Ranked: 3 of the Top Free Checking Accounts

A checking account at a traditional bank offers in-person banking support, a debit card for ATM transactions, and the ability to deposit and withdraw cash.

These services are convenient, but they're not free. Nearly all brick-and-mortar banks charge monthly fees on their checking accounts. Sometimes, these fees are as much as $15 to $25 per month. For about the price of a Netflix subscription, you get the privilege of banking with a big name -- where the only drama is the occasional overdraft.

To avoid these fees, however, you could opt for a free online-only bank account. Many of these accounts come with welcome bonuses, high annual percentage yields (APYs), and no fees.

Here are three top free checking accounts to consider if you're sick of paying monthly fees.

1. SoFi Checking and Savings

Few free checking accounts can beat this one. The SoFi Checking and Savings is super easy to use and maintain, doesn't charge monthly fees, and offers a remarkably high APY on checking and savings balances.

The account works best when you set up direct deposits. With this set up, you can earn up to up to 3.80% APY on your savings account balance. What's more, new clients can snag a $300 welcome bonus with qualifying direct deposits of $5,000 or more within 25 days. Likewise, a $50 welcome bonus is awarded to new clients with $1,000 to $4,999 of direct deposits in the same timeframe.

One thing I love about this account is the lightning-fast transfers. Whenever I transfer money in or out of my account, the transaction happens instantly, almost always same-day. I also like the early access to direct deposits, free checks, and debit card access to ATMs.

2. Capital One 360 Checking

The Capital One 360 Checking is a free checking account that offers some branch access at Capital One Cafes. This could be the perfect middle road for those who don't want to pay monthly fees but also want to deposit cash from time to time.

The account earns some interest, has no minimum balance to get started, and comes with a debit card. You can access this account at hundreds of Capital One branches across the U.S.

Better yet, you can deposit up to $999 in cash per day for free at any CVS or Walgreens pharmacy. I have a Capital One 360 Checking account specifically for this purpose, as other checking accounts typically charge a fee.

3. Axos Bank Rewards Checking

The Axos Bank Rewards Checking is one of those free checking accounts you wish you had heard about sooner. The account can earn up to 0.40% (up to 3.30%) APY (with qualifying activities) and reimburses all domestic ATM fees, no questions asked. And, yes, the reimbursement is unlimited.

It requires a $50 minimum opening deposit and $1,500 to start earning the APY. Earning up to 3.30% APY is also a bit complicated and involves steps like using your debit card 10 times a month and using your checking account to pay an Axos Bank consumer loan payment. That said, the icing on the cake is a $500 welcome bonus when you use RC500 to apply by Aug. 31, 2024.

To be sure, if you'd like to bank in person, nothing will beat the service of a traditional bank account -- not even a one-time bank bonus. What's more, most banks will give you options to waive the fee, thereby making them essentially free. Dig into the fine print to decide which account really suits you.