Updated
2023-12-29T19:06:13Z
Our experts answer readers' banking questions and write unbiased product reviews (here's how we assess banking products). In some cases, we receive a commission from our partners; however, our opinions are our own. Terms apply to offers listed on this page.
A good checking account is essential for managing everyday purchases, and it shouldn't cost you a penny.
Free checking accounts don't charge monthly service fees like many large, brick-and-mortar banks do. Many of them also offer free overdraft protection and reimburse a certain amount in out-of-network ATM fees each month. These types of perks can save you money when you bank.
Featured Offer: Earn up to $300 with direct deposit.
SoFi Checking and Savings
Fees
no monthly service fee
Annual Percentage Yield (APY)
up to 4.60%
Minimum Deposit Amount
$0
Pros
- FDIC insured for $2 million
- High interest rate
- Earn a higher interest rate with qualifying activities
- No minimum opening deposit
- No monthly service fees
- No overdraft fees
- Up to $300 bonus with qualifying direct deposit (terms apply)
- Earn up to 15% cash back at local retailers if you use a SoFi debit card
- No-fee overdraft coverage if you overdraw up to $50
- Savings tools
- Early direct deposit
- Joint account available
Cons
- Declined purchase if you overdraw by more than $50
- Doesn't reimburse out-of-network ATM providers' fees
- May deposit cash at Green Dot locations but there's a $4.95 fee
Product Details
- FDIC insured for $2 million
- Free access to 50,000+ Allpoint ATMs worldwide
- Hybrid checking/savings account
- Earn up to 15% cash back on local retailers when you use a SoFi debit card; Retailer information is available through online banking
- Earn 4.60% APY on savings balances (Vaults included) and 0.50% APY on checking balances if you set up direct deposit or deposit minimum $5,000 per month
- Earn 1.20% APY on SoFi Checking and Savings if you don't have qualifying activities
- Earn up to $300 cash bonus available through June 30, 2024; receive a $50 bonus if you make a direct deposit between $1,000 and $4,999 in the first 30 days of opening an account; receive a $300 bonus if you make a direct deposit of $5,000 or more in the first 30 days of opening an account
- Create up to 20 Money Vaults to save for individual savings goals like an emergency fund or vacation
- $4.95 fee each time you deposit cash at a Green Dot location
- To get no-fee overdraft coverage you must have at least $1,000 in direct deposits
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Discover Cashback Debit Account
Fees
no monthly service fee
Annual Percentage Yield (APY)
None
Minimum Deposit Amount
$0
Pros
- Earn up to 1% cash back on up to $3,000 in purchases per month
- No monthly service fee
- Over 60,000 in-network ATMs
- Early direct deposit
- Enroll in free overdraft protection
Cons
- Debit card can only be used in the US, Canada, Mexico, and the Caribbean
- Only 1 branch location
Insider’s Take
Discover is a strong online bank. However, if you'd prefer to open a CD or money market account with a low minimum opening deposit, you might consider other options.
Product Details
- Earn 1% cash back on up on up to $3,000 per month in eligible debit card purchases
- 100% US-based customer service available 24/7
- No opening deposit or minimum account balance
- No monthly maintenance fees
- Over 60,000 in-network ATMs
- FDIC insured
Show Pros, Cons, and More chevron down icon An icon in the shape of an angle pointing down.
Best Free Checking Accounts
- Capital One 360 Checking: Best overall
- Capital One MONEY Teen Checking Account: Best for teens
- Schwab Bank High Yield Investor Checking® Account: Best for avoiding ATM fees
- Chime® Checking Account: Best second chance checking account
- Consumers Credit Union Free Rewards Checking Account: Best for credit unions
- First Citizens Bank Free Checking Account: Best for a traditional bank experience
- SoFi Checking and Savings: Best for a cash bonus
- Upgrade Rewards Checking Plus: Best for cash-back rewards
- Redneck Bank Rewards Checkin' Account: Best for a high interest rate
- Experian Smart Money: Best for financial tools
Compare Free Checking Accounts
Capital One 360 Checking
Fees
no monthly service fee
Annual Percentage Yield (APY)
0.10%
Minimum Deposit Amount
$0
Pros
- 0.10% APY on all account balances
- No opening deposit or minimum account balance
- No monthly service fee
- No foreign transaction fee
- Range of overdraft protection options
- Processes direct deposits up to 2 days early
Cons
- Doesn't reimburse out-of-network ATM fees
- Limited access to customer service by phone
Product Details
- Over 70,000 free ATMs nationwide
- Branches in NY, LA, TX, MD, VA, NJ, and Washington, DC
- Interest compounded daily, paid monthly
- FDIC insured
Show Pros, Cons, and More chevron down icon An icon in the shape of an angle pointing down.
