Some advertisements and offers on this page are from advertisers who pay us. That may influence which products we write about, but it does not affect what we write about them. Here's an explanation of how we make money and our Advertiser Disclosure.
Checking accounts offer a safe place to store your money and provide easy access to funds for daily transactions. However, not all checking accounts offer the same benefits. In fact, choosing the wrong checking account could result in excessive fees that eat into your balance.
The good news: There are plenty of free checking account options that you can take advantage of without sacrificing any of your “must-haves” when it comes to banking.
Our team compared more than 20 of the best checking accounts belonging to member-FDIC or NCUA-insured financial institutions that don’t charge monthly fees or require a minimum opening deposit. We examined key metrics, including monthly checking account fees, overdraft fees, ATM reimbursements, rewards, bonuses, and more, to identify the 10 best accounts available today. (Click here for the full methodology.)
Interest rates, fees, and requirements are accurate as of the publish date. Please verify account details directly with the financial institution.
Ally Spending Account
Best all-around checking account
Account details:
-
Monthly fee: $0
-
Overdraft fee: $0
-
Annual percentage yield (APY): 0.10%
Ally Bank is an online bank headquartered in Utah that offers a range of personal banking and retirement products, as well as lending and investment services.
The Ally Spending Account ranks as one of the best free checking accounts thanks to its zero minimum deposit requirements, no monthly fees or overdraft fees, and ability to earn interest. Further, account holders have access to more than 43,000 no-fee ATMs and up to $10 per statement cycle in ATM reimbursements for fees charged by third-party ATMs nationwide. Ally also offers 24/7 customer support via telephone and chat.
Read our full Ally Bank review
SoFi Online Checking Account
Best for a generous bonus
Account details:
-
Monthly fee: $0
-
Overdraft fee: $0
-
Annual percentage yield (APY): 0.50%
Founded in 2011, SoFi provides products and services to more than 6.9 million customers. Its products include loans, investing products, personal bank accounts, insurance products, and more.
One of the top factors that put SoFi’s Online Checking account on our list was its competitive interest rate. Offering 0.50% APY, this rate is more than seven times the national average for interest-bearing checking accounts, according to the FDIC. Note that SoFi’s checking account also comes with a high-yield savings account that earns up to 4.00% APY (these accounts are bundled and can’t be opened separately). If your goal is to give your savings balance a boost, this checking and savings combo can help you do just that.
SoFi’s checking account has no monthly fees or minimum balance requirements. It also covers up to $50 in overdrafts fee-free for account holders who have direct deposit and a balance of at least $1,000. SoFi offers easy access to your funds with a network of more than 55,000 fee-free ATMs. Those who enroll in direct deposit can get paid up to two days early and potentially qualify for a welcome bonus of up to $300.
Connexus Credit Union Xtraordinary Checking Account
Best for those who prefer a credit union
Account details:
-
Monthly fee: $0
-
Overdraft fee: $4 per item, maximum of 2 fees per account, per day
-
Annual percentage yield (APY): 1.75%
Connexus Credit Union serves more than 460,000 members across the nation, offering deposit products, personal loans, home loans, auto loans, and more.
The Connexus Xtraordinary Checking Account made our list because it has one of the highest rates available with no minimum opening deposit or minimum balance required to earn dividends. There are, however, other requirements to get this competitive rate: You must enroll in eStatements and either make a minimum of 15 debit card purchases or $400 in net spend purchases using your debit card. This rate applies to balances below $25,000; balances exceeding that threshold earn 0.25% APY when qualifications are met.
This account provides access to a network of more than 67,000 fee-free ATMs. Account holders can also get up to $25 in monthly rebates for third-party ATM surcharges. Overdraft transfers are free with linked accounts.
Since Connexus is a credit union, you must join in order to open an account. This can be done by joining the Connexus Association through a one-time $5 donation. You may be eligible to join without a donation if you meet certain criteria.
