Banks that offer free checking accounts. When it comes to checking accounts, it’s hard to escape the fee trap. Most banks offer a free account but with a minimum balance requirement. If you don’t meet that threshold, they’ll charge you steep fees for going below it. But there are still some banks out there that offer truly free checking accounts with no minimum balance requirements and no other strings attached.
10 banks that offer free checking accounts
The following below are the 10 banks that offer free checking accounts:-
Ally
Ally Bank is a direct bank, meaning it doesn’t have a physical branch network. It’s instead owned by Ally Financial and its parent company, General Motors.
Ally offers a free checking account with no monthly maintenance fee for customers who meet the minimum balance requirements. At the time of publication, the requirements are $0 for those with eChecking accounts, $25 for those with Easy Checking accounts, and $100 if you want to be eligible for overdraft protection (which is optional).
If you haven’t hit one of these thresholds yet but plan on doing so in the future perhaps because you’re starting your own business or getting married it’s worth keeping an eye on this option before closing out your current account at another institution.
Bank of Internet USA
Bank of Internet USA has a free checking account that you can open and start using right away. It doesn’t require you to set up a minimum balance and there are no monthly maintenance fees, ATM fees or minimum deposit requirements. Additionally, you won’t be charged overdraft fees either making it one of the most attractive options on this list.
The downside is that Bank of Internet USA isn’t available nationwide and there aren’t many physical branches where you could go if something really goes wrong with your account (or if you want help with anything else). However, if those factors don’t bother you, then it’s worth considering this option as an alternative to some of the other choices on our list.
Capital One 360
Capital One 360 is an online-only bank without a physical branch. The good thing about this is that there are no fees, other than the maintenance fee for the savings account, which you can avoid by keeping $50+ in your account. Capital One 360 earns high marks for customer service and its check deposit feature that allows you to take pictures of your checks using your smartphone.
You can also get cash back when you use their debit card at certain retailers up to 1% cash back! There’s even free online bill pay and free ATMs at MoneyPass locations.
The only downside? You’ll have to fill out a lot of paperwork to get approved as a Capital One 360 customer (and maybe even mail it). And since it’s not tied into any other credit card loyalty programs yet (and doesn’t look like it ever will), there won’t be any points or rewards available with this account unless they change their policy in the future or add another perk like Apple Pay support or ATM reimbursements on specific days per month (which some banks do).
Charles Schwab
Charles Schwab Bank High Yield Investor Checking. Charles Schwab Bank High Yield Investor Checking offers a high interest rate of 1.00% APY on all balances. This is one of the highest rates you’re likely to find, and it’s earned without any monthly maintenance fees, which is an added bonus.
Charles Schwab Bank High Yield Investor Checking has no monthly maintenance fee, making it an attractive choice for those who want to get back as much of their money as possible when they don’t have to pay a fee for holding onto their funds in the bank account.
Chase Total Checking
Chase Total Checking is a free checking account that requires a $25 minimum opening deposit. It offers a $200 bonus when you open a new Chase SavingsSM account and make at least one deposit into that account within 60 days of opening your savings account, as well as instant access to your funds by linking it to your Total Checking Account.
There are no monthly service fees with Chase Total Checking, nor does it charge for the use of ATMs. You can also set up free online bill pay, which allows you to pay bills from your computer or mobile device (Android and iPhone only). If you’re looking for free checking accounts with low or no minimum balances and low fees but still want some perks like ATM fee rebates and mobile/online banking access, then this might be the best option for you!
Chime
Chime is a free bank account that offers a debit card, free online banking and bill pay, a free ATM network and more.
Chime’s checking account offers no monthly fees and no minimum balance requirement. You can sign up for an account through their website or on the Chime app (available on both iOS and Android devices). To open your account, you’ll need to provide basic information such as your name and address along with your Social Security number.
Once you’re signed up for an account, you’ll receive a debit card in the mail within 7-10 business days with no activation fee or monthly charges attached to it. The card itself is pretty basic; it has no rewards program or other frills attached aside from being accepted at millions of locations worldwide where Visa cards are accepted (which includes most major retailers).
Discover Cashback Checking
Discover Cashback Checking offers a number of attractive features. First and foremost, it’s a free checking account that has no monthly maintenance fee. Additionally, it offers 1% cashback on all purchases made with your Discover rewards card. There are also no minimum balance requirements or ATM fees associated with this account. Finally, there are no overdraft fees or foreign transaction fees to worry about as well.
The only downside is that you need to deposit at least $1 each month in order to keep your account open. But if you’re looking for an easy-to-use alternative to traditional bank accounts while still earning rewards, then this might be the right choice for you!
HSBC Direct
With HSBC Direct, you’ll get a free checking account with no monthly fee, no minimum balance requirement and no ATM fees. There’s also a number of other perks that come with this account: online bill pay (for up to 10 bills), mobile banking and alerting services, checks and check cards for as long as you maintain your account in good standing and mobile deposit capabilities so you can deposit checks from anywhere at any time. You won’t be charged overdraft or insufficient funds fees either!
The only real drawback is the lack of paper statements; all statements are accessed via e-mail or online. Additionally there are no minimum deposits required to open an account meaning anyone can get started with HSBC Direct today.
Simple
Simple offers a free checking account with no monthly fee and no minimum balance. It also doesn’t charge overdraft fees or ATM fees, so you can use your debit card at any ATM without paying any extra charges. You get free checks and paper statements, as well as free bill pay through the Simple app.
There’s even free mobile banking and online banking access on iOS and Android devices, as well as personal finance tools like an Activity Feed that shows you what you’ve done with your money recently.
Simple’s checking account is FDIC-insured up to $250,000 per person in each institution so even if another bank were to fail tomorrow, your money would be safe from loss.
TD Bank Convenience Checking
If you want to bank with a large bank and don’t mind having a traditional checking account, TD Bank Convenience Checking is an option. This account has no minimum balance requirements, and you can get started by going to the TD Bank website or visiting a branch in person.
The biggest benefit of this account is that it’s free. You won’t pay any monthly fees for using it and if you meet some other criteria, like maintaining direct deposit and making at least 10 debit card purchases per month, your first order of checks will be free as well.
What banks offer free checking accounts near me?
You can find a free checking account near you with the right search engine: just type in “free checking accounts” or “free checking near me” and you’ll get results that show which banks offer free checking or its equivalent in your area.
You may also want to try searching for “no minimum balance” or “no fee, no minimum balance checking account” if you have a small bank balance and don’t want to pay fees on top of it.
Conclusion
If you’re looking to save money on your banking, then free checking accounts are a great place to start. This list of 10 banks that offer free checking accounts is by no means exhaustive; there may be other banks or credit unions in your area offering similar products. But if none of these options work for you, consider opening an account with one of our top picks: Bank of Internet USA or Capital One 360. Both have solid credit ratings and offer interest rates well above average for their respective categories (savings and checking).
