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A good checking account is essential for managing everyday purchases, and it shouldn’t cost you a penny.
Beyond waiving monthly service fees, the best free checking accounts offer benefits like sign-up bonuses and early direct deposit.
Best Free Checking Accounts
Capital One 360 Checking® – Product Name Only: Best OverallCapital One MONEY Teen Checking Account – Product Name Only: Best for TeensSchwab Bank High Yield Investor Checking® Account – Product Name Only: Best for Avoiding ATM FeesChime Checking Account – Product Name Only: Best Second Chance Checking AccountConsumers Credit Union Free Rewards Checking Account – Product Name Only: Best for Credit UnionsFirst Citizens Bank Free Checking Account – Product Name Only: Best for a Traditional Bank ExperienceSoFi Checking and Savings – Product Name Only: Best for a Cash BonusUpgrade Rewards Checking – Product Name Only: Best for Cash-back RewardsRedneck Bank Rewards Checkin’ Account – Product Name Only: Best for a High Interest Rate
Below, you’ll find our top picks for the best free checking accounts. These accounts do not charge any monthly service fees and stand out for their unique perks and flexible opening requirements. If you’re looking for a rewards checking account, you can also refer to our best rewards checking accounts guide.
Compare Free Checking Accounts
Our Expert Panel for the Best Free Checking Accounts
We consulted banking and financial planning experts to inform these picks and provide their advice on finding the best checking accounts for your needs.
Insider
We’re focusing on checking accounts with no monthly maintenance fees, but we’re also taking fees for foreign transactions, out-of-network ATMs, and more into consideration.
Here’s what they had to say about checking accounts. (Some text may be lightly edited for clarity.)
What makes a checking account good or not good?
Roger Ma, certified financial planner with lifelaidout® and author of “Work Your Money, Not Your Life”:
“I would look at the ATM branch locations and then minimum balance amounts to not incur a monthly fee. I think there’s other stuff that could make life easier, whether it’s free checks, online bill pay, are they in the Zelle network?”
Sophia Acevedo, certified educator in personal finance, banking reporter, Personal Finance Insider:
“I would look for a checking account that either doesn’t have any monthly services fees or offers multiple ways to waive the fee. I would also look at customer support availability and mobile app ratings.”
How can someone determine whether a bank is the right fit for them?
Tania Brown, certified financial planner at SaverLife:
“Obviously, you want to make sure it’s FDIC insured. Also, your banking experience — do you like walking into a bank? Well, then you need someone local. Do you just not care if you ever see your bank? Then you’re okay online. Do you write checks? Do you not write checks? So it’s thinking through how your experience with it is going to be before you make that decision.”
Mykail James, MBA, certified financial education instructor, BoujieBudgets.com:
“The No. 1 thing about a checking account is you should know what provider the debit card is coming from. And a lot of people don’t think about that, because there are places that don’t accept MasterCard or don’t accept an Amex.”
Methodology
First and foremost, we wanted to provide you with options. To find the best free checking accounts, we considered over two dozen brick-and-mortar banks, online banks, credit unions, and online banking platforms that do not charge any monthly service fees.
We looked at how financial institutions charge other bank fees — for example, out-of-network ATM fees, overdraft fees, or foreign transaction fees. If a financial institution offered a unique perk, like a high interest rate or a cash bonus, we evaluated the criteria needed to get the reward. For more about how we rate and review products, see our editorial standards page.
At Personal Finance Insider, we strive to help smart people make the best decisions with their money. We spent hours comparing and contrasting the features and fine print of nearly three dozen checking accounts available at over 20 national and online-only banks so you don’t have to.
We understand that “best” is often subjective, however, so in addition to highlighting the clear benefits of a checking account — no fees, for example — we outline the limitations, too.
Best Free Checking Accounts Frequently Asked Questions
What is a free checking account?
A free checking account does not charge any monthly service fees. At some banks, you may have to pay a monthly service fee if you do not meet certain requirements each month.
What banks offer free checking accounts?
You can find completely free checking accounts at Capital One, Consumers Credit Union, First Citizens Bank, and SoFi to name a few.
Which banks have free checking with no minimum balance?
Several banks offer free checking accounts with no minimum balance or opening deposit requirement. Some examples include SoFi, Chime, Charles Schwab, and Capital One.
Best Overall
Capital One 360 Checking® – Product Name Only
Why it stands out: Capital One 360 Checking® is a well-rounded checking account and an excellent choice if your priority is to avoid common fees. With this Capital One checking account, there are no monthly service fees, no foreign transaction fees, and a variety of overdraft protection options.
Capital One 360 Checking® also has several notable perks to make your banking experience manageable. For example, the account offers a two-day early direct deposit, and the ability to deposit cash at ATMs and nearby CVS locations. Furthermore, all balances earn 0.10% Annual Percentage Yield (APY).
