The best checking account should help you manage everyday purchases, and it shouldn't cost you a penny.
Free checking accounts don't charge monthly service fees. Many of them also offer free overdraft protection and reimburse a certain amount in out-of-network ATM fees each month. These types of perks can save you money when you bank.
no monthly service fee
None
$0
- No minimum opening deposit
- No monthly service fees
- Receive your paycheck up to 2 days early with direct deposit
- Rounds debit card purchases up to the nearest dollar and puts spare change in your Chime Savings Account
- No overdraft fees for overdrafts up to $200 with SpotMe®, if you qualify
- No foreign transaction fees
- Request checks be sent to recipients online
- Can deposit cash at select retailers
- Chime+ benefits if you receive a qualifying direct deposit to a Chime checking accounts
- $2.50 out-of-network ATM fee
- No overdraft protection for overdrafts exceeding $200
- No physical checkbook
Chime has one of the best checking accounts out there, but it doesn't offer joint accounts or pay the best savings rate. Its strongest feature is that it's great for people who might not qualify to open accounts elsewhere — it doesn't check your credit score or banking history when you apply for a checking account, savings account, or credit card. It also provides several credit-building tools.
Chime Checking Account- Get paid up to 2 days early with direct deposits
- 50,000+ fee-free ATMs nationwide through MoneyPass® and Visa® Plus Alliance
- Free cash deposits at Walgreens; May deposit cash at other select retail locations but you may be charged a fee
- Rounds debit card purchases up to the nearest dollar and moves spare change into your Chime Savings Account
- Qualify for SpotMe® overdraft protection by receiving $200 in direct deposits per month
- Chime is a financial technology company, not a bank. Banking services provided by, and debit card issued by, The Bancorp Bank or Stride Bank, N.A.; Members FDIC.
Best Free Checking Accounts for May 2025
Beyond waiving monthly service fees, the best checking accounts offer benefits like sign-up bonuses and early direct deposit.
- Best overall for avoiding common bank fees: Capital One 360 Checking
- Best for cash-back rewards: Discover® Cashback Debit Account
- Best for a cash bonus: SoFi® Checking and Savings (Member FDIC)
- Best for a high interest rate at a bank: Axos Bank Rewards Checking
- Best for a high yield at a credit union: Consumers Credit Union Free Rewards Checking Account
- Best for financial tools: Ally Spending Account
- Best for a traditional bank experience: Huntington Asterisk-Free Checking® Account
- Best for avoiding ATM fees: Schwab Bank High Yield Investor Checking® Account
- Best second chance checking account: Chime® Checking Account
- Best for teens: Capital One MONEY Teen Checking Account
Compare the Top No-Fee Checking Accounts
We reviewed over 200 checking accounts to determine the best options for free checking accounts. We wanted to provide various options so our top picks for no-fee checking accounts stand out for different reasons. We selected checking accounts from traditional financial institutions as well as investment platforms and fintech companies — in case you want a more traditional or alternative checking account.
For each checking account, we noted why it stands out. For example, the best free checking accounts may distinctly offer the best interest rate, cash bonus, or financial tools.
Best for Avoiding Common Bank Fees: Capital One 360 Checking
Capital One 360 Checking® is a well-rounded checking account and an excellent choice if your priority is to avoid common fees. With this Capital One checking account, there are no monthly service fees, no foreign transaction fees, and a variety of overdraft protection options.
Capital One 360 Checking® also has several notable perks to make your banking experience manageable. For example, the account offers a two-day early direct deposit, and the ability to deposit cash at ATMs and nearby CVS locations. Furthermore, all balances earn 0.10% Annual Percentage Yield (APY).
Though Capital One Cafés are popping up in big cities around the U.S., the bank only operates about 280 branches in nine states. You'll likely have to be comfortable with a fully online banking experience.
Best for Cash-Back Rewards: Discover Cashback Debit Account
no monthly service fee
None
$0
- Earn up to 1% cash back on up to $3,000 in purchases per month (See website for details)
- No monthly service fee
- Over 60,000 in-network ATMs
- Get paid early with direct deposit through Early Pay
- Enroll in free overdraft protection
- Debit card can only be used in the US, Canada, Mexico, and the Caribbean
- Only 1 branch location
- Earn 1% cash back on up on up to $3,000 per month in eligible debit card purchases (See website for details)
- 100% US-based customer service available 24/7
- No opening deposit or minimum account balance
- No monthly maintenance fees
- Over 60,000 in-network ATMs
- FDIC insured
With the Discover® Cashback Debit Account, you can earn 1% cash back on up to $3,000 in debit card purchases per month (see website for details).
This rewards checking account is also the top option for this category because it's an all-round strong free checking account. It has no monthly service fee, no overdraft fees, and multiple overdraft services so that transactions can be processed instead of declined.
You can also make free cash deposits using your debit card at Walmart stores. Other online checking accounts don't allow you to make cash deposits or charge a fee for using a participating retailer.
