Best free checking accounts in April 2024
Published 12:28 PM EDT, Fri March 22, 2024
Not all checking accounts are created equal. Between monthly maintenance, overdrafts and ATM usage, it’s entirely possible for hidden bank fees to add up to the hundreds in no time. But why put up with all those fees when plenty of free checking accounts are available?
We’ve analyzed dozens of bank accounts to find the best free checking accounts with no monthly service fees. We also broke down additional fees, rewards, quality of service and much more.
We receive compensation from our partners for Featured Offer placements, which impacts how and where their offer is displayed.
$300 bonus when you open a new Chase Total Checking account and set up direct deposits totaling $500 or more within 90 days of account opening.
$12 monthly service fee or $0 with one of the following qualifying activities each monthly statement period: Post a total of $500 in direct deposits or other payments into the account, including your debit card, Keep a balance at the beginning of each day of $1,500 or more in this account, or Maintain an average beginning day balance of $5,000 or more across your qualifying Chase deposit accounts.
Methodology
Our team of experts analyzed hundreds of data points and then used data-driven methodology and thorough fact-checking to come up with the best free checking accounts. We heavily emphasized fees, access and minimums. You can read more about our methodology below.
-
SoFi Online Bank Account
: Best for sign-up bonus
-
Axos Bank Rewards Checking
: Best for high APY
-
Capital One 360 Checking
: Best for physical branches
-
Alliant Credit Union High-Rate Checking
: Best for debit card fraud protection
-
NBKC The nbkc Everything Account
: Best for combined account
-
Discover Bank Checking Account
: Best for cash back
-
American Express National Bank Rewards Checking
: Best for debit card rewards
-
Ally Bank Spending Account
: Best for overdraft protection options
-
LendingClub Bank Rewards Checking
: Best for Trustpilot ratings
-
Bethpage Federal Credit Union Free Checking Account
: Best for those who want a credit union
SoFi Online Bank Account
Best for sign-up bonus
Not only does SoFi not charge checking account holders a monthly service fee, but it has also eliminated ATM fees, overdraft fees and balance minimums. The SoFi account is a combined account, meaning when you sign up for a checking account, you also get a savings account. You’ll earn 4.60% APY on savings balances and 0.50% APY on checking balances.
Lorem ipsum
New customers who sign up for a checking account with SoFi can earn a welcome bonus of up to $300. However, you should note that the full bonus amount only applies to accounts that receive at least $5,000 in direct deposits during the first 25 days. If the direct deposit amount falls in the range of $1,000 to $4,999, the bonus amount drops to $50.
- Excellent Trustpilot reviews
- No fees for overdrafts or ATM usage
- Offers up to a $300 bonus when you set up direct deposit
- No physical branches
- No standalone checking or savings account options
- Some high-yield checking accounts have a higher APY
SoFi is a good fit for tech-savvy bankers who want their checking account to accumulate interest with little to no management.
Axos Bank Rewards Checking
Best for high APY
Axos Bank’s checking account offer of up to 3.30% APY and a sign-up bonus of up to $300 almost sounds too good to be true, but it might not be if you have enough funds to invest. The bank’s sliding APY increases returns incrementally for each qualification met, such as enrolling in direct deposit and using your debit card at least ten times per month.
Lorem ipsum
To qualify for the maximum rewards, you’ll need to deposit at least $5,000 in Axos Bank investment accounts and receive a minimum of $5,000 in direct deposits per month for each of the first seven months. But if you can meet all these terms, the rewards could far exceed what you’d get from any other bank.
- Offers various rewards and bonuses on a sliding scale
- Earn an APY of up to 3.30%
- No overdraft fees
- $300 sign-up bonus requires direct deposit of at least $5,000
- No physical branches
- $50 minimum opening deposit
Intermediate and advanced investors willing to move a few thousand dollars into Axos Bank accounts can simultaneously take advantage of competitive checking rates.
