The average interest-bearing checking account charges $15.33 in monthly fees, according to a 2023 Bankrate survey. That equals more than $180 annually plus the lost interest not working on your behalf.
Having a checking account to manage routine expenses is essential. But monthly fees don’t have to be a package deal. The best free checking accounts offer perks such as competitive annual percentage yields, or APYs, and reimbursement for out-of-network ATM fees. And, most importantly, free checking accounts won’t siphon off your funds with avoidable monthly fees.
Free checking accounts aren’t always easy to find, so we’ve put together a list of the best.
Best free checking accounts
Read on to learn more about free checking accounts. Keep in mind that APYs are variable and can change at any time.
| Bank | APY | Min. deposit to open | Welcome bonus | Overdraft fees |
|---|---|---|---|---|
| Consumers Credit Union | Up to 5.00% | $5 | N/A | $30 |
| Lake Michigan Credit Union | Up to 3.00% | $0 | N/A | $30 |
| Axos Bank | Up to 3.30% | $50 | Up to $300 | $0 |
| Connexus Credit Union | Up to 1.75% | $0 | N/A | $4 |
| NBKC Bank | 1.75% | $0 | N/A | $0 |
| SoFi Bank | 0.50% | $0 | $50 – $300 | $0 |
| Alliant Credit Union | 0.25% | $25 | N/A | $0 |
| Ally Bank | Up to 0.25% | $0 | N/A | $0 |
| FNBO Direct | 0.15% | $1 | N/A | $0 |
| Capital One Bank | 0.10% | $0 | N/A | $0 |
Consumers Credit Union
- APY APY = Annual Percentage Yield.
- Up to 5.00%
- Min. deposit to open
- $5
- Welcome bonus
- N/A
- Overdraft fees
- $30
The Consumers Credit Union rewards checking account offers early direct deposit, unlimited check writing and a competitive APY. You can earn the highest APY available on checking account balances of up to $10,000. But to earn the highest APY, you must have at least 12 posted debit card transactions monthly, a $500 minimum recurring monthly direct deposit and be enrolled in e-statements. You also must spend at least $1,000 in purchases each month using your CCU Visa Credit Card.
- ATMs: 30,000 surcharge-free ATMs
- Number of locations: 5,000 shared branches
- Mobile banking availability: Mobile and online banking services are available
- Membership: Membership eligibility is open to anyone.
The Consumers Credit Union rewards checking account offers early direct deposit, unlimited check writing and a competitive APY. You can earn the highest APY available on checking account balances of up to $10,000. But to earn the highest APY, you must have at least 12 posted debit card transactions monthly, a $500 minimum recurring monthly direct deposit and be enrolled in e-statements. You also must spend at least $1,000 in purchases each month using your CCU Visa Credit Card.
- ATMs: 30,000 surcharge-free ATMs
- Number of locations: 5,000 shared branches
- Mobile banking availability: Mobile and online banking services are available
- Membership: Membership eligibility is open to anyone.
Lake Michigan Credit Union
- APY APY = Annual Percentage Yield.
- Up to 3.00%
- Min. deposit to open
- $0
- Welcome bonus
- N/A
- Overdraft fees
- $30
Lake Michigan Credit Union offers a full suite of banking services in-person and virtually. We like that this credit union offers several free checking account options. The Max Checking account offers a 3.00% APY on balances up to $15,000 that’s easy to earn. You just need to receive one qualifying direct deposit, make at least 10 debit or credit card transactions, enroll in e-statements and log in to your account at least four times per month.
If you don’t think you can meet monthly requirements, the Free Checking option comes with free starter checks and other basic features, like mobile banking and a debit card. Neither option requires a minimum balance.