Some of our other top picks are probably a better fit if you use ATMs frequently. You can make no-free transactions at MoneyPass and AllPoint ATMs, but out-of-network providers can charge fees. Other banks on our list will reimburse you for these fees.
Best for a Cash Bonus: SoFi Checking and Savings
no monthly service fee
up to 3.30%
$0
Earn $50 or $300 when you sign up and set up eligible direct deposit.¹
- FDIC insured up to $3 million
- High interest rate
- Earn a higher interest rate with qualifying activities
- No minimum opening deposit
- No monthly service fees
- Up to $300 bonus with qualifying direct deposit (terms apply)
- Savings tools
- Early direct deposit
- Joint account available
- Declined purchase if you overdraw by more than $50
- Doesn't reimburse out-of-network ATM providers' fees
- May deposit cash at Green Dot locations but there's a $4.95 fee
SoFi Checking and Savings is a great account option if you don't mind keeping your savings and checking in one account.
SoFi® Checking and Savings (Member FDIC)- Sign-up bonus of $50 or $300. When you sign up and set up eligible direct deposit. Wait for direct deposit to hit account (typically 2–4 weeks). Collect cash bonus of $50 or $300 depending on direct deposit amount.¹ Up to 3.30% APY with direct deposit or $5,000 or more in qualifying deposits during the 30-day evaluation period
- FDIC Insured and covered up to $3 million in FDIC coverage through a network of participating banks
- 55,000+ fee-free ATMs
- Earn up to 4.00% APY on SoFi Savings with a 0.70% APY Boost (added to 3.30% base APY as of 12/23/25) for up to 6 months. Terms apply.
SoFi® Checking and Savings (Member FDIC) is a strong choice if you don't want to deal with monthly service fees or overdraft fees
It's also offering a cash bonus of up to $300, which is one of the best checking account bonuses available right now. You may qualify for the bonus as long as you're a new SoFi® Checking and Savings (Member FDIC) customer, or an existing SoFi® Checking and Savings (Member FDIC) customer who hasn't set up direct deposits yet.
To get the reward, you have to meet the following requirements:
- Open SoFi® Checking and Savings (Member FDIC) by January 31, 2026
- To earn a $50 cash bonus, you must receive between $1,000 and $4,999.99 in qualifying direct deposits during the first 30 days of opening an account
- To earn a $300 cash bonus, you must receive over $5,000 in qualifying direct deposits during the first 30 days of opening an account
The account works best if you set up a direct deposit. That way, you'll qualify for the cash bonus and the highest-tier interest rate.
Best for a High Interest Rate at a Bank: Axos Rewards Checking
no monthly service fee
up to 3.30%
$0
- High APY
- Unlimited out-of-network ATM reimbursements
- No monthly maintenance fees
- No overdraft fees
- No non-sufficient funds fees
- No APY if you can't meet qualifications
- Few mobile app reviews
Axos Bank has strong high-yield savings, checking, and money market accounts if you'd like to avoid monthly service fees. But, you can find higher interest rates at some of the best online banks.
Axos Bank Rewards Checking- Build your own APY with up to 3.30% APY*
- Zero monthly maintenance fees
- Zero overdraft or NSF fees
- Zero minimum monthly balance reqs
- No initial deposit requirement
- Unlimited domestic ATM fee reimbursements
- Online debit card management
- Simple, 3-step process for direct deposit
Axos Rewards Checking may be appealing if you're looking to earn a high interest rate on a checking account.
For this account, Axos Bank offers up to 3.30% APY on balances up to $50,000. Account balances over $50,000 won't earn interest, though.
To earn the highest APY you must fulfill all of the following steps:
- Receive at least $1,500 in direct deposits in a month. You have to meet this requirement to be able to earn any additional interest.
- Make 10 debit card transactions in a month (minimum $3 per transaction) or you need to sign up for Account Aggregation/Personal Finance Manager.
- Keep at least a daily average of $2,500 in an Axos Invest Managed Portfolios Account monthly.
- Keep at least a daily average of $2,500 in an Axos Self-Directed Trading Account monthly.
- Make a monthly Axos consumer loan payment with your Reward Checking account.
If you prefer a traditional banking experience, you won't be able to get these accounts. Axos is an online-only bank.
Best for a High Yield at a Credit Union: Consumer Credit Union Free Rewards Checking Account
no monthly service fee
up to 5.00%
$5
- High APY
- $5 minimum opening deposit
- No monthly service fee
- Early direct deposit
- Unlimited reimbursements for out-of-network ATM fees
- $10 overdraft transfer charge
- Limited customer support availability
- Interest compounds monthly, not daily
You'll find Consumers Credit Union appealing if you enjoy online banking or live near Chicago, Illinois. The credit union has one of the best high-yield checking accounts right now, with a low minimum opening deposit and zero monthly fees.
