To help you find banking options that fit your needs, we at the MarketWatch Guides team researched over 65 of the best free checking accounts to determine our top five picks. Read more about our methodology.
These financial institutions are great if you’re looking for a checking account with no monthly maintenance fee, a large ATM network and perks such as sign-on bonuses. While our top choices don’t have monthly account fees, they may have other costs, so read the fine print. Below, we’ll tell you about our picks and share tips on picking a checking account and using it to maximize your money.
The listings that appear are from companies from which this website may receive compensation, which may impact how, where and in what order products appear. Not all companies, products or offers were reviewed in connection with this listing.
Unfortunately, we didn’t find any offers for you.
Learn more about our top rated checking accounts.
Best Free Checking Accounts of January 2025
After researching 65 banks and credit unions we at the MarketWatch Guides team rated these 5 as our picks for the best checking accounts with no fees:
In our recent MarketWatch Guides consumer banking survey, 24% of bank customers said they pay a monthly maintenance fee for their checking account. These fees can add up quickly, costing account owners hundreds of dollars per year.
To bring you the best fee-free checking options, we compared offerings from 65 of the most popular banks and credit unions. We reviewed over a dozen features for each account, including these:
- Rewards and cash-back programs
- The ability to earn interest
- Access to Zelle
- Access to a free ATM network
- Early direct deposit
Our five picks for the best free checking accounts are all from online banks. While many traditional financial institutions offer checking accounts with low monthly maintenance fees (or the chance to have those charges waived if you meet certain requirements) the accounts on our list simply don’t have monthly fees.
Top Free Checking Accounts Reviewed
The listings that appear are from companies from which this website may receive compensation, which may impact how, where and in what order products appear. Not all companies, products or offers were reviewed in connection with this listing.
Discover
Best for Large ATM Network
Varo Bank
Best for Mobile App Experience
SoFi
Best for Cash-Back Incentives
Ally
Best for Customer Experience
Axos
Best Sign-Up Bonus
The Best Free Checking Accounts Compared
The listings that appear are from companies from which this website may receive compensation, which may impact how, where and in what order products appear. Not all companies, products or offers were reviewed in connection with this listing.
|
What Stands Out
Pays 0.50% APY on your checking balance
APY*
0.50%
In-Network ATMs
55,000
Sign Up Bonus
$50-$300 direct deposit bonus
Debit Card Rewards
Up to 15% cash back rewards from local retailers
|
|
What Stands Out
1% cash back debit card purchases
APY*
0%
In-Network ATMs
60,000
Sign Up Bonus
None
Debit Card Rewards
1% cash-back rewards up to $3K
|
|
What Stands Out
Referral bonus and up to $50 cash back per month on debit card purchases
APY*
0%
In-Network ATMs
40,000
Sign Up Bonus
$30 referral bonus
Debit Card Rewards
6% cash back up to $50 per month
|
|
What Stands Out
Pays up to 0.25% APY and has budgeting tools
APY*
0.10% or 0.25%**
In-Network ATMs
43,000
Sign Up Bonus
None
Debit Card Rewards
None
|
|
What Stands Out
Bonus up to $300 with qualifying direct deposit, plus unlimited ATM fee reimbursements
APY*
0.10% to 3.30% with qualifying investment accounts
In-Network ATMs
91,000
Sign Up Bonus
Up to $300 with qualifying direct deposits
Debit Card Rewards
Up to 1.00% cash back on all transactions that require a signature.
|
*Annual Percentage Yield (APY) accurate as of November 15, 2024
**0.10% for balances below $15,000 or 0.25% for balances of $15,000 or more
Checking Account Fees
Monthly service fees for normal checking accounts can range from $10 for basic accounts to $25 for premium accounts. Along with not having this fee, a free checking account shouldn’t restrict everyday transactions or charge money for them. However, your account may not be completely free due to these potential charges:
- Dormant-account fees: Some banks charge between $5 and $20 if you don’t use your account within a certain amount of time.
- Stop-payment fees: These charges are typically around $30.
- Overdraft and non-sufficient funds fees: While new federal regulations about overdraft fees have been proposed, some banks typically charge between $30 and $35.
- Check-printing fees: Checks have a cost to print, so many banks charge you for them. Costs vary depending on what type of checks you order.
- Foreign-transaction fees: If you’re outside of the country, some banks charge up to 3% of the transaction if you use your debit card.
- Out-of-network ATM fees: Many banks charge around $2 if you use an out-of-network ATM, in addition to what the ATM owner charges.
- Outgoing wire transfer fees: These can be as high as $50, depending on where you’re wiring money.
- Expedited delivery: If you lose your debit card or need checks fast, banks may charge between $5 and $25 for rush delivery.
- Paper-statement fees: Some banks charge you if you receive a paper statement each month instead of an online one. These fees can range from $1 to $5.