Read our full Connexus Credit Union review
Capital One 360 Checking Account
Best for a robust mobile experience
Account details:
-
Monthly fee: $0
-
Overdraft fee: $0
-
Annual percentage yield (APY): 0.10%
Capital One has a history that stretches back more than 25 years as a credit card company. It has since expanded to offer customers a full suite of online banking products and services.
The Capital One 360 Checking Account doesn’t charge any fees to open or maintain your checking account. It also comes with fee-free overdraft protection options, early direct deposit, and access to more than 70,000 fee-free ATMs. What sets this account apart from others on our list is its mobile app experience.
The Capital One app had one of the highest average mobile app ratings across the board, offering users a 24/7 mobile banking experience complete with mobile check deposit, instant alerts, card locking capabilities, and more.
Read our full Capital One review
NBKC Everything Account
Best for earning interest
Account details:
-
Monthly fee: $0
-
Overdraft fee: $0
-
Annual percentage yield (APY): 1.75%
NBKC is a Kansas-based online bank that offers online mortgage lending and consumer banking products. NBKC provides products and services to individual and business customers.
NBKC’s Everything Account made our list because it offers a highly competitive rate of 1.75% APY, no minimum balance requirement or cap on earnings, plus the added convenience of a combination checking and savings account. With NBKC, customers have access to a network of more than 37,000 fee-free ATMs and up to $12 per month in fee reimbursements for out-of-network ATMs.
Read our full NBKC Bank review
Axos Bank Essential Checking Account
Best for ATM access
Account details:
-
Monthly fee: $0
-
Overdraft fee: $0
-
Annual percentage yield (APY): Does not earn interest
Founded in 2000, Axos Bank is a digital bank offering banking, lending, and investment products for individuals and businesses.
The Essential Checking Account from Axos comes with all of the must-haves of a standard checking account without any extra fees. Customers are not subject to any monthly maintenance fees, non-sufficient funds fees, or overdraft fees. Another major perk: this account offers direct deposit express, allowing you to get paid up to two days earlier than your scheduled payday.
Axos also offers access to more than 90,000 fee-free ATMs across the nation and unlimited ATM fee reimbursements for out-of-network ATMs.
Read our full Axos Bank review
American Express Rewards Checking Account
Best for Amex cardholders
Account details:
-
Monthly fee: $0
-
Overdraft fee: $0
-
Annual percentage yield (APY): 1.00%
American Express is typically associated with credit cards, but this online bank has plenty more to offer. Its products and services include personal savings and checking accounts, loans, investment management, and business accounts and lines of credit.
The American Express Rewards Checking account secured a spot on our list for its competitive 1.00% APY and rewards structure. Not only do account holders have the opportunity to earn interest on their checking account balance, they can also earn rewards points on qualifying debit card purchases. With Amex Rewards Checking, you can earn 1 Membership Rewards point for each $2 of eligible debit card purchases. Points can be redeemed for deposits into your Amex Rewards Checking account, with no cap on how many points you can earn.
Note that Amex is currently accepting applications from existing card members with a U.S. Basic Consumer Card issued by American Express National Bank with 3+ months tenure.
Read our full American Express National Bank review
FNBO Premier Checking Account
Best for consumers with a bigger checking account balance
The details:
-
Monthly fee: $0
-
Overdraft fee: $0
-
APY: 0.02%
FNBO Direct is an online division of First National Bank of Omaha. It offers checking and savings accounts, credit cards, CDs, and IRA accounts.
FNBO’s Premier Checking Account can be opened for free with no monthly service fee if you meet an average daily balance of $15,000 in your checking account and/or related deposit accounts.
FNBO Direct does not have any physical locations, which could be a drawback for customers who like the option of visiting a branch, but it does offer access to a network of more than 55,000 ATMs and customer support via telephone, secure messaging, and social media.
Discover Bank Checking Account
Best for earning cash back
Account details:
-
Monthly fee: $0
-
Overdraft fee: $0
-
Annual percentage yield (APY): Does not earn interest
Discover Bank is an online bank that first launched nationally in 1986 with the Discover Card. Since its founding, Discover has expanded to offer a variety of personal and business banking products.