- ATMs: 55,000 surcharge-free ATMs in the Allpoint network
- Number of locations: 68 branches
- Mobile banking availability: Mobile and online banking services are available
- Membership: Open to anyone who pays the $5 membership fee
Lake Michigan Credit Union offers a full suite of banking services in-person and virtually. We like that this credit union offers several free checking account options. The Max Checking account offers a 3.00% APY on balances up to $15,000 that’s easy to earn. You just need to receive one qualifying direct deposit, make at least 10 debit or credit card transactions, enroll in e-statements and log in to your account at least four times per month.
If you don’t think you can meet monthly requirements, the Free Checking option comes with free starter checks and other basic features, like mobile banking and a debit card. Neither option requires a minimum balance.
- ATMs: 55,000 surcharge-free ATMs in the Allpoint network
- Number of locations: 68 branches
- Mobile banking availability: Mobile and online banking services are available
- Membership: Open to anyone who pays the $5 membership fee
Axos Bank
- APY APY = Annual Percentage Yield.
- Up to 3.30%
- Min. deposit to open
- $50
- Welcome bonus
- Up to $300
- Overdraft fees
- $0
Axos Bank’s rewards checking is a no-fee checking account that offers a competitive APY of up to 3.30% if you meet certain requirements. The account offers unlimited domestic ATM fee reimbursements, and you can use Axos’ Personal Finance Manager tool via the app to manage all of your accounts in one place. We also like that you won’t be charged overdraft fees with this account.
You can earn up to a $300 welcome bonus when you open a new rewards checking account and have at least $5,000 in qualifying direct deposits each month for the first seven months. You must also maintain an average daily balance of $7,000. You’ll need to submit an application for a new rewards checking account by June 30, 2024 to qualify.
Keep in mind that Axos is an online bank, so you won’t have access to any physical branches, which can make depositing cash more challenging.
- ATMs: Unlimited surcharge rebates from any domestic ATM
- Number of locations: N/A
- Mobile banking availability: Only mobile and online banking services are offered
Axos Bank’s rewards checking is a no-fee checking account that offers a competitive APY of up to 3.30% if you meet certain requirements. The account offers unlimited domestic ATM fee reimbursements, and you can use Axos’ Personal Finance Manager tool via the app to manage all of your accounts in one place. We also like that you won’t be charged overdraft fees with this account.
You can earn up to a $300 welcome bonus when you open a new rewards checking account and have at least $5,000 in qualifying direct deposits each month for the first seven months. You must also maintain an average daily balance of $7,000. You’ll need to submit an application for a new rewards checking account by June 30, 2024 to qualify.
Keep in mind that Axos is an online bank, so you won’t have access to any physical branches, which can make depositing cash more challenging.
- ATMs: Unlimited surcharge rebates from any domestic ATM
- Number of locations: N/A
- Mobile banking availability: Only mobile and online banking services are offered
Connexus Credit Union
- APY APY = Annual Percentage Yield.
- Up to 1.75%
- Min. deposit to open
- $0
- Welcome bonus
- N/A
- Overdraft fees
- $4
Connexus offers three checking account options, but we prefer the Xtraordinary Checking account. You’ll get reimbursed up to $25 per statement cycle for ATM fees, and you get free overdraft transfers when you link an account. The account has a solid APY but requires a minimum of 15 debit card transactions or a net debit card spending total of $400 per month for a 1.75% APY on balances up to $25,000. Any portion above $25,000 earns a 0.25% APY.
- ATMs: 67,000 surcharge-free ATMs
- Number of locations: 5,600 shared branches
- Mobile banking availability: Mobile and online banking services are available
- Membership: Membership eligibility is open to anyone based on Connexus’ eligibility criteria.
Connexus offers three checking account options, but we prefer the Xtraordinary Checking account. You’ll get reimbursed up to $25 per statement cycle for ATM fees, and you get free overdraft transfers when you link an account. The account has a solid APY but requires a minimum of 15 debit card transactions or a net debit card spending total of $400 per month for a 1.75% APY on balances up to $25,000. Any portion above $25,000 earns a 0.25% APY.
