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Checking accounts offer a safe place to store your money and provide easy access to funds for daily transactions. However, not all checking accounts offer the same benefits. In fact, choosing the wrong checking account could result in excessive fees that eat into your balance.
The good news: There are plenty of free checking account options that you can take advantage of without sacrificing any of your “must-haves” when it comes to banking.
Our team evaluated today’s checking accounts belonging to member-FDIC or NCUA-insured financial institutions that don’t charge monthly fees or require a minimum opening deposit. We examined key metrics, including monthly checking account fees, overdraft fees, ATM reimbursements, rewards, bonuses, and more, to identify the 10 best accounts available today. (See the full methodology here.)
Account details:
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Monthly fee: $0
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Overdraft fee: $0
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Rate: 0.1% APY
Ally Bank is an online bank headquartered in Utah that offers a range of personal banking and retirement products, as well as lending and investment services.
The Ally Spending Account ranks as one of the best free checking accounts thanks to its zero minimum deposit requirements, no monthly fees or overdraft fees, and ability to earn interest. Further, account holders have access to more than 75,000 no-fee ATMs and up to $10 per statement cycle in ATM reimbursements for fees charged by third-party ATMs nationwide. Ally also offers 24/7 customer support via telephone and chat.
Read our full Ally Bank review
Account details:
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Monthly fee: $0
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Overdraft fee: $0
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Rate: 1.75% APY
NBKC is a Kansas-based online bank that offers online mortgage lending and consumer banking products. NBKC provides products and services to individual and business customers.
NBKC’s Everything Account made our list because it offers a highly competitive rate of 1.75% APY, no minimum balance requirement or cap on earnings, plus the added convenience of a combination checking and savings account. With NBKC, customers have access to a network of more than 90,000 ATMs around the world and up to $12 per month in fee reimbursement for out-of-network ATMs.
Read our full NBKC Bank review
Account details:
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Monthly fee: $0
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Overdraft fee: $0
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Rate: 0.5% APY
Founded in 2011, SoFi provides products and services to more than 6.9 million customers. Its products include loans, investing products, personal bank accounts, insurance products, and more.
One of the top factors that put SoFi’s Online Checking account on our list was its competitive interest rate. Offering 0.5% APY, this rate is more than seven times the national average for interest-bearing checking accounts, according to the FDIC. Note that SoFi’s checking account also comes with a high-yield savings account (these accounts are bundled and can’t be opened separately). If your goal is to give your savings balance a boost, this checking and savings combo can help you do just that.
SoFi’s checking account has no monthly fees or minimum balance requirements. It also covers up to $50 in overdrafts for account holders who have direct deposit and a balance of at least $1,000. SoFi offers easy access to your funds with a network of more than 55,000 fee-free ATMs. Those who enroll in direct deposit can get paid up to two days early and potentially qualify for a welcome bonus of up to $300.
Account details:
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Monthly fee: $0
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Overdraft fee: $4 per item, maximum of 2 fees per account, per day
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Rate: Up to 5% APY
The Connexus Xtraordinary Checking Account made our list because it has one of the highest rates available, with no minimum opening deposit or minimum balance required to earn dividends.
There are, however, other requirements to qualify for this competitive rate:
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Make 15 debit card purchases or accumulate $500 in debit card spending by month end.
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Subscribe to eStatements.
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Make a monthly direct deposit or an ACH deposit (from a non-Connexus account) of at least $500.
This account provides access to a network of around 70,000 fee-free ATMs. Account holders can also get up to $15 in monthly rebates for third-party ATM surcharges. Overdraft transfers are free with linked accounts.
Since Connexus is a credit union, you must join in order to open an account. This can be done by joining the Connexus Association through a one-time $5 donation. You may be eligible to join without a donation if you meet certain criteria.
Read our full Connexus Credit Union review
Account details:
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Monthly fee: $0
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Overdraft fee: $0
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Rate: 0.1% APY
The Capital One 360 Checking Account doesn’t require a minimum balance or charge monthly fees. It also comes with fee-free overdraft protection options, early direct deposit, and access to more than 70,000 fee-free ATMs.
What sets this account apart from others on our list is its mobile app experience. The Capital One app had one of the highest average mobile app ratings across the board, offering users a 24/7 mobile banking experience complete with mobile check deposit, instant alerts, card locking capabilities, and more.
