Review
Updated
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!
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Ratings Methodology
Rates as
of Apr 24, 2024
| Offer | APY | Minimum to Earn APY | Rating | Next Steps | |
|---|---|---|---|---|---|
 2024 Award Winner
Discover® Cashback Debit
Member FDIC.
Rating image, 4.00 out of 5 stars.
4.00/5
Our ratings are based on a 5 star scale.
5 stars equals Best.
4 stars equals Excellent.
3 stars equals Good.
2 stars equals Fair.
1 star equals Poor.
We want your money to work harder for you. Which is why our ratings are biased toward offers that deliver versatility while cutting out-of-pocket costs.
= Best
= Excellent
= Good
= Fair = Poor |
0%
Min. to earn: N/A
|
Rating image, 4.00 out of 5 stars.
4.00/5
Our ratings are based on a 5 star scale.
5 stars equals Best.
4 stars equals Excellent.
3 stars equals Good.
2 stars equals Fair.
1 star equals Poor.
We want your money to work harder for you. Which is why our ratings are biased toward offers that deliver versatility while cutting out-of-pocket costs.
= Best
= Excellent
= Good
= Fair = Poor |
N/A
|
||
2024 Award Winner
Axos Bank Rewards Checking
Member FDIC.
Rating image, 4.25 out of 5 stars.
4.25/5
Our ratings are based on a 5 star scale.
5 stars equals Best.
4 stars equals Excellent.
3 stars equals Good.
2 stars equals Fair.
1 star equals Poor.
We want your money to work harder for you. Which is why our ratings are biased toward offers that deliver versatility while cutting out-of-pocket costs.
= Best
= Excellent
= Good
= Fair = Poor |
0.40% (up to 3.30%)
Rate info
To earn the full APY, account holders must do all of the following: Receive monthly direct deposits totaling more than $1,500; make 10 transactions a month with your Axos debit card, or sign up for Axos's Personal Finance Manager; maintain an average daily balance of $2,500 per month in an Axos Invest Self Directed Trading Account; and use your Rewards Checking account to make your full monthly Axos Bank consumer mortgage, personal, or auto loan payment.
Min. to earn: Monthly direct deposits totaling at least $1,500
|
Rating image, 4.25 out of 5 stars.
4.25/5
Our ratings are based on a 5 star scale.
5 stars equals Best.
4 stars equals Excellent.
3 stars equals Good.
2 stars equals Fair.
1 star equals Poor.
We want your money to work harder for you. Which is why our ratings are biased toward offers that deliver versatility while cutting out-of-pocket costs.
= Best
= Excellent
= Good
= Fair = Poor |
Monthly direct deposits totaling at least $1,500
|
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To be eligible to earn all or a portion of the cash incentive as part of the "AXOS300" $300 promotion, an Axos Bank Rewards Checking account that includes the promotional code "AXOS300" must be opened between November 1, 2023, at 12:00 am PST and June 30, 2024, at 11:59 pm PST. Axos Bank reserves the right to limit each primary account holder to one (1) checking account promotional offer per year, and customers who have held primary ownership of an Axos Bank or Axos Bank for Nationwide checking account at any time in the past 12 months may be disqualified from the "AXOS300" offer. Promotional terms and conditions are subject to change or removal without notice. Bonus cash may be taxable and reported on IRS Form 1099-MISC. Consult your tax advisor. After meeting the initial requirements mentioned above, the amount of cash bonus earned will depend on meeting the additional requirements outlined below: To earn up to a $300 bonus, you must be approved for your new Axos Bank Rewards Checking account, fund it within 30 days of account opening, and have qualifying direct deposits that total at least $5,000.00 each calendar month during the first seven (7) calendar months your account is open as well as maintain a minimum average daily balance of $7,000. The minimum balance must be achieved and maintained through the first seven (7) calendar months your account is open including the month in which your account was opened. A cash bonus of up to $300 can be earned in the following manner during the first seven (7) statement cycles. A statement cycle is a calendar month consisting of the days your account was open during that month. A maximum of six (6) payouts of $50 for each calendar month that the Rewards Checking account is receiving the direct deposit and maintain a minimum average daily balance of $7,000 can be earned during the seven (7) statement cycles, and the bonus will be deposited into your Axos Bank Rewards Checking account within 10 business days following the end of the statement cycle in which the direct deposit requirement was met. Your Axos Bank Rewards Checking account must be open and in good standing at the time the bonus is paid to be eligible to receive the bonus, and your Axos Bank Rewards Checking account must remain open for 210 days, or an early closure fee of up to $300 may apply, equal to the amount of the total bonus earned up to $300. A direct deposit is an electronic deposit of your paycheck or government benefits, such as Social Security, Disability etc. Other deposits (i.e., online banking transfers, ATM and mobile check deposits, etc.) or person-to-person payments are not considered a direct deposit. A statement cycle is defined as a period of time that starts on the first day of the calendar month and ends on the last day of the calendar month. |
