We’ve chosen the best checking accounts that don’t charge maintenance fees and offer other perks like awesome online access, FDIC insurance and customer service contact methods. We’ve also included ones with a fee-free network and ATM reimbursements to help you save money. You can open many of these accounts online and through a mobile app. And they usually have low or no minimum opening deposit requirements.
1. FDIC-Insured
Free checking accounts don’t require a minimum balance and have no monthly service fees or overdraft charges. They’re available from banks, credit unions and online-only financial institutions. The best free checking account providers are FDIC- and NCUA-insured, which means your money is protected up to $250,000 per depositor in the event that the bank fails.
Many of the best free checking accounts also offer other perks. Look for a national ATM network, free overdraft protection services and convenient digital banking tools such as mobile check deposit and account alerts.
Some of the top-rated checking accounts feature flexible spending limits and a customizable rewards program. And they’re backed by the customer service that comes with your bank’s brand name. Whether you’re looking for an individual or joint checking account, an interest-bearing checking account or a student checking account, our list of the best free checking accounts has something to suit your needs. Apply online or in person with the same requirements as for any other type of bank account: personal information, government-issued ID and proof of address.
2. Easy to Open
Depending on the financial institution, free checking accounts can typically be opened in minutes online or in person. You’ll need to provide personal information including your name, date of birth, Social Security number or Individual Taxpayer Identification Number (ITIN), address and a government-issued photo ID. You may also be asked to submit a proof of address document like a utility bill or lease agreement.
Some free checking accounts have a minimum opening deposit and/or minimum account balance requirements, so make sure you’re ready to invest if necessary. Others charge monthly fees or penalties for low balances, so be sure to consider these factors before choosing an account.
One of the top-rated free checking accounts is NBKC’s Cash Account, which provides an above-average APY of 1.7% and no fees of any kind. This account features a mobile app that’s easy to use and offers customers access to a network of more than 37,000 fee-free ATMs and reimbursements for out-of-network ATM fees up to $12 per month. Wealthfront, a digital investment management company, also offers an interest-bearing free checking account called the Wealthfront Cash Account.
3. Convenient
It’s becoming more common for online and mobile banks to offer free checking accounts. This is great news for people who don’t want to pay fees that eat into their balances. In addition to offering free checking, these institutions often offer perks like cashback rewards, overdraft protection and more.
Many of the best free checking accounts also don’t require a minimum opening deposit or maintenance balance. However, some institutions still charge hefty fees to keep their checking account open, so it’s important to do your research.
In addition to having free checking accounts, some online banks and credit unions offer other financial products like loans, savings accounts and retirement accounts. It’s convenient to have all your accounts in one place, especially if they offer good customer service and digital features.
4. High APY
A good checking account is a crucial part of your money management. But not all accounts are created equal. Some come with high fees that take a bite out of your balance, while others have low interest rates that don’t pay much to begin with.
Fortunately, you can find fee-free options with competitive APYs. For example, All America Bank’s Ultimate Rewards Checking earns 5.15% APY with minimal requirements. To qualify, you just need to make ten debit card transactions each month and enroll in paperless statements. It also reimburses global ATM fees up to $25 each month.
Another great option is Betterment’s free, all-in-one money management platform, which offers a checking account that pays you a percentage back on your debit card purchases and reimburses out-of-network ATM fees. It’s backed by Massachusetts-based PeoplesBank and offers 100% FDIC insurance on all deposits (even beyond the standard $250,000 limit). This isn’t an interest-bearing account, but it still gives you an edge when it comes to managing your finances.
5. No Fees
Ideally, the best free checking accounts will have no fees whatsoever. However, this may be more difficult to find if you’re opening an account with a traditional brick-and-mortar bank or credit union. Many of these institutions charge a range of fees on their checking accounts including monthly maintenance fees, overdraft charges and more. Additionally, some banks require that you keep your account open for a certain period of time before you can close it without a fee.
With all of these fees in play, choosing a bank that offers low or no fees can save you a significant amount of money over the long run. It’s also important to consider the other features of a checking account, such as ATM access and customer service, before making your decision.