Capital One MONEY Teen Checking Account
Annual Percentage Yield (APY)
0.10%
Minimum Deposit Amount
$0
Pros
- No minimum opening deposit
- No monthly service fees
- Debit card included
- No overdraft fees
- No out-of-network ATM fees
- Free overdraft protection
- 24/7 live chat
- Earns interest
- Budgeting tools and alters to help teens save
- Parental monitoring features to track spending
- Link your Capital One account to any checking account
Cons
- Limited access to customer service by phone
- No reimbursements if you're charged by an out-of-network ATM
Product Details
- Over 470 branches in NY, LA, TX, MD, VA, NJ, and Washington, DC
- Once teen turns 18 they can open a 360 Checking account
- Interest compounded and deposited monthly
- FDIC insured
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Best for avoiding ATM fees
Schwab Bank High Yield Investor Checking® Account
Fees
no monthly service fee
Annual Percentage Yield (APY)
0.45%
Minimum Deposit Amount
$0
Pros
- No opening deposit
- No minimum account balance
- Unlimited out-of-network ATM reimbursements
- No foreign transaction fees
- Free overdraft protection
Cons
- No way to deposit cash
Product Details
- 24/7 live online chat
- When you open a checking account, you automatically open a Charles Schwab brokerage account, too
- No ATM network, but unlimited ATM fee reimbursements
- Interest compounded daily, paid monthly
- FDIC insured
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Best second chance checking account
Chime® Checking Account
Fees
no monthly service fee
Annual Percentage Yield (APY)
None
Minimum Deposit Amount
$0
Pros
- No minimum opening deposit
- No monthly service fees
- Receive your paycheck up to 2 days early
- Rounds debit card purchases up to the nearest dollar and puts spare change in your Chime Savings Account
- No overdraft fees for overdrafts up to $200 with SpotMe®, if you qualify
- No foreign transaction fees
- Request checks be sent to recipients online
- Can deposit cash at select retailers
Cons
- $2.50 out-of-network ATM fee
- No overdraft protection for overdrafts exceeding $200
- No physical checkbook
Insider’s Take
Chime has one of the best checking accounts out there, but it doesn't offer joint accounts or pay the best savings rate. Its strongest feature is that it's great for people who might not qualify to open accounts elsewhere — it doesn't check your credit score or banking history when you apply for a checking account, savings account, or credit card. It also provides several credit-building tools.
Product Details
- 60,000+ free ATMs nationwide through MoneyPass® and Visa® Plus Alliance
- Free cash deposits at Walgreens; May deposit cash at other select retail locations but you may be charged a fee
- Rounds debit card purchases up to the nearest dollar and moves spare change into your Chime Savings Account
- Qualify for SpotMe® overdraft protection by receiving $200 in direct deposits per month
- 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.
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Consumers Credit Union Free Rewards Checking Account
Fees
no monthly service fee
Annual Percentage Yield (APY)
0.01% to 5.00%
Minimum Deposit Amount
$5
Pros
- High APY
- $5 minimum opening deposit
- No monthly service fee
- Early direct deposit
- Unlimited reimbursements for out-of-network ATM fees
Cons
- $10 overdraft transfer charge
- Limited customer support availability
- Interest compounds monthly, not daily
Product Details
- To become a member of Consumers Credit Union, pay an initial $5 membership fee and open the Membership Savings Account with at least $5
- 14 open branches in Chicago, Illinois, and nearby cities
- Access to over 5,600 shared branches and 60,000 surcharge-free ATMs through the CO-OP Shared Network
- Earn 3.00% APY on balances up to $10k when you enroll in eDocuments, make 12 debit card transactions per month, and receive $500 per month in deposits
- Earn 4.00% on balances up to $10k when you meet qualifications for 3.00% and spend $500/month with your CCU credit card
- Earn 5.00% on balances up to $10k when you meet qualifications for 3.00% and spend $1,000/month with your CCU credit card
- Earn 0.20% APY on balances between $10k and $25k
- Earn 0.10% APY on balances over $25k
- If you don't meet the requirements to earn a rewards interest rate, you'll earn 0.01% APY and you won't get ATM refunds
- Interest compounded and deposited monthly
- Federally insured by the NCUA
Show Pros, Cons, and More chevron down icon An icon in the shape of an angle pointing down.