To be eligible to earn all or a portion of the cash incentive as part of the "AXOS300" $300 promotion, an Axos Bank Rewards Checking account that includes the promotional code "AXOS300" must be opened between November 1, 2023, at 12:00 am PST and June 30, 2024, at 11:59 pm PST. Axos Bank reserves the right to limit each primary account holder to one (1) checking account promotional offer per year, and customers who have held primary ownership of an Axos Bank or Axos Bank for Nationwide checking account at any time in the past 12 months may be disqualified from the "AXOS300" offer. Promotional terms and conditions are subject to change or removal without notice. Bonus cash may be taxable and reported on IRS Form 1099-MISC. Consult your tax advisor. After meeting the initial requirements mentioned above, the amount of cash bonus earned will depend on meeting the additional requirements outlined below: To earn up to a $300 bonus, you must be approved for your new Axos Bank Rewards Checking account, fund it within 30 days of account opening, and have qualifying direct deposits that total at least $5,000.00 each calendar month during the first seven (7) calendar months your account is open as well as maintain a minimum average daily balance of $7,000. The minimum balance must be achieved and maintained through the first seven (7) calendar months your account is open including the month in which your account was opened. A cash bonus of up to $300 can be earned in the following manner during the first seven (7) statement cycles. A statement cycle is a calendar month consisting of the days your account was open during that month. A maximum of six (6) payouts of $50 for each calendar month that the Rewards Checking account is receiving the direct deposit and maintain a minimum average daily balance of $7,000 can be earned during the seven (7) statement cycles, and the bonus will be deposited into your Axos Bank Rewards Checking account within 10 business days following the end of the statement cycle in which the direct deposit requirement was met. Your Axos Bank Rewards Checking account must be open and in good standing at the time the bonus is paid to be eligible to receive the bonus, and your Axos Bank Rewards Checking account must remain open for 210 days, or an early closure fee of up to $300 may apply, equal to the amount of the total bonus earned up to $300. A direct deposit is an electronic deposit of your paycheck or government benefits, such as Social Security, Disability etc. Other deposits (i.e., online banking transfers, ATM and mobile check deposits, etc.) or person-to-person payments are not considered a direct deposit. A statement cycle is defined as a period of time that starts on the first day of the calendar month and ends on the last day of the calendar month. |
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Quontic High Interest Checking
Member FDIC.
Rating image, 4.00 out of 5 stars.
4.00/5
Our ratings are based on a 5 star scale.
5 stars equals Best.
4 stars equals Excellent.
3 stars equals Good.
2 stars equals Fair.
1 star equals Poor.
We want your money to work harder for you. Which is why our ratings are biased toward offers that deliver versatility while cutting out-of-pocket costs.
= Best
= Excellent
= Good
= Fair = Poor |
up to 1.10%
Min. to earn: $1
|
Rating image, 4.00 out of 5 stars.
4.00/5
Our ratings are based on a 5 star scale.
5 stars equals Best.
4 stars equals Excellent.
3 stars equals Good.
2 stars equals Fair.
1 star equals Poor.
We want your money to work harder for you. Which is why our ratings are biased toward offers that deliver versatility while cutting out-of-pocket costs.
= Best
= Excellent
= Good
= Fair = Poor |
$1
|
||
|
10 debit card point of sale transactions of $10 or more per statement cycle required to earn the maximum APY. If the qualifying activity requirement is not fulfilled, the interest rate paid on the entire balance will be 0.01% APY. |
10 debit card point of sale transactions of $10 or more per statement cycle required to earn the maximum APY. If the qualifying activity requirement is not fulfilled, the interest rate paid on the entire balance will be 0.01% APY. |
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SoFi Checking and Savings
Member FDIC.
Rating image, 4.75 out of 5 stars.
4.75/5
Our ratings are based on a 5 star scale.
5 stars equals Best.
4 stars equals Excellent.
3 stars equals Good.
2 stars equals Fair.
1 star equals Poor.
We want your money to work harder for you. Which is why our ratings are biased toward offers that deliver versatility while cutting out-of-pocket costs.
= Best
= Excellent
= Good
= Fair = Poor |
0.50%
Rate info
You can earn the maximum savings APY by having Direct Deposit (no minimum amount required) or by making $5,000 or more in Qualifying Deposits every 30 days. See SoFi Checking and Savings rate sheet at: https://www.sofi.com/legal/banking-rate-sheet.
Min. to earn: $0
|
Rating image, 4.75 out of 5 stars.
4.75/5
Our ratings are based on a 5 star scale.
5 stars equals Best.
4 stars equals Excellent.
3 stars equals Good.
2 stars equals Fair.
1 star equals Poor.
We want your money to work harder for you. Which is why our ratings are biased toward offers that deliver versatility while cutting out-of-pocket costs.
= Best
= Excellent
= Good
= Fair = Poor |
$0
|
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Chime Checking Account
Rating image, 3.50 out of 5 stars.
3.50/5
Our ratings are based on a 5 star scale.
5 stars equals Best.
4 stars equals Excellent.
3 stars equals Good.
2 stars equals Fair.
1 star equals Poor.
We want your money to work harder for you. Which is why our ratings are biased toward offers that deliver versatility while cutting out-of-pocket costs.
= Best
= Excellent
= Good
= Fair = Poor |
0%
Min. to earn: $0
|
Rating image, 3.50 out of 5 stars.
3.50/5
Our ratings are based on a 5 star scale.
5 stars equals Best.
4 stars equals Excellent.
3 stars equals Good.
2 stars equals Fair.
1 star equals Poor.
We want your money to work harder for you. Which is why our ratings are biased toward offers that deliver versatility while cutting out-of-pocket costs.
= Best
= Excellent
= Good
= Fair = Poor |
$0
|
||
|
Chime is a financial technology company, not a bank. Banking services provided by The Bancorp Bank or Stride Bank, N.A.; Members FDIC. |
Chime is a financial technology company, not a bank. Banking services provided by The Bancorp Bank or Stride Bank, N.A.; Members FDIC. |
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Rating image, 4.50 out of 5 stars.