- ATMs: 67,000 surcharge-free ATMs
- Number of locations: 5,600 shared branches
- Mobile banking availability: Mobile and online banking services are available
- Membership: Membership eligibility is open to anyone based on Connexus’ eligibility criteria.
NBKC Bank
- APY APY = Annual Percentage Yield.
- 1.75%
- Min. deposit to open
- $0
- Welcome bonus
- N/A
- Overdraft fees
- $0
The NBKC Everything account is a free checking account that comes with savings features. You can track your savings goals and accounts from the app. Other standard features include automatic bill payments and mobile banking. Customers can also withdraw money at more than 37,000 ATMs and qualify for $12 in ATM fee reimbursements per month.
NBKC has four branches located in Kansas and Missouri, but mobile and online banking services make its free checking Everything Account accessible nationwide.
- ATMs: 37,000 ATMs
- Number of locations: Four
- Mobile banking availability: Mobile banking app available
The NBKC Everything account is a free checking account that comes with savings features. You can track your savings goals and accounts from the app. Other standard features include automatic bill payments and mobile banking. Customers can also withdraw money at more than 37,000 ATMs and qualify for $12 in ATM fee reimbursements per month.
NBKC has four branches located in Kansas and Missouri, but mobile and online banking services make its free checking Everything Account accessible nationwide.
- ATMs: 37,000 ATMs
- Number of locations: Four
- Mobile banking availability: Mobile banking app available
SoFi Bank
- APY APY = Annual Percentage Yield.
- 0.50%
- Min. deposit to open
- $0
- Welcome bonus
- $50 – $300
- Overdraft fees
- $0
SoFi’s checking account automatically comes with a savings account, so you can’t open one without the other. If you set up qualifying direct deposits, you can earn 4.60% APY on your savings account balance and 0.50% APY on your checking account balance. Qualifying direct deposits must be $5,000 or more in a single monthly statement period.
This account also includes a few perks, including early direct deposit, no monthly fee, free overdraft coverage, up to 15% cash back with select retailers and a generous direct deposit bonus.
You can also opt to receive up to $2 million in additional FDIC insurance by enrolling in SoFi’s Insured Deposit Program at no extra cost. All accounts are covered by the standard $250,000 of FDIC coverage otherwise.
- ATMs: 55,000 Allpoint ATMs
- Number of locations: N/A
- Mobile banking availability: Mobile and online banking services are available
SoFi’s checking account automatically comes with a savings account, so you can’t open one without the other. If you set up qualifying direct deposits, you can earn 4.60% APY on your savings account balance and 0.50% APY on your checking account balance. Qualifying direct deposits must be $5,000 or more in a single monthly statement period.
This account also includes a few perks, including early direct deposit, no monthly fee, free overdraft coverage, up to 15% cash back with select retailers and a generous direct deposit bonus.
You can also opt to receive up to $2 million in additional FDIC insurance by enrolling in SoFi’s Insured Deposit Program at no extra cost. All accounts are covered by the standard $250,000 of FDIC coverage otherwise.
- ATMs: 55,000 Allpoint ATMs
- Number of locations: N/A
- Mobile banking availability: Mobile and online banking services are available
Alliant Credit Union
- APY APY = Annual Percentage Yield.
- 0.25%
- Min. deposit to open
- $25
- Welcome bonus
- N/A
- Overdraft fees
- $0
Alliant’s 0.25% checking account APY is less impressive than some of the other banks on this list, but it’s much easier to earn. To qualify, you just need to sign up for e-statements and receive at least one direct deposit each month.
The account comes with free overdraft protection, but you’ll need an Alliant savings account to get it. Alliant also offers Courtesy Pay -- which covers checks, electronic payments and transfers beyond your overdraft protection -- with this account, plus up to $20 per month in non-network ATM fee reimbursements.
- ATMs: 80,000 surcharge-free ATMs
- Number of locations: N/A
- Mobile banking availability: Mobile banking app is available
- Membership: Open to current or former employees of Alliant’s US partner businesses.