SoFi Checking and Savings
Fees
no monthly service fee
Annual Percentage Yield (APY)
up to 4.60%
Minimum Deposit Amount
$0
Pros
- FDIC insured for $2 million
- High interest rate
- Earn a higher interest rate with qualifying activities
- No minimum opening deposit
- No monthly service fees
- No overdraft fees
- Up to $300 bonus with qualifying direct deposit (terms apply)
- Earn up to 15% cash back at local retailers if you use a SoFi debit card
- No-fee overdraft coverage if you overdraw up to $50
- Savings tools
- Early direct deposit
- Joint account available
Cons
- Declined purchase if you overdraw by more than $50
- Doesn't reimburse out-of-network ATM providers' fees
- May deposit cash at Green Dot locations but there's a $4.95 fee
Product Details
- FDIC insured for $2 million
- Free access to 50,000+ Allpoint ATMs worldwide
- Hybrid checking/savings account
- Earn up to 15% cash back on local retailers when you use a SoFi debit card; Retailer information is available through online banking
- Earn 4.60% APY on savings balances (Vaults included) and 0.50% APY on checking balances if you set up direct deposit or deposit minimum $5,000 per month
- Earn 1.20% APY on SoFi Checking and Savings if you don't have qualifying activities
- Earn up to $300 cash bonus available through June 30, 2024; receive a $50 bonus if you make a direct deposit between $1,000 and $4,999 in the first 30 days of opening an account; receive a $300 bonus if you make a direct deposit of $5,000 or more in the first 30 days of opening an account
- Create up to 20 Money Vaults to save for individual savings goals like an emergency fund or vacation
- $4.95 fee each time you deposit cash at a Green Dot location
- To get no-fee overdraft coverage you must have at least $1,000 in direct deposits
Show Pros, Cons, and More chevron down icon An icon in the shape of an angle pointing down.
Best for Cash-back Rewards
Upgrade Rewards Checking Plus
Fees
no monthly service fee
Annual Percentage Yield (APY)
up to 5.07% APY on saving balances
Minimum Deposit Amount
$0
Pros
- No minimum balance requirements
- No monthly service fees
- No overdraft fees
- No transfer fees
- No ATM fees
- Can earn 2% cashback on everyday expenses (up to $500 per year) and 1% on any other debit card charges
- Reimburses some ATM fees charged by other financial institutions (up to 5 withdrawal per month)
Cons
- Need to meet certain requirements each month to be eligible for ATM fee reimbursements
- No overdraft protection
Product Details
- To maintain an active qualifying Rewards Checking Plus Account and obtain rewards like ATM fee reimbursements and loan discounts, you must receive direct deposits totaling $1,000 or more each month
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BEST FOR A HIGH INTEREST RATE
Redneck Bank Rewards Checkin' Account
Fees
no monthly service fee
Annual Percentage Yield (APY)
0.25% to 5.30%
Minimum Deposit Amount
$500
Pros
- High bonus interest rate on account balances up to $15,000
- Up to $25 per month in ATM fee refunds if you qualify for the bonus rate
- No monthly service fees
- Overdraft protection available
Cons
- $500 minimum opening deposit
- $25 overdraft fee
Product Details
- Bonus interest rate of 5.30% APY on account balances up to $15,000 and 0.50% APY for amounts over $15,000
- Standard interest rate of 0.25% APY
- To earn the bonus interest rate, make 10 qualifying debit card transactions per monthly statement cycle and receive online bank statements
- If you qualify for the bonus interest rate, you may also be eligible for up to $25 in ATM fee refunds per month
- Limite of two Redneck Rewards account per person
- Member FDIC
Show Pros, Cons, and More chevron down icon An icon in the shape of an angle pointing down.