4.50/5
Our ratings are based on a 5 star scale.
5 stars equals Best.
4 stars equals Excellent.
3 stars equals Good.
2 stars equals Fair.
1 star equals Poor.
We want your money to work harder for you. Which is why our ratings are biased toward offers that deliver versatility while cutting out-of-pocket costs.
= Best
= Excellent
= Good
= Fair = Poor |
0.25%
Min. to earn: $1
|
Rating image, 4.50 out of 5 stars.
4.50/5
Our ratings are based on a 5 star scale.
5 stars equals Best.
4 stars equals Excellent.
3 stars equals Good.
2 stars equals Fair.
1 star equals Poor.
We want your money to work harder for you. Which is why our ratings are biased toward offers that deliver versatility while cutting out-of-pocket costs.
= Best
= Excellent
= Good
= Fair = Poor |
$1
|
||
Member FDIC.
Rating image, 4.50 out of 5 stars.
4.50/5
Our ratings are based on a 5 star scale.
5 stars equals Best.
4 stars equals Excellent.
3 stars equals Good.
2 stars equals Fair.
1 star equals Poor.
We want your money to work harder for you. Which is why our ratings are biased toward offers that deliver versatility while cutting out-of-pocket costs.
= Best
= Excellent
= Good
= Fair = Poor |
up to 0.25%
Min. to earn: $1
|
Rating image, 4.50 out of 5 stars.
4.50/5
Our ratings are based on a 5 star scale.
5 stars equals Best.
4 stars equals Excellent.
3 stars equals Good.
2 stars equals Fair.
1 star equals Poor.
We want your money to work harder for you. Which is why our ratings are biased toward offers that deliver versatility while cutting out-of-pocket costs.
= Best
= Excellent
= Good
= Fair = Poor |
$1
|
||
Member FDIC.
Rating image, 4.50 out of 5 stars.
4.50/5
Our ratings are based on a 5 star scale.
5 stars equals Best.
4 stars equals Excellent.
3 stars equals Good.
2 stars equals Fair.
1 star equals Poor.
We want your money to work harder for you. Which is why our ratings are biased toward offers that deliver versatility while cutting out-of-pocket costs.
= Best
= Excellent
= Good
= Fair = Poor |
0.10%
Min. to earn: $1
|
Rating image, 4.50 out of 5 stars.
4.50/5
Our ratings are based on a 5 star scale.
5 stars equals Best.
4 stars equals Excellent.
3 stars equals Good.
2 stars equals Fair.
1 star equals Poor.
We want your money to work harder for you. Which is why our ratings are biased toward offers that deliver versatility while cutting out-of-pocket costs.
= Best
= Excellent
= Good
= Fair = Poor |
$1
|
||
Member FDIC.
Rating image, 4.00 out of 5 stars.
4.00/5
Our ratings are based on a 5 star scale.
5 stars equals Best.
4 stars equals Excellent.
3 stars equals Good.
2 stars equals Fair.
1 star equals Poor.
We want your money to work harder for you. Which is why our ratings are biased toward offers that deliver versatility while cutting out-of-pocket costs.
= Best
= Excellent
= Good
= Fair = Poor |
Up to 0.15%
Min. to earn: $2,500
|
Rating image, 4.00 out of 5 stars.
4.00/5
Our ratings are based on a 5 star scale.
5 stars equals Best.
4 stars equals Excellent.
3 stars equals Good.
2 stars equals Fair.
1 star equals Poor.
We want your money to work harder for you. Which is why our ratings are biased toward offers that deliver versatility while cutting out-of-pocket costs.
= Best
= Excellent
= Good
= Fair = Poor |
$2,500
|
||
2024 Award Winner
Member FDIC.
Rating image, 4.75 out of 5 stars.
4.75/5
Our ratings are based on a 5 star scale.
5 stars equals Best.
4 stars equals Excellent.
3 stars equals Good.
2 stars equals Fair.
1 star equals Poor.
We want your money to work harder for you. Which is why our ratings are biased toward offers that deliver versatility while cutting out-of-pocket costs.
= Best
= Excellent
= Good
= Fair = Poor |
0.45%
Min. to earn: $0.01
|
Rating image, 4.75 out of 5 stars.
4.75/5
Our ratings are based on a 5 star scale.
5 stars equals Best.
4 stars equals Excellent.
3 stars equals Good.
2 stars equals Fair.
1 star equals Poor.
We want your money to work harder for you. Which is why our ratings are biased toward offers that deliver versatility while cutting out-of-pocket costs.
= Best
= Excellent
= Good
= Fair = Poor |
$0.01
|
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Member FDIC.
Rating image, 5.00 out of 5 stars.
5.00/5
Our ratings are based on a 5 star scale.
5 stars equals Best.
4 stars equals Excellent.
3 stars equals Good.
2 stars equals Fair.
1 star equals Poor.
We want your money to work harder for you. Which is why our ratings are biased toward offers that deliver versatility while cutting out-of-pocket costs.
= Best
= Excellent
= Good
= Fair = Poor |
0.45%
Min. to earn: $0
|
Rating image, 5.00 out of 5 stars.
5.00/5
Our ratings are based on a 5 star scale.
5 stars equals Best.
4 stars equals Excellent.
3 stars equals Good.
2 stars equals Fair.
1 star equals Poor.
