Free checking accounts allow you to take care of your basic bill paying and debit transactions without having to pay monthly recurring fees or maintain a minimum balance. Some checking accounts do have fees but offer different ways to avoid them, such as by completing a certain number of transactions or setting up direct deposit. Those aren’t technically free checking accounts—even if you don’t have to pay. You will find free checking account options at well-known big banks, online-only banks, and credit unions. The best free checking accounts offer not only fee-free access to your account, but also other appealing features. These might include the opportunity to earn interest or rewards, or access a large network of free ATMs. Best Free Checking Accounts Best Free Checking Accounts Final Verdict Compare Accounts How to Choose Pros and Cons Alternatives FAQs Methodology Pros & Cons Pros Cash bonus if you set up direct deposit Linked savings account can earn up to 4.60% APY Large, no-fee ATM network No overdraft fees Cons No option to open just checking without savings Cash deposits cost $4.95 through a third party No physical branches Why We Chose It The SoFi Checking account was our overall top pick for a free checking account because not only is it free in terms of no monthly maintenance fee, but you won’t be hit with other sneaky fees either. You can even earn some decent interest, which is rare for a free checking account. As long as you don’t mind online-only banking and are OK with opening a savings account at the same time—a requirement when opening a SoFi checking account—then the advantagesdefinitely outweigh the minimal drawbacks. In fact, when you set up direct deposit with the SoFi checking account, it makes you eligible for the savings account’s competitive APY of 4.60%. Details The checking APY is 0.50% as of October 2023. Pros & Cons Pros Great APY for a free checking account Up to $10/month for outside ATM fee reimbursem*nt Easier to join than some credit unions Cons Several actions required to earn APY No branch access outside of Michigan or Florida Overdraft fees Why We Chose It If you’re looking for a super competitive free checking account APY, it’s hard to beat Lake Michigan Credit Union (LMCU). LMCU also makes it easy to join even if you do not meet residence requirements, or are closely related to another member—you just have to make a $5 donation to the ALS Foundation. On top of no monthly fees, you can also easily avoid ATM fees thanks to the large network and reimbursem*nt for outside fees. Just watch out for overdrafts, which you will be charged for. Details Earning the APY is not automatic—in fact, you’ll have four tasks to complete. Two of them are easy: set up a direct deposit and enroll in eStatements. The other two will take a bit more work as each month you must complete 10 or more transactions with your debit card, and login to your account or mobile app at least four times per month. Pros & Cons Pros $20 per month ATM fee reimbursem*nt No overdraft fees First box of checks is free Cons APY isn’t too impressive Paper statements are $1 per month No branches, just online Why We Chose It Alliant Credit Union offers members a lot of freebies and perks, including a large fee-free ATM network and the ability to get back up to $20 per month in outside ATM fees. It’s also nice to get your first set of paper checks free, which is not always standard with online accounts. Plus, joining Alliant is easy—just sign up for membership to Foster Care to Success (which has a $5 fee). Details If you want to earn the APY on the Alliant High-Yield Checking account, you must enroll in eStatements and make at least one electronic deposit into the account each month. When researching free checking accounts, don’t overlook credit unions. Even if you don't qualify for membership via a trade association or because of your residency, you may be able to join in another way. Pros & Cons Pros Just five minutes to open an account online There are some fees, but most are avoidable Highly-rated mobile banking app Cons Charges $3 fee for non-network ATM use Overdraft fees No APY Why We Chose It BMO is one of the top-ranked free checking accounts that require a minimum deposit, and it’s only $25, which is affordable for most. You’ll enjoy a free checking account with no monthly fees, and a lot of mobile-friendly features and tools. If you’re looking for branch access, there are more than 1,000 locations across 24 states. Details There are some pesky fees to be aware of, like copies of check images sent by mail, for card replacement, and for using out-of-network ATMs. The good news is they can be avoided. Pros & Cons Pros Two-day early access to direct deposit No overdraft fees $10 monthly reimbursem*nt for non-network ATM fees Cons APY isn’t the best No cash deposits Online-only banking Why We Chose It Opening an Ally Interest Checking account is an excellent choice for online banking since the bank is one of the largest, with 11 million customers and counting. The fact that it is transparent about the very few fees it has, and the way it makes digital banking fun (check out the Spending Buckets feature) makes this