13 Best Free Checking Account

Finding a free checking account was easy a few years back but it has become very difficult in the world we live in today.

Most banks today require you to pay a monthly maintenance fee for the privilege of keeping your checking account open.

These fees usually range from a few dollars to $25 or more depending on the back.

Nobody likes paying monthly maintenance fees, so it becomes even more important to choose a free checking account that solves this problem.

Fortunately, it is still possible to find free checking accounts. Many online banks offer free, FDIC insured (up to $250,000 per account) accounts with few restrictions.

Banks With Free Checking Account Without Opening Deposit


An online banking pioneer, formerly known as Bank of Internet USA, AXOS bank offers a free checking account. It has an exceptional rate on its Rewards checking.

This account doesn’t automatically pay interest, but you can earn a yield of up to 1.25% on your funds by meeting certain criteria.

These include using your debit card fifteen times per month by making a transaction of at least $3 each.

Second criteria being that you receive a monthly deposit of at least a $1000.

If you only receive a $1,000 direct deposit or use your card at least 10 times (but less than 15 times) in a given month, your annual interest rate for that month is 0.4166%.

If you use your card at least 15 times, it’s 0.8333%. If you both receive a $1,000 deposit and use your card at least 10 times, your rate for that month is also 0.8333%.

If you receive a $1,000 deposit and use your card at least 15 times, you earn 1.25%.

Qualifying transactions must be $3 or greater.

Apart from the above, the other features include free overdraft transfers from a linked internal savings or money market account, check deposits, bill pay, send money to friends.

  • APY (Annual Percentage Yield) of up to 1.25% if both criteria met.
  • No monthly fees or minimum balance.
  • ATM fee reimbursement.
  • Debit card replacement Fee $10.
  • Discover Bank Cashback Checking

#2. Discover Bank Checking

Discover Bank checking lets you earn cash back on qualifying debit card purchases each month.

This is a full-service online bank with a totally free checking account.

The main point here is the account’s 1% cash back yield on up to $3,000 in debit card purchases each month. That adds up to as much as $30 cash back per month, or $360 cash back per year.

Discover Bank has no minimum balance requirements and boasts a pretty convenient fee schedule with no bill pay, check to reorder, replacement debit card, bank check, or wire fees.

Plus, customers have fee-free access to more than 60,000 ATMs around the U.S. – more than most competitors.

The account is Android and iPhone compatible.

  • Large ATM Network.
  • No fee.
  • No Yield.
  • Single Branch (Only in Delaware).
  • No overdraft protection Plan.

#3. Chime Deposit Account

Chime is one of the fastest growing bank accounts in America.

The bank account is managed through a mobile-first banking app which comprises of the checking account.

Once you set up direct deposit with Chime, the customers get paid two days faster.

If you are used to paydays on Fridays, chime deposit account will ensure you receive money on Wednesday.

Chime virtually has no fees whatsoever. There is no minimum opening deposit and minimum daily balance requirement.

There is no foreign transaction fee, no transfer fee, and no monthly service fee. Chime does not offer overdraft protection.

Generally, the transactions that would result in negative account balance are automatically declined. It does, however, have a $2.50 over the counter cash withdrawal charge which can be avoided when you use one of the Banks’ 38000 fee-free ATMs.

Its mobile features include mobile check deposit, fee-free P2P transfers, fee-free electronic bill pay, mobile payment app compatibility (apple pay, Samsung pay, and Google Pay).

  • No Fees
  • Easy Mobile banking App
  • Over the counter cash withdrawal charge.

#4. Ally Intrest Checking

The ally bank interest checking account remains very popular with its users.

It is one of the original online banks. The checking account offers at least 0.10% APY on balances less than $15000, and 0.60% on balances greater than that amount.

They never charge ATM fees. In fact, they provide unlimited reimbursements for all third-party ATM fees or surcharges at the end of the month.

Ally customers can use more than 43000 U.S. ATMs for free.

The online-only bank has a mobile app available on Apple, Android & Windows devices.

Ally has a real-time chat service and actively responds to customer inquiries on twitter and facebook.

If you prefer to call your bank, their call center is available 24 hours a day, seven days a week.

  • Fee-Free ATM access.
  • Customer service.
  • No way to deposit cash.
  • International Transaction charge of 1%.

#5. Capital One 360 Checking

Capital one 360 offers a top of the line banking experience with strong customer support.

The 360 checking account comes with an attractive yield rate. This yield rate varies depending on the balance.

Capital One 360 Checking yields 0.20% APY on balances up to $49,999.99, 0.75% APY on balances between $50,000 and $99,999.99, and 1.00% APY on balances greater than $100,000.

Capital One is part of the Allpoint ATM network, giving its customers access to nearly 40,000 free cash machines.

360 Checking’s mobile app is among the best in the business, with intuitive mobile check deposit, an interactive ATM finder, seamless person-to-person money transfers, and text alerts for a wide range of account functions.