>> Related: What is an overdraft fee?
Ask an Expert: Are checking accounts truly free?
“Free checking accounts often have no monthly maintenance fees, but there can be other charges to be aware of. Some of these other charges include overdraft fees, ATM fees, insufficient funds fees, paper statement fees, foreign transaction fees and inactive account fees. While many accounts are marketed as “free,” it’s essential to read the fine print and understand all potential charges.”
“Consumers should be aware that there are likely some strings attached to their ‘free’ checking account which may impact if and when they are charged for services. A few common requirements that are missed by customers include maintaining an account minimum balance, having their employment paychecks or government benefits directly deposited into the account, recording a minimum number of transactions, purchases, or other actions, or enrolling in a paperless option for statements.”
Ask an Expert: Are checking accounts truly free?
“Free checking accounts often have no monthly maintenance fees, but there can be other charges to be aware of. Some of these other charges include overdraft fees, ATM fees, insufficient funds fees, paper statement fees, foreign transaction fees and inactive account fees. While many accounts are marketed as “free,” it’s essential to read the fine print and understand all potential charges.”
Best Free Checking Accounts at Big Banks
If you prefer a bank with a physical location over an online-only option, you may want to consider some of the following banks with large physical presences. While their checking accounts have monthly maintenance fees, those fees can be waived if you meet certain requirements.
U.S. Bank, Smartly Checking Account
U.S. Bank is the fifth-largest bank in the country by assets and has 2,000 branches in 26 states. Open a new U.S. Bank Smartly Checking account with a minimum deposit of $25 by September 26, 2024, and earn a sign-on bonus of up to $450 depending on your direct deposit amounts.
While the account does come with a monthly maintenance fee of $6.95, you can get the fee waived by meeting one or more of these requirements:
- Maintaining an average balance of $1,500 or more
- Having a qualifying U.S. Bank consumer credit card
- Receiving $1,000 or more in direct deposits in the account each month
U.S. Bank charges an $36 overdraft fee but has several overdraft protection options.
Wells Fargo, Everyday Checking Account
Wells Fargo has an impressive 4,500 branches and is the third-largest bank in the U.S. by assets. It’s currently offering a $325 welcome bonus if you open a new consumer checking account by September 25, 2024, and receive at least $1,000 in qualifying direct deposits within 90 days. (You can get up to $825 total if you open both new checking and savings accounts and meet deposit requirements).
All Wells Fargo checking accounts have a minimum opening deposit of $25. It charges a $10 monthly service fee for its Everyday Checking account, but you can have the fee waived if one of these requirements is met during each fee period:
- The primary account owner is 17 to 24 years old.
- The account maintains a $500 minimum daily balance.
- The account receives $500 or more in qualifying electronic deposits.
- The account is linked to a Wells Fargo Campus ATM or debit card.
- The account receives a qualifying non-civilian military direct deposit.
The bank charges a $35 overdraft fee but gives you until the end of the next business day to bring your account balance up to positive before it charges you.
Chase, Total Checking Account
Chase is the largest bank in the country by assets. It currently has a very high bank bonus — up to $900 — when you open new checking and savings accounts and meet certain requirements (if you just open a checking account, you’ll earn $300).
The bank charges a $12 monthly service fee for its Total Checking account, but it waives the fee if one of these requirements is made during each statement period:
- Monthly electronic deposits of $500 or more
- A balance of $1,500 or more at the beginning of each day
- An average balance of $5,000 or more across all of your qualifying Chase accounts at the beginning of each day
Chase charges a $34 overdraft fee but does offer free overdraft protection.
>> Related: Learn more about the largest banks in the U.S..
How To Choose the Best Checking Account
In our recent banking survey, consumers indicated which features were the most important to them when they choose a checking account. The most common answer by far — with roughly 74% of consumers selecting it — was low or no monthly fees. Only about 16% of our survey respondents said they pay $5 or more per month for their checking accounts.
To find the best checking account option for you, assess your financial situation.
“If you’re in need of a checking account, don’t be too quick to open the first one you find. Think about what’s most important to you, like how you deposit and spend money, ATM access and no fees.”
Talwar also recommended looking for accounts with no minimum opening deposits and no monthly maintenance fees, as well as FDIC insurance protection from the Federal Deposit Insurance Corp. (FDIC).
Also consider costs, requirements and banking accessibility, features and security.
Congrong Ouyang, Ph. D, assistant professor of personal financial planning at Kansas State University, advises looking for accounts which have: "No monthly fees, low minimum balances, free ATM access and reimbursements, robust online/mobile banking, overdraft protection, interest earnings potential, strong security features and accessible customer service."
