Best Free Checking Accounts of July 2024
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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. 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 Checking Account
Chime® Checking Account
Insider’s Rating A five pointed star A five pointed star A five pointed star A five pointed star A five pointed star 4/5 Icon of check mark inside a promo stamp It indicates a confirmed selection. Perks
Fees
no monthly service fee
Annual Percentage Yield (APY)
None
Minimum Opening Deposit
$0
Pros Check mark icon A check mark. It indicates a confirmation of your intended interaction. No minimum opening deposit Check mark icon A check mark. It indicates a confirmation of your intended interaction. No monthly service fees Check mark icon A check mark. It indicates a confirmation of your intended interaction. Receive your paycheck up to 2 days early Check mark icon A check mark. It indicates a confirmation of your intended interaction. Rounds debit card purchases up to the nearest dollar and puts spare change in your Chime Savings Account Check mark icon A check mark. It indicates a confirmation of your intended interaction. No overdraft fees for overdrafts up to $200 with SpotMe®, if you qualify Check mark icon A check mark. It indicates a confirmation of your intended interaction. No foreign transaction fees Check mark icon A check mark. It indicates a confirmation of your intended interaction. Request checks be sent to recipients online Check mark icon A check mark. It indicates a confirmation of your intended interaction. Can deposit cash at select retailers Cons con icon Two crossed lines that form an ‘X’. $2.50 out-of-network ATM fee con icon Two crossed lines that form an ‘X’. No overdraft protection for overdrafts exceeding $200 con icon Two crossed lines that form an ‘X’. 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.
Chime Checking Account review External link Arrow An arrow icon, indicating this redirects the user.” Product Details Get paid up to 2 days early with direct deposits 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. Best Free Checking Accounts of 2024
Beyond waiving monthly service fees, the best free checking accounts offer benefits like sign-up bonuses and early direct deposit.
Compare the Top No-Fee Checking Accounts
We wanted to provide various options so our top picks for no-fee checking accounts stand out for different reasons. We selected checking accounts from traditional financial institutions as well as investment platforms and fintech companies — in case you want a more traditional or alternative checking account.
For each checking account, we noted why it stands out. For example, the best free checking accounts may distinctly offer the best interest rate, cash bonus, or financial tools.
Capital One 360 Checking
Capital One 360 Checking
Insider’s Rating A five pointed star A five pointed star A five pointed star A five pointed star A five pointed star 4.5/5 Icon of check mark inside a promo stamp It indicates a confirmed selection. Perks
Fees
no monthly service fee
Annual Percentage Yield (APY)
See website for details
Minimum Opening Deposit
$0
Pros Check mark icon A check mark. It indicates a confirmation of your intended interaction. Earn interest on all account balances Check mark icon A check mark. It indicates a confirmation of your intended interaction. No opening deposit or minimum account balance Check mark icon A check mark. It indicates a confirmation of your intended interaction. No monthly service fee Check mark icon A check mark. It indicates a confirmation of your intended interaction. No foreign transaction fee Check mark icon A check mark. It indicates a confirmation of your intended interaction. Range of overdraft protection options Check mark icon A check mark. It indicates a confirmation of your intended interaction. Processes direct deposits up to 2 days early Cons con icon Two crossed lines that form an ‘X’. Doesn’t reimburse out-of-network ATM fees con icon Two crossed lines that form an ‘X’. 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
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
Capital One MONEY Teen Checking Account
Insider’s Rating A five pointed star A five pointed star A five pointed star A five pointed star A five pointed star 4.75/5
Fees
no monthly service fee
Annual Percentage Yield (APY)
0.10%
Minimum Opening Deposit
$0