free checking account a great choice for managing your money. Details To earn the 0.25% APY (which is already fairly low), you have to maintain a $15,000 minimum balance; if not, you’ll earn 0.10%. Pros & Cons Pros No overdraft fees Unlimited ATM reimbursem*nts Cons A lot of stipulations to earn top APY Online-only bank Why We Chose It Axos Bank often provides a nice bonus for opening this account. Beyond that, you’ll enjoy a no-fee experience, including no ATM fees ever. Details Before you get drawn in by the APY offer, read the fine print. You have to do five separate things to level up to the top offer, including having Axos loans and trading accounts. If you’re someone who deals with a lot of cash, an online-only bank might not be the best choice as your primary checking account. Often, you may not have the ability to deposit cash, or if you do, it’s through a third party with fees involved. Pros & Cons Pros No foreign transaction fees First checkbook is free Online account and branch access Cons APY is very low Why We Chose It The Capital One 360 Checking Account boasts an impressive 70,000 ATM locations, which includes Capital One, MoneyPass, and Allpoint ATMs, many of which can be found in Target, Walgreens, and CVS locations. It’s also an ideal free checking account for someone who wants both the convenience of online banking with the option to stop into a branch. Details There are a lot of fee-free ATM locations, which is good because Capital One does not reimburse for outside ATM fees. SoFi's checking account is worth looking into because of its customer-friendly features, lack of fees, and competitive APY. But there are a lot of strong options on this list depending on the attributes that are important to you. For example, the best APY opportunity is an impressive 3.30% from Axos Bank, while Capital One offers more than 70,000 fee-free ATMs. If you want to go with a more well-known banking brand, you can’t go wrong with Ally Bank or SoFi. Whether you prefer online banking, walking into a physical branch, or having the choice to do either, you’ll find free checking account options on the list to match your preference. Opening a free checking account should be a fairly simple process whether you’re doing it online, in person, or by phone. There will be basic requirements to meet such as being 18 years of age or older, having proper identification, and sometimes a funding source or minimum deposit. Some online checking accounts can be opened in just a few minutes. If you’re opening an account with a credit union, you may also have to become a member, which sometimes can mean proving a certain affiliation or making a small donation to an outside organization. In the News: The Fedheld rates steady for a seventh consecutive timeat its June 12meeting. The federal funds rate is at its highest level since 2001, but Fed officials are projecting one or possibly two rate cuts before the end of the year. CD yields closely follow thefed funds rate. Back in October, CD rates reached peaks not seen in more than 20 years, but once the Fed starts cutting rates, CD rates will fall. Interest rate hikes and cuts may not impact your rewards checking account, but they could impact your savings account. If you don't have one already, it's wise to see if the bank you're using for your rewards checking account offers a high-yield savings account. You could also see if it offers one of the best CD rates right now. Combined, these accounts could help you earn the maximum amount of money on the cash you keep at your financial institution. Pros No monthly maintenance fees May not require a minimum balance or opening deposit May earn interest on your balance Cons May charge overdraft fees May charge a fee for out-of-network ATM withdrawals Online banks may not have physical branches As you explore options for storing your money, consider these alternatives to checking accounts: Having a free checking account allows you to conduct transactions and pay bills without a recurring cost. Considering that some checking accounts charge as much as $10 or more per month, it’s worth exploring the no-fee options available. When choosing a checking account, consider a number of features. One of the main ones is if it charges fees such as monthly maintenance, ATM fees, overdraft fees, and others. You also want to find a checking account that matches your digital comfort level, which can help you narrow down your choices between online-only and brick-and-mortar banks. Finally, look for features that can benefit you, like interest earning, bonuses, digital tools, and good customer service. Free checking is different from regular checking in two main ways. First, you will not have to pay a monthly maintenance fee with a free checking account. Second, you usually do not have to maintain a minimum balance in the account in order to avoid paying a monthly fee. A free checking account is as secure as any other bank account. As long as you work with a reputable bank or credit union, there should be protections in place to safeguard your personal information and financial data. Account security features will be listed on a bank’s website or app so you know