Capital One 360 Checking
Best for physical branches
With over 750 branches, Capital One 360 has one of the best physical presences of any bank on our list of the best free checking accounts. Customers can choose between online and in-person service, and the bank’s smartphone app gets some of the highest ratings among competitors.
Lorem ipsum
Capital One 360 checking account customers also have access to a network of more than 70,000 fee-free ATMs. Cash deposits can be made conveniently at any in-network ATM, CVS or Walgreens.
- Operates physical branches
- Wide network of ATMs
- Easy to deposit cash
- Low Trustpilot ratings
- Low APY
- $5,000 daily limit for all purchases and withdrawals
If in-person banking is a requirement, you might want to consider opening a Capital One 360 checking account, particularly if you often get paid or tipped in cash.
Alliant Credit Union High-Rate Checking
Best for debit card fraud protection
Debit cards have a reputation for providing poor fraud protection, but the debit card that comes with Alliant Credit Union’s checking account offers $0 liability for unauthorized charges.
Lorem ipsum
Alliant Credit Union’s free checking account also offers decent returns for a checking account at 0.25% APY, which is automatically applied with no monthly requirements. There are no overdraft fees and the bank will cover up to $20 in out-of-network ATM fees per month.
- 0.25% APY without conditions
- Options for minors
- Great fraud protection
- Low Trustpilot ratings
- Only reimburses $20 per month in ATM fees
- No physical locations
Alliant Credit Union is a safe and secure option for those who use debit cards often and are worried about fraud.
NBKC The nbkc Everything Account
Best for combined account
NBKC’s Everything Account combines checking and savings in one free account. In addition to the absence of fees, all funds kept in the account earn a 1.75% APY by default, without any contingencies.
Lorem ipsum
Aside from its attractive personal checking account, NBKC also offers free checking accounts to businesses. These accounts enjoy most of the same benefits, including no minimum balance or overdraft fees.
- Earns a 1.75% APY with no monthly requirements
- Great Trustpilot ratings
- Offers free business checking accounts
- No option to divide checking and savings accounts
- No physical locations outside of Kansas City area
- Mobile app reviews are only OK
NBKC is a great combined checking and savings account for freelancers and entrepreneurs, particularly those looking for a free business checking account.
Discover Bank Checking Account
Best for cash back
Discover Bank does much more than eliminate fees from its checking account. The bank also rewards account owners with 1% cash back on debit card purchases up to $3,000 per month, for total potential rewards of $30 per month or $360 per year.
Lorem ipsum
The bank also offers a few interesting services unique to the industry, such as an online privacy protection service that helps remove you from people finder websites at no additional charge. Hard-working families may find peace of mind from the ability to access direct deposit funds up to two days early in a pinch.
- Get 1% cash back on up to $3,000 in monthly purchases
- Access direct deposit funds up to two days early
- Free online privacy protection
- Doesn’t offer ATM fee reimbursement
- No in-person service
- Cash can only be deposited at Walmart
Discover Bank is a good option for families with a modest budget, offering cash back and advance access to direct deposit funds.
American Express National Bank Rewards Checking
Best for debit card rewards
Online checking accounts from American Express boast several different types of attractive rewards. Funds kept in the account earn a respectable 1.00% APY, and debit card purchases accumulate rewards points that can be redeemed through the American Express portal or applied towards a statement credit.
Lorem ipsum
As with all American Express accounts, checking customers can get in touch with a customer service representative 24 hours per day, seven days per week. Chat support is also available.
- Earns an APY of 1.00% with no requirements
- Additional points earned on debit card purchases
- 24-hour customer service
- Low Trustpilot ratings
- No physical branches
- Limited ATM network
Existing American Express customers may find that the bank’s online checking account blends seamlessly with their credit card accounts.
Ally Bank Spending Account
Best for overdraft protection options
Ally Bank’s free checking account provides extra security and peace of mind with some of its account features. Account holders can choose between two different overdraft protection options, neither of which incur fees. If you link your Ally savings or money market account, Ally will transfer your funds from those accounts if you overdraft.