Experian Smart Money
Fees
no monthly service fee
Annual Percentage Yield (APY)
None
Minimum Deposit Amount
$0
Pros
- Build credit with a checking account
- No minimum opening deposit
- No monthly fees
- No overdraft fees
- Early direct deposit
- Online bill pay and money transfers
- Large free ATM network
- Free financial tools
Cons
- No physical branches
- $3 out-of-network ATM fee
- No overdraft protection; if a transaction would overdraw your account, it will be denied
- Only works with Experian credit reports
Insider’s Take
The best checking accounts have low fees and are easy to use — Experian Smart Money offers both with zero fees, plus access to an extensive ATM network and a user-friendly mobile app. The account stands out because it helps you improve your credit score when you make everyday bill payments. For this reason, the account is best for people who are just starting to build credit or could use help improving it.
Product Details
- Online checking account and debit card aimed to boost your credit score
- Build credit by paying bills that wouldn’t affect your credit score otherwise, including streaming services and phone bills
- 55,000+ free ATMs in the Allpoint network
- Deposits are FDIC-insured for up to $250,000 through partner bank Community Federal Savings Bank
Show Pros, Cons, and More chevron down icon An icon in the shape of an angle pointing down.
Best Free Checking Accounts FAQs
A free checking account does not charge any monthly service fees. At some banks, you may have to pay a monthly service fee if you do not meet certain requirements each month.
You can find completely free checking accounts at Capital One, Consumers Credit Union, First Citizens Bank, and SoFi to name a few.
Several banks offer free checking accounts with no minimum balance or opening deposit requirement. Some examples include SoFi, Chime, Charles Schwab, and Capital One.
Yes, there are numerous free online bank accounts. Banks will generally specify fees in an account agreement and fee schedule.
Best Free Checking Account Reviews
Below, you'll find our top picks for the best free checking accounts. These accounts do not charge any monthly service fees and stand out for their unique perks and flexible opening requirements. If you're looking for a rewards checking account, you can also refer to our best rewards checking accounts guide.
Capital One 360 Checking
Capital One 360 Checking® is a well-rounded checking account and an excellent choice if your priority is to avoid common fees. With this Capital One checking account, there are no monthly service fees, no foreign transaction fees, and a variety of overdraft protection options.
Capital One 360 Checking® also has several notable perks to make your banking experience manageable. For example, the account offers a two-day early direct deposit, and the ability to deposit cash at ATMs and nearby CVS locations. Furthermore, all balances earn 0.10% Annual Percentage Yield (APY).
Though Capital One Cafés are popping up in big cities around the US, the bank only operates about 280 branches in nine states. You'll likely have to be comfortable with a fully online banking experience.
Capital One Bank Review
Capital One MONEY Teen Checking Account
The Capital One MONEY Teen Checking Account is featured in our best teen checking accounts guide and could be a good choice if want to teach your child how to manage a checking account.
This teen checking account has budgeting tools to help teens save and parental monitoring features to track spending and apply limits if necessary. You may open the Capital One MONEY Teen Checking Account for a minor over the age of eight. You'll also be able to link this teen bank account to any checking account, even if it isn't a Capital One account.
You'll only be able to open the Capital One MONEY Teen Checking Account online, not at a Capital One location.
Schwab Bank High Yield Investor Checking® Account
Charles Schwab High Yield Investor Checking doesn't charge ATM fees, and the bank offers unlimited refunds worldwide when an ATM provider charges you a fee. Charles Schwab also doesn't charge foreign transaction fees, and it has free overdraft protection.
You must open a brokerage account with Charles Schwab before opening a checking account.
Charles Schwab Bank Review
Chime® Checking Account
The Chime® Checking Account is a second chance checking account, which is a bank account that does not require a credit check or review by ChexSystems to evaluate your trustworthiness.
If you've struggled to open a bank account at a financial institution due to your bank account history, Chime is a great option. Chime also stands out because it doesn't charge monthly service fees, and you may open an online account from anywhere in the US.
Chime's SpotMe feature allows you to overdraw by up to $200 with no overdraft fee — but you must receive $200 in direct deposits each month to qualify for SpotMe. Your transaction will be denied if you need to overdraw by more than the limit.
