement for out-of-network ATM|
|Chase||$12||$0||$34||$4.95 fee to deposit cash with affiliated retailers|
|Capital One 360||$0||$2||$35||$0|
|Bank of America||$4.95||$2.50||$35||$0|
How We Rank the Best Free Checking Account?
Let’s narrow down the rankings by considering the checking bank accounts on or list. Although all accounts on the list offer great no-fee options, we still ranked them based on the following features:
- Availability worldwide
- Wide ATM network
- Low or no opening deposit
- No minimum balance requirement
- Physical branch locations
- Online accessibility
How to Choose the Best Free Checking Account?
Let’s consider how to choose the right account to get the maximum benefits!
Decide the type of account you want
The first thing is to consider the type of account you desire. Look whether you need an account with no opening deposit or a high-interest account. Besides this, whether you want a cashback or standard account as it’s all up to you.
Ease of use and accessibility
Another thing is the ease of use. Consider how effortless it is to use a specific bank. Check whether the bank has effective banking services, ATM features, or overdraft fee options.
Lastly, look for the customer reviews. Check what people are saying about a specific bank. You will find many customer reviews on the bank’s official home page, where people have to shred their experiences.
Conclusion: Best Free Checking Account
Without a doubt, checking a bank account is an essential tool, but some people find it really expensive. However, it’s true as many banks have an account maintenance fee of more than $15 every month.
However, meeting the qualifying requirements by reaching the maintenance goal or minimum balance options on direct deposit might waive the monthly fee. But wait! Why not look for no-fee options? They don’t include such unreliable rules, seriously.
Ally Bank is our top choice with different features and banking services available. The Ally bank interest checking option is far more effective than many other banks to meet the customer’s requirements.
Free Checking Account FAQs
What banks offer free checking accounts?
Although many banks on our list offer the most innovative and no-fee options, still some banks are better than others. Here we discussed the top banks offering no-fee options.
Ally, chime, and radius bank is among the most reliable banks known for providing no-fee account services with beneficial direct deposit options.
What banks offer free checking accounts with no deposit?
Have you wondered about choosing a bank with no opening deposit? Isn’t that something amazing? Or can this really be true? Here is the bank offering no opening deposit services!
Discover bank is a top-quality bank or credit union known for providing a wide range of financial offerings and no opening deposit features to provide great services to customers.
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Author: John V
John is an avid researcher and is deeply passionate about health and finance. When he's not working, he writes research and review articles by doing a thorough analysis on the products based on personal experience, user reviews and feedbacks from forums, quora, reddit, trustpilot amongst others.