We want your money to work harder for you. Which is why our ratings are biased toward offers that deliver versatility while cutting out-of-pocket costs.
= Best
= Excellent
= Good
= Fair = Poor |
$0
|
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Consumers Credit Union Serious Interest Checking
Rating image, 3.75 out of 5 stars.
3.75/5
Our ratings are based on a 5 star scale.
5 stars equals Best.
4 stars equals Excellent.
3 stars equals Good.
2 stars equals Fair.
1 star equals Poor.
We want your money to work harder for you. Which is why our ratings are biased toward offers that deliver versatility while cutting out-of-pocket costs.
= Best
= Excellent
= Good
= Fair = Poor |
Up to 4.00%
Min. to earn: $0
|
Rating image, 3.75 out of 5 stars.
3.75/5
Our ratings are based on a 5 star scale.
5 stars equals Best.
4 stars equals Excellent.
3 stars equals Good.
2 stars equals Fair.
1 star equals Poor.
We want your money to work harder for you. Which is why our ratings are biased toward offers that deliver versatility while cutting out-of-pocket costs.
= Best
= Excellent
= Good
= Fair = Poor |
$0
|
|
|
Member FDIC.
Show Best Offers Available in
Rates as
of Apr 24, 2024
2024 Award Winner
Discover® Cashback Debit
Member FDIC.
Rating image, 4.00 out of 5 stars.
4.00/5
Our ratings are based on a 5 star scale.
5 stars equals Best.
4 stars equals Excellent.
3 stars equals Good.
2 stars equals Fair.
1 star equals Poor.
We want your money to work harder for you. Which is why our ratings are biased toward offers that deliver versatility while cutting out-of-pocket costs.
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= Best
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= Excellent
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= Good
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= Fair
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= Poor
= Best
= Excellent
= Good
= Fair = Poor
Rating image, 4.00 out of 5 stars.
4.00/5
Our ratings are based on a 5 star scale.
5 stars equals Best.
4 stars equals Excellent.
3 stars equals Good.
2 stars equals Fair.
1 star equals Poor.
We want your money to work harder for you. Which is why our ratings are biased toward offers that deliver versatility while cutting out-of-pocket costs.
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= Best
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= Excellent
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= Good
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= Poor
= Best
= Excellent
= Good
= Fair = PoorOffer alert
Earn 1% cash back on up to $3,000 in debit card purchases each month (see details when you click 'Open Account')
APY
0%
Min. To Earn APY
N/A
- Cash back rewards on debit cards
- Early direct deposit
- No monthly maintenance, NSF, or overdraft fees
- Great customer service
- Cash back rewards capped
- No interest-bearing checking account
- No physical branches
- No reimbursement for out-of-network ATMs
Discover is best known for its credit cards, but it is also a full-service online-only bank. Customers earn 1% cash back on up to $3,000 in debit card purchases each month. While it has no physical locations, it has over 60,000 fee-free ATM locations.
In addition, there are no minimum deposit and balance requirements, and no monthly fees. Customers who sign up for the optional overdraft protection will not be charged non-sufficient funds (NSF) fees. The bank offers no APY on checking accounts. Discover also offers early pay that gives you access to direct deposit funds up to two days early.
Discover offers free Online Privacy Protection through the mobile app. Every 90 days Discover will scan at least 10 people-search sites for your online personal information and help you submit opt-out requests.
2024 Award Winner
Axos Bank Rewards Checking
Member FDIC.
Rating image, 4.25 out of 5 stars.
4.25/5
Our ratings are based on a 5 star scale.
5 stars equals Best.
4 stars equals Excellent.
3 stars equals Good.
2 stars equals Fair.
1 star equals Poor.
We want your money to work harder for you. Which is why our ratings are biased toward offers that deliver versatility while cutting out-of-pocket costs.
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= Best
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= Excellent
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= Good
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= Fair
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= Poor
= Best
= Excellent
= Good
= Fair = Poor
Rating image, 4.25 out of 5 stars.
4.25/5
Our ratings are based on a 5 star scale.
5 stars equals Best.
4 stars equals Excellent.
3 stars equals Good.
2 stars equals Fair.
1 star equals Poor.
We want your money to work harder for you. Which is why our ratings are biased toward offers that deliver versatility while cutting out-of-pocket costs.
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= Best
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= Excellent
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= Good
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= Fair
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= Poor
= Best
= Excellent
= Good
= Fair = Pooroffer alert
Use promo code AXOS300 and apply by June 30th, to earn up to a $300 bonus!
APY
0.40% (up to 3.30%)
Rate info
To earn the full APY, account holders must do all of the following: Receive monthly direct deposits totaling more than $1,500; make 10 transactions a month with your Axos debit card, or sign up for Axos's Personal Finance Manager; maintain an average daily balance of $2,500 per month in an Axos Invest Self Directed Trading Account; and use your Rewards Checking account to make your full monthly Axos Bank consumer mortgage, personal, or auto loan payment.
Min. To Earn APY
Monthly direct deposits totaling at least $1,500
- High checking account APY
- Unlimited ATM fee reimbursements
- No monthly maintenance, NSF, or overdraft fees
- No monthly balance requirements
- Cash back checking option
- ATM card for high-yield savings account
- Must meet certain requirements to earn the highest interest tier
- Higher savings and CD APYs available at other financial institutions
- No physical branches
Axos is an online-only bank and offers one of the highest APYs we've found. To earn the high APY, however, customers need to meet certain requirements, such as opening multiple investment and loan accounts.