Consumers Credit Union Free Rewards Checking Account- To become a member of Consumers Credit Union, pay an initial $5 membership fee and open the Membership Savings Account with at least $5
- 14 open branches in Chicago, Illinois, and nearby cities
- Access to over 5,600 shared branches and 60,000 surcharge-free ATMs through the CO-OP Shared Network
- Earn 3.00% APY on balances up to $10k when you enroll in eDocuments, make 12 debit card transactions per month, and receive $500 per month in deposits
- Earn 4.00% on balances up to $10k when you meet qualifications for 3.00% and spend $500/month with your CCU credit card
- Earn 5.00% on balances up to $10k when you meet qualifications for 3.00% and spend $1,000/month with your CCU credit card
- Earn 0.20% APY on balances between $10k and $25k
- Earn 0.10% APY on balances over $25k
- If you don't meet the requirements to earn a rewards interest rate, you'll earn 0.01% APY and you won't get ATM refunds
- Interest compounded and deposited monthly
- Federally insured by the NCUA
You may like Consumers Credit Union Free Rewards Checking Account if you favor credit unions over banks.
While you can bank online, Consumers Credit Union also has 15 open branches in Chicago, Illinois, and nearby cities. Members also have access to the CO-OP Shared Branch and ATM network, which has over 5,600 shared branches and 60,000 surcharge-free ATMs.
The Consumers Credit Union Free Rewards Checking Account stands out for its competitive interest rate. You may earn up to 5.00% APY on the first $10,000 in your account and receive unlimited out-of-network ATM reimbursements if you meet certain requirements.
Here's how the account's tiered interest rate works:
- Earn 3.00% APY if you have less than $10,000 when you sign up to receive eDocuments, make 12 monthly debit card purchases, and receive $500 in monthly direct deposits, mobile check deposits, or transfers from other banks
- Earn 4.00% APY if you meet the requirements to earn 3% and spend $500 per month with your Consumers Credit Union Credit Card
- Earn 5.00% APY if you meet the requirements to earn 3% and spend $1,000 per month with your Consumers Credit Card
- Earn 0.20% APY if you have an account balance between $10,000.01 and $25,000 when you receive eDocuments, make 12 monthly transactions, and receive $500 per month in direct deposits, mobile check deposits, or transfers from other banks
- Earn 0.10% APY if you have an account balance over $25,000 when you receive eDocuments, make 12 monthly transactions, and receive $500 per month in direct deposits, mobile check deposits, or transfers from other banks
If you don't meet the requirements, though, you'll only earn 0.01% APY on your account balance.
You'll need to become a member to open a bank account at Consumers Credit Union.
Anyone in the US is eligible for membership online. To become a member, pay a one-time membership fee and open the Consumers Credit Union Membership Share Savings Account with at least $5.
Best for Financial Tools: Ally Spending Account
no monthly service fee
0.10% to 0.25%
$0
N/A
- Spending buckets to manage expenses
- Competitive APY
- No initial deposit
- No minimum account balance
- No monthly service charge
- Connect your account with Zelle
- Easy-to-use mobile app
- Early direct deposit
- Reimburses up to $10/month in out-of-network ATM fees
- Online bill pay
- 24/7 customer service
- No overdraft fees
- Overdraft protection
- No physical branch locations
- No way to deposit cash
- You can deposit checks right from your smartphone
- Manage expenses by creating spending buckets
- Ally reimburse's up to $10 per statement cycle for fees charged at other ATMs nationwide
- Transfer money with your voice through Ally Skill™ for Amazon Alexa
- Interest compounded daily, paid monthly
- FDIC insured
The Ally Spending Account may be a good option if you want a checking account that has financial tools. Ally lets you create spending buckets to help manage your expenses. You can create categories, like "groceries" and "rent," and then move money that you already have in your Spending account to keep yourself organized.
You can create up to 30 buckets in one account, and it's a free tool to use.
The Ally Spending Account also is a generally well-rounded account. It pays interest, it has a $0 minimum opening deposit, no monthly service fee, and no overdraft fees.
Ally is also one of our top picks for the best banks because it has other strong banking products for saving and investing.
Best for a Traditional Bank Experience: Huntington Bank Asterisk-Free Checking
no monthly service fee
None
$0
- No monthly service fee
- No opening deposit
- Open a Premier Savings account with no opening deposit or monthly fee when you have a checking account
- $50 Safety Zone: No overdraft fees if you overdraw by $50 or less
- 24-hour grace period to avoid overdraft fees
- Free overdraft protection
- Receive your paycheck up to two days early
- Online bill pay
- Email and text alerts about your account
- Easy-to-use mobile app
- No interest earned
- $3.50 out-of-network ATM fee
- No out-of-network ATM fee reimbursements
- $15 overdraft fee
- Available to residents of Colorado, Florida, Illinois, Indiana, Kentucky, Michigan, Minnesota, Ohio, Pennsylvania, West Virginia, or Wisconsin
- Access to over 1,000 branches and 1,600 ATMs
- No monthly maintenance fee
- No opening deposit or minimum account balance
- Free overdraft protection that lets you connect your checking account to another Huntington account
- FDIC insured
The Huntington Asterisk-Free Checking® Account doesn't charge monthly service fees and has a $0 minimum opening deposit. These are more lenient opening requirements than other traditional checking accounts.