Transaction Costs
Look for free checking accounts that charge the fewest fees possible for the types of transactions you expect to do. For example, if you travel internationally, look for an account that doesn’t charge foreign transaction fees. And if you expect to use out-of-network ATMs, try to find a checking account that provides reimbursement for ATM operators’ fees.
Another thing to keep in mind is that with online checking accounts from an online bank, you’ll likely have limited options for depositing cash for free. The cost for this service can vary depending on which third-party company (such as a retailer) is providing it.
Account Requirements
Make sure you’re eligible for the free checking account you want. This includes meeting any age, residency and identification requirements. And if you have limited funds to initially deposit, find an account without a minimum opening deposit.
You should also check for minimum balance or direct deposit requirements. Not meeting these can affect whether the bank keeps the account open or whether you can access certain account features, including higher interest rates and higher rates for cash back on your debit card. Some banks even restrict mobile check deposits if you don’t meet thresholds for monthly direct deposits.
Banking Accessibility
Both the type of checking account and financial institution matter for accessibility. With a brick-and-mortar bank, you’ll have ATMs plus the flexibility for in-branch transactions during operating hours. If you choose an online bank, convenient ATM access is even more crucial, along with nearby options for making cash deposits.
>> Related: Learn more about the best online checking accounts.
Checking Account Features
Since there are many free checking options, think about whether you need certain services or rewards options to narrow your choices down. For example, you might prefer a solid mobile banking experience with budgeting tools, Zelle and mobile check deposits.
If you prefer incentives, look for a checking account with a competitive interest rate, a sign-up bonus and a cash-back debit card. Also consider basic features such as overdraft protection, online bill pay and a physical checkbook.
You can also look to bundle your checking and savings accounts. If you're interested, read our picks for the best savings accounts.
Safety and Online Security
Finding accounts through insured financial institutions is important for safeguarding your money in case your institution fails. Check for FDIC coverage for banks and National Credit Union Administration (NCUA) coverage for credit unions.
Find out if the financial institutions you’re considering take steps to protect accounts online. This means they encrypt your information, require multiple steps to log in and alert you to any suspicious transactions or login attempts.
Benefits of a Free Checking Account
The main benefit of a free checking account is saving money on common account fees. You shouldn’t pay anything to simply have an account or perform everyday transactions, and you often won’t have to pay for overdrafts or in-network ATM withdrawals. You can also usually avoid charges for things such as sending wire transfers and using out-of-network ATMs.
“The best checking account for you depends in part on how you intend to use it. Make sure that the features and convenience associated with a given account align with your expected use.”
Affordability
Free checking accounts can be highly accessible even if you don’t have a lot of cash. Many options don’t require a deposit to open the account or a minimum balance to keep it open. There may be a minimum balance requirement for certain benefits, such as earning interest.
Rewards and Bonuses
While you might think of a free checking account as something basic, you can often benefit from perks that increase your balance. You might earn interest or be eligible for programs that reward you for debit card purchases. Sign-up bonuses may also be available. Note that traditional banks often offer fewer perks than online banks.
Convenient Access to Your Money
Both traditional and online banks typically let you deposit checks, transfer funds between accounts and receive direct deposits. Paper checks and money transfers through Zelle are also common. While an online-only bank doesn’t provide branch access, you can still use ATMs and often make cash deposits locally, sometimes for a fee.
Pros and Cons of Free Online Checking Accounts
No monthly fees
No minimum balance or high minimum deposit requirements
Potential interest and rewards
Convenient ways to access your money
No in-person support for online accounts
No paper checks or cash deposits for certain accounts
Other possible fees
Eligibility restrictions on some perks
Ask an Expert: What are the biggest advantages of free checking accounts?
“The biggest advantage of a free checking account is that you will be able to see all monthly debits and credits in one place and easily track income versus expenses. This allows you to budget and save in the most informed way possible. You can also pay bills and send money to others without incurring an additional expense.”
How to Manage Your Checking Account
After you open your free account, set up direct deposit to conveniently get your pay and access any features that require you to be enrolled in direct deposit. You can usually get a form from your employer or bank or set it up online. And if you’ve switched deposit accounts, give your updated banking details to those who pay you or receive money from you.
Dr. Congrong shared some tips on managing a free checking account:
"Regularly monitor your account, set up alerts, maintain a buffer, track spending, avoid overdrafts through protection options, use direct deposit, automate bill payments and be cautious with debit cards for large purchases."
Avoid Overdrafts and Transaction Fees
To prevent overdrafts, stay within your budget and use budgeting and savings tools your bank may offer. You should also limit possible fee-based transactions, including cash deposits (for online banks), out-of-network ATM withdrawals and wire transfers.
Monitor Your Account
Check your transactions online and view your monthly statements for any fees you’re charged or purchases that could be fraudulent. It also helps to set up mobile alerts. That way, you can call or message your bank right when you’re notified that something could be wrong.