Axos also offers unlimited domestic ATM reimbursements. In addition, there are no minimum balance requirements, no overdraft, or NSF fees. Axos provides a complimentary debit card and offers a number of digital tools to help customers manage their money. Axos has a minimum deposit requirement of $50, but there is no minimum balance requirement to earn interest.
To be eligible to earn all or a portion of the cash incentive as part of the "AXOS300" $300 promotion, an Axos Bank Rewards Checking account that includes the promotional code "AXOS300" must be opened between November 1, 2023, at 12:00 am PST and June 30, 2024, at 11:59 pm PST. Axos Bank reserves the right to limit each primary account holder to one (1) checking account promotional offer per year, and customers who have held primary ownership of an Axos Bank or Axos Bank for Nationwide checking account at any time in the past 12 months may be disqualified from the "AXOS300" offer. Promotional terms and conditions are subject to change or removal without notice. Bonus cash may be taxable and reported on IRS Form 1099-MISC. Consult your tax advisor. After meeting the initial requirements mentioned above, the amount of cash bonus earned will depend on meeting the additional requirements outlined below:
To earn up to a $300 bonus, you must be approved for your new Axos Bank Rewards Checking account, fund it within 30 days of account opening, and have qualifying direct deposits that total at least $5,000.00 each calendar month during the first seven (7) calendar months your account is open as well as maintain a minimum average daily balance of $7,000. The minimum balance must be achieved and maintained through the first seven (7) calendar months your account is open including the month in which your account was opened. A cash bonus of up to $300 can be earned in the following manner during the first seven (7) statement cycles. A statement cycle is a calendar month consisting of the days your account was open during that month. A maximum of six (6) payouts of $50 for each calendar month that the Rewards Checking account is receiving the direct deposit and maintain a minimum average daily balance of $7,000 can be earned during the seven (7) statement cycles, and the bonus will be deposited into your Axos Bank Rewards Checking account within 10 business days following the end of the statement cycle in which the direct deposit requirement was met. Your Axos Bank Rewards Checking account must be open and in good standing at the time the bonus is paid to be eligible to receive the bonus, and your Axos Bank Rewards Checking account must remain open for 210 days, or an early closure fee of up to $300 may apply, equal to the amount of the total bonus earned up to $300.
A direct deposit is an electronic deposit of your paycheck or government benefits, such as Social Security, Disability etc. Other deposits (i.e., online banking transfers, ATM and mobile check deposits, etc.) or person-to-person payments are not considered a direct deposit.
A statement cycle is defined as a period of time that starts on the first day of the calendar month and ends on the last day of the calendar month.
Quontic High Interest Checking
Member FDIC.
Rating image, 4.00 out of 5 stars.
4.00/5
Our ratings are based on a 5 star scale.
5 stars equals Best.
4 stars equals Excellent.
3 stars equals Good.
2 stars equals Fair.
1 star equals Poor.
We want your money to work harder for you. Which is why our ratings are biased toward offers that deliver versatility while cutting out-of-pocket costs.
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= Good
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= Fair
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= Poor
= Best
= Excellent
= Good
= Fair = Poor
Rating image, 4.00 out of 5 stars.
4.00/5
Our ratings are based on a 5 star scale.
5 stars equals Best.
4 stars equals Excellent.
3 stars equals Good.
2 stars equals Fair.
1 star equals Poor.
We want your money to work harder for you. Which is why our ratings are biased toward offers that deliver versatility while cutting out-of-pocket costs.
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= Best
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= Excellent
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= Good
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= Fair
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= Poor
= Best
= Excellent
= Good
= Fair = Poor
High APY when you complete 10 or more qualifying debit card purchases each month
APY
up to 1.10%
Min. To Earn APY
$1
- High checking APY
- One of the highest APY for CDs and savings account
- No monthly fees, overdraft, or NSF fees
- Comes with a debit card
- Large fee-free ATM network
- Quontic Pay Ring: the nation's first wearable payment ring
- Must meet monthly transaction requirements to earn higher interest tier
- Limited CD terms
- No physical branches
Quontic is an online bank. While it has only one physical location in Astoria, New York, it has over 90,000 fee-free ATM locations. In addition, there are no minimum balance requirements, no overdraft, or NSF fees. Money orders and cashier's checks are also free. There is a minimum of $100 to open an account.
Quontic High Interest Checking customers can use the Quontic Pay Ring, the nation's first wearable payment ring. While wearing the ring, customers can make contactless purchases with a simple tap of their hand.
The bank offers a high APY for those who meet requirements for the APY tiers.
10 debit card point of sale transactions of $10 or more per statement cycle required to earn the maximum APY. If the qualifying activity requirement is not fulfilled, the interest rate paid on the entire balance will be 0.01% APY.
SoFi Checking and Savings
Member FDIC.
Rating image, 4.75 out of 5 stars.
4.75/5
Our ratings are based on a 5 star scale.
5 stars equals Best.
4 stars equals Excellent.
3 stars equals Good.
2 stars equals Fair.
1 star equals Poor.
We want your money to work harder for you. Which is why our ratings are biased toward offers that deliver versatility while cutting out-of-pocket costs.
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= Best
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Rating image, 4.75 out of 5 stars.
4.75/5
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Cash bonus up to $300 with direct deposit set up (see details when you click 'Open Account')
APY
0.50%
Rate info
You can earn the maximum savings APY by having Direct Deposit (no minimum amount required) or by making $5,000 or more in Qualifying Deposits every 30 days. See SoFi Checking and Savings rate sheet at: https://www.sofi.com/legal/banking-rate-sheet.
