Banks With Free Checking and No Minimum Balance
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Discover top banks for free checking accounts with no minimum balance requirement. Open your account with $0 deposit.
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- Discover® Cashback Debit: Best Fee-Free Checking
- Axos Rewards Checking: Best Checking with Interest
- Chase Total Checking®: Best Brick-and-Mortar Checking
- Ally Interest Checking: Best Checking with Full-Service Bank
- LendingClub Rewards Checking: Best for $2,500+ Balance
- Capital One 360 Checking: Best Customer Experience
- Varo Bank Account: Best Checking with Savings
- Alliant High-Rate Checking: Best Credit Union Checking
Online Checking Account - Earn Cash Back
- 1% cash back on up to $3,000 in debit card purchases each month. See website for details
- No fees
- Early Pay - Get your paycheck up to two days early with no charge
- No credit impact - You can apply without affecting your credit score.
- Access to over 60,000 no-fee ATMs in the U.S.
Free Rewards Checking
- Earn up to 5.00% APY*
- Unlimited reimbursement for any and all ATM fees**
- Over 30,000 ATMs & over 5,000 shared branches
- No monthly maintenance fees
- No minimum balance
Fifth Third Momentum® Checking - $300 Bonus
Open an eligible Fifth Third checking account. Make direct deposits totaling $2,000 or more within 90 days of account opening to qualify for bonus. The cash bonus will be deposited into your new checking account within 10 business days of completing qualifying activity requirements.
What Is Free Checking, Really?
Many banks advertise free checking when they really aren't free. They often have conditions you must meet in order to get truly free services. Free checking should mean:
- No monthly service fees
- No minimum balance requirements
But note that a bank may still have other fees, such as fees for ATM transactions, overdrafts, checks, etc. Many checking accounts cost users hundreds of dollars each year, yet they don't realize it. If you want "as free as possible" checking, it's best to look to online banks because they typically charge fewer fees.
Read on for some of the best free checking options.
Some banks allow you to open an account with no initial deposit. Ally, Discover® Bank, Chase, and Capital One are just a few of the banks where you can open a new account with no money.
But a checking account with no money essentially defeats the purpose. Eventually, you'll need to put money in the account to do things like make purchases, pay bills, etc.
Best Free Checking With No Minimum Balance
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Read on for some of the best free checking options. For each account, we have listed what is offered for free, and what kind of fees you may encounter.
Discover® Cashback Debit: Best Fee-Free Checking
Online Checking Account - Earn Cash Back
- 1% cash back on up to $3,000 in debit card purchases each month. See website for details
- No fees
- Early Pay - Get your paycheck up to two days early with no charge
- No credit impact - You can apply without affecting your credit score.
- Access to over 60,000 no-fee ATMs in the U.S.
How do no fees and 1% cash back sound for a checking account? Discover® Bank Cashback Debit checking account is as close to fee-free checking as you can get while giving you rewards at the same time.
The Discover® Bank Cashback Debit account offers:
- 1% cash back on up to $3,000 in Discover debit card purchases each month. See website for details.
- Free standard checks
- Free access at over 60,000 ATMs nationwide
- $0 for stop payments
- $0 for insufficient funds
- $0 for incoming wires
- $0 for official bank checks
- $0 for replacement debit card
You can manage your account for free online or on the mobile app, including online bill pay, mobile check deposits and freezing your debit card on the spot.
Discover® Bank is online-only, but it provides 24/7 customer service, making it easy to get the answers you need any time of day or night.
Axos Rewards Checking: Best Interest Checking
Rewards Checking - Up to 3.30% APY
- Build your own APY with up to 3.30% APY*
- Zero monthly maintenance fees
- Zero overdraft or NSF fees
- Zero minimum monthly balance reqs
- No initial deposit requirement
- Unlimited domestic ATM fee reimbursements
- Online debit card management
- Simple, 3-step process for direct deposit
Axos Bank is one of the top online banks available today. Their Rewards Checking offers the opportunity to earn up to 3.30% APY.
There is a no minimum deposit to open the account.
Axos Bank isn't part of a national ATM network, but they provide unlimited domestic ATM fee reimbursements per month, allowing you to use any ATM that is convenient for you.
The Axos Bank Essentials Checking Account offers:
- Unlimited domestic ATM fee refunds
- $0 for overdrafts of non-sufficient funds
- $0 for incoming domestic or international wire transfers
- Free mobile deposits and online bill pay
- Free overdraft protection transfer from a linked Axos savings account
Chase Total Checking: Best Brick-and-Mortar Checking
Chase Total Checking® - $300 Bonus
- New Chase checking customers enjoy a $300 bonus when you open a Chase Total Checking® account with qualifying activities
- With over 4,700 branches, Chase has the largest branch network in the U.S. plus access to more than 15,000 ATMs.
