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Most people need a checking account and don’t want to pay fees or have a minimum deposit. GOBankingRates identified banks with free checking and no minimum deposit requirements so you can find thebest checking accountfor your needs. What’s more, all these accounts have no minimum balance requirements.
If you want a free checking account with no minimum deposit, here are some of the best banks to consider.
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Best Free Checking Accounts of 2023
As you might guess, many banks with free checking are online banks, which have lower costs than traditional brick-and-mortar banks. Totallyfree checking accountsare fairly standard in terms of the amenities offered, but a few offer some surprising features.
Ally Bank Interest Checking
Ally Bank's Interest Checking is one of the few on this list that pays interest, and while the annual percentage yield is 0.25%, it's better than many savings accounts pay. The account also includes complimentary standard checks, a debit Mastercard and online bill pay. Customers can use Allpoint ATMs free of charge. What's more, Ally no longer charges overdraft fees.
Why Consumers Like It: Accounts are easy to set up and use, plus customer service earns high marks.
Benefits:
- Plenty of options for sending and receiving money
- Online bill pay
Drawbacks:
- No cash deposits
Fees:
- Outgoing domestic wire transfer: $20
Minimum Deposit: $0
APY: 0.25%READ OUR FULL BANK REVIEW
Axos Bank Essential Checking
Axos Bank offers a free checking account with great perks. Direct Deposit Express means customers receive their paychecks up to two days early. This account also comes with unlimited domestic ATM fee reimbursem*nts, no overdraft or non-sufficient funds fees and a suite of personal finance tools that can help you manage all your accounts. You can also make peer-to-peer payments from your Axos Essential account using just the recipient's email address or mobile number. If your family or friends open an account and meet Axos' welcome bonus requirements, you'll each get $50.
Why Consumers Like It:Direct deposits are available up to two days early.
Benefits:
- Unlimited ATM fee reimbursem*nt
- No overdraft fees
- Peer-to-peer payments
- Free bill pay
- Referral bonus
Drawbacks:
- Doesn't pay interest
Fees:
- Rush delivery for a replacement debit card: $50
- Stop payments: $10 for unassisted online requests
- Outgoing domestic wire transfer: $35
Minimum Deposit:$0
APY:None
READ OUR FULL BANK REVIEW
Capital One 360 Checking
The Capital One 360 Checking account charges no fees, has no minimum balance requirement and pays interest — the trifecta of bargain checking accounts. It also offers a free debit card, and you can avoid ATM fees by using any of more than 70,000 fee-free ATMs. This account also offers online and mobile banking, including mobile check deposit, and you can deposit cash into your account at CVS stores. Granted, the annual percentage yield for account balances is just 0.00%, but it's better than nothing — and more than basic savings accounts typically offer.
Why Consumers Like It:Capital One's award-winning mobile app makes it easy totrack balances and pay bills.
Benefits:
- Online and mobile banking
- Can choose one $0 overdraft option: auto-decline, free transfer from savings or money market account or no-fee overdraft
- No minimum balance
- Physical locations
- Peer-to-peer payments with Zelle
- First 50 checks free
Drawbacks:
- APY isn't as high as for other online accounts
Fees:
- Cashier's check: $20 online (expedited delivery), $10 at physical branch
- Outgoing domestic wire transfer: $30
Minimum Deposit:$0
APY: 0.00%*Capital One interest rates accurate as of 4/5/24. See website for all current rates.READ OUR FULL BANK REVIEW
Charles Schwab Investor Checking
The Investor Checking account from Charles Schwab comes with something that none of the others offer: a brokerage investment account. You won't pay a fee or need to deposit a minimum amount to open the accounts. You get 0.45%APY on your balance, and you can transfer money from your checking account to your brokerage account and vice versa. What's more, Schwab doesn't charge overdraft or insufficient funds fees, and you get a free debit card, free standard checks and access to online and mobile banking and bill pay.
Why Consumers Like It:A single login makes it easier to manage multiple accounts, and there is no charge to transfer money between accounts.
Benefits:
- No foreign transaction fees
- Unlimited ATM rebates
- No overdraft or insufficient funds fee
Drawbacks:
- Customers must have a brokerage account
Fees:
- Rush delivery of debit card: $15
- Outgoing domestic wire transfer: $25
Minimum Deposit:$0
APY: 0.45%
READ OUR FULL BANK REVIEW
NBKC Everything Account
The Everything Account from NBKC Bank combines the checking and savings features you use most into a no-fee account that pays 1.50% APY on all balances. You get 24/7 mobile banking with free bill pay and free transactions at over 37,000 MoneyPass ATMs plus $12 in non-network ATM reimbursem*nts each month. The Everything Account also lets you create savings goals and transfer money in and out of savings whenever you want.
Why Consumers Like It: The Everything Account gives you the flexibility of no fees and an opportunity to earn interest on yourbalance.
Benefits:
- No overdraft or return-item fees
- Ability to earn interest
- $12-per-month reimbursem*nt for out-of-network ATM fees
Drawbacks:
- Limited reimbursem*nt for out-of-network ATM fees
Fees:
- Outgoing domestic wire transfer: $5
Minimum Deposit:$0
APY: 1.50%READ OUR FULL BANK REVIEW
Huntington Asterisk-Free Checking
Asterisk-Free Checking from Huntington is free of maintenance fees, has no minimum balance requirement and comes with features like the $50 Safety Zone and 24-Hour Grace to help you avoid overdraft fees. Eligible customers can qualify for a credit line based on their checking and deposit history. Asterisk-Free Checking customers who open a Premier Savings account have the $4 monthly savings account fee and $300 minimum balance requirement waived as long as they maintain their Asterisk-Free account.