Discover’s free checking account made our list for its lack of fees and cash-back rewards system. There are no monthly fees associated with this account, no insufficient funds fees, and no minimum balance or activity requirements. Account holders can earn 1% cash back on their debit card purchases, up to $3,000 each month. This account also comes with early direct deposit and access to more than 60,000 fee-free ATMs.
Read our full review of Discover Bank
Connexus Simply Free Checking Account
Best for no-frills checking
Account details:
-
Monthly fee: $0
-
Overdraft fee: Overdraft fee: $4 per item, maximum of 2 fees per account, per day
-
Annual percentage yield (APY): Does not earn interest
You’re not seeing double — Connexus Credit Union made our list twice. The final spot on our list goes to the Connexus Simply Free Checking Account.
This is a scaled-down account compared to the Xtraordinary checking account. For customers looking for a basic fee-free account, this may be a good fit. It doesn’t earn interest, but it’s free to open with no monthly fees or minimum balance requirements. It also offers free overdraft transfers and access to more than 67,000 surcharge-free ATMs.
Read more: How to open an online checking account
How do I choose the best free checking account?
There are several factors to consider when choosing a checking account to hold your everyday funds.
-
Account fees: Many banks and credit unions charge monthly fees for account maintenance. Often, these fees can be waived if you meet certain daily balance requirements. However, if you don’t meet these requirements, fees can eat into your account balance each month. This is why it’s important to read your account terms and conditions carefully to avoid surprise fees and ensure you meet the requirements to get fees waived.
-
ATM access and reimbursements: If you frequently pay for goods and services in cash, easy ATM access is a key feature to look for in a checking account. A fee-free network ensures you avoid extra fees each time you make a withdrawal — bonus points if your bank allows you to avoid ATM fees by reimbursing charges from out-of-network ATMs.
-
Access to physical branches/customer service representatives: Being able to speak with a customer service representative can make all the difference if you prefer to resolve banking issues or have your questions answered by a human in a timely manner. Otherwise, you may need to rely on a chatbot or automated calling. This isn’t always a drawback if you typically don’t require much help with your checking account. But if it’s a must-have, check each bank or credit union’s customer service options, hours, and branch locations near you.
-
Minimum balance to earn interest: If the checking account you’re considering is an interest-bearing account, check your account disclosure to determine if there is a minimum balance needed to earn the advertised rate. You may decide that an account with a high minimum balance requirement isn’t a good fit.
How to open a free checking account
Opening a checking account is fairly simple and can often be done online. The exact process may vary depending on the financial institution, but in general, you can expect to follow these steps:
-
Choose a bank or credit union: Most traditional banks, credit unions, and online banks offer checking accounts. However, the account fees, interest rates, and other perks will vary. Before selecting an account, read the terms and conditions of the accounts you’re considering to determine whether they meet your needs.
-
Gather necessary documents: When you open a bank account, you’ll be required to submit documentation. This may include your Social Security number, driver’s license, or other government-issued identification, and a copy of a recent bill to verify your identity and address.
-
Fill out an application: The application for a checking account will ask you for personal information such as your name, address, date of birth, annual income, and more. This is also the point at which you may be asked to provide copies of documents that show your personally identifiable information.
-
Fund your checking account: Once your account is opened, the final step is to fund it. While many financial institutions do not require a minimum deposit to open, some of them do have rules in place that require you to fund your account within a certain amount of time to avoid an account closure.
Read more: How to open a checking account
Free checking account frequently asked questions
What is a free checking account?
A free checking account is a type of checking account that doesn't charge monthly account maintenance fees. These accounts are designed to offer essential banking services, such as deposits, withdrawals, and electronic transfers, without the burden of regular costs, making them attractive for everyday financial management.
What is the best free checking account for online banking?
The best free checking accounts tend to be offered by online banks and credit unions. That's because they have much lower overhead costs and can pass those savings on to customers through higher interest rates, lower fees, and better account perks. In fact, all of the free checking accounts in our top 10 list are online accounts.