exactly the steps taken to protect your privacy and your money. SoFi provides our top-rated free checking account, as it doesn’t charge monthly maintenance fees or any other hidden fees. SoFi’s free checking account also provides interest, but usually at a modest rate compared to high-yield checking accounts. Lake Michigan Credit Union, Alliant Credit Union, and BMO also provide excellent accounts. Some banks that don’t charge fees for checking accounts include SoFi, BMO, Lake Michigan Credit Union, Ally Bank, Axos Bank, and Capital One. You can avoid monthly checking account fees by opening a free checking account with a bank that doesn’t charge monthly maintenance fees. If you’re worried about incurring a monthly checking account fee, read over your bank’s guidelines to find out how to avoid this. For instance, you may need to maintain a certain balance in your account or conduct a certain number of transactions each month. The best free checking accounts come from SoFi, Lake Michigan Credit Union, Alliant Credit Union, BMO, Ally Bank, Axos Bank, and Capital One. Investopedia is dedicated to providing consumers with unbiased, comprehensive reviews. To rate free checking accounts, we collected hundreds of data points, including, APYs, fees, and account requirements from a dozen popular banks to ensure that our review helps readers make informed decisions about their banking needs. Article Sources Investopedia requires writers to use primary sources to support their work. These include white papers, government data, original reporting, and interviews with industry experts. We also reference original research from other reputable publishers where appropriate. You can learn more about the standards we follow in producing accurate, unbiased content in our editorial policy. Federal Reserve. "Summary of Economic Projections." Federal Reserve. "Federal Reserve Issues FOMC Statement." Article Sources Investopedia requires writers to use primary sources to support their work. These include white papers, government data, original reporting, and interviews with industry experts. We also reference original research from other reputable publishers where appropriate. You can learn more about the standards we follow in producing accurate, unbiased content in oureditorial policy. Federal Reserve. "Summary of Economic Projections." Federal Reserve. "Federal Reserve Issues FOMC Statement." Related Terms What Is a Checking Account? Here's Everything You Need To Know A checking account is an account held at a financial institution that allows deposits and withdrawals. Learn how checking accounts work and how to get one. more What Is a High-Yield Checking Account? A high-yield checking account provides interest at an above-average rate, in some cases above 5% or 6% APY. But these accounts usually come with stringent requirements. more What Is a Student Bank Account? Student bank accounts are accounts designed for teens and young adults. Learn about the features of a typical student bank account and how to compare them. more Bank Fees Definition and Different Types Bank fees are nominal fees for a variety of account set-up and maintenance, and minor transactional services for retail and business customers. more Lifeline Account: What It is, How It Works, Examples A lifeline account is a streamlined checking or savings account designed for low-income customers. more What Is a Savings Account and How Does It Work? A savings account is a bank or credit union account designed to keep your money safe while providing interest. Learn how savings accounts work. moreBest Free Checking Accounts of 2024
Best Overall : SoFi : SoFi Checking Account
Best APY : Lake Michigan Credit Union : Max Checking
Best Credit Union : Alliant Credit Union : High-Yield Checking
Best With a Minimum Deposit to Open : BMO : Smart Advantage Checking
Best With a Major Bank : Ally Bank : Interest Checking Account
Best Rewards : Axos Bank : Rewards Checking
Best for ATM Access : Capital One : 360 Checking Account
Final Verdict
Compare the Best Free Checking Accounts
Account Minimum to Open Minimum Balance to Maintain Offers Overdraft Protection SoFi: SoFi Checking Account $0 $0 Yes Lake Michigan Credit Union: Max Checking $5 $0 Yes Alliant Credit Union: High-Yield Checking $25 $0 Yes BMO: Smart Advantage $25 $0 Yes Ally Bank: Interest Checking Account $0 $0 Yes Axos Bank: Rewards Checking $50 $0 Yes Capital One 360 Checking $0 $0 Yes Guide to Choosing a Free Checking Account
Factors to Consider When Opening a Free Checking Account
How to Open a Free Checking Account
Common Checking Account Fees
In the News
Pros and Cons of Free Checking Accounts
Pros Explained
Cons Explained
Alternatives to Checking Accounts
Frequently Asked Questions
Why Does It Matter if a Checking Account Is Free?
What Should I Look for in a Checking Account?
What Is the Difference Between Free Checking and Regular Checking?
How Secure Is a Free Checking Account?
Who Has the Best Free Checking Account?
What Banks Have No Fees for Checking Accounts?
How Do I Avoid Monthly Checking Account Fees?
What Are the Best Free Checking Accounts?
Methodology
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