Best Free Checking Accounts of 2023

You've probably heard the phrase "nothing in life is free." And while that's often true, some things come pretty close -- like free checking accounts. (Sunshine is also free...as is sunburn.)

Some free checking accounts have truly $0 fees. Others have low fees that the bank will waive if you follow certain requirements, like keeping a minimum balance. We've scoured the industry to find what we consider to be the best checking accounts. Take a look at our list below!

How we decide which free checking accounts to list on this page
How did the crew at The Ascent decide which free checking accounts to list on this page? Our method is straightforward: If we wouldn't recommend the free checking accounts to friends and family, they don't belong here. We ban big banks from paying their way onto this list -- the thing is, we'd rather only recommend free checking accounts we strongly believe in. Since we're texting this list to Mom and Dad, it only makes sense. (Hi, Dad.)

A free checking account is a bank account with no monthly maintenance fees. Most checking accounts come with a debit card and checks for customers to make payments. Many people use their checking accounts to receive their wages and pay their bills.

What's the difference between a checking and savings account?

A checking account is for daily use and for spending money. But savings accounts are for saving and growing money. Checking accounts are used for regular transactions, paying bills, and ATM withdrawals.

Savings accounts have higher interest rates. As a result, they are better for storing money. Most banks limit the number of withdrawals a person can make each month from their savings accounts. Another difference between checking and savings accounts is that savings accounts don't have debit/ATM cards and checks.

What's the difference between an account number and routing number?

Financial institutions assign an account number to each type of bank account. The account number is a set of digits that identifies a specific financial account. If a customer has a checking, a savings, a money market, and a certificate of deposit account (CD), they will be issued four different account numbers.

A routing number is a nine-digit code that identifies a specific bank or financial institution. Some banks have different routing numbers based on geographic location. When sending money from one financial institution to another, the routing number tells you what bank the money is going to, and the account number tells you what account at the bank it is being sent to.

Customers will need both their routing and account number to set up direct deposit with their employers, send or receive a wire transfer, or conduct other types of financial transactions. Customers can find both numbers on their check or by contacting their bank. Most financial institutions have their routing numbers published online.

Even with free checking accounts, there are other fees that customers may have to pay. According to the Consumer Financial Protection Bureau (CFPB), the average monthly fee for a checking account is $9.87 ($118 annually). Account holders who are subject to certain fees such as overdraft and non-sufficient fund fees pay on average $29.09 per month ($349 annually).

Before opening a checking account, familiarize yourself with the fees below. Learning when and why banks charge these fees will help you get the most benefit from your checking account. It can also help you avoid checking account fees.

Monthly maintenance fee

This fee is also known as a service change. It is a recurring checking account charge that often ranges from $5 to $15 per month. Many banks waive this fee if a customer meets certain requirements.

Requirements might be a minimum ongoing deposit amount, minimum number of account transactions, or setting up direct deposit from an employer.

Overdraft fees

Customers who spend more than they have in their checking account are assessed an overdraft fee. The typical overdraft fee is $35 per incident. In addition, banks charge a sustained overdraft fee if the checking account remains negative. Some banks have a maximum number of charges they assess per day.

Some banks offer overdraft protection. This allows customers to link another bank account, a line of credit, or a credit card to their checking account. In case of an overdraft, the negative balance will be charged against their other account. Some banks charge a fee for overdraft protection.

ATM fees

Withdrawing money from an out-of-network ATM machine may cost a customer anywhere from $2 to $5 per withdrawal. ATM fees consist of a fee the bank charges the customer and the surcharge from the ATM's owner.

Many banks have a network of ATMs that offer free cash withdrawals. For example, Capital One has more than 70,000 fee-free in-network ATMs. Bank of America has about 16,000. Some banks will reimburse ATMs fees up to a certain amount per statement cycle.

Returned item fees

Also known as a non-sufficient fund (NSF) fee, this fee is assessed by the bank if a customer writes a check and there are insufficient funds. The check will "bounce" and be returned to the customer. The bank will normally charge a bounced-check fee in addition to any overdraft fees. NSF fees range anywhere from $20 to $40.

Paper statement fees

Banks have been encouraging customers to opt-in for electronic statements. Some banks charge anywhere from $1 to $5 per paper statement for the printing and mailing costs.

Foreign transaction fees

Customers who use their debit card outside of the U.S. for purchases or to withdraw cash will incur additional charges. These fees range anywhere from 1% to 3% of the total purchase amount. In addition to the foreign transaction fee, banks may charge an international ATM fee. This fee is typically a flat fee of up to $5 per cash withdrawal.

Account closure fee

Some banks charge up to $25 for closing an account. Most banks charge early account closure fees if opened within 90 to 180 days of opening an account. This is to prevent customers from opening an account to receive any special perks and then immediately closing it afterward.

While there are many banks that require a deposit to open a free checking account, through our analysis, we have found the best banks that offer a free checking account with no required deposit.

In the past, free checking accounts often had many restrictions. Many banks have begun to now offer free checking accounts without a minimum deposit requirement.

Finding the right checking account is important since most people use their checking account for everyday banking. Here are steps on how to choose the best free checking account for you.

On top of the features below, make sure your account is FDIC insured -- that means your money is insured in the event of bank failure.

Type of account

There are several types of checking accounts that most financial institutions offer. The right fit depends on how you use your checking account. Here are the most common types:

• Standard checking account: This is the most common type of checking account and typically doesn't pay an APY.
• Premium checking account: Premium accounts require a higher balance than a standard account. Some financial institutions pay a flat interest rate regardless of the balance, while some pay more for higher balances.
• Rewards-based account: Like credit cards that pay rewards for everyday purchases, rewards-based accounts offer rewards such as cash back or points.
• Other specialty accounts: The accounts are catered specifically to a specific group, such as students or seniors.

Fees and minimum requirements

Even for free checking accounts, there are many other fees that a bank can charge. Some banks require minimum deposits to open a free account. They also require a minimum balance to continue qualifying for a free account. Customers who don't meet the minimum requirements will often have to pay the monthly service fee.

Customer service

Online-only banks do not have any branches. If a customer has any issues, they can only contact the bank through online chat, email, or phone support. It is important to find a bank that offers easily accessible customer service. If you still prefer face-to-face customer service, you may want a bank with a physical branch.

Nationwide availability (Physical locations or mobile access)

Do you prefer an online-bank or do you prefer a brick-and-mortar bank? Online banks tend to have lower fees. Physical banks allow you to speak with a banking professional. You should choose a bank based on your preferences and what is important to you.

ATM network or generous ATM-fee reimbursement program

Some banks have a limited number of fee-free ATMs and charge a fee when you withdraw cash from an out-of-network ATM. Look for banks with a large number of fee-free ATMs or banks that offer generous ATM-fee reimbursements.

Benefits such as high APY, cash back rewards, or other additional perks

When looking for the best free checking account, consider what additional perks a bank may offer. There are many free great checking accounts available for those looking to open one. Some offer a higher than average APY, rewards, and other benefits.