Several national brick-and-mortar banks — like Chase, Bank of America, and Wells Fargo — charge monthly bank maintenance fees on checking accounts if you do not meet certain monthly requirements. However, Huntington Bank doesn't, so it's a good choice if you value a traditional banking experience.
Branches are primarily limited to the following states: Ohio, Colorado, Florida, Illinois, Michigan, Minnesota, Pennsylvania, West Virginia, and Wisconsin. The bank has around 1,000 branches and 1,600 ATMs, so it has mostly a regional presence. If you don't live in one of these areas, you'll have to consider a different bank.
Best for Avoiding ATM Fees: Schwab Bank High Yield Investor Checking Account
no monthly service fee
0.05%
$0
- No opening deposit
- No minimum account balance
- Unlimited out-of-network ATM reimbursements
- No foreign transaction fees
- Free overdraft protection
- No way to deposit cash
Charles Schwab Bank is one of the best banks for international travelers, because it doesn't charge foreign transaction fees. It also refunds all fees charged by ATMs worldwide. But if you want to earn high interest rates, you're better off looking elsewhere.
Schwab Bank High Yield Investor Checking® Account- 24/7 live online chat
- When you open a checking account, you automatically open a Charles Schwab brokerage account, too
- No ATM network, but unlimited ATM fee reimbursements
- Interest compounded daily, paid monthly
- FDIC insured
Charles Schwab High Yield Investor Checking doesn't charge ATM fees, and the bank offers unlimited refunds worldwide when an ATM provider charges you a fee. Charles Schwab also doesn't charge foreign transaction fees, and it has free overdraft protection.
You must open a brokerage account with Charles Schwab before opening a checking account.
Best Second Chance Checking Account: Chime Checking Account
no monthly service fee
None
$0
- No minimum opening deposit
- No monthly service fees
- Receive your paycheck up to 2 days early with direct deposit
- Rounds debit card purchases up to the nearest dollar and puts spare change in your Chime Savings Account
- No overdraft fees for overdrafts up to $200 with SpotMe®, if you qualify
- No foreign transaction fees
- Request checks be sent to recipients online
- Can deposit cash at select retailers
- Chime+ benefits if you receive a qualifying direct deposit to a Chime checking accounts
- $2.50 out-of-network ATM fee
- No overdraft protection for overdrafts exceeding $200
- No physical checkbook
Chime has one of the best checking accounts out there, but it doesn't offer joint accounts or pay the best savings rate. Its strongest feature is that it's great for people who might not qualify to open accounts elsewhere — it doesn't check your credit score or banking history when you apply for a checking account, savings account, or credit card. It also provides several credit-building tools.
Chime Checking Account- Get paid up to 2 days early with direct deposits
- 50,000+ fee-free ATMs nationwide through MoneyPass® and Visa® Plus Alliance
- Free cash deposits at Walgreens; May deposit cash at other select retail locations but you may be charged a fee
- Rounds debit card purchases up to the nearest dollar and moves spare change into your Chime Savings Account
- Qualify for SpotMe® overdraft protection by receiving $200 in direct deposits per month
- Chime is a financial technology company, not a bank. Banking services provided by, and debit card issued by, The Bancorp Bank or Stride Bank, N.A.; Members FDIC.
The Chime® Checking Account is a second chance checking account, which is a bank account that does not require a credit check or review by ChexSystems to evaluate your trustworthiness.
If you've struggled to open a bank account at a financial institution due to your bank account history, Chime is a great option. Chime also stands out because it doesn't charge monthly service fees, and you may open an online account from anywhere in the U.S.
Chime's SpotMe® feature allows you to overdraw by up to $20 initially with no overdraft fee and possibly up to $200 later on if eligible — but you must receive $200 in direct deposits each month to qualify for SpotMe. Your transaction will be denied if you need to overdraw by more than the limit.
Best for Teens: Capital One MONEY Teen Checking Account
no monthly service fee
0.10%
$0
- No minimum opening deposit
- No monthly service fees
- Debit card included
- No overdraft fees
- No out-of-network ATM fees
- Free overdraft protection
- 24/7 live chat
- Earns interest
- Budgeting tools and alters to help teens save
- Parental monitoring features to track spending
- Link your Capital One account to any checking account
- Limited access to customer service by phone
- No reimbursements if you're charged by an out-of-network ATM
- Over 470 branches in NY, LA, TX, MD, VA, NJ, and Washington, DC
- Once teen turns 18 they can open a 360 Checking account
- Interest compounded and deposited monthly
- FDIC insured
The Capital One MONEY Teen Checking Account is featured in our best teen checking accounts guide and could be a good choice if want to teach your child how to manage a checking account.