Why Consumers Like It:The bank gives a 24-hour grace period for customers to deposit money if they overdraw the account, and it credits deposits made at ATMs and through the mobile app before midnight the same day.
Benefits:
- Extended hours for making deposits
- Several ways to avoid overdrafts
- Email and text alerts
- Credit line for qualified customers
- Fees waived on Premier Savings
Drawbacks:
- $3.50 fee for using another bank's ATM
- Doesn't pay interest
Fees:
- Non-Huntington ATM: $3.50
- International transactions: 3% of transaction amount
- Overdrafts: $15, only charged if account is overdrawn by more than $50
Minimum Deposit:$0
APY:NoneREAD OUR FULL BANK REVIEW
Chase College CheckingSM
Chase College Checking is available to college students ages 17 to 24, offering free checking for up to five years or until after your expected graduation date. In addition to benefits like free access to 15,000 ATMs and 4,700 bank branches, Chase provides free Overdraft Assist* for account holders overdrawn by less than $50 or who bring their overdraft to $50 or less by the end of the next business day.
Why Consumers Like It: Chase Overdraft Assist helps students avoid overdraft fees.
Benefits:
- Service fee waived on Chase Savings account linked to checking for overdraft protection
- Can also avoid monthly service fee by making eligible direct deposit or maintaining $5,000 balance
- Peer-to-peer payments with Zelle
- Next-day availability of deposited checks with QuickDeposit
- Occasional bonus incentives
Drawbacks:
- Doesn't pay interest
Fees:
- Overdraft: $34
- Non-Chase ATM: $3-$5
- Counter checks: $3 per three-check page printed at a branch
- Online domestic wire transfer: $25
Minimum Deposit:$0
APY:NoneREAD OUR FULL BANK REVIEW
Tips for Choosing the Best Checking Account
The best checking account is the one that suits your lifestyle and helps you meet your financial goals. The following tips can help you narrow your choices and guide you toward the best checking account for you.
- Determine what kind of bank best meets your needs. Online banks are convenient and often have better rates than brick-and-mortar banks with higher overhead costs. But an online bank might not be the right choice for you if you like the convenience of walking into a local branch or don’t feel comfortable using technology.
- Find out how the bank will help you manage your account. Online banking and mobile banking apps make it easy to keep track of your balances and spending habits, but some banks also offer features such as budgeting tools.
- Read the fine print and review the fee schedule. Even a free checking account might charge fees for activities such as requesting a cashier’s check or using an out-of-network ATM.
There’s no reason to pay a bank to hold your money between payday and the due dates for your bills. By choosing the right free checking account for your needs, you could save money and even receive some extra perks.
Compare Checking Accounts
- Best Free Checking Accounts With No Minimum Balance
- Best Rewards Checking Accounts
- Types of Checking Accounts
- Best Student Checking Accounts
- Best Checking Accounts for Seniors
- Best Debit Cards for Kids and Teens
Best of Checking Accounts
- Best Checking Accounts
- Best Free Checking Accounts With No Minimum Balance
- Best Online Checking Accounts
- Best Rewards Checking Accounts
- Best Student Checking Accounts
- Best Checking Accounts for Seniors
Daria Uhlig and Cynthia Measom contributed to the reporting for this article.
Rates are subject to change; unless otherwise noted, rates are updated periodically. All other information on accounts is accurate as of April 17, 2023.
Editorial Note: This content is not provided by any entity covered in this article. Any opinions, analyses, reviews, ratings or recommendations expressed in this article are those of the author alone and have not been reviewed, approved or otherwise endorsed by any entity named in this article.
The information related to Chase College Checking was collected by GOBankingRates and has not been reviewed or provided by the issuer of this product. Product details may vary. Please see the issuer’s website for current information. GOBankingrates does not receive commission for this product.
*With Chase Overdraft AssistSM, Chase won’t charge an insufficient funds fee if you’re overdrawn by $50 or less at the end of the business day, or if you’re overdrawn by more than $50 and you bring your account balance to overdrawn by $50 or less at the end of the next business day (you have until 11 p.m. ET, or 8 p.m. PT, to make a deposit or transfer). Chase Overdraft Assist does not require enrollment and comes with eligible Chase checking accounts.
GOBankingRates is a personal finance and consumer interest rate website and an online marketing company serving top-tier banks, credit unions and other financial services organizations. Some companies mentioned in this article might be clients of GOBankingRates, which serves more than 100 national, local and online financial institutions. Rankings and roundups are completely objective, and no institution, client or otherwise, paid for inclusion or specific placement. Any opinions, analyses, reviews or recommendations expressed in this article are those of the author alone and have not been reviewed, approved or otherwise endorsed by the companies included in the article. All fees and rates are subject to change at the issuers’ discretion. Some interest rates might be short-term or promotional offers only, and it is possible additional terms and conditions must be met to obtain the interest rates listed. Rates and availability might vary by region. Verify terms and conditions before opening an account.
GOBankingRates bases its assessment of “best” and “top” products on the above-stated parameters to create a baseline for comparison. This assessment is an approximation of “best” and “top” designed to help consumers find products that might be appropriate for them. There could be other options available as well. Consumers should consider various options appropriate for their circ*mstances.
Editorial Note: This content is not provided by Chase. Any opinions, analyses, reviews, ratings or recommendations expressed in this article are those of the author alone and have not been reviewed, approved or otherwise endorsed by Chase.