Alliant’s 0.25% checking account APY is less impressive than some of the other banks on this list, but it’s much easier to earn. To qualify, you just need to sign up for e-statements and receive at least one direct deposit each month.
The account comes with free overdraft protection, but you’ll need an Alliant savings account to get it. Alliant also offers Courtesy Pay -- which covers checks, electronic payments and transfers beyond your overdraft protection -- with this account, plus up to $20 per month in non-network ATM fee reimbursements.
- ATMs: 80,000 surcharge-free ATMs
- Number of locations: N/A
- Mobile banking availability: Mobile banking app is available
- Membership: Open to current or former employees of Alliant’s US partner businesses.
- APY APY = Annual Percentage Yield.
- Up to 0.25%
- Min. deposit to open
- $0
- Welcome bonus
- N/A
- Overdraft fees
- $0
Ally’s spending account has perks such as early direct deposit and overdraft protection services. This account also comes with spending buckets to set aside money for ongoing expenses like rent and utilities. You can earn up to 0.25% APY on balances of $15,000 or more, and balances less than $15,000 earn 0.10% APY.
Ally offers a robust suite of digital services without charging any fees for minimum balances, overdrafts or official checks, and you’ll also enjoy $10 per month in ATM fee reimbursements.
- ATMs: 43,000 surcharge-free ATMs
- Number of locations: N/A
- Mobile banking availability: Mobile and online banking services are available
Ally’s spending account has perks such as early direct deposit and overdraft protection services. This account also comes with spending buckets to set aside money for ongoing expenses like rent and utilities. You can earn up to 0.25% APY on balances of $15,000 or more, and balances less than $15,000 earn 0.10% APY.
Ally offers a robust suite of digital services without charging any fees for minimum balances, overdrafts or official checks, and you’ll also enjoy $10 per month in ATM fee reimbursements.
- ATMs: 43,000 surcharge-free ATMs
- Number of locations: N/A
- Mobile banking availability: Mobile and online banking services are available
FNBO Direct
- APY APY = Annual Percentage Yield.
- 0.15%
- Min. deposit to open
- $1
- Welcome bonus
- N/A
- Overdraft fees
- $0
FNBO Direct’s online checking is a no-fee account with a few basic features. You’ll get automatic BillPay, free incoming wire transfers and mobile banking. And any balances over 1 cent are eligible to earn the 0.15% APY. However, if you use printed checks often, this may not be the best fit, since FNBO Direct no longer offers paper checks.
- ATMs: Worldwide access to more than 2 million ATMs, third party fees may apply
- Number of locations: N/A
- Mobile banking availability: Mobile and online banking services are available
FNBO Direct’s online checking is a no-fee account with a few basic features. You’ll get automatic BillPay, free incoming wire transfers and mobile banking. And any balances over 1 cent are eligible to earn the 0.15% APY. However, if you use printed checks often, this may not be the best fit, since FNBO Direct no longer offers paper checks.
- ATMs: Worldwide access to more than 2 million ATMs, third party fees may apply
- Number of locations: N/A
- Mobile banking availability: Mobile and online banking services are available
Capital One Bank
- APY APY = Annual Percentage Yield.
- 0.10%
- Min. deposit to open
- $0
- Welcome bonus
- N/A
- Overdraft fees
- $0
Capital One may be best known for its credit cards, but this big bank also offers a range of banking products. Its 360 Checking account doesn’t have a minimum deposit requirement or a monthly maintenance fee and there are no fees for overdraft protection. This account only offers 0.10% APY on all balances, but Capital One operates physical branches and Capital One Cafés in some states. We also like that you can also deposit cash to your account at any CVS location.