This teen checking account has budgeting tools to help teens save and parental monitoring features to track spending and apply limits if necessary. You may open the Capital One MONEY Teen Checking Account for a minor over the age of eight. You'll also be able to link this teen bank account to any checking account, even if it isn't a Capital One account.
You'll only be able to open the Capital One MONEY Teen Checking Account online, not at a Capital One location.
Which Banks are the Most Trustworthy?
We assess the ethics of each bank, so you can see if a specific financial institution aligns with your values.
We include the settlement history of the last 3 years so you're aware of any recent public controversies involving the bank.
The Better Business Bureau assigns companies grades, ranging from F to A+. A good BBB grade indicates a company responds effectively to customer complaints, advertises honestly, and is transparent about business practices.
Here are the BBB grades for our top picks:
| Institution | BBB |
| Capital One 360 | A+ |
| Hungtington Bank | A+ |
| Consumers Credit Union | A+ |
| Discover | A+ |
| SoFi | A+ |
| Axos | A+ |
| Ally | A+ |
| Charles Schwab | A+ |
| Chime | B- |
Chime's B- rating is because the company has received a high volume of customer complaints on the BBB website and government action was taken against the company.
A strong BBB grade doesn't guarantee you'll have a smooth relationship with a company, though. We've also looked at any public scandals.
Discover has been involved in recent public controversies.
In 2024, Discover settled a class action lawsuit from DACA recipients. The lawsuit said that Discover unlawfully denied DACA recipients loans because of their immigration status. Discover will pay $979,500 as part of the settlement. Discover does not admit wrongdoing by settling, and it maintains that it complied with the law.
In 2024, the CFPB required Chime to pay a $3.25 million penalty. The CFPB says that Chime did not give customers timely refunds when their accounts were closed, which caused significant financial harm to consumers. The CFPB also required that Chime provide at least $1.3 million to the consumers it harmed.
Many users have filed complaints with the Consumer Financial Protection Bureau, saying that Chime has unexpectedly closed their accounts and sometimes kept them from accessing their money.
Defining a Free Checking Account
A free checking account is a type of bank account that doesn't charge monthly bank maintenance fees and has minimal common bank fees. You can learn more about monthly bank maintenance fees and common bank fees below.
Monthly Bank Maintenance Fees on Checking Accounts
Banks may charge you a bank maintenance fee (also known as a monthly service fee) to use their services. Monthly service fees can occur in checking accounts, money market accounts, or savings accounts.
Most banks offer ways to waive these fees. You might be asked to maintain an average daily balance, make a direct deposit, or complete certain transactions. Monthly service fees might also be automatically waived for some age demographics — most commonly, children, college students, or seniors.
If you want to avoid monthly service fees entirely, you could select a bank that doesn't charge any monthly service fees. Keep in mind online banks and credit union are more likely to have free checking accounts than brick-and-mortar banks.
Common Bank Fees on Checking Accounts
Common bank fees that apply to checking accounts include overdraft fees and out-of-network ATM fees.
An overdraft fee can happen if you take out too much money from your checking account, and the bank covers your overdraft, so your transaction goes through. You'll have to pay a fee on top of restoring your account balance so its positive again.
Banks can charge out-of-network ATM fees when you use an ATM from another provider. For example, Chase will charge you when you use a non-Chase ATM.
Many free checking accounts do not charge overdraft fees and have free overdraft protection services so your transactions can be processed. Regarding out-of-network ATM fees, some of our top picks offer free monthly reimbursements.
Key Features to Look for in a Checking Account
In addition to bank fees, here are key features that you can use to compare and assess different checking account options:
- Opening requirements:The standard minimum opening deposit for a checking account is $25. However, some banks will let you get a checking account with $0, while others may require significantly more than the standard amount.
- ATM access:If you frequently use ATMs while traveling, you may prefer a bank that has a national ATM network. However, if ATM access doesn't play a significant factor in your banking experience, you might be fine with a regional or local ATM network.
- Online and mobile banking services:If you're comfortable managing your account primarily online, you might choose a checking account from a bank with one of the best mobile banking apps. J.D. Power conducts an annual study that ranks mobile and online banking customer satisfaction.
- Overdraft protection options:If you have overdrawn from your bank account, you will want to look for a checking account that has free overdraft protection options. For example, some banks will let you link your checking account to a savings account and make free transfers to restore your balance.
- Customer support availability:Customer support options vary widely at banks. You can find institutions that allow you to connect with representatives by phone, email, live chat, or mobile banking. Also, bear mind there are banks that have 24/7 customer support availability.