Pros Check mark icon A check mark. It indicates a confirmation of your intended interaction. No minimum opening deposit Check mark icon A check mark. It indicates a confirmation of your intended interaction. No monthly service fees Check mark icon A check mark. It indicates a confirmation of your intended interaction. Debit card included Check mark icon A check mark. It indicates a confirmation of your intended interaction. No overdraft fees Check mark icon A check mark. It indicates a confirmation of your intended interaction. No out-of-network ATM fees Check mark icon A check mark. It indicates a confirmation of your intended interaction. Free overdraft protection Check mark icon A check mark. It indicates a confirmation of your intended interaction. 24/7 live chat Check mark icon A check mark. It indicates a confirmation of your intended interaction. Earns interest Check mark icon A check mark. It indicates a confirmation of your intended interaction. Budgeting tools and alters to help teens save Check mark icon A check mark. It indicates a confirmation of your intended interaction. Parental monitoring features to track spending Check mark icon A check mark. It indicates a confirmation of your intended interaction. Link your Capital One account to any checking account Cons con icon Two crossed lines that form an ‘X’. Limited access to customer service by phone con icon Two crossed lines that form an ‘X’. 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
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
Best for avoiding ATM fees
Schwab Bank High Yield Investor Checking® Account
Insider’s Rating A five pointed star A five pointed star A five pointed star A five pointed star A five pointed star 4.75/5 Icon of check mark inside a promo stamp It indicates a confirmed selection. Perks
Fees
no monthly service fee
Annual Percentage Yield (APY)
0.45%
Minimum Opening Deposit
$0
Pros Check mark icon A check mark. It indicates a confirmation of your intended interaction. No opening deposit Check mark icon A check mark. It indicates a confirmation of your intended interaction. No minimum account balance Check mark icon A check mark. It indicates a confirmation of your intended interaction. Unlimited out-of-network ATM reimbursements Check mark icon A check mark. It indicates a confirmation of your intended interaction. No foreign transaction fees Check mark icon A check mark. It indicates a confirmation of your intended interaction. Free overdraft protection Cons con icon Two crossed lines that form an ‘X’. 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
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
Best second chance checking account
Chime® Checking Account
Insider’s Rating A five pointed star A five pointed star A five pointed star A five pointed star A five pointed star 4/5 Icon of check mark inside a promo stamp It indicates a confirmed selection. Perks
Fees
no monthly service fee
Annual Percentage Yield (APY)
None
Minimum Opening Deposit
$0
Pros Check mark icon A check mark. It indicates a confirmation of your intended interaction. No minimum opening deposit Check mark icon A check mark. It indicates a confirmation of your intended interaction. No monthly service fees Check mark icon A check mark. It indicates a confirmation of your intended interaction. Receive your paycheck up to 2 days early Check mark icon A check mark. It indicates a confirmation of your intended interaction. Rounds debit card purchases up to the nearest dollar and puts spare change in your Chime Savings Account Check mark icon A check mark. It indicates a confirmation of your intended interaction. No overdraft fees for overdrafts up to $200 with SpotMe®, if you qualify Check mark icon A check mark. It indicates a confirmation of your intended interaction. No foreign transaction fees Check mark icon A check mark. It indicates a confirmation of your intended interaction. Request checks be sent to recipients online Check mark icon A check mark. It indicates a confirmation of your intended interaction. Can deposit cash at select retailers Cons con icon Two crossed lines that form an ‘X’. $2.50 out-of-network ATM fee con icon Two crossed lines that form an ‘X’. No overdraft protection for overdrafts exceeding $200 con icon Two crossed lines that form an ‘X’. 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.
Chime Checking Account review External link Arrow An arrow icon, indicating this redirects the user.” Product Details Get paid up to 2 days early with direct deposits 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.