Lorem ipsum
Funds received by direct deposit may also be made available as early as two days in advance.
Lorem ipsum
Funds kept in an Ally Bank checking account can earn up to 0.25% APY, but there’s one requirement: the account must be kept at a minimum balance of at least $15,000. If the balance drops below this benchmark, an APY of 0.10% still applies.
- APY up to 0.25%
- Offers multiple free options for overdraft protection
- Direct deposit funds made available up to two days in advance
- Low Trustpilot ratings
- APY drops to 0.10% for balances under $15,000
- Out-of-network ATM fee reimbursement limited to $10 per month
Checking accounts from Ally Bank will be most attractive to customers who can meet the $15,000 minimum deposit requirement to qualify for a return of 0.25% APY. It’s also a strong option if accidental overdrafts are a possibility and you’d like extra protection.
LendingClub Bank Rewards Checking
Best for Trustpilot ratings
LendingClub rewards its checking account customers in multiple ways. Funds kept in the account earn an APY of 0.15% as long as the balance stays above $100,000. You can earn a slightly lower 0.10% APY, as long as your balance is at least $2,500. Debit card purchases also collect 1% cash back, but again, this is contingent upon either an average monthly balance of $2,500 or direct deposits totaling the same amount.
Lorem ipsum
With an average Trustpilot rating of 4.6, LendingClub is tied for the highest ratings on our list.
Lorem ipsum
While LendingClub operates a network of 37,000 ATMs, the bank will still reimburse all out-of-network ATM fees.
- Earn 1% unlimited cash back plus up to 0.15% APY
- Reimburses all ATM fees
- Excellent Trustpilot ratings
- 0.15% APY contingent upon a minimum balance of $100,000
- Cash back rewards have complex requirements
- Google Play ratings aren’t great
If you’re in search of a free checking account with cash back incentives, LendingClub is the best choice.
Bethpage Federal Credit Union Free Checking Account
Best for those who want a credit union
With Bethpage Federal Credit Union, you can take your pick between opening an account online or in person at one of 5,000 nationwide shared branches, both of which receive excellent reviews for quality of service from existing customers.
Lorem ipsum
Like most of the other free checking accounts we selected, Bethpage Federal Credit Union doesn’t charge any monthly maintenance fees or enforce a minimum balance. However, keep an eye out for overdraft and insufficient fund fees, which are $30 each, the highest of any account on our list.
Lorem ipsum
Everyone is eligible to join Bethpage Federal Credit Union by opening a savings account with $5.
- In-person banking is available at over 5,000 shared branches
- Good Trustpilot ratings
- Strong mobile app ratings
- High fees for overdrafts and insufficient funds
- Doesn’t cover out-of-network ATM fees
- Must open a savings account to become a member
Anyone looking for a free checking account option from a credit union might find that Bethpage Federal Credit Union meets their needs.
Our picks at a glance
| Minimum opening deposit | Overdraft fee | APY | |
|---|---|---|---|
SoFi Online Bank Account
| $0
| $0
| 0.50%
|
Axos Bank Rewards Checking
| $50
| $0
| 3.30%
|
Capital One 360 Checking
| $0
| $0
| 0.10%
|
Alliant Credit Union High-Rate Checking
| $25
| $0
| 0.25%
|
NBCK The nbkc Everything Account
| $0
| $0
| 1.75%
|
Discover Bank Checking Account
| $0
| $0
| 0.00%
|
American Express National Bank Rewards Checking
| $0
| $0
| 1.00%
|
Ally Bank Spending Account
| $0
| $0
| 0.25%
|
LendingClub Bank Rewards Checking
| $25
| $0
| 0.15%
|
Bethpage Federal Credit Union Free Checking Account
| $0
| $30
| 0.40%
|
Why get a free checking account?
- Send and receive money: A free checking account is the best way to get paid, send money and pay bills without additional charges.