- ATMs: 70,000 fee-free ATMs
- Number of locations: 292 locations including nearly 30 Capital One Cafés
- Mobile banking availability: Mobile and online banking services are available
Capital One may be best known for its credit cards, but this big bank also offers a range of banking products. Its 360 Checking account doesn’t have a minimum deposit requirement or a monthly maintenance fee and there are no fees for overdraft protection. This account only offers 0.10% APY on all balances, but Capital One operates physical branches and Capital One Cafés in some states. We also like that you can also deposit cash to your account at any CVS location.
- ATMs: 70,000 fee-free ATMs
- Number of locations: 292 locations including nearly 30 Capital One Cafés
- Mobile banking availability: Mobile and online banking services are available
What is a free checking account?
Some checking accounts require a minimum deposit that you must maintain for a month or longer. If not, you’re charged a fee, said Bola Sokunbi, founder of Clever Girl Finance. “So you definitely want to look at free checking accounts that don’t have any fees associated with them. It can cost you a lot of money or you can save a lot of money.”
By law, if a bank or credit union advertises a checking account as “free,” you will never see any of the following fees on your statements:
- Minimum balance fees.
- Transaction or service fees.
- Monthly service fees.
- Withdrawal or transfer fees.
Do free checking accounts charge any other fees?
Opening a free checking account doesn’t necessarily get you off the hook for all fees. Financial institutions with free checking accounts may still charge for other services, though the amount will vary by bank and account type. Here are some common fees you should still look out for with free checking accounts:
- ATM fees.
- Overdraft fees.
- Bounced check fees.
- Balance inquiry fees.
- Account research fees.
- Stop payment fees.
- Wire transfer fees.
- Check printing fees.
How to choose a free checking account
Before you commit to a free checking account, consider the following questions:
Do you prefer in-person banking?
Some of the best free checking accounts are at online-only banks. Because they don’t have to maintain physical branches, online-only banks often pass on lower fees and higher APYs to customers. If you need in-person banking services, consider physical branches nearby or opening multiple checking accounts. Regardless, you should make sure you are comfortable with the bank’s customer service options to get help when you need it, Sokunbi said.
Do you prefer to keep all your finances under the same roof?
While you can certainly keep a checking account at one bank and have savings, investments and loans elsewhere, keeping all your finances with the same bank can be more convenient and rewarding. Some banks and credit unions also offer interest rate discounts on home and auto loans for existing customers.
Are there sign-up bonus offers?
Many banks offer new account bonuses as long as you meet the criteria. While earning a new account bonus can be a great incentive, we don’t recommend picking a bank solely based on a one-time offer. Instead, make sure the bank has the features, accounts and services you need to manage your money in the long term.
Do you need certain features?
Most checking accounts have standard features, such as direct deposit and check writing capabilities, Sokunbi said. But some checking accounts offer convenient services and features. For example, bill pay features to connect your utility accounts and schedule automated payments.
Pros and cons of a free checking account
A free account is usually worth it, but you might be skipping out on other features offered through accounts that charge fees. Make sure you’re considering the potential drawbacks before opening a free checking account. Here are a few common pros and cons:
Pros
No or low monthly maintenance fees
No or low minimum balance requirements
Interest-earning potential at some banks and credit unions
Sign-up bonuses may be available
Most come with free overdraft protection
Many offer early direct deposit
Low or no minimum deposit requirements
Cons
Most are at online banks, with no physical branch access
Some have additional requirements to earn a competitive APY
How to earn a competitive yield on a free checking account
Earning a competitive APY on a free checking account often requires you to meet certain qualifications. For example, Axos Bank offers up to 3.30% APY, but only if you can follow a somewhat convoluted path to hitting that top rate: 0.40% for direct deposit, 0.30% for debit card spending, 1.00% for having $2,500 in a managed portfolio account, 1.00% for having $2,500 in a self-directed trading account and 0.60% for making payments on a loan with the bank from your checking account.
Not all banks have as many requirements, but if you want to earn interest on your deposits, check out the details closely. If you are unsure, you can ask the bank’s customer service to confirm. Lastly, make sure to see if there is a specific balance amount to earn interest.