What to look out for: Though Capital One Cafés are popping up in big cities around the US, the bank only operates about 470 branches in nine states. You’ll likely have to be comfortable with a fully online banking experience.
Best for Teens
Capital One MONEY Teen Checking Account – Product Name Only
Why it stands out: The Capital One MONEY Teen Checking Account is featured in our best teen checking accounts guide and could be a good choice if want to teach your child how to manage a checking account.
This teen checking account has budgeting tools to help teens save and parental monitoring features to track spending and apply limits if necessary. You may open the Capital One MONEY Teen Checking Account for a minor over the age of eight. You’ll also be able to link this teen bank account to any checking account, even if it isn’t a Capital One account.
What to look out for: You’ll only be able to open the Capital One MONEY Teen Checking Account online, not at a Capital One location.
Best for Avoiding ATM Fees
Schwab Bank High Yield Investor Checking® Account – Product Name Only
Why it stands out: Charles Schwab doesn’t charge ATM fees, and the bank offers unlimited refunds worldwide when an ATM provider charges you a fee. Charles Schwab also doesn’t charge foreign transaction fees, and it has free overdraft protection.
What to look out for: You must open a brokerage account with Charles Schwab before opening a checking account.
Best Second Chance Checking Account
Chime Checking Account – Product Name Only
Why it stands out: If you’ve struggled to open a bank account at a financial institution due to your bank account history, Chime is a great option. The Chime Checking Account is a second chance checking account, which is a bank account that does not require a credit check or review by ChexSystems to evaluate your trustworthiness.
Chime also stands out because it doesn’t charge monthly service fees, and you may open an online account from anywhere in the US.
What to look out for: Chime’s SpotMe feature allows you to overdraw by up to $200 with no overdraft fee — but you must receive $200 in direct deposits each month to qualify for SpotMe. Your transaction will be denied if you need to overdraw by more than the limit.
Best for Credit Unions
Consumers Credit Union Free Rewards Checking Account – Product Name Only
Why it stands out: You may like Consumers Credit Union if you favor credit unions over banks.
While you can bank online, Consumers Credit Union also has more than 14 open branches in Chicago, Illinois, and nearby cities. Members also have access to the CO-OP Shared Branch and ATM network, which has over 5,600 shared branches and 60,000 surcharge-free ATMs.
The Consumers Credit Union Free Rewards Checking Account stands out for its competitive interest rate. You may earn up to 5.00% APY on the first $10,000 in your account and receive unlimited out-of-network ATM reimbursements if you meet certain requirements.
Here’s how the account’s tiered interest rate works:
Earn 3.00% APY if you have less than $10,000 when you sign up to receive eDocuments, make 12 monthly debit card purchases, and receive $500 in monthly direct deposits, mobile check deposits, or transfers from other banksEarn 4.00% APY if you meet the requirements to earn 3% and spend $500 per month with your Consumers Credit Union Credit CardEarn 5.00% APY if you meet the requirements to earn 3% and spend $1,000 per month with your Consumers Credit CardEarn 0.20% APY if you have an account balance between $10,000.01 and $25,000 when you receive eDocuments, make 12 monthly transactions, and receive $500 per month in direct deposits, mobile check deposits, or transfers from other banksEarn 0.10% APY if you have an account balance over $25,000 when you receive eDocuments, make 12 monthly transactions, and receive $500 per month in direct deposits, mobile check deposits, or transfers from other banks
If you don’t meet the requirements, though, you’ll only earn 0.01% APY on your account balance.
What to look out for: You’ll need to become a member to open a bank account at Consumers Credit Union.
Anyone in the US is eligible for membership online. To become a member, pay a one-time membership fee and open the Consumers Credit Union Membership Share Savings Account with at least $5.
Best for a Traditional Bank Experience
First Citizens Bank Free Checking Account – Product Name Only
Why it stands out: Several national brick-and-mortar banks — like Chase, Bank of America, and Wells Fargo — charge monthly service fees on checking accounts if you do not meet certain monthly requirements. However, if you are more comfortable with traditional banking, you might consider First Citizens Bank.
First Citizens Bank has over 550 branches in 22 states throughout the US. The First Citizens Bank Free Checking Account doesn’t charge any monthly fees, and you won’t have to deal with any minimum balance requirements.
What to look out for: Branches are limited to the following states: Arizona, California, Colorado, Florida, Georgia, Hawaii, Kansas, Maryland, Missouri, Nebraska, Nevada, New Mexico, North Carolina, Oklahoma, Oregon, South Carolina, Tennessee, Texas, Virginia, Washington, West Virginia, and Wisconsin.