Chime Bank Review
Consumers Credit Union Free Rewards Checking Account
You may like Consumers Credit Union Free Rewards Checking Account if you favor credit unions over banks.
While you can bank online, Consumers Credit Union also has 15 open branches in Chicago, Illinois, and nearby cities. Members also have access to the CO-OP Shared Branch and ATM network, which has over 5,600 shared branches and 60,000 surcharge-free ATMs.
The Consumers Credit Union Free Rewards Checking Account stands out for its competitive interest rate. You may earn up to 5.00% APY on the first $10,000 in your account and receive unlimited out-of-network ATM reimbursements if you meet certain requirements.
Here's how the account's tiered interest rate works:
- Earn 3.00% APY if you have less than $10,000 when you sign up to receive eDocuments, make 12 monthly debit card purchases, and receive $500 in monthly direct deposits, mobile check deposits, or transfers from other banks
- Earn 4.00% APY if you meet the requirements to earn 3% and spend $500 per month with your Consumers Credit Union Credit Card
- Earn 5.00% APY if you meet the requirements to earn 3% and spend $1,000 per month with your Consumers Credit Card
- Earn 0.20% APY if you have an account balance between $10,000.01 and $25,000 when you receive eDocuments, make 12 monthly transactions, and receive $500 per month in direct deposits, mobile check deposits, or transfers from other banks
- Earn 0.10% APY if you have an account balance over $25,000 when you receive eDocuments, make 12 monthly transactions, and receive $500 per month in direct deposits, mobile check deposits, or transfers from other banks
If you don't meet the requirements, though, you'll only earn 0.01% APY on your account balance.
You'll need to become a member to open a bank account at Consumers Credit Union.
Anyone in the US is eligible for membership online. To become a member, pay a one-time membership fee and open the Consumers Credit Union Membership Share Savings Account with at least $5.
Consumers Credit Union Review
First Citizens Bank Free Checking Account
The First Citizens Bank Free Checking Account doesn't charge any monthly fees, and you won't have to deal with any minimum balance requirements. First Citizens Bank has over 550 branches in 22 states throughout the US.
Several national brick-and-mortar banks — like Chase, Bank of America, and Wells Fargo — charge monthly bank maintenance fees on checking accounts if you do not meet certain monthly requirements. However, if you are more comfortable with traditional banking, you might consider First Citizens Bank.
Branches are limited to the following states: Arizona, California, Colorado, Florida, Georgia, Hawaii, Kansas, Maryland, Missouri, Nebraska, Nevada, New Mexico, North Carolina, Oklahoma, Oregon, South Carolina, Tennessee, Texas, Virginia, Washington, West Virginia, and Wisconsin.
To be eligible for the First Citizens Bank Free Checking Account, you'll need to sign up for paperless statements within 60 days of opening an account. Otherwise, it will be converted to a Select Checking Account, which charges a monthly service fee unless you meet specific requirements each month.
First Citizens Bank Review
SoFi Checking and Savings
SoFi Checking and Savings is a strong choice if you don't want to deal with monthly service fees, overdraft fees, or out-of-network ATM fees.
It's also offering a cash bonus of up to $300. You may qualify for the bonus as long as you're a new SoFi Checking and Savings customer, or an existing SoFi Checking and Savings customer who hasn't set up direct deposits yet.
To get the reward, you have to meet the following requirements:
- Open SoFi Checking and Savings by June 30, 2023
- To earn a $50 cash bonus, you must receive between $1,000 and $4,999.99 in qualifying direct deposits during the first 30 days of opening an account
- To earn a $300 cash bonus, you must receive over $5,000 in qualifying direct deposits during the first 30 days of opening an account
The account works best if you set up a direct deposit. That way, you'll qualify for the cash bonus and the highest-tier interest rate.
SoFi Checking and Savings Review
Upgrade Rewards Checking Plus
With Upgrade Rewards Checking Plus, you'll earn 2% cash back on everyday debit card purchases and payments on utilities and monthly subscriptions. Any other debit card purchases can earn 1% cash back. Everyday purchases that qualify for 2% cash back include purchases at a convenience store, drugstore, restaurant, bar, or gas station.
The 2% cash back perk has a limit of $500 per year. Once you reach the annual limit, you'll get 1% cash back on all eligible purchases for the rest of the year.