How to Open a Free Checking Account
Ensure you have all the information you need to open an account. Here's how to apply for a free checking account online or at a branch. If you have a negative banking history, also rest assured that you have options. You can look at second chance checking accounts which do not use your banking history to open an account.
Applying for a Free Checking Account Online
If you're applying for a free checking account online, most banks require you to provide a Social Security number. If you would rather use an ITIN number, generally, you'll have to apply at a bank's branch. You might also be asked to provide a copy of a government-issued ID like a driver's license or passport.
You'll enter basic information like your name, address, phone number, and email. At the end, you'll also deposit your account.
Applying for a Free Checking Account at a Branch
When applying for a free checking account at a branch, you must provide at least two forms of identification as well as a proof of address.
Some brick-and-mortar banks permit immigrants and non-U.S. citizens to open a bank account using an alternative form of ID, although other financial institutions have stricter documentation requirements and require a social security number or ITIN.
You'll also have to share basic information about yourself as well as make an opening deposit.
Best Free Checking Accounts FAQs
Can a free checking account earn interest?
Yes, there are free checking accounts that earn interest. A few examples include, but aren't limited to, Axos Rewards Checking, Capital One 360 Checking, Schwab Bank High Yield Investor Checking® Account, and Consumers Credit Union Free Rewards Checking Account.
Do free checking accounts have monthly service fees?
No. Free checking account do not charge monthly service fees. Many popular online banks like Capital One and SoFi have bank accounts with no monthly fees.
How do banks afford to offer free checking accounts?
Online banks can offer free checking accounts because they don't have to pay for physical locations like traditional brick-and-mortar banks. A brick-and-mortar bank might also offer a free checking account so you can establish relationship banking. It also generally benefits banks when you open a bank account since it increases their reserves and they can generate more money.
What do I need to open a free checking account?
You'll need two valid forms of identification to open a free checking account. Usually, you'll need to provide a social security number or ITIN number as one form of identification. You may also need to provide basic information, like your full name, address, and phone number.
How do I choose the best free checking account?
To choose the best free checking account, consider what type of institution you want to bank with and check for other bank account fees and services.
Why You Should Trust Us: Our Expert Panel for the Best Free Checking Accounts
We consulted banking and financial planning experts to inform these picks and provide their advice on finding the best checking accounts for your needs.
We're focusing on checking accounts with no monthly maintenance fees, but we're also taking fees for foreign transactions, out-of-network ATMs, and more into consideration.
Here's what they had to say about checking accounts. (Some text may be lightly edited for clarity.)
What makes a checking account good or not good?
Roger Ma, CFP® professional and author of "Work Your Money, Not Your Life":
"I would look at the ATM branch locations and then minimum balance amounts to not incur a monthly fee. I think other stuff could make life easier, whether it's free checks, online bill pay, are they in the Zelle network?"
Sophia Acevedo, banking editor,Business Insider
"I would look for a checking account that either doesn't have any monthly services fees or offers multiple ways to waive the fee. I would also look at customer support availability and mobile app ratings."
How can someone determine whether a bank is the right fit for them?
Tania Brown, CFP® professional and vice president of coaching strategy at OfColor:
"Obviously, you want to make sure it's FDIC insured. Also, your banking experience — do you like walking into a bank? Well, then you need someone local. Do you just not care if you ever see your bank? Then you're okay online. Do you write checks? Do you not write checks? So it's thinking through how your experience with it is going to be before you make that decision."
Mykail James, MBA, certified financial education instructor,BoujieBudgets.com:
"The No. 1 thing about a checking account is you should know what provider the debit card is coming from. And a lot of people don't think about that, because there are places that don't accept MasterCard or don't accept an Amex."
Methodology: How We Chose the Best Free Checking Accounts
First and foremost, we wanted to provide you with options. To find the best free checking accounts, we considered 200 checking accounts from mortar banks, online banks, credit unions, and online banking platforms.
We looked at how financial institutions charge other bank fees — for example, monthly service fees, out-of-network ATM fees, overdraft fees, or foreign transaction fees. If a financial institution offered a unique perk, like a high interest rate or a cash bonus, we evaluated the criteria needed to get the reward. For more about how we rate and review products, see our editorial standards page.
At Business Insider, we strive to help smart people make the best decisions with their money. We spent hours comparing and contrasting the features and fine print of 200 checking accounts so you don't have to.
We understand that "best" is often subjective, however, so in addition to highlighting the clear benefits of a checking account — no fees, for example — we outline the limitations, too.
Here is our bank account methodology so you can learn more about how we rate checking accounts.
We calculate reviews using a weighted average to get our star rating. That means we weigh certain features, like interest rates and fees, at a higher weight percentage than others. We understand that these areas can more heavily impact a person's overall banking experience.
Chime® Disclosures:
Chime is a financial technology company, not a bank. Banking services provided by The Bancorp Bank, N.A. or Stride Bank, N.A., Members FDIC.