How to open a free checking account
You can typically open a free checking account online or in person in a matter of minutes. You’ll need to fill out an application with personal information, such as your full name, date of birth, Social Security number (or individual taxpayer identification number), mailing address, email address and phone number.
Once you open the account, you’ll need to deposit funds. Not every bank requires a minimum deposit, but this figure can range from $0 to $100 or more. The banks on our list don’t exceed a $50 minimum deposit requirement.
If your free checking account is with an online bank, you’ll need to fund your account by initiating a bank-to-bank transfer, mailing a cashier’s check or visiting an in-network ATM that takes cash deposits. Just keep in mind some online banks don’t allow cash deposits.
FAQs
To open a checking account with a US-based bank, you need:
- A Social Security number or Individual Taxpayer Identification Number
- Government-issued proof of identity and legal residency or citizenship such as a driver’s license, passport or state ID. The bank will also ask for basic contact information, like your phone number, email and physical address
- Where applicable, a minimum deposit
Free checking accounts vary in the minimum deposit required to open an account. In our list above, that ranges from $0 to $50. Each bank’s requirements can vary based on its business model and marketing efforts.
A checking account that requires a minimum balance -- the amount you must keep in the account to avoid service fees -- isn’t a free checking account.
Overdraft protection is a service offered by banks to cover the cost of transactions that exceed an account’s available balance. Banks can charge a monthly or per-transaction fee for this service.
Some banks that offer no-fee checking accounts will include overdraft protection at no additional cost by automatically transferring money from a linked savings account to cover the transaction. Others may waive one overdraft fee per year as an overdraft forgiveness service.
An overdraft protection service can be valuable as the average overdraft fee of around $35 per transaction, according to the FDIC, can quickly add up.
When opening any account, review the account disclosures completely to understand the terms and conditions associated with the new account. Sticking with accounts advertised as free checking accounts will help you avoid taking on unknown fees.
Free checking accounts may charge fees for services such as official check writing. This will all be listed in the account disclosures. If you’re in doubt, schedule a call with your customer service representative or personal banker to review all potential fees you may incur.
Methodology
CNET reviewed checking accounts based on the latest APY information, fees charged and services offered from issuer websites. We evaluated checking accounts from among more than 50 banks, credit unions and financial companies. We selected the accounts that were no-fee checking with the highest APY and were insured up to $250,000 from among the organizations we surveyed.
The banks, credit unions and neobanks we reviewed include: Alliant Credit Union, Ally Bank, America First Credit Union, American Express National Bank, Axos Bank, Bank of America, Bank of the West, Bank5 Connect, Barclays, BMO Harris, Bread Savings, BrioDirect, Capital One, CFG Community Bank, Citizens Access, Colorado Federal Savings Bank, Connexus Credit Union, Consumers Credit Union, Credit One Bank, Discover Bank, First Internet Bank of Indiana, First Tech Federal Credit Union, FNBO Direct, GO2bank, Golden 1 Credit Union, HSBC Bank, Huntington Bank, Lake Michigan Credit Union, LendingClub Bank, Live Oak Bank, M&T Bank, Marcus by Goldman Sachs, Merrick Bank, Nationwide (by Axos), Navy Federal Credit Union, NBKC, OneUnited Bank, Pentagon Federal Credit Union, PNC, Popular Direct, PurePoint Financial, Quontic Bank, Rising Bank, Salem Five Direct, Sallie Mae Bank, Santander Bank, SchoolsFirst Federal Credit Union, Synchrony Bank, TAB Bank, TD Bank, TIAA Bank, Truist Bank, U.S. Bank, UFB Direct, Union Bank, USAA Bank, Vio Bank and Wells Fargo.
The editorial content on this page is based solely on objective, independent assessments by our writers and is not influenced by advertising or partnerships. It has not been provided or commissioned by any third party. However, we may receive compensation when you click on links to products or services offered by our partners.