To get the most out of the Upgrade Rewards Checking Plus Account, like ATM fee reimbursements and loan discounts, you'll have to receive at least $1,000 in direct deposits each month, or make eight or more monthly debit card purchases. Otherwise, you won't qualify for these perks.
You should also note is that money transfers, ATM transactions, check purchases, gift cards, foreign currency, money orders, refunds, or fraudulent transactions aren't eligible for any cash back rewards.
Upgrade Checking and Savings Review
Redneck Bank Rewards Checkin' Account
The Redenck Bank Rewards Checking Account may be appealing if you're looking to earn a high interest rate on a checking account. Redneck Bank pays a bonus interest rate of 5.30% APY on account balances up to $15,000, and 0.50% APY on amounts over $15,000. To qualify for the bonus rate, you'll have to make 10 qualifying debit card transactions per monthly statement cycle and receive online bank statements.
If you do not meet the monthly requirements, you'll earn a standard rate of 0.25% APY. Redneck Bank also requires a steep minimum opening deposit of $500 to open the Redneck Bank Rewards Checking Account. You might prefer another financial institution if you'd like to open an account with less money upfront.
Redneck Bank Rewards Checking Account
Experian Smart Money
The Experian Smart Money Account may be a good option if you want a checking account that has financial tools. It is automatically linked Experian Boost, a tool that allows you to build credit for making on-time payments for phone bills, utility bills, rent payments, and more. The account also offers early direct deposits and a $50 bonus when you set up direct deposit.
Experian Smart Money is a good option if you want an account that's easy to open. It notably has a $0 minimum opening deposit, no monthly service fee, and no overdraft fees.
If you want overdraft protection, you might prefer one of our other top picks, though. Your transaction will be denied if you try to overdraw from your account.
Experian Smart Money Review
Other Accounts That Didn't Make the Cut and Why
- Wealthfront Cash Account: Wealthfront pays 5.00% APY on all your cash, but our top pick offers the potential for an even higher interest rate. Read Business Insider's Wealthfront Cash Account Review.
- Fidelity Cash Management Account: You can save, spend, and invest all in one account with Fidelity — but its interest rate is only so-so. Read Business Insider's Fidelity Cash Management Review.
- Quontic Cash Rewards Checking Account: Quontic lets you earn 1% cash back on eligible debit card purchases. You can get up to $50 in cash-back rewards per month. It wasn't our top pick because Upgrade's cash-back perks stand out more. You can earn 2% cash back on everyday purchases (up to $500 in rewards per calendar year). Read Business Insider's Quontic Bank Review.
- Discover Cashback Debit Account: Discover lets you earn 1% cash back on up to $3,000 in debit card purchases per month. However, our top pick Upgrade may be appealing when it comes to earning cash back on everyday purchases. Read Business Insider's Discover Bank Review.
- Alliant High-Interest Checking Account: Alliant offers a solid checking account, but our top credit union pick might be more appealing because of its perks. Read Business Insider's review of Alliant Credit Union Review.
- Connexus Credit Union Teen Checking: Connexus might be worthwhile if you'd like to open a teen checking account at a credit union, but bear in mind that you'll need to become a member and open a share account before you open this teen checking account. Read Business Insider's Connexus Credit Union Review.
- Chase First Banking℠: Chase First Banking could be a decent option if you'd like to open a kid's bank account at a brick-and-mortar bank, but you'll need to have a Chase bank account to get Chase First Banking. Read Business Insider's Chase First Banking Review.
- Fifth Third Momentum® Checking: Fifth Third Bank has a free checking account with a $0 minimum opening deposit, but it only has branches in 11 states in the Southeast and Midwest. Read Business Insider's Fifth Third Bank Review.
- KeyBank Smart Checking Account: KeyBank's checking account is featured in our best banks and credit unions in Colorado, but it isn't available in as many states as First Citizens Bank. Read Business Insider's KeyBank Review.
- Connexus Xtraordinary Checking Account: This is another good high-yield checking account, but you can earn a better rate with Consumers. Read Business Insider's Connexus Credit Union Review.
- Bethpage Federal Credit Union Free Checking Account: Bethpage pays a decent interest rate on its high-yield checking account, but you can earn more with Consumers. Read Business Insider's Bethpage Credit Union Review.