Out-of-network ATM withdrawal fees may apply except at MoneyPass ATMs in a 7-Eleven, or any Allpoint or Visa Plus Alliance ATM.
Early Pay: 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.
The Annual Percentage Yield ("APY") for the Chime Savings Account is variable and may change at any time. The disclosed APY is effective as of September 20, 2023. No minimum balance required. Must have $0.01 in savings to earn interest.
Round Up: Round Ups automatically round up debit card purchases to the nearest dollar and transfer the round up from your Chime Checking Account to your savings account.
SpotMe® on Debit is an optional, no fee overdraft service attached to your Chime Checking Account. To qualify for the SpotMe on Debit service, you must receive $200 or more in qualifying direct deposits to your Chime Checking Account each month and have activated your physical Chime Visa® Debit Card or secured Chime Credit Builder Visa® Credit Card. Qualifying members will be allowed to overdraw their Chime Checking Account for up to $20 on debit card purchases and cash withdrawals initially but may later be eligible for a higher limit of up to $200 or more based on Chime Account history, direct deposit frequency and amount, spending activity and other risk-based factors. The SpotMe on Debit limit will be displayed within the Chime mobile app and is subject to change at any time, at Chime's sole discretion. Although Chime does not charge any overdraft fees for SpotMe on Debit, there may be out-of-network or third-party fees associated with ATM transactions. SpotMe on Debit will not cover any non-debit card transactions, including ACH transfers, Pay Anyone transfers, or Chime Checkbook transactions. SpotMe on Debit Terms and Conditions.
Money added to Credit Builder will be held in a secured account as collateral for your Credit Builder Visa card, which means you can spend up to this amount on your card. This is money you can use to pay off your charges at the end of every month.
The secured Chime Credit Builder Visa® Credit Card is issued by The Bancorp Bank, N.A. or Stride Bank, N.A., Members FDIC, pursuant to a license from Visa U.S.A. Inc. and may be used everywhere Visa credit cards are accepted. Please see the back of your card for its issuing bank.
On-time payment history may have a positive impact on your credit score. Late payment may negatively impact your credit score. Chime will report your activities to Transunion®, Experian®, and Equifax®. Impact on your credit may vary, as Credit scores are independently determined by credit bureaus based on a number of factors including the financial decisions you make with other financial services organizations.
Qualifying Direct Deposit: The qualifying direct deposit must be from your employer, payroll provider, gig economy payer, or benefits payer by Automated Clearing House (ACH) deposit OR Original Credit Transaction (OCT). Bank ACH transfers, Pay Anyone transfers, verification or trial deposits from financial institutions, peer to peer transfers from services such as PayPal, Cash App, or Venmo, mobile check deposits, cash loads or deposits, one-time direct deposits, such as tax refunds and other similar transactions, and any deposit to which Chime deems to not be a qualifying direct deposit are not qualifying direct deposits.
Save When You Get Paid: Save When I Get Paid automatically transfers 10% of your direct deposits of $500 or more from your Checking Account into your savings account.
Once the retailer accepts your cash, the funds will be transferred to your selected Chime Account. Barcode and debit card cash deposits land in the Checking Account. Credit Builder card cash deposits first go through your Card Account and then land in your Secured Account. Cash deposit fees may apply if using a retailer other than Walgreens and Duane Reade.
Tax e-file services provided by April Tax Solutions Inc. ("april") or Column Tax, Inc. ("Column Tax"). These tax filing offers are not endorsed or offered by our partners, The Bancorp Bank, N.A. or Stride Bank, N.A.
Maximum refund guarantee is provided by april or Column Tax. If you use april's service to prepare and file your return and you find an error in the tax preparation that entitles you to a larger refund (or smaller liability), you may use their service to amend that return at no additional charge. To qualify, the larger refund or smaller tax liability must not be due to differences or inaccuracies in data supplied by you, your choice not to claim a deduction or credit, positions taken on your return that are contrary to law, or changes in federal or state tax laws. See here for details. If you use Column Tax's service, Column Tax will reimburse you for up to $250 if you are able to pay less federal or state income tax or receive a larger federal or state income tax return by using another tax return preparation provider. Eligibility requirements apply. See terms for details.
If the april tax preparation software makes a mathematical error that results in your payment of a penalty and/or interest to the IRS that you would otherwise not have been required to pay, april will reimburse you up to a maximum of $10,000. See april terms for details. If interest and/or a penalty is imposed by the IRS as a result of a computational error by Column Tax, you may be entitled to up to $10,000 reimbursement by Column Tax. See Column Tax terms for details.
There are no fees required to use this product. Chime does not require you to deposit your refund into your Chime Account to qualify for free tax filing. Certain costs may be incurred if you decide to obtain other optional financial products offered in relation to your tax filing. The Internal Revenue Service (IRS) may impose penalties or other charges depending on your personal tax situation. If the april tax preparation software makes a mathematical error that results in your payment of a penalty and/or interest to the IRS that you would otherwise not have been required to pay, april will reimburse you up to a maximum of $10,000. See april terms for details. If interest and/or a penalty is imposed by the IRS as a result of a computational error by Column Tax, you may be entitled to up to $10,000 reimbursement by Column Tax. See Column Tax terms for details.