Does my free checking account come with a debit card?
In most cases, free checking accounts come with a debit card that allows you to make purchases and withdraw cash at ATMs.
Can a free checking account earn interest?
Some free checking accounts do earn interest. However, not all free checking accounts are interest-bearing accounts, and those that are may have rates that are lower compared to savings accounts or money market accounts.
Do free accounts offer overdraft protection?
Many free checking accounts offer overdraft protection as an optional service. Overdraft protection can help prevent overdrafts or your transactions being declined if your balance is too low. Keep in mind, however, that fees may apply if you opt into the service.
What are the requirements to open a free checking account?
The exact requirements to open a free checking account vary by bank. Typically, however, you'll need to provide personal identification such as a driver's license or passport, a Social Security number, and if required, a minimum opening deposit. Some banks may also require proof of address.
Read more: What do you need to open a bank account?
Are there any free checking accounts with unlimited transactions?
Yes, there are free checking accounts that offer unlimited transactions without additional fees. These accounts are common among online banks.
Can I open a checking account online without depositing any money?
Yes — in many cases, you can open a checking account online or in person without making an opening deposit. This is not the case for all checking accounts, so be sure to check with your financial institution to ask about the requirements for opening a checking account.
How much money should you keep in a checking account?
There’s no exact amount of money you should keep in your checking account. Your balance will depend on your monthly and recurring expenses, income, minimum balance requirements imposed by your bank, and more. In general, it’s a good idea to keep some funds on deposit at all times as a buffer for pending transactions so you don’t accidentally overdraft.
What is the average minimum opening deposit for a checking account?
Typically, the average minimum opening deposit for a checking account ranges between $25 and $100.
Read more: Checking account minimum balance by bank
Best free checking accounts methodology
Our grading system, collected and carefully reviewed by our personal finance experts, comprised nearly 300 data points for over 20 FDIC- and NCUA-insured checking accounts to develop our list of the top 10 free checking accounts. We define “free” as accounts that are free to open; they do not require a minimum opening deposit to get started. These accounts may still impose other types of fees.
We evaluated these accounts according to several key metrics, including monthly fees, ATM network size and fee reimbursement options, overdraft fees and overdraft protection services, APY, rewards or cashback, early direct deposit, account bonuses, mobile app rating, and customer service contact methods.
The checking accounts on our list could earn a maximum of 30 points across all metrics. Here’s a closer look at the categories we considered:
-
Monthly fees: Many checking accounts come with monthly service fees that can eat into your account balance. We rewarded accounts that had zero monthly maintenance fees with the maximum number of points for that category.
-
ATM network, size, and fee reimbursement: Checking accounts that offered expansive and free ATM networks and/or ATM reimbursement for the use of out-of-network ATMs ranked favorably.
-
Overdraft fees and protections: Overdrafts can happen if you’re not closely monitoring your account balance. Luckily, many financial institutions don’t charge fees for overdrafts or offer a safety net in the form of overdraft protection. Checking accounts with zero or lower overdraft fees and overdraft protection services earned more points than checking accounts that don’t.
-
APY and minimum balance to earn interest: We rewarded interest-bearing checking accounts with extra points, as well as those that earn interest and have a lower or zero minimum balance requirement to earn interest.
-
Rewards, cashback, and bonuses: The checking accounts on our list earn extra points for offering any type of rewards (such as cash back on debit card purchases) or promotional bonuses for new accounts. Promotional bonuses are subject to change, but we awarded points for active bonuses at the time of publication.
-
Early direct deposit: Early direct deposit gives bank or credit union customers the ability to access their paychecks earlier than their scheduled payday. We rewarded checking accounts that come with this perk.
-
Mobile app rating: Checking accounts with a more favorable average mobile app rating on the Apple and Google storefronts scored more points than those that did not.
-
Customer service contact methods: We rewarded checking accounts belonging to financial institutions with various customer service contact methods, such as phone, email, and chat.