To be eligible for the First Citizens Bank Free Checking Account, you’ll need to sign up for paperless statements within 60 days of opening an account. Otherwise, it will be converted to a Select Checking Account, which charges a monthly service fee unless you meet specific requirements each month.
Best for a Cash Bonus
SoFi Checking and Savings – Product Name Only
Why it stands out: SoFi Checking and Savings is a strong choice if you don’t want to deal with monthly service fees, overdraft fees, or out-of-network ATM fees.
It’s also offering a cash bonus of up to SoFi Checking and Savings – Featured Reward Value. You may qualify for the bonus as long as you’re a new SoFi Checking and Savings customer, or an existing SoFi Checking and Savings customer who hasn’t set up direct deposits yet.
To get the reward, you have to meet the following requirements:
Open SoFi Checking and Savings by December 31, 2023To earn a $50 cash bonus, you must receive between $1,000 and $4,999.99 in qualifying direct deposits during the first 30 days of opening an accountTo earn a SoFi Checking and Savings – Featured Reward Value cash bonus, you must receive over $5,000 in qualifying direct deposits during the first 30 days of opening an account
What to look out for: The account works best if you set up a direct deposit. That way, you’ll qualify for the cash bonus and the highest-tier interest rate.
SoFi Checking and Savings Review
Best for Cash-back Rewards
Upgrade Rewards Checking – Product Name Only
Why it stands out: With Upgrade Rewards Checking – Product Name Only, you’ll earn 2% cash back on everyday debit card purchases and payments on utilities and monthly subscriptions. Any other debit card purchases can earn 1% cash back. Everyday purchases that qualify for 2% cash back include purchases at a convenience store, drugstore, restaurant, bar, or gas station.
The 2% cash back perk has a limit of $500 per year. Once you reach the annual limit, you’ll get 1% cash back on all eligible purchases for the rest of the year.
What to look out for: To get the most out of the Upgrade Rewards Checking Account, like ATM fee reimbursements and loan discounts, you’ll have to maintain a $2,500 daily checking account balance, receive at least $1,000 in direct deposits each month, or make eight or more monthly debit card purchases. Otherwise, you won’t qualify for these perks.
You should also note is that money transfers, ATM transactions, check purchases, gift cards, foreign currency, money orders, refunds, or fraudulent transactions aren’t eligible for any cash back rewards.
Upgrade Checking and Savings Review
Best for a High Interest Rate
Redneck Bank Rewards Checkin’ Account – Product Name Only
Why it stands out: The Redenck Bank Rewards Checking Account may be appealing if you’re looking to earn a high interest rate on a checking account. Redneck Bank pays a bonus interest rate of 5.30% APY on account balances up to $15,000, and 0.50% APY on amounts over $15,000. To qualify for the bonus rate, you’ll have to make 10 qualifying debit card transactions per monthly statement cycle and receive online bank statements.
What to look out for: If you do not meet the monthly requirements, you’ll earn a standard rate of 0.25% APY. Redneck Bank also requires a steep minimum opening deposit of $500 to open the Redneck Bank Rewards Checking Account. You might prefer another financial institution if you’d like to open an account with less money upfront.
Redneck Bank Rewards Checking Account
Other Accounts That Didn’t Make the Cut and Why
Wealthfront Cash Account – Product Name Only: Wealthfront pays Wealthfront Cash Account – APY APY on all your cash, but our top pick offers the potential for an even higher interest rate. Read Insider’s Wealthfront Cash Account Review.Quontic Cash Rewards Checking Account – Product Name Only: Quontic lets you earn 1% cash back on eligible debit card purchases. You can get up to $50 in cash-back rewards per month. It wasn’t our top pick because Upgrade’s cash-back perks stand out more. You can earn 2% cash back on everyday purchases (up to $500 in rewards per calendar year). Read Insider’s Quontic Bank Review.Discover Cashback Debit Account – Product Name Only: Discover lets you earn 1% cash back on up to $3,000 in debit card purchases per month. However, our top pick Upgrade may be appealing when it comes to earning cash back on everyday purchases. Read Insider’s Discover Bank Review.Alliant High-Interest Checking Account: Alliant offers a solid checking account, but our top credit union pick might be more appealing because of its perks. Read Insider’s review of Alliant Credit Union Review.Connexus Credit Union Teen Checking : Connexus might be worthwhile if you’d like to open a teen checking account at a credit union, but bear in mind that you’ll need to become a member and open a share account before you open this teen checking account. Read Insider’s Connexus Credit Union Review.Chase First Banking℠: Chase First Banking could be a decent option if you’d like to open a kid’s bank account at a brick-and-mortar bank, but you’ll need to have a Chase bank account to get Chase First Banking. Read Insider’s Chase First Banking Review.Fifth Third Bank Momentum