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
Consumer Credit Union Free Rewards Checking Account
Consumers Credit Union Free Rewards Checking Account
Insider’s Rating A five pointed star A five pointed star A five pointed star A five pointed star A five pointed star 3.75/5 Icon of check mark inside a promo stamp It indicates a confirmed selection. Perks
Fees
no monthly service fee
Annual Percentage Yield (APY)
up to 5.00%
Minimum Opening Deposit
$5
Pros Check mark icon A check mark. It indicates a confirmation of your intended interaction. High APY Check mark icon A check mark. It indicates a confirmation of your intended interaction. $5 minimum opening deposit Check mark icon A check mark. It indicates a confirmation of your intended interaction. No monthly service fee Check mark icon A check mark. It indicates a confirmation of your intended interaction. Early direct deposit Check mark icon A check mark. It indicates a confirmation of your intended interaction. Unlimited reimbursements for out-of-network ATM fees Cons con icon Two crossed lines that form an ‘X’. $10 overdraft transfer charge con icon Two crossed lines that form an ‘X’. Limited customer support availability con icon Two crossed lines that form an ‘X’. 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
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 banksEarn 4.00% APY if you meet the requirements to earn 3% and spend $500 per month with your Consumers Credit Union Credit CardEarn 5.00% APY if you meet the requirements to earn 3% and spend $1,000 per month with your Consumers Credit CardEarn 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 banksEarn 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
Best for a traditional bank experience
First Citizens Bank Free Checking Account
Insider’s Rating A five pointed star A five pointed star A five pointed star A five pointed star A five pointed star 4/5
Fees
no monthly service fee
Annual Percentage Yield (APY)
None
Minimum Opening Deposit
$50
Pros Check mark icon A check mark. It indicates a confirmation of your intended interaction. $50 minimum opening deposit Check mark icon A check mark. It indicates a confirmation of your intended interaction. No monthly fees when you enroll in paperless statements Check mark icon A check mark. It indicates a confirmation of your intended interaction. Budget and trends tools Check mark icon A check mark. It indicates a confirmation of your intended interaction. Multiple overdraft protection options Cons con icon Two crossed lines that form an ‘X’. $10 overdraft fee when you overdraw by more than $5 con icon Two crossed lines that form an ‘X’. $10 overdraft transfer fee con icon Two crossed lines that form an ‘X’. $2.50 fee if you use an out-of-network ATM Product Details To be eligible for Free Checking, you must sign up to receive First Citizens electronic statements within 60 days of account opening. If you do not sign up to receive electronic statements,your account will be converted automatically and without prior notice to you to a Select Checking account and will be subject to the fees and charges applicable to a Select Checking account. Over 500 branches and ATMs in AZ, CA, CO, FL, GA, KS, MD, MI, NE, NV, NM, NC, OK, OR, SC, TN, TX, VA, WA, WV, WI Multiple overdraft protection options: link to a savings account or apply for a revolving line of credit If you use overdraft protection, you’ll have to pay a $10 transfer fee Member FDIC
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 (Member FDIC)
Insider’s Rating A five pointed star A five pointed star A five pointed star A five pointed star A five pointed star 4.25/5 Icon of check mark inside a promo stamp It indicates a confirmed selection. Perks
Fees
no monthly service fee
Annual Percentage Yield (APY)
up to 4.60%
Minimum Opening Deposit
$0
Pros Check mark icon A check mark. It indicates a confirmation of your intended interaction. FDIC insured for $2 million Check mark icon A check mark. It indicates a confirmation of your intended interaction. High interest rate Check mark icon A check mark. It indicates a confirmation of your intended interaction. Earn a higher interest rate with qualifying activities Check mark icon A check mark. It indicates a confirmation of your intended interaction. No minimum opening deposit Check mark icon A check mark. It indicates a confirmation of your intended interaction. No monthly service fees Check mark icon A check mark. It indicates a confirmation of your intended interaction. Up to $300 bonus with qualifying direct deposit (terms apply) Check mark icon A check mark. It indicates a confirmation of your intended interaction. Savings tools Check mark icon A check mark. It indicates a confirmation of your intended interaction. Early direct deposit Check mark icon A check mark. It indicates a confirmation of your intended interaction. Joint