  • Best Overdraft policy.
  • Excellent mobile app functionality.
  • High fees for debit card replacement.
  • out-of-network ATM fee reimbursements.

#6. Alliant

Alliant provides an opportunity for customers to qualify for its high rate checking account on fulfilling the following criteria.

Members need to opt out of paper statements and have at least one electronic deposit each month. This can be in the form of direct, ATM and mobile deposits.

Transfers from other financial institutions are also included in the above deposit criteria. High rate checking customers qualify for a return of 0.65% APY on balances on any amount.

Alliant members can access more than 80,000 surcharge-free ATM’s and have up to $20 reimbursed in out-of-network ATM fees a month.

  • More than 80,000 free ATMs
  • High Yield of 0.65%
  • High overdraft fee

#7. Simple Account

Simple is owned and backed by regional bank BBVA Compass and offers customers a free checking account that is mixed with the apps budgeting tools.

It is an online-only account. If you maintain a balance of $2000 or more, you can earn 2.02%. Anything less than $2000 you will earn an APY of 0.01%.

Simple does not charge its customers any fees.

There is no monthly maintenance, no minimum balance, no account closing fee, stop payment fees, debit card replacement fee, no ATM Fee which is pretty good from a customer point of a fee.

  • High Yield of 2.02%
  • A foreign transaction fee of 1%

The above options are free of any opening deposit. Now, let’s take a look at accounts which are beneficial even with deposits.


Aspiration checking account is an online-only account which stands out as one of the best checking accounts on the market.

The account earns interest, cash back not have ATM or monthly fees. Also, Aspiration does not charge any overdraft fees.

The account requires a $10 minimum opening deposit.

The interest rate on this account is very good. It stands at 2.00% APY for all balances in the save account.

Customers will be reimbursed for any ATM fees they incur, including the ones at foreign ATMs.

  • High-Interest Rate
  • Reimburse ATM Fees
  • No overdraft fees.
  • No physical branch.
  • No live chat and no weekend phone support.

#9. Consumers Credit Union

Credit unions are local only and primarily focus on people who live or work in a specific region.

But some credit unions are available nationwide and also offer better terms.one such credit union is consumers credit union.

You can apply to join this credit union even if you don’t live near its Illinois headquarters.

To join, you will need to make a $5 payment to a sponsoring association and deposit a minimum of $5 in a savings account. This account has no monthly fees or minimum balances.

Customers can earn up to 5.09%APY on up to $20,000. The interest rate is huge but it is not easy to qualify for that. The base rate is 3.09 percent APY for accounts with balances up to $10,000.

To get the interest rate, you need to use your debit card at least 12 times per month, have a direct deposit or bill pay, use online banking at least monthly and get electronic statements.

There are additional criteria at the $15,000 range for 4.09 percent APY and $20,000 range for 5.09 percent APY.

If you wish to use this as your primary account and meet the requirements, there is a very good opportunity to avail the high-interest rate on your balance.

  • Potential to earn high 5.09% APY.
  • Large Free ATM Network.
  • Easy membership
  • Higher rewards have more requirements.

#10. Redneck Bank

This is another bank which gives strong interest rate on your balances.

Redneck rewards checking account provides you an opportunity to avail the high-interest rate without having to meet any monthly activity requirements.

You can earn up to 2.75% with redneck checking account on balances up to $10,000.

Any other additional amount will fetch just 0.50% APY.

There is an opening deposit of $500 and no monthly fees. It is also a legitimate FDIC-insured bank.

  • No requirements to earn 2.75% APY
  • No monthly fee.
  • Domestic ATM Rebates up to $25 monthly.
  • A high Overdraft fee of $25.
  • International transfer fee $40.

#11. Bank 5 Connect High-Intrest Checking

This bank has an initial deposit of $10 when opening the account and you will need a balance of at least $100 to qualify for the 0.76% APY.

The online banks $15 overdraft penalty is significantly lower than the average of $34 for other national banks.

It provides customers with access to thousands of free ATMs and reimburses up to $15 per month for fees racked up at other banks ATMs. Also, there are no monthly fees with paperless statements.

  • Low balance to qualify for a good return.
  • low opening deposit
  • No physical branches.

#12. FNBO Direct

The FNBO Direct online checking account pays an attractive yield of 0.65 percent APY on all balances.

There is a minimum opening deposit of $1 which is the lowest you will find for an account paying a good interest rate as this. It also does not require a minimum balance to be maintained.

The account also has a nice mobile platform that lets you send money directly to friends and family at no charge.

FNBO Direct does not charge its own ATM withdrawal fees. However, you will not be reimbursed ATM withdrawal fees charged by other banks.

  • $1 opening deposit
  • Above average Yield for low deposit
  • High overdraft Fee

However, before you settle on a choice, always do your due diligence checks.

It is always wise to take into account all aspects of a checking account to ensure you are not surprised by fees and charges.

Just because accounts are free or have low opening deposits should not stop you from being educated about the product.

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