Protect Your Debit Card and Account Details
If you lose your card, get the bank to freeze or cancel it so you can get a replacement. Avoid sharing your debit card PIN and online banking details, and only give your checking account number for legitimate transactions. Choose the most secure option for logging into your account online, and be careful where and how you log in.
| Feature | Free Money Market Accounts (MMAs) | Free High-Yield Savings Accounts (HYSAs) | Checking Accounts with Monthly Fees |
|---|---|---|---|
| Type of Bank | Mostly online banks | Mostly online banks | Traditional banks with physical branches |
| Monthly Fees | There are normally none. MMAs from traditional banks usually have fees, but they can be waived if the account meets minimum balance or direct deposit requirements. | There are normally none. HYSAs at traditional banks usually have fees, but they can be waived if the account meets minimum balance requirements. | Monthly fees can often be waived if the account meets minimum balance or direct deposit requirements. |
| APY* | Variable, generally offering higher rates than checking accounts (typically 4% to 5.3%) | Variable, generally offering higher rates than checking accounts (typically 4.5% to 5.3%) | Variable, usually 0% or a very low rate (typically 0% to 0.25%) |
| Transaction Limits | May limit the number of transactions per month or statement cycle | Usually no check-writing capabilities and may limit the number of transactions per month or statement cycle | Few to none |
| Common Perks | Free debit card, checks and cash deposits, Zelle | Budgeting tools, automatic savings options, Zelle | Cash sign-on bonuses for new account holders, overdraft protection, relationship rates on other financial products, Zelle |
Recap of Our Top Free Checking Accounts
- Discover Bank Review: Best for Large ATM Network
- Varo Bank Review: Best for Mobile App Experience
- SoFi Bank Review: Best for Cash-Back Incentives
- Ally Bank Review: Best for Customer Experience
- Axos Bank: Best Sign-Up Bonus
Our Experts
Alexandra Quitko Baranski, CPA
Alexandra Quitko Baranski is a certified public accountant and wealth advisor at Perigon Wealth Management, focusing on helping clients plan for financial independence through investment strategy, estate/tax planning, risk management and succession planning.
Jesse Jurgenson, PhD
Jesse Jurgenson is an assistant professor at Texas Tech University's School of Financial Planning, serving as the director of the Charles Schwab Foundation Personal Financial Planning Clinic, providing pro bono financial coaching. He holds graduate degrees in human development, family science and personal financial planning.
Congrong Ouyang, PhD
Congrong Ouyang is an assistant professor in the Department of Personal Financial Planning at Kansas State University, teaching undergraduate and doctoral students courses on financial planning, research methodologies and statistical software for financial planning research.
FAQ: Free Checking Accounts
Discover, Varo, Ally, Axos and SoFi are some of the many banks that have totally free checking accounts, meaning they don’t charge a monthly fee or require a minimum balance.
Despite not having monthly service charges, free checking accounts often aren’t entirely free, so check the terms carefully. For example, you might have to pay for overdrafts and wire transfers, or you could get charged for using out-of-network ATMs or depositing cash through a third party, such as a convenience store.
Most banks let you apply to open a free checking account online. You can also visit a local bank or credit union branch (if available) and apply in person. You’ll give your personal information, such as your Social Security number and photo ID, and make any required opening deposit.
Our Methodology
Our team researched more than 100 of the country’s largest and most prominent financial institutions, collecting information on each provider’s account options, fees, rates, terms and customer experience. We then scored each firm based on the data points and metrics that matter most to potential customers. Read our full methodology.
For our list of the best free checking accounts, we chose financial institutions that not only earned our highest scores in the Checking category but also don’t charge monthly fees. The banks that received top ratings for checking accounts tend to have no minimum opening deposit and no or low overdraft fees, making them accessible to more customers. They often provide perks such as ATM fee reimbursements and cash back on debit card purchases.
The best scores go to banks, loans and fintech companies with high interest rates and low or no fees or minimum opening deposits.
High marks are given to those with multiple accounts and minimal fees, plus benefits such as reward programs and mobile check deposit.
Top-rated financial institutions have low or no minimum opening deposits, as well as a variety of term options and specialty CDs for flexibility.
Providers that excel in this category have large branch and ATM networks and multiple checking and savings accounts, and they earn more points for offering CDs and money market accounts.
*Data accurate at time of publication
**Rates and promotions accurate as of November 15, 2024
Editor’s Note: Before making significant financial decisions, consider reviewing your options with someone you trust, such as a financial adviser, credit counselor or financial professional, since every person’s situation and needs are different.
Editor’s Note: Parts of this story were auto-populated using data from Curinos, a research firm that collects data from more than 3,600 banks and credit unions. For more details on how we compile daily rate data, check out our methodology here.