Min. To Earn APY
$0
- Competitive APY
- FDIC insured (up to $2M with opt-in to SoFi Insured Deposit Program)
- Welcome bonus up to $300
- No monthly service or overdraft fees
- Early access to direct deposits
- Savings and investing tools
- Wide range of financial products
- Cash back on debit card purchases at select retailers
- Combo account only; no stand-alone savings or checking
- Overdraft protection tied to monthly deposit minimum
- No local branches or in-person support
With no fees or minimums and tools designed to maximize your savings, the combo account is a good fit for individuals who want to do most of their banking in one place online. SoFi also has a wide range of financial products. The account offers flexibility to access or move funds, especially if your employer's payroll system allows you to access the bank's early direct deposit benefit.
Chime Checking Account
Rating image, 3.50 out of 5 stars.
3.50/5
Our ratings are based on a 5 star scale.
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We want your money to work harder for you. Which is why our ratings are biased toward offers that deliver versatility while cutting out-of-pocket costs.
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Rating image, 3.50 out of 5 stars.
3.50/5
Our ratings are based on a 5 star scale.
5 stars equals Best.
4 stars equals Excellent.
3 stars equals Good.
2 stars equals Fair.
1 star equals Poor.
We want your money to work harder for you. Which is why our ratings are biased toward offers that deliver versatility while cutting out-of-pocket costs.
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- No monthly maintenance or overdraft fees
- No minimum balance requirement
- No foreign transaction fees
- No ChexSystems check to open an account
- Free peer-to-peer (P2P) payments
- Overdraft up to $200 without fees with SpotMe
- 0% checking APY
- No joint account
- No physical branches
- Out-of-network ATM fees
- Must open a checking and savings account together
Chime is an online-only bank. It is a "challenger bank," a start-up bank that focuses on financial technology. Chime partners with regional banks to offer banking services. It has over 60,000 fee-free ATM locations. There is no opening deposit or minimum balance required, no international transaction fees, and they will replace for free a lost debit card.
There are also no monthly service and overdraft fees. Chime waives overdraft fees up to $200 on debit card purchases. However, there is no APY offered on the checking account and the savings account APY is lower than other high-yield savings accounts. But there is no ChexSystems check to open an account, so it is ideal for those who are new to banking or have struggled in the past.
Chime is a financial technology company, not a bank. Banking services provided by The Bancorp Bank or Stride Bank, N.A.; Members FDIC.
*Early access to direct deposit funds depends on the timing of the submission of the payment file from the payer. We generally make these funds available on the day the payment file is received, which may be up to 2 days earlier than the scheduled payment date.
Alliant High Rate Checking
Rating image, 4.50 out of 5 stars.
4.50/5
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4.50/5
Our ratings are based on a 5 star scale.
5 stars equals Best.
4 stars equals Excellent.
3 stars equals Good.
2 stars equals Fair.
1 star equals Poor.
We want your money to work harder for you. Which is why our ratings are biased toward offers that deliver versatility while cutting out-of-pocket costs.
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- No monthly minimum balance requirements
- Network of 80,000 ATMs
- Reimburses up to $20 ATM fees
- No monthly fees, overdraft fees, and no monthly minimum balance requirements
- No physical branches
- Higher APY available at other financial institutions
- Need to meet certain requirements to receive the dividend
Alliant is an online-only credit union based out of Chicago; however, anyone can qualify for membership. Alliant has over 80,000 fee-free ATM locations. There are no monthly service or overdraft fees. In addition, there are no minimum deposit and balance requirements.
The APY is not as high as what's offered by other banks, and in order to qualify for it, you have to opt in for paperless statements and have at least one recurring direct deposit.
Alliant also reimburses ATM fees up to $20 per month. Alliant has a robust mobile app and online presence. Members can deposit checks using the app, make payments, and manage their accounts. Alliant's mobile app and website has a built-in budgeting tool to set financial goals.
Ally Spending Account
Member FDIC.
Rating image, 4.50 out of 5 stars.
4.50/5
Our ratings are based on a 5 star scale.
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4.50/5
Our ratings are based on a 5 star scale.
5 stars equals Best.
4 stars equals Excellent.
3 stars equals Good.
2 stars equals Fair.
1 star equals Poor.
We want your money to work harder for you. Which is why our ratings are biased toward offers that deliver versatility while cutting out-of-pocket costs.
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- No monthly maintenance or overdraft fees
- Monthly ATM fee reimbursements
- Competitive APY
- Early direct deposit
- Higher APY available at other financial institutions
- No physical locations
- No cash deposits
Ally is an online-only bank with a top-rated mobile app. While it has no physical locations, it has over 43,000 fee-free Allpoint ATM locations. The Ally Spending Account, formerly known as Ally High Interest Checking, reimburses ATM fees up to $10 per statement cycle.
In addition, there are no minimum deposit and balance requirements, and there are no monthly maintenance or overdraft fees. There are also no fees for standard or expedited ACH transfers or official/cashier's checks. However, Ally's APY is low compared to other high-yield checking accounts.
Ally offers customer protection against accidental overspending with a double line of defense through its Overdraft Transfer Service and CoverDraft service. Customers can get paid up to two days sooner with early direct deposit. Ally also offers free standard and official checks, as well as free domestic and international wire transfers. The bank offers higher-than-average APY on all balances.
