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The Ultimate Guide to Free Checking Accounts

Are you tired of paying unnecessary fees for your checking account? Look no further! We’ve compared over 20 of the best free checking accounts from member-FDIC or NCUA-insured financial institutions that don’t charge monthly fees or require a minimum opening deposit.

Top 10 Free Checking Accounts

1. Ally Bank: With no monthly fees, no overdraft fees, and a 0.10% APY, Ally Bank’s Spending Account is a top contender. Plus, you’ll have access to over 43,000 no-fee ATMs and up to $10 in ATM reimbursements per statement cycle.
2. SoFi: SoFi’s Online Checking account boasts a competitive 0.50% APY, no monthly fees, and no overdraft fees. You’ll also get access to over 55,000 fee-free ATMs and up to $50 in overdraft fee-free coverage.
3. Connexus Credit Union: The Connexus Xtraordinary Checking Account offers a high 1.75% APY, no monthly fees, and no overdraft fees. You’ll also get access to over 67,000 fee-free ATMs and up to $25 in monthly rebates for third-party ATM surcharges.
4. Capital One: Capital One’s 360 Checking Account has no monthly fees, no overdraft fees, and a 0.10% APY. You’ll also get access to over 70,000 fee-free ATMs and a highly-rated mobile app.
5. NBKC: NBKC’s Everything Account offers a competitive 1.75% APY, no monthly fees, and no overdraft fees. You’ll also get access to over 37,000 fee-free ATMs and up to $12 in fee reimbursements per month.
6. Axos Bank: Axos Bank’s Essential Checking Account has no monthly fees, no overdraft fees, and a highly-rated mobile app. You’ll also get access to over 90,000 fee-free ATMs and unlimited ATM fee reimbursements.
7. American Express: American Express’s Rewards Checking account offers a competitive 1.00% APY, no monthly fees, and no overdraft fees. You’ll also earn rewards points on qualifying debit card purchases.
8. FNBO Direct: FNBO Direct’s Premier Checking Account has no monthly fees, no overdraft fees, and a 0.02% APY. You’ll also get access to over 55,000 fee-free ATMs and customer support via telephone, secure messaging, and social media.
9. Discover Bank: Discover Bank’s free checking account has no monthly fees, no overdraft fees, and a cash-back rewards system. You’ll also get access to over 60,000 fee-free ATMs and early direct deposit.
10. Connexus Credit Union (Simply Free Checking): Connexus Credit Union’s Simply Free Checking Account has no monthly fees, no overdraft fees, and access to over 67,000 fee-free ATMs.

What to Consider When Choosing a Free Checking Account

• Account fees: Look for accounts with no monthly maintenance fees and low or no overdraft fees.
• ATM access and reimbursements: Consider accounts with large ATM networks and fee reimbursements for out-of-network ATMs.
• Minimum balance to earn interest: Check if the account requires a minimum balance to earn interest and if the rate is competitive.
• Access to physical branches and customer service: If you prefer to bank in person or need frequent customer support, look for accounts with physical branches and multiple customer service contact methods.

How to Open a Free Checking Account

1. Choose a bank or credit union: Research and compare free checking accounts from different financial institutions.
2. Gather necessary documents: You’ll need identification, proof of address, and other documents to open an account.
3. Fill out an application: Submit your application online or in person.
4. Fund your account: Deposit money into your new account to get started.

The Benefits of Free Checking Accounts

• No monthly maintenance fees: Save money on unnecessary fees.
• Access to ATMs: Enjoy fee-free ATM access and reimbursements.
• Competitive interest rates: Earn interest on your balance with some accounts.
• Rewards and cashback: Get rewarded for your debit card purchases with some accounts.
• Early direct deposit: Get paid earlier with some accounts.
• Mobile banking: Manage your account on the go with highly-rated mobile apps.

Our Grading System

We evaluated over 20 free checking accounts based on monthly fees, ATM network size and fee reimbursement options, overdraft fees and protections, APY, rewards or cashback, early direct deposit, account bonuses, mobile app rating, and customer service contact methods. The top accounts earned a maximum of 30 points across all metrics.