account available Cons con icon Two crossed lines that form an ‘X’. Declined purchase if you overdraw by more than $50 con icon Two crossed lines that form an ‘X’. Doesn’t reimburse out-of-network ATM providers’ fees con icon Two crossed lines that form an ‘X’. May deposit cash at Green Dot locations but there’s a $4.95 fee Product Details Sign-up bonus of up to $300. When you sign up and set up direct deposit. Wait for direct deposit to hit account (typically 2-4 weeks). Collect cash bonus of $50 to $300 depending on direct deposit amount Up to 4.60% APY with direct deposit or $5,000 or more in qualifying deposits during the 30-day evaluation period FDIC Insured and covered up to $2 million in FDIC coverage through a network of participating banks 55,000+ fee-free ATMs
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 December 31, 2024To 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 accountTo 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
Best for Cash-back Rewards
Upgrade Rewards Checking Plus
Insider’s Rating A five pointed star A five pointed star A five pointed star A five pointed star A five pointed star 4.25/5 Icon of check mark inside a promo stamp It indicates a confirmed selection. Perks
Fees
no monthly service fee
Annual Percentage Yield (APY)
None
Minimum Opening Deposit
$0
Pros Check mark icon A check mark. It indicates a confirmation of your intended interaction. No minimum balance requirements Check mark icon A check mark. It indicates a confirmation of your intended interaction. No monthly service fees Check mark icon A check mark. It indicates a confirmation of your intended interaction. No overdraft fees Check mark icon A check mark. It indicates a confirmation of your intended interaction. Can earn 2% cashback on everyday expenses (up to $500 per year) and 1% on any other debit card charges Cons con icon Two crossed lines that form an ‘X’. No overdraft protection Product Details To maintain an active qualifying Rewards Checking Plus Account and obtain rewards like loan discounts, you must receive direct deposits totaling $1,000 or more each month
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 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.
Upgrade Checking and Savings Review
Primis Novus Checking
Primis Novus Checking
Insider’s Rating A five pointed star A five pointed star A five pointed star A five pointed star A five pointed star 4.5/5 Icon of check mark inside a promo stamp It indicates a confirmed selection. Perks
Fees
no monthly service fee
Annual Percentage Yield (APY)
up to 6.00%
Minimum Opening Deposit
$1
Pros Check mark icon A check mark. It indicates a confirmation of your intended interaction. High APY Check mark icon A check mark. It indicates a confirmation of your intended interaction. $1 minimum opening deposit Check mark icon A check mark. It indicates a confirmation of your intended interaction. No monthly service fee Check mark icon A check mark. It indicates a confirmation of your intended interaction. Early direct deposit Check mark icon A check mark. It indicates a confirmation of your intended interaction. Free pack of Primis checks Check mark icon A check mark. It indicates a confirmation of your intended interaction. Free incoming wire transfers Check mark icon A check mark. It indicates a confirmation of your intended interaction. No overdraft fees Cons con icon Two crossed lines that form an ‘X’. Account not available at a Primis branch Product Details 38 branches in Maryland and Virginia Over 30 Primis ATMs near Primis branches Primus Novus Checking is only available online Earn 5.00% APY as the base rate Earn 6.00% APY on up to $100,000 for 6 months if you receive eligible direct deposits of $1,200 or more; Qualifying direct deposit must be set up in the first 60 days of account opening and must be a new deposit Interest rate boost will be applied on the next statement cycle after first meeting the requirements Interest compounded and deposited monthly FDIC-insured
Primis Novus Checking may be appealing if you’re looking to earn a high interest rate on a checking account.
For this account, Primis offers a boost interest rate of 6.00% APY on balances up to $100,000 for up to six months if you meet certain requirements and a base rate of 5.00% APY.
You must set up a direct deposit of $1,200 or more within the first 60 days of opening Primis Novus Checking to earn 6.00% APY. The deposit must also be new to Primis Bank. Primis will apply the interest rate boost for balances up to $100,000 in the next statement cycle, and you’ll have to maintain direct deposits to continue earning the rate boost.
You’ll earn 5.00% APY if you don’t meet the monthly requirements and after 6 month boost period is over.
You might prefer Primis Premium Checking if you don’t qualify for the APY boost. You can earn 5.07% APY on all balances.