Capital One 360 Checking
Member FDIC.
Rating image, 4.50 out of 5 stars.
4.50/5
Our ratings are based on a 5 star scale.
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4.50/5
Our ratings are based on a 5 star scale.
5 stars equals Best.
4 stars equals Excellent.
3 stars equals Good.
2 stars equals Fair.
1 star equals Poor.
We want your money to work harder for you. Which is why our ratings are biased toward offers that deliver versatility while cutting out-of-pocket costs.
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- Variety of accounts
- Robust digital platform and app
- Great customer service
- Higher APY available at other financial institutions
Capital One boasts a top-rated mobile app and has over 70,000 fee-free Capital One, MoneyPass, and Allpoint ATM locations. For those looking for face-to-face interaction, Capital One has over 450 locations and 50 Capital One Cafes, where customers can bank, get a cup of coffee, and ask for advice from a certified money coach.
However, the APY is lower than that of other online banks. Customers can add cash to their 360 Checking Account at any CVS location and get access to their money up to two days sooner with early paycheck. In addition, there are no minimum deposit and balance requirements, no foreign transaction fees, and no overdraft fees.
LendingClub Rewards Checking
Member FDIC.
Rating image, 4.00 out of 5 stars.
4.00/5
Our ratings are based on a 5 star scale.
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4.00/5
Our ratings are based on a 5 star scale.
5 stars equals Best.
4 stars equals Excellent.
3 stars equals Good.
2 stars equals Fair.
1 star equals Poor.
We want your money to work harder for you. Which is why our ratings are biased toward offers that deliver versatility while cutting out-of-pocket costs.
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- Unlimited ATM fee reimbursements worldwide
- Get your paycheck up to two days early
- No monthly maintenance or overdraft fees
- Low balances won't earn interest
- Most customers won't qualify for the highest APY
- Higher APY available at other financial institutions
- Must have at least $2,500 to earn cash back rewards
LendingClub Rewards Checking offers unlimited domestic and worldwide ATM reimbursements. In addition, there are no minimum balance requirements, no overdraft, or NSF fees. LendingClub Rewards Checking offers 1% cashback on debit card purchases. The account packs in an above-average APY, but there is a minimum balance requirement of $2,500 to earn interest and earn the 1% cashback.
2024 Award Winner
Schwab Bank High Yield Investor Checking
Member FDIC.
Rating image, 4.75 out of 5 stars.
4.75/5
Our ratings are based on a 5 star scale.
5 stars equals Best.
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3 stars equals Good.
2 stars equals Fair.
1 star equals Poor.
We want your money to work harder for you. Which is why our ratings are biased toward offers that deliver versatility while cutting out-of-pocket costs.
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Rating image, 4.75 out of 5 stars.
4.75/5
Our ratings are based on a 5 star scale.
5 stars equals Best.
4 stars equals Excellent.
3 stars equals Good.
2 stars equals Fair.
1 star equals Poor.
We want your money to work harder for you. Which is why our ratings are biased toward offers that deliver versatility while cutting out-of-pocket costs.
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- No foreign transaction fees
- No monthly maintenance fees
- Unlimited ATM fee reimbursements worldwide
- Great customer service
- Free linked investment account with checking account
- Higher APY available at other financial institutions
- Physical locations for investment services
This free checking account is available to Schwab brokerage customers. Schwab offers unlimited domestic and international ATM reimbursements. Schwab also doesn't charge a foreign transaction fee (which can be 1% to 3% of transaction cost). In addition, there is no minimum deposit requirement and no minimum balance requirements.
Charles Schwab Bank received the highest score in the checking segment of the J.D. Power 2019-2023 U.S. Direct Banking Satisfaction Studies, which measures overall satisfaction with branchless banks.
When you open a High Yield Investor Checking account, you'll also be opening a brokerage account at the same time and receive a separate account number for each. You can view both accounts online with a single login, pay no monthly fees, and easily transfer funds between accounts for free.
EverBank Yield Pledge® Checking
Member FDIC.
Rating image, 5.00 out of 5 stars.
5.00/5
Our ratings are based on a 5 star scale.
5 stars equals Best.
4 stars equals Excellent.
3 stars equals Good.
2 stars equals Fair.
1 star equals Poor.
We want your money to work harder for you. Which is why our ratings are biased toward offers that deliver versatility while cutting out-of-pocket costs.
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5.00/5
Our ratings are based on a 5 star scale.
5 stars equals Best.
4 stars equals Excellent.
3 stars equals Good.
2 stars equals Fair.
1 star equals Poor.
We want your money to work harder for you. Which is why our ratings are biased toward offers that deliver versatility while cutting out-of-pocket costs.
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- Monthly ATM fee reimbursements
- Purchase protections for debit cards
- Higher APY available at other financial institutions
TIAA is an online bank that also offers other financial products and services. TIAA has over 92,000 fee-free ATM locations. TIAA also reimburses ATM fees up to $15 per statement cycle, but customers need to maintain a minimum balance of $5,000 to qualify for the ATM reimbursement. In addition, there is no minimum deposit required, no minimum balance requirements, or NSF fees. Customers need $100 to open an account.
TIAA guarantees high APY yields with its Yield Pledge promise. This states that it will guarantee that the APY will be within the top 5% of "competitive accounts." However, TIAA's APY is lower than other high-yield checking accounts.
Consumers Credit Union Serious Interest Checking
Member FDIC.