Read our full Capital One review
Account details:
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Monthly fee: $0
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Overdraft fee: $0
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Rate: 1% APY
The American Express Rewards Checking account secured a spot on our list for its competitive 1% APY and ability to earn rewards on qualifying debit card purchases. With Amex Rewards Checking, you can earn 1 Membership Rewards point for each $2 of eligible debit card purchases. Points can be redeemed for deposits into your Amex Rewards Checking account, with no cap on how many points you can earn.
Note that Amex is currently accepting applications from existing card members with a U.S. Basic Consumer Card issued by American Express National Bank with five days tenure.
Read our full American Express National Bank review
Account details:
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Monthly fee: $0
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Overdraft fee: $4 per item, maximum of 2 fees per account, per day
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Rate: Does not earn interest
You’re not seeing double — Connexus Credit Union made our list twice.
The Connexus Simply Free Checking Account is a scaled-down account compared to the Xtraordinary checking account. For customers looking for a basic fee-free account, this may be a good fit. It doesn’t earn interest, but it’s free to open with no monthly fees or minimum balance requirements. It also offers free overdraft transfers and access to the same network of surcharge-free ATMs.
Read our full Connexus Credit Union review
Account details:
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Monthly fee: $0
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Overdraft fee: $0
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Rate: Does not earn interest
Founded in 2000, Axos Bank is a digital bank offering banking, lending, and investment products for individuals and businesses.
The Essential Checking Account from Axos comes with all of the must-haves of a standard checking account without any extra fees. Customers are not subject to any monthly maintenance fees, non-sufficient funds fees, or overdraft fees.
Another major perk: this account offers direct deposit express, allowing you to get paid up to two days earlier than your scheduled payday. Axos also offers access to more than 90,000 fee-free ATMs across the nation and unlimited ATM fee reimbursements for out-of-network ATMs.
Read our full Axos Bank review
Account details:
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Monthly fee: $0
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Overdraft fee: $0
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Rate: Does not earn interest
Discover Bank is an online bank that first launched nationally in 1986 with the Discover Card. Since its founding, Discover has expanded to offer a variety of personal and business banking products.
Discover’s free checking account made our list for itscash-back rewards system and lack of fees. There are no monthly fees associated with this account, no insufficient funds fees, and no minimum balance or activity requirements.
Account holders can also earn 1% cash back on their debit card purchases, up to $3,000 each month. This account also comes with early direct deposit and access to more than 60,000 fee-free ATMs.
Read our full Discover Bank review
Account details:
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Monthly fee: $0
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Overdraft fee: $0
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Rate: Does not earn interest
Chime is a San Francisco-based financial technology company — not a bank — that offers banking services provided by its partner banks. It offers a checking account, savings account, and a secured Visa® credit card.
The Chime Online Checking Account can be opened online with no minimum deposit required to get started or keep your account open. While this account doesn’t earn interest, it’s a fee-free account that comes with perks such as overdraft protection, early direct deposit, and easy access to your cash thanks to its large network of ATMs.
There are several factors to consider when choosing a checking account to hold your everyday funds.
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Account fees: Many banks and credit unions charge monthly fees for account maintenance. Often, these fees can be waived if you meet certain daily balance requirements. However, if you don’t meet these requirements, fees can eat into your account balance each month. This is why it’s important to read your account terms and conditions carefully to avoid surprise fees and ensure you meet the requirements to get fees waived.
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ATM access and reimbursements: If you frequently pay for goods and services in cash, easy ATM access is a key feature to look for in a checking account. A fee-free network ensures you avoid extra fees each time you make a withdrawal — bonus points if your bank allows you to avoid ATM fees by reimbursing charges from out-of-network ATMs.
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Access to physical branches/customer service representatives: Being able to speak with a customer service representative can make all the difference if you prefer to resolve banking issues or have your questions answered by a human in a timely manner. Otherwise, you may need to rely on a chatbot or automated calling. This isn’t always a drawback if you typically don’t require much help with your checking account. But if it’s a must-have, check each bank or credit union’s customer service options, hours, and branch locations near you.
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Minimum balance to earn interest: If the checking account you’re considering is an interest-bearing account, check your account disclosure to determine if there is a minimum balance needed to earn the advertised rate. You may decide that an account with a high minimum balance requirement isn’t a good fit.
Opening a checking account is fairly simple and can often be done online. The exact process may vary depending on the financial institution, but in general, you can expect to follow these steps:
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Choose a bank or credit union: Most traditional banks, credit unions, and online banks offer checking accounts. However, the account fees, interest rates, and other perks will vary. Before selecting an account, read the terms and conditions of the accounts you’re considering to determine whether they meet your needs.