If you prefer a traditional banking experience, you won’t be able to get these accounts. Primis branches have comparable accounts, or you might consider a different brick-and-mortar bank.
Primis Bank Review
Experian Smart Money
Experian Smart Money
Insider’s Rating A five pointed star A five pointed star A five pointed star A five pointed star A five pointed star 4/5 Icon of check mark inside a promo stamp It indicates a confirmed selection. Perks
Fees
no monthly service fee
Annual Percentage Yield (APY)
None
Minimum Opening Deposit
$0
Pros Check mark icon A check mark. It indicates a confirmation of your intended interaction. Build credit with a checking account Check mark icon A check mark. It indicates a confirmation of your intended interaction. No minimum opening deposit Check mark icon A check mark. It indicates a confirmation of your intended interaction. No monthly fees Check mark icon A check mark. It indicates a confirmation of your intended interaction. No overdraft fees Check mark icon A check mark. It indicates a confirmation of your intended interaction. Early direct deposit Check mark icon A check mark. It indicates a confirmation of your intended interaction. Online bill pay and money transfers Check mark icon A check mark. It indicates a confirmation of your intended interaction. Large free ATM network Check mark icon A check mark. It indicates a confirmation of your intended interaction. Free financial tools Cons con icon Two crossed lines that form an ‘X’. No physical branches con icon Two crossed lines that form an ‘X’. $3 out-of-network ATM fee con icon Two crossed lines that form an ‘X’. No overdraft protection; if a transaction would overdraw your account, it will be denied con icon Two crossed lines that form an ‘X’. 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.
Experian Smart Money review External link Arrow An arrow icon, indicating this redirects the user.” 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
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
Which Banks are the Most Trustworthy?
We assess the ethics of each bank, so you can see if a specific financial institution aligns with your values.
We include the settlement history of the last 3 years so you’re aware of any recent public controversies involving the bank.
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.
Here are the BBB grades for our top picks:
Chime’s C+ rating is because the company has received a high volume of customer complaints on the BBB website and government action was taken against the company.
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 B 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.
What Defines a Free Checking Account?
A free checking account is a type of bank account that doesn’t charge monthly bank maintenance fees and has minimal common bank fees. You can learn more about monthly bank maintenance fees and common bank fees below.
Monthly Bank Maintenance Fees
Banks may charge you a bank maintenance fee (also known as a monthly service fee) to use their services. Monthly service fees can occur in checking accounts, money market accounts, or savings accounts.
Most banks offer ways to waive these fees. You might be asked to maintain an average daily balance, make a direct deposit, or complete certain transactions. Monthly service fees might also be automatically waived for some age demographics — most commonly, children, college students, or seniors.
If you want to avoid monthly service fees entirely, you could select a bank that doesn’t charge any monthly service fees. Keep in mind online banks and credit union are more likely to have free checking accounts than brick-and-mortar banks.
Common Bank Fees
Common bank fees that apply to checking accounts include overdraft fees and out-of-network ATM fees.
An overdraft fee can happen if you take out too much money from your checking account, and the bank covers your overdraft, so your transaction goes through. You’ll have to pay a fee on top of restoring your account balance so its positive again.
Banks can charge out-of-network ATM fees when you use an ATM from another provider. For example, Chase will charge you when you use a non-Chase ATM.
Many free checking accounts do not charge overdraft fees and have free overdraft protection services so your transactions can be processed. Regarding out-of-network ATM fees, some of our top picks offer free monthly reimbursements.