- LendingClub Rewards Checking Account: LendingClub might be a good option if you're looking for rewards checking account, but you'll need at least $2,500 in your account to get the most out of the account. Read Business Insider's LendingClub Review.
- Axos Bank Rewards Checking: Axos offers a good interest rate, but some of our top picks have an even higher interest rate. Read Business Insider's Axos Bank Review.
- Ally Spending Account: This is a solid online checking account that pays interest on your balance, but its features aren't as unique as what you'll find with some of our top picks. Read Business Insider's Ally Bank Review.
- CIT Bank eChecking Account: The minimum opening deposit for this account is $100, and it only offers up to $15 of fee-free ATM visits a month. Otherwise, it's a fine account paying 0.10% APY on balances below $25,000. Read Business Insider's CIT Bank Review.
- Betterment Checking Account: This online checking account reimburses ATM and foreign transaction fees, and there are no monthly service charges or overdraft penalties. However, our top picks either have more perks or may be better options if you're looking to open multiple types of bank account (Betterment only has a checking and cash reserve account). Read Business Insider's Betterment Checking and Cash Reserve Review.
- Axos Bank Essential Checking: A solid online-only checking account with unlimited ATM fee reimbursement, but nothing extra special.
- EverBank Yield Pledge Checking: To enjoy unlimited ATM reimbursement you need to keep an average daily balance of at least $5,000. You also need at least $100 to open the account. Read Business Insider's EverBank Review.
- USAA Classic Checking: USAA is specifically for military members and family. Get paid a day early with a checking account. Read Business Insider's USAA Bank Review.
Which Banks are the Most Trustworthy?
The Better Business Bureau assigns companies grades, ranging from F to A+. A good BBB grade indicates a company responds effectively to customer complaints, advertises honestly, and is transparent about business practices. The only institution on our list that hasn't received a BBB rating yet is Redneck Bank.
Here are the BBB grades for our top picks:
Chime's A- rating is because the company received a high volume of customer complaints on the BBB website.
First Citizens Bank has a B rating because it received one customer complaint and has four unresolved complaints.
Upgrade received an A+ rating from the BBB. Its partner bank, Cross River Bank, received a C- rating because it has received a high volume of customer complaints on the BBB website, and it has six unresolved complaints.
Experian received a C rating from BBB because it has received a high volume of customer complaints, had government actions taken against the company, and has taken a long time to respond to customer complaints.
A strong BBB grade doesn't guarantee you'll have a smooth relationship with a company, though. We've also looked at any public scandals.
Chime, Experian, and Capital One have been involved in recent public controversies.
Chime used the URL "Chimebank.com" and the words "bank" and "banking," but Chime isn't licensed as a bank. Chime is a banking platform, and is insured by a bank. In 2021, the Commissioner of Financial Protection and Innovation ordered Chime to stop using the terms "Chimebank.com," "bank," and "banking" on its webpage and advertisements.
In November 2022, Experian was required to pay a total of $13.67 million regarding two settlements over data breaches that occurred in 2012 and 2015. The 2015 breach occurred when an authorized person obtained access to personal information in the Experian network, primarily affecting people who applied for T-Mobile services between September 2013 and September 2015. The 2012 breach involved identity theft.
Capital One used to have an account called 360 Savings. In 2019, Capital One launched the new 360 Performance Savings Account, which paid a much a higher interest rate. Many customers thought their old savings accounts would automatically transition into this new one, but in reality, they had to manually open a new 360 Performance Savings Account to earn the higher rate. So some customers have been earning a significantly lower savings rate for years.
In the lawsuit, the plaintiffs' lawyers allege that Capital One didn't inform 360 Savings customers that these were two distinct accounts, or that 360 Performance Savings paid a higher rate. However, Capital One wants this case dismissed because it claims people had every opportunity to learn these facts on their own. The case is still ongoing.
Why You Should Trust Us: Our Expert Panel for the Best Free Checking Accounts
We consulted banking and financial planning experts to inform these picks and provide their advice on finding the best checking accounts for your needs.
We're focusing on checking accounts with no monthly maintenance fees, but we're also taking fees for foreign transactions, out-of-network ATMs, and more into consideration.
