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Best Free Checking Accounts – Some banks offer free checking accounts with no fees. Fortunately, many banks are now offering completely free checking accounts. You can avail free services and interest rates. Who says banking has to cost you a lot of money?
There are many banks out there and most of them don’t charge you any fees. They have large ATM footprints, powerful apps and rewards systems. Below is a collection of the best free search accounts.
Best Free Checking Accounts
Bank of America is my primary checking account because of its geographic footprint and number of branches and ATMs. When it comes to checking accounts, ease of use, ease of leaving payments, and footprint are my key factors.
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Also, Bank of America has a $200 bonus offer for new customers and to get it you have to open a new checking account online through the Bank of America promotion page and meet a few requirements.
Open and set up the account and receive qualifying direct deposits totaling $2,000 or more within 90 days of account opening to claim your bonus.
Don’t forget, the Bank of America promo code is TWT200CIS. If you click on the links on this site, the code will be automatically entered for you.
Chase Total Checking gives you $200 if you open a new account, set it up within 90 days and receive direct deposit. If you do all this, you will earn $200 within 15 working days.
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There is a $12 monthly service fee that is waived if you have a monthly direct deposit of at least $500 or a daily balance of at least $1,500, or if you have $5,000+ in any Chase savings, checking, or other accounts. Wow!
Why we like it: $200. The account doesn’t pay interest, which is typical from a major bank, but it gives you $200 and they have a large geographic footprint.
Discover Bank has a great checking account that offers cashback debit – you can get 1% cash back on purchases made every month up to $3,000 (see website for details). Add that up and you get $360 a year in cash back for using your debit card, a reward that’s extremely rare on this type of account.
This builds on Discover’s history of being the most affordable and low-fee bank. No monthly maintenance fees, 60,000+ fee-free ATMs, ATM service at other ATMs (although other banks may still charge fees), free regular checks, free online bill pay and free debit card replacement.
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Why we love it: The debit card pays you 1% cash back. Debit cards don’t give you cash back, and this account gives you 1% up to $3,000 every month — an annual total of $360 — and it’s automatically deposited into your Discover savings account.
Consumers Credit Union is offering a free rewards checking account that promises up to 5.00% APR, the highest in the nation. There is no bonus for opening it, which is why we list it after other banks, and there is a limit on how much your balance can get this high.
Axos Bank is a rewards checking account that offers an interest rate of up to 3.30% API if you meet certain rewards checking account requirements.
From time to time Axis Bank offers new account bonuses so check before opening an account.
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The current promotion is a cash bonus of $300 when you open an Axos Bank Rewards Checking Account with promo code SUNNYBONUS. Then fund your account within 30 days of opening. Next, receive a qualifying direct deposit of at least $5,000 in the first seven calendar months that your account is open and have an average daily balance of at least $7,000. The bonus is paid $50 per month for every month you meet the conditions of direct deposit and average daily balance.
The reward program (for high interest) is tiered, which means that you will receive a higher interest rate when you meet these conditions:
To get the full interest rate of 3.30% APY (effective 3/1/2023), you must do all of the following:
No minimum balance, no maintenance or service charges, and no unlimited ATM compensation when using another bank’s ATM. There is a fully featured mobile app with mobile deposit, bill payment, etc.
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Why we love it: Rewards accounts, like the one powered by Cassa Bank, are great because they offer higher interest rates for things you do more often. If you’re doing 15 transactions a month and earning $1,500+ in direct deposit, why not charge the highest interest? (Unlimited ATM payouts are great!)
I use Ali Bank. I have been using them for years because they are one of the best online banks out there. Ally Bank has a collection of best-in-class deposit products with high interest rates and low fees.
A checking account has no maintenance fees and a minimum balance. You get free ATM access through the Allpoint ATM network, but when you use another bank’s ATM yourself, Ali charges you a $10 ATM fee per statement cycle (this is a fee other banks charge, Ali doesn’t charge you). Finally, there is a fully featured mobile app with mobile check deposit. If you prefer to submit by mail, you may do so as well.
Why we love it: Everything you want with a checking account PLUS pays you interest. The rates are much higher than any other brick and mortar bank and other online banks out there. It is also part of Ally Bank’s other deposit products, such as certificates of deposit and savings accounts, which are also best in class.
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LendingClub Bank, formerly Radius Bank, is a Boston, MA-based bank founded in 1987 that offers fantastic rewards on their checking accounts. With a Radius Bank Rewards Checking Account, you can earn 1% cash back on signature-based “credit” transactions and unlimited interest rates. The interest rate is 0.75% APY on accounts from $2,500 to $99,999.99 and 1.00% APY on accounts over $100,000.
You can combine this with their savings account, which offers 1.15% APY on balances of $25,000 and up and 0.75% APY on balances of $2,500 to $24,999.99. It’s a strong combination when you consider that the rewards on the debit card have no limit.
You get free ATMs around the world and you only need $100 to open an account, but you don’t have a minimum account balance. No monthly maintenance fee and minimum balance.
Why we love it: Unlimited 1% cash back rewards on an interest-bearing account (if your balance is over $2,500) is a great combination to have.
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While not a household name, NBKC Bank is making a name for itself with the personal account it offers on all accounts. It’s an online-only bank, the interest rate is one of the best on this list (with no strings attached), and it has little or no maintenance fees. There is also a fully-featured mobile app that now has a must-have mobile app.
You can use 32,000+ MoneyPass ATMs for free, but you’ll be refunded the $12 ATM fee that other banks charge you when you use an ATM. Overall, it’s a solid online bank with good interest rates.
Why we love it: It’s a good interest rate. As of this writing, the Aly Bank checking account only offers 0.25% API. With all the interest and other benefits, this is a solid choice.
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Jim Wang is a forty-something father of four and a frequent contributor to Forbes and the Vanguard blog. He is also lucky