Checking Account: Fifth Third Bank has a free checking account with a Fifth Third Bank Momentum Checking Account minimum opening deposit, but it only has branches in 11 states in the Southeast and Midwest. Read Insider’s Fifth Third Bank Review.Union Bank Freely Checking Account: You might consider Union Bank if you live on the West Coast. Its branch and ATM network aren’t as robust as First Citizens Bank, though. Read Insider’s Union Bank Review.KeyBank Smart Checking Account: KeyBank’s checking account is featured in our best banks and credit unions in Colorado, but it isn’t available in as many states as First Citizens Bank. Read Insider’s KeyBank Review.Blue Extreme Checking Account: Blue Federal Credit Union lets you open an account by donating at least $5 to the Blue Foundation. The credit union has a solid high-yield checking account, but the rate isn’t as competitive as our top picks. Read Insider’s Blue Federal Credit Union Review.Connexus Xtraordinary Checking Account: This is another good high-yield checking account, but you can earn a better rate with Consumers. Read Insider’s Connexus Credit Union Review.Bethpage Federal Credit Union Free Checking Account: Bethpage pays a decent interest rate on its high-yield checking account, but you can earn more with Consumers. Read Insider’s Bethpage Credit Union Review.LendingClub Rewards Checking Account: LendingClub might be a good option if you’re looking for rewards checking account, but you’ll need at least $2,500 in your account to get the most out of the account. Read Insider’s LendingClub Review.Axos Bank Rewards Checking: Axos offers a good interest rate, but some of our top picks have an even higher interest rate. Read Insider’s Axos Bank Review.Ally Interest Checking Account: This is a solid online checking account that pays interest on your balance, but its features aren’t as unique as what you’ll find with some of our top picks. Read Insider’s Ally Bank Review.CIT Bank eChecking Account: The minimum opening deposit for this account is CIT Bank eChecking Account, and it only offers up to $15 of fee-free ATM visits a month. Otherwise, it’s a fine account paying 0.10% APY on balances below $25,000. Read Insider’s CIT Bank Review.Betterment Checking Account: This online checking account reimburses ATM and foreign transaction fees, and there are no monthly service charges or overdraft penalties. However, our top picks either have more perks or may be better options if you’re looking to open multiple types of bank account (Betterment only has a checking and cash reserve account). Read Insider’s Betterment Checking and Cash Reserve Review.Axos Bank Essential Checking: A solid online-only checking account with unlimited ATM fee reimbursement, but nothing extra special.TIAA Yield Pledge® Checking Account: No monthly service fees and all balances earn a competitive APY for the first year; after that, the rate drops. To enjoy unlimited ATM reimbursement you need to keep an average daily balance of at least $5,000. You also need at least $100 to open the account. Read Insider’s TIAA Bank Review.USAA Classic Checking: USAA is specifically for military members and family, and new recruits get paid a day early with a checking account. Read Insider’s USAA Bank Review.
Which Banks are the Most Trustworthy?
The Better Business Bureau assigns companies grades, ranging from F to A+. A good BBB grade indicates a company responds effectively to customer complaints, advertises honestly, and is transparent about business practices. The only institution on our list that hasn’t received a BBB rating yet is Redneck Bank.
Here are the BBB grades for our top picks:
InstitutionBBBCapital One 360A-UpgradeA+ (C- rating from partner bank)Charles SchwabA+ChimeFConsumers Credit UnionA+First Citizens Bank BSoFiA+QuonticA+
First Citizens Bank has a B rating because it received one customer complaint and has four unresolved complaints.
Capital One 360 has an A- rating because it’s received a high volume of customer complaints on the BBB website.
Upgrade received an A+ rating from the BBB. Its partner bank, Cross River Bank, received a C- rating because it has received a high volume of customer complaints on the BBB website, and it has seven unresolved complaints.
Chime’s F rating is because the company received a high volume of customer complaints on the BBB website and has unresolved customer complaints.
A strong BBB grade doesn’t guarantee you’ll have a smooth relationship with a company, though. We’ve also looked at any public scandals.
Capital One and Chime have been involved in recent public controversies.
Capital One paid $80 million after the Office of the Comptroller of the Currency stated that the bank was partially responsible for a 2019 data breach in which a hacker accessed over 100 million credit card applications. The OCC said Capital One’s security was inefficient at the time.
Chime used the URL “Chimebank.com” and the words “bank” and “banking,” but Chime isn’t licensed as a bank. Chime is a banking platform, and is insured by a bank. In 2021, the Commissioner of Financial Protection and Innovation ordered Chime to stop using the terms “Chimebank.com,” “bank,” and “banking” on its webpage and advertisements.