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Gather necessary documents: When you open a bank account, you’ll be required to submit documentation. This may include your Social Security number, driver’s license, or other government-issued identification, and a copy of a recent bill to verify your identity and address.
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Fill out an application: The application for a checking account will ask you for personal information such as your name, address, date of birth, annual income, and more. This is also the point at which you may be asked to provide copies of documents that show your personally identifiable information.
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Fund your checking account: Once your account is opened, the final step is to fund it. While many financial institutions do not require a minimum deposit to open, some of them do have rules in place that require you to fund your account within a certain amount of time to avoid an account closure.
A free checking account is a type of checking account that doesn’t charge monthly account maintenance fees. These accounts are designed to offer essential banking services, such as deposits, withdrawals, and electronic transfers, without the burden of added costs, making them attractive for everyday financial management.
The best free checking accounts tend to be offered by online banks and credit unions. That’s because they have much lower overhead costs and can pass those savings on to customers through higher interest rates, lower fees, and better account perks. In fact, all of the free checking accounts in our top 10 list are online accounts. Learn more about how to open an online checking account.
In most cases, free checking accounts come with a debit card that allows you to make purchases and withdraw cash at ATMs.
Some free checking accounts do earn interest. However, not all free checking accounts are interest-bearing accounts, and those that are may have rates that are lower compared to savings accounts or money market accounts.
Many free checking accounts offer overdraft protection as an optional service. Overdraft protection can help prevent overdrafts or your transactions being declined if your balance is too low. Keep in mind, however, that fees may apply if you opt into the service.
The exact requirements to open a free checking account vary by bank. Typically, however, you’ll need to provide personal identification such as a driver’s license or passport, a Social Security number, and if required, a minimum opening deposit. Some banks may also require proof of address. Learn more about what you need to open a bank account.
Yes, there are free checking accounts that offer unlimited transactions without additional fees. These accounts are common among online banks.
Yes — in many cases, you can open a checking account online or in person without making an opening deposit. This is not the case for all checking accounts, so be sure to check with your financial institution to ask about the requirements for opening a checking account.
There’s no exact amount of money you should keep in your checking account. Your balance will depend on your monthly and recurring expenses, income, minimum balance requirements imposed by your bank, and more. In general, it’s a good idea to keep some funds on deposit at all times as a buffer for pending transactions so you don’t accidentally overdraft.
Typically, the average minimum opening deposit for a checking account ranges between $25 and $100.
Our grading system, collected and carefully reviewed by our personal finance experts, comprised nearly 300 data points for over 20 FDIC- and NCUA-insured checking accounts to develop our list of the top 10 free checking accounts. We define “free” as accounts that are free to open; they do not require a minimum opening deposit to get started. These accounts may still impose other types of fees.
We evaluated these accounts according to several key metrics, including monthly fees, ATM network size and fee reimbursement options, overdraft fees and overdraft protection services, APY, rewards or cashback, early direct deposit, account bonuses, mobile app rating, and customer service contact methods.
The checking accounts on our list could earn a maximum of 30 points across all metrics. Here’s a closer look at the categories we considered:
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Monthly fees: Many checking accounts come with monthly service fees that can eat into your account balance. We rewarded accounts that had zero monthly maintenance fees with the maximum number of points for that category.
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ATM network, size, and fee reimbursement: Checking accounts that offered expansive and free ATM networks and/or ATM reimbursement for the use of out-of-network ATMs ranked favorably.
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Overdraft fees and protections: Overdrafts can happen if you’re not closely monitoring your account balance. Luckily, many financial institutions don’t charge fees for overdrafts or offer a safety net in the form of overdraft protection. Checking accounts with zero or lower overdraft fees and overdraft protection services earned more points than checking accounts that don’t.
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APY and minimum balance to earn interest: We rewarded interest-bearing checking accounts with extra points, as well as those that earn interest and have a lower or zero minimum balance requirement to earn interest.
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Rewards, cashback, and bonuses: The checking accounts on our list earn extra points for offering any type of rewards (such as cash back on debit card purchases) or promotional bonuses for new accounts. Promotional bonuses are subject to change, but we awarded points for active bonuses at the time of publication.
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Early direct deposit: Early direct deposit gives bank or credit union customers the ability to access their paychecks earlier than their scheduled payday. We rewarded checking accounts that come with this perk.
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Mobile app rating: Checking accounts with a more favorable average mobile app rating on the Apple and Google storefronts scored more points than those that did not.
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Customer service contact methods: We rewarded checking accounts belonging to financial institutions with various customer service contact methods, such as phone, email, and chat.