- Chase Mobile® app - Manage your accounts, deposit checks, transfer money and more -- all from your device.
- JPMorgan Chase Bank, N.A. Member FDIC
- Open your account online now
- Available online nationwide except in Alaska, Hawaii and Puerto Rico. For branch locations, visit locator.chase.com.
- Chase Overdraft Assist℠ - no overdraft fees if you're overdrawn by $50 or less at the end of the business day or if you're overdrawn by more than $50 and bring your account balance to overdrawn by $50 or less at the end of the next business day*
Chase Total Checking® isn't exactly free, but it's pretty easy to waive the monthly service fee. All you have to do is have at least $500 in direct deposits each month.
- Electronic deposits made into this account totaling $500 or more, such as payments from payroll providers or government benefit providers, by using (i) the ACH network, (ii) the Real Time Payment or FedNow℠ network, (iii) third party services that facilitate payments to your debit card using the Visa® or Mastercard® network,
- OR a balance at the beginning of each day of $1,500 or more in this account,
- OR an average beginning day balance of $5,000 or more in any combination of this account and linked qualifying Chase checking, savings, and other balances.
We love Chase Bank because it's a nationwide bank with more than 15,000 ATMs and more than 4,700 branches throughout the country. It's also known for exceptional customer service and a full range of banking services.
The Chase Total Checking Account offers:
- $0 to open
- Free Chase debit card with chip technology
- Remote check deposit
- Online bill pay
- Chase QuickPay with Zelle® to quickly pay family and friends
- Text banking and account alerts
- Free overdraft protection transfer if you have a linked Chase Savings account
However, this account does have plenty of banking fees, so you'll want to be aware of those. There are fees for wires, overdrafts, and insufficient funds. And checks are not free either.[3]
Ally Bank: Best Checking With Full-Service Bank
Interest Checking
- 0.10% APY for daily balances less than $15,000
- 0.25% APY for daily balance over $15,000
- $10/month rebate for ATMs outside of Ally Network
- $0 minimum opening deposit
- No fees to open or maintain account
- FDIC insured
- Daily compounding interest
Ally Bank is an online bank that offers a free checking account with no minimum balance or monthly maintenance fees.
The Ally Interest Checking account offers:
- $0 to open or maintain the account
- 0.10% APY for daily balances less than $15,000. 0.25% APY for daily balances over $15,000
- Free access at 43,000+ Allpoint ATMs
- Up to $10 ATM fee reimbursement per month[4]
- Mobile phone deposit
- Fast transfers to family and friends with Zelle®
Ally does charge fees for things like returned deposit items, expedited delivery, outgoing wires, and account research fees (hourly fee).[5]
ATM fees can eat away at your paycheck. Always find out the network the bank operates in so that you choose the right locations. If you need to use a non-network ATM, know if your bank reimburses non-network ATM fees.
Another way to avoid ATM fees is to get cash back when you make debit card purchases. This way, you can get cash without even visiting an ATM.
LendingClub Bank: Best Checking for $2,500+
Rewards Checking
- Earn 1.00% cash back on purchases when you use your LendingClub debit card.
- Earn 0.15% APY on balances of $100,000 & up.
- Earn 0.10% APY on balances of $2,500–$99,999.99.
LendingClub Bank, an online bank, offers one of the best rewards checking accounts on the market (with some conditions).
Though there's no balance requirement, the LendingClub Rewards Checking is best for those who can keep at least a $2,500 balance in their account. You only earn interest for balances of $2,500 and higher. And you can only earn 1% cash back on your debit card if you receive $2,500 worth of direct deposits each month OR keep an average balance of $2,500 or more.
The LendingClub Bank Rewards Checking account offers:
- $25 to open; $0 to maintain
- Free ATMs worldwide
- $0 for first order of checks
- Up to 2 days early access to direct deposit funds
- Free online bill pay and mobile deposits
LendingClub Bank also offers free integrated personal finance tools. You can link external accounts, set a budget, track your spending, and make a debt payoff plan.
Capital One 360: Best Customer Experience
Capital One 360 offers a free checking account that charges no monthly fees and has no minimum balance requirements.
With good customer service, a top-of-the-line mobile app, and cafes, Capital One 360 ranks high in user satisfaction.