- Avoid fees: Why pay for something you can have for free? Even nominal checking account maintenance fees can add up over time.
- Earn rewards: Many free checking accounts offer returns in the form of cash back and interest.
What is a free checking account?
A free checking account is a checking account that does not charge any monthly maintenance or service fees. Account holders may still be responsible for paying overdraft fees, ATM fees and other fees.
Common checking account fees
- Monthly maintenance or service fees
- ATM fees
- Overdraft fees
- Low balance fees
- Bounced check fees
- Paperwork fees
- Lost debit card fees
Pros and cons of free checking accounts
| Pros | Cons |
|---|---|
No monthly charge simply for keeping your money in an account
| Can still incur other types of fees
|
Many waive additional fees, such as overdraft fees
| Tend to offer less competitive incentives such as cash back
|
Often have a $0 balance minimum
|
How to choose the best free checking account
- Check for hidden fees: Just because a checking account doesn’t charge a monthly service fee doesn’t mean the bank won’t charge fees for other purposes.
- Choose between online and in-person banking: If getting help face-to-face is important to you, consider checking account options at banks and credit unions with branches near you.
- Compare additional rewards: Some free checking accounts offer incentives like a sign-up bonus, interest earnings and cash back, although they may be subject to ongoing requirements.
Are free checking accounts worth it?
If your only goal is to keep your hard-earned money somewhere safe, a free checking account is absolutely worth it. However, if you have a high monthly budget for groceries and other expenses, a cash back account with a nominal monthly fee may end up earning you better returns overall.
Methodology
CNN Underscored Money analyzed more than 30 checking accounts from more than 30 financial institutions to come up with the rankings for the best free checking accounts. This included accounts from a mix of traditional banks, online banks and credit unions that are available nationally. We ranked each account on 15 data points across six categories.
Here are the categories we analyzed and how we weighted each:
Fees (30%)
Even on checking accounts without monthly maintenance fees, fees are a critical factor to consider with your checking account because they can quickly eat away at your money. We analyzed overdraft fees, NSF fees and 3rd party ATM fees.
Minimums (25%)
Minimums affect how flexible your checking account is which accounts you’re able to access. We analyzed minimum balances to avoid fees, minimum opening deposits and minimum balances to earn interest.
Access (20%)
Because you’ll likely be making frequent transactions with your checking account, access is important. We analyzed both branch and ATM locations.
Customer experience (10%)
It’s important to have a bank that’s trustworthy and easy to reach when you need help.
Digital experience (10%)
You’ll want a bank with a usable app and plenty of online features so that it’s easy to bank from anywhere.
APY (5%)
APY is not a critical factor for checking accounts, but some accounts do offer APY comparable to savings accounts, which will help your money grow.
We also considered other factors like online features and sign-up bonuses.
Frequently asked questions (FAQs)
Every bank’s checking account offers a different rate. To make sure you’re getting the best possible returns, compare rates at other banks when shopping for an account and from time to time as the market changes.
Required documents to open a checking account vary by bank, but the bare minimum you’ll be asked for is a government ID and social security card. Ask your bank if additional documentation is necessary.
Banks make up for free checking accounts by charging other types of fees, such as overdraft fees, ATM fees, and fees for printing checks and statements.
Online banks use security measures such as data encryption, two-factor authentication and automatic fraud detection to keep your account safe.
If you have a poor banking history, your application for a free checking account may be denied. In this case, you can look into second-chance banking.
Editorial Disclaimer: Opinions expressed here are the author's alone, not those of any bank, credit card issuer, airlines, hotel chain, or other commercial entity and have not been reviewed, approved or otherwise endorsed by any of such entities.
This content is for educational purposes only and is not intended and should not be understood to constitute financial, investment, insurance or legal advice. All individuals are encouraged to seek advice from a qualified financial professional before making any financial, insurance or investment decisions.
Note: While the offers mentioned above are accurate at the time of publication, they're subject to change at any time and may have changed or may no longer be available.