Here's what they had to say about checking accounts. (Some text may be lightly edited for clarity.)
What makes a checking account good or not good?
Roger Ma, certified financial planner with lifelaidout® and author of "Work Your Money, Not Your Life":
"I would look at the ATM branch locations and then minimum balance amounts to not incur a monthly fee. I think there's other stuff that could make life easier, whether it's free checks, online bill pay, are they in the Zelle network?"
Sophia Acevedo, certified educator in personal finance, banking reporter, Personal Finance Insider:
"I would look for a checking account that either doesn't have any monthly services fees or offers multiple ways to waive the fee. I would also look at customer support availability and mobile app ratings."
How can someone determine whether a bank is the right fit for them?
Tania Brown, certified financial planner at SaverLife:
"Obviously, you want to make sure it's FDIC insured. Also, your banking experience — do you like walking into a bank? Well, then you need someone local. Do you just not care if you ever see your bank? Then you're okay online. Do you write checks? Do you not write checks? So it's thinking through how your experience with it is going to be before you make that decision."
Mykail James, MBA, certified financial education instructor, BoujieBudgets.com:
"The No. 1 thing about a checking account is you should know what provider the debit card is coming from. And a lot of people don't think about that, because there are places that don't accept MasterCard or don't accept an Amex."
Methodology: How We Chose the Best Free Checking Accounts
First and foremost, we wanted to provide you with options. To find the best free checking accounts, we considered over two dozen brick-and-mortar banks, online banks, credit unions, and online banking platforms that do not charge any monthly service fees.
We looked at how financial institutions charge other bank fees — for example, out-of-network ATM fees, overdraft fees, or foreign transaction fees. If a financial institution offered a unique perk, like a high interest rate or a cash bonus, we evaluated the criteria needed to get the reward. For more about how we rate and review products, see our editorial standards page.
At Personal Finance Insider, we strive to help smart people make the best decisions with their money. We spent hours comparing and contrasting the features and fine print of nearly three dozen checking accounts available at over 20 national and online-only banks so you don't have to.
We understand that "best" is often subjective, however, so in addition to highlighting the clear benefits of a checking account — no fees, for example — we outline the limitations, too.
Sophia Acevedo is a banking reporter at Business Insider. Sophia joined Insider in July 2021. She writes bank reviews, banking guides, and banking and savings articles for Personal Finance Insider. She is also a Certified Educator in Personal Finance (CEPF).Sophia is an alumna of California State University Fullerton where she studied journalism and minored in political science. She is based in Southern California.You can reach out to her on Twitter at @sophieacvdo or email [email protected].Read more about how Personal Finance Insider chooses, rates, and covers financial products and services >>Below are links to some of her most popular stories:
- Are banks open today? Here's a list of US bank holidays for 2023
- Best CD rates
- Best High-yield savings accounts
- Four reasons why your debit card might be denied even when you have money
Compliance Associate
Evelyn He is a compliance associate at Business Insider who supports the Personal Finance Insider team. Personal Finance Insider is Business Insider's personal finance section that incorporates affiliate and commerce partnerships into the news, insights, and advice about money that Business Insider readers already know and love.The compliance team's mission is to provide readers with stories that are fact-checked and current, so they can make informed financial decisions. The team also works to minimize risk for partners by making sure language is clear, precise, and fully compliant with regulatory and partner marketing guidelines that align with the editorial team.Before joining Business Insider, she served in various legal and compliance roles in different industries, including the legal and pharmaceutical industries. Evelyn obtained her M.S. degree in Marketing at Boston University in 2022. Prior to combining and consolidating her knowledge of law and business, she spent one year finishing 1L courses at Suffolk University Law School to further her legal knowledge. She has also completed MBA business law courses while working on her Bachelor of Business Administration in Management at the University of Massachusetts, Amherst. Outside of work, she enjoys spending time with her 14-year-old Shih Tzu named Money, and her 5-year-old Bichon named Tibber.
Editorial Note: Any opinions, analyses, reviews, or recommendations expressed in this article are the author’s alone, and have not been reviewed, approved, or otherwise endorsed by any card issuer. Read our editorial standards.
Please note: While the offers mentioned above are accurate at the time of publication, they're subject to change at any time and may have changed, or may no longer be available.
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