The Capital One 360 Checking account offers:
- $0 to open or maintain the account
- Mobile deposit for fast and easy deposits
- Online bill pay
- Free access at 70,000+ Capital One or Allpoint ATMs
- No foreign transaction fees
- Three options to cover overdrafts[6]
- Text alerts and balance notifications
One thing that makes this bank a standout is the Capital One 360 cafes. You can get help opening an account, meet with financial advisers, and attend events, all for free. This makes an online bank feel more personal.
360 Checking Account
- Minimum Deposit Required: $0
- Balance Requirement: $0
- Monthly Fee: $0
- APY: 0.10% APY
- ATMs: 70,000+ Capital One, MoneyPass, and Allpoint ATMs
- Perks: Free first set of checks
Varo Bank Account: Best Checking with Savings
Varo Bank offers a couple of unique features. You can get access to your direct deposits up to two days early. The No Fee Overdraft feature allows you to overdraft your account by up to $50, and Varo will cover it for free with no interest charges. Just repay the overdraft within 30 days (must qualify and opt into this service).
The Varo Bank Account offers:
- $0 to open or maintain
- Free Varo Visa Debit Card
- Free access at 55,000+ Allpoint ATMs
- Free mobile check deposit and bill pay
- No foreign transaction fees
- No debit card replacement fees
- Free over-the-counter cash withdrawals
- Instantly transfer money to other Varo users
- Free push notification alerts
The checking account itself doesn't offer interest, but pairing it with the Varo savings account gives you the opportunity to earn a very high APY (if savings balance doesn't exceed $5,000). To get this rate, you must receive monthly direct deposits of $1,000 or more.[8]
If you want to deposit cash in your Varo Bank account, you have two options:
- Deposit it in a local checking account and transfer the funds to your Varo account
- Visit a retailer that uses Green Dot Reload and deposit the cash (for a fee)
Alliant High-Rate Checking: Best Credit Union
Alliant offers a great High-Rate Checking account if you want to consider a credit union. Credit unions often offer better personalized service than traditional banks.
Alliant's checking offers a decent interest rate on all balances. To earn that interest, you must opt for eStatements and have a recurring monthly electronic deposit.
Alliant High-Rate Checking other features include:
- $0 to open or maintain account
- $0 for the first box of standard checks
- $0 for replacement debit card
- $0 for incoming wires
- Access to over 80,000 surcharge-free ATMs
- Up to $20 in ATM fee refunds per month[9]
- Free overdraft protection when you have an Alliant savings account linked
You will encounter fees for things like outgoing wires, and stop payments. There is also an inactivity fee if the account has no activity for a year.[10]
What Should You Look For?
Don't fall for the term "free" and think you'll get a checking account with absolutely no fees. Banks have a way of tacking on other service fees that can quickly add up. Make sure a bank is completely transparent about their fees.
The most common fees to watch out for include:
- Overdraft fees
- Returned item fees
- Out-of-network ATM fees
- Check writing fees
- Paper statement fees
- Use of a teller fees
- Direct deposit fees
What the Experts Say
As part of our series on banking and saving, CreditDonkey asked a panel of industry experts to answer readers' most pressing questions. Here's what they said:
Bottom Line
There are plenty of options for free checking with no minimum balance requirements. Your best bet is to look to online banks; they don't have the overhead that brick-and-mortar banks have, so they're able to have fewer fees and requirements.
Make sure you read the fine print and truly know what you're getting from a checking account before making a choice.
References
- ^ Discover. Is there a service charge for sending a wire transfer?, Retrieved 8/03/2022
- ^ Axos Bank. Personal Deposit Account Agreement and Schedule of Fees, Retrieved 8/03/2022
- ^ Chase. Additional Banking Services and Fees for Personal Accounts: Deposit Account Agreement Fee Schedule, Retrieved 8/03/2022
- ^ Ally. ATMs & withdrawals FAQs: What are your ATM fees?, Retrieved 8/3/2022
- ^ Ally. Straight Talk Product Guide: Interest Checking Account, Retrieved 8/3/2022
- ^ Capital One. Overdraft Option, Retrieved 8/03/2022
- ^ Capital One. 360 Checking: Explanation of Various Key Services and Charges, Retrieved 8/03/2022
- ^ Varo Bank. How do I Earn the Higher Interest Rate or Annual Percentage Yield (APY) on my Varo Savings Account?, Retrieved 8/03/2022
- ^ Alliant. Does Alliant rebate fees if I use an out-of-network ATM?, Retrieved 8/3/2022
- ^ Alliant Credit Union. Fees, Retrieved 8/3/2022
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