Rating image, 3.75 out of 5 stars.
3.75/5
Our ratings are based on a 5 star scale.
5 stars equals Best.
4 stars equals Excellent.
3 stars equals Good.
2 stars equals Fair.
1 star equals Poor.
We want your money to work harder for you. Which is why our ratings are biased toward offers that deliver versatility while cutting out-of-pocket costs.
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Rating image, 3.75 out of 5 stars.
3.75/5
Our ratings are based on a 5 star scale.
5 stars equals Best.
4 stars equals Excellent.
3 stars equals Good.
2 stars equals Fair.
1 star equals Poor.
We want your money to work harder for you. Which is why our ratings are biased toward offers that deliver versatility while cutting out-of-pocket costs.
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APY
Up to 4.00%
Min. To Earn APY
$0
- High APY
- No monthly maintenance fee
- Unlimited check writing
- Online and mobile banking tools
- Local companies (in Michigan) honor discounts and services to Consumers members
- Must meet requirements to qualify for high APY
- Minimum deposit of $1,000
Consumers Credit Union is a credit union based out of Michigan; however, anyone can qualify for membership. The online checking account is available to anyone who pays the Consumers Cooperative Association's one-time $5 membership fee. Consumers Credit Union has over 30,000 fee-free ATM locations and over 5,000 shared branches. The bank offers unlimited reimbursement for all ATM fees. Customers can also get paid two days early with early direct deposit.
There are no monthly maintenance fees, but there is a $1,000 opening deposit required. The bank offers one of the highest APYs for those who meet requirements for the APY tiers. But with any tantalizingly high APY, it's worth reading the fine print and understanding if this account is best for you.
What is a free checking account?
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 fees do I need to watch out for?
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.
Can I open a free checking account without a deposit?
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.
How to choose the best free checking account
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.
Discover our other checking account top picks
Our checking account methodology
At The Motley Fool Ascent, we rate checking accounts on a five-star scale (1 = poor, 5 = best). We evaluate all checking accounts across four main criteria: brand and reputation, APY and rewards, fees and minimum requirements, and perks.
Our scores are weighted as:
- Brand and reputation: 30%
- APY and rewards: 30%
- Fees and minimums: 15%
- Other perks: 15%
Our aim is to maintain a balanced list featuring top-scoring products from reputable brands offering standout features. Learn more about how The Motley Fool Ascent rates bank accounts.
Banks we monitor
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Here are the financial institutions we've evaluated in our research:
Alliant, Ally, All America Bank, American First Credit Union, American Express® National Bank, Arvest Bank, Aspiration, Axos Bank, B2 Bank, Bank of America, Bank5 Connect, Bank7, Barclays, Bask Bank, Betterment, Bluevine, BMO, Bread Financial, Capital One, Carver Federal Savings Bank, Charles Schwab Bank, Chase, Chime, CIT, Citibank, Citizens Bank, Citizens Savings Bank, Columbia Bank, Connexus Credit Union, Consumers Credit Union, Copper, Cross River Bank, Customers Bank, Discover® Bank, E*TRADEEdward Jones, EverBank, Fidelity, Fifth Third Bank, First Foundation Bank, First Internet Bank of Indiana, First National Bank, First Tech Federal Credit Union, Flushing Bank, Freedom Bank, Generations Bank, GN Bank, Golden 1 Credit Union, Greenlight, Harborstone Credit Union, HSBC, Huntington Bank, Ivella, Kabbage by American Express, KeyBank, Laurel Road, LendingClub, Liberty Bank, Liberty Federal Credit Union, Marcus by Goldman Sachs, Mercury, Municipal Credit Union, Mutual of Omaha, NASA Federal Credit Union, Nationwide Bank, Navy Federal Credit Union, NBKC Bank, New York Community Bank, Northpointe Bank, Novo, OceanFirst Bank, Old National Bank, ONE Finance, OneUnited Bank, Oxygen, Pacific Western Bank, PNC Bank, Ponce Bank, Popular Direct, Presidential Bank, Prime Alliance Bank, Quontic, Radius, Raisin, Redneck Bank, Regions Bank, Relay, Republic Bank of Chicago, Revolut, Salem Five Bank, Sallie Mae, Santander Bank, SchoolsFirst Federal Credit Union, Simple, SoFi, Synchrony Bank, Tab Bank, TD Bank, Third Federal, Truist Bank, U.S. Bank, UFB, Upgrade, USAA, Valley Bank, Vanguard, Varo Bank, Vio Bank, Wealthfront, Wells Fargo, Western Alliance Bank, and Zeta.
FAQs
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Free checking account requirements vary based on the financial institution. Some require a minimum deposit, and there are free checking accounts that don't.
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Overdraft fees vary based on the financial institution. Some have overdraft fees, and some don't. Some banks have stopped charging them altogether.
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Online checking account costs vary dramatically. Some have multiple fees, such as maintenance charges, overdraft fees, and ATM fees, while others are entirely free.
Our Banking Expert
David S. Chang, ChFC®, CLU® is an award-winning entrepreneur, keynote speaker, author, and consultant. He has over two decades of experience in the wealth management space and has been featured in dozens of news, radio, and podcast programs nationwide. He currently works as Head of IoT for the West Region of a Fortune 200 company. He is a graduate of the United States Military Academy at West Point and currently a Lieutenant Colonel in the California Army National Guard. He is an East-West Graduate Degree Fellow and has an MBA from the UCLA Anderson School of Management.
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