Chime does not guarantee timing of refund. Six day refund estimate is based on 2023 tax year filing data. Refund timing estimates are dependent upon timing of complete tax return submission and when the IRS submits your refund.
1. Up to $300 Bonus Tiered Disclosure New and existing Checking and Savings members who have not previously enrolled in Direct Deposit with SoFi are eligible to earn a cash bonus of either $50 (with at least $1,000 total Eligible Direct Deposits received during the Direct Deposit Bonus Period) OR $300 (with at least $5,000 total Eligible Direct Deposits received during the Direct Deposit Bonus Period). Cash bonus will be based on the total amount of Eligible Direct Deposit. If you have satisfied the Eligible Direct Deposit requirements but have not received a cash bonus in your Checking account, please contact us at 855-456-7634 with the details of your Eligible Direct Deposit. Direct Deposit Promotion begins on 12/7/2023 and will be available through 1/31/2026. Full terms at sofi.com/banking. SoFi Checking and Savings is offered through SoFi Bank, N.A., Member FDIC. SoFi members with Eligible Direct Deposit can earn 3.30% annual percentage yield (APY) on savings balances (including Vaults) and 0.50% APY on checking balances. There is no minimum Eligible Direct Deposit amount required to qualify for the 3.30% APY for savings (including Vaults). Members without Eligible Direct Deposit will earn 1.00% APY on savings balances (including Vaults) and 0.50% APY on checking balances. Interest rates are variable and subject to change at any time. These rates are current as of 12/23/25. There is no minimum balance requirement. Fees may reduce earnings. Additional information can be found at http://www.sofi.com/legal/banking-rate-sheet. 2. APY disclosures Annual percentage yield (APY) is variable and subject to change at any time. Rates are current as of 12/23/25. There is no minimum balance requirement. Fees may reduce earnings. Additional rates and information can be found at https://www.sofi.com/legal/banking-rate-sheet 3. Fee Policy We do not charge any account, service or maintenance fees for SoFi Checking and Savings. We do charge a transaction fee to process each outgoing wire transfer. SoFi does not charge a fee for incoming wire transfers, however the sending bank may charge a fee. Our fee policy is subject to change at any time. See the SoFi Bank Fee Sheet for details at sofi.com/legal/banking-fees/. 4. Additional FDIC Insurance (must be bolded) SoFi Bank is a member FDIC and does not provide more than $250,000 of FDIC insurance per depositor per legal category of account ownership, as described in the FDIC's regulations. Any additional FDIC insurance is provided by the SoFi Insured Deposit Program. Deposits may be insured up to $3M through participation in the program. See full terms at SoFi.com/banking/fdic/sidpterms. See list of participating banks at SoFi.com/banking/fdic/participatingbanks. 5. ATM Access We've partnered with Allpoint to provide you with ATM access at any of the 55,000+ ATMs within the Allpoint network. You will not be charged a fee when using an in-network ATM, however, third-party fees may be incurred when using out-of-network ATMs. SoFi's ATM policies are subject to change at our discretion at any time. 6. Early Access to Direct Deposit Funds Early access to direct deposit funds is based on the timing in which we receive notice of impending payment from the Federal Reserve, which is typically up to two days before the scheduled payment date, but may vary. 7. Overdraft Coverage Overdraft Coverage is a feature automatically offered to SoFi Checking and Savings account holders who receive at least $1,000 or more in Eligible Direct Deposits within a rolling 31 calendar day period on a recurring basis. Eligible Direct Deposit is defined on the SoFi Bank Rate Sheet, available at https://www.sofi.com/legal/banking-rate-sheet. Members enrolled in Overdraft Coverage may be covered for up to $50 in negative balances on SoFi Bank debit card purchases only. Overdraft Coverage does not apply to P2P transfers, bill payments, checks, or other non-debit card transactions. Members with a prior history of unpaid negative balances are not eligible for Overdraft Coverage. Eligibility for Overdraft Coverage is determined by SoFi Bank in its sole discretion. Members can check their enrollment status, if eligible, at any time by logging into their account through the SoFi app or on the SoFi website. 8. 0.70% Savings APY Boost Earn up to 4.00% Annual Percentage Yield (APY) on SoFi Savings with a 0.70% APY Boost (added to the 3.30% APY as of 12/23/25) for up to 6 months. Open a new SoFi Checking and Savings account and pay the $10 SoFi Plus subscription every 30 days OR receive eligible direct deposits OR qualifying deposits of $5,000 every 31 days by 1/31/26. Rates variable, subject to change. Terms apply at sofi.com/banking#2. SoFi Bank, N.A. Member FDIC.