Key Features to Look for in a Checking Account
In addition to bank fees, here are key features that you can use to compare and assess different checking account options:
Opening requirements: The standard minimum opening deposit for a checking account is $25. However, some banks will let you get a checking account with $0, while others may require significantly more than the standard amount. ATM access: If you frequently use ATMs while traveling, you may prefer a bank that has a national ATM network. However, if ATM access doesn’t play a significant factor in your banking experience, you might be fine with a regional or local ATM network. Online and mobile banking services: If you’re comfortable managing your account primarily online, you might choose a checking account from a bank with one of the best mobile banking apps. J.D. Power conducts an annual study that ranks mobile and online banking customer satisfaction. Overdraft protection options: If you have overdrawn from your bank account, you will want to look for a checking account that has free overdraft protection options. For example, some banks will let you link your checking account to a savings account and make free transfers to restore your balance.Customer support availability: Customer support options vary widely at banks. You can find institutions that allow you to connect with representatives by phone, email, live chat, or mobile banking. Also, bear mind there are banks that have 24/7 customer support availability. How to Open a Free Checking Account
Ensure you have all the information you need to open an account. Here’s how to apply for a free checking account online or at a branch.
Applying for a Free Checking Account Online
If you’re applying for a free checking account online, most banks require you to provide a Social Security number. If you would rather use an ITIN number, generally, you’ll have to apply at a bank’s branch. You might also be asked to provide a copy of a government-issued ID like a driver’s license or passport.
You’ll enter basic information like your name, address, phone number, and email. At the end, you’ll also deposit your account.
Applying for a Free Checking Account at a Branch
When applying for a free checking account at a branch, you must provide at least two forms of identification as well as a proof of address.
Some brick-and-mortar banks permit immigrants and non-US citizens to open a bank account using an alternative form of ID, although other financial institutions have stricter documentation requirements and require a social security number or ITIN.
You’ll also have to share basic information about yourself as well as make an opening deposit.
Best Free Checking Accounts FAQs
There are free checking accounts that earn interest. A few examples include, but aren’t limited to, Capital One 360 Checking, Schwab Bank High Yield Investor Checking® Account, and Consumers Credit Union Free Rewards Checking Account.
Yes, there are banks that do not charge any monthly service fees on bank accounts. Many popular online banks like Capital One and SoFi have bank accounts with no monthly fees.
Online banks can offer free checking accounts because they don’t have to pay for physical locations like traditional brick-and-mortar banks. A brick-and-mortar bank might also offer a free checking account so you can establish relationship banking. It also generally benefits banks when you open a bank account since it increases their reserves and they can generate more money.
You’ll need two valid forms of identification to open a free checking account. Usually, you’ll need to provide a social security number or ITIN number as one form of identification. You may also need to provide basic information, like your full name, address, and phone number.
To choose the best free checking account, consider what type of institution you want to bank with and check for other bank account fees and services.
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.
BI
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 other stuff could make life easier, whether it’s free checks, online bill pay, are they in the Zelle network?”
Sophia Acevedo, banking editor, Business 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 and vice president of coaching strategy at OfColor:
“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 Business 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
Banking Editor
Sophia Acevedo is a banking editor at Business Insider. She has spent three years as a personal finance journalist and is an expert across numerous banking topics.ExperienceSophia leads Personal Finance Insider’s banking coverage, including reviews, guides, reference articles, and news. She edits and updates articles about banks, checking and savings accounts, CD rates, and budgeting and saving. She is highly knowledgeable about long-term trends in rates and offers at banks across the U.S.Before joining Business Insider, Sophia worked as a journalist at her college newspaper and was a freelance writer. She has spent seven years writing and editing as a journalist.Sophia was nominated for an Axel Springer Award for Change in 2023 for her coverage of ABLE accounts, tax-free savings accounts for people with disabilities. She was also a winner of a 2018 California Journalism Awards Campus Contest for her photography.She loves helping people find the best solutions for their unique needs and hopes that more people will find the tools to solve their financial problems. She’s inspired by stories of everyday people adapting to their financial circumstances and overcoming their fears around money.ExpertiseSophia’s expertise includes:Bank accountsSavings and CD rate trendsBudgetingSavingHow banks operateEducationSophia graduated from California State University Fullerton with a degree in journalism and a minor in political science.She is an avid reader across a variety of genres, and she started running in 2021. She ran in the 2024 Los Angeles Marathon. Read more Read less
Evelyn He
Compliance and Operations Associate
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