Haven’t visited a physical bank in years and want a free checking account? If so, then digital banks are probably right up your alley. Online banks don’t pay to maintain physical branches, and they pass those savings on to their customers. With no monthly fees, top-of-the-line mobile apps and quick online applications, the best free online bank accounts can offer numerous benefits.
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Chime is a fintech that offers banking services without using ChexSystems, which can boost approval if your record is messy. Its checking has no monthly or foreign transaction fees. One of Chime's better perks is the overdraft service called SpotMe®, which allows qualified users to fee-free overdraft up to $200 and is repaid with their next direct deposit. Cash advances and a Credit Builder Secured Visa are also up for grabs, and there's the P2P service called Pay Anyone. However, you can't do joint accounts or wire transfers, and Chime doesn't offer CDs or MMAs.
Fee
$0 per month
Chime is a fintech that offers banking services without using ChexSystems, which can boost approval if your record is messy. Its checking has no monthly or foreign transaction fees. One of Chime's better perks is the overdraft service called SpotMe®, which allows qualified users to fee-free overdraft up to $200 and is repaid with their next direct deposit. Cash advances and a Credit Builder Secured Visa are also up for grabs, and there's the P2P service called Pay Anyone. However, you can't do joint accounts or wire transfers, and Chime doesn't offer CDs or MMAs.
Pros
No ChexSystems check
No monthly or foreign fees
Overdraft service SpotMe® with direct deposit
Credit Builder secured card
Cash advances and P2P payments
Cons
No joint accounts
No wire transfers
No CDs or MMAs
Annual Percentage Yield (APY)
N/A
Rewards
Cash back offers on everyday purchases through the app
Fee
$0 per month
Nonsufficient funds fee
$0
ATM transaction fee
$0
Overdraft fee
$0
Foreign transaction fee
0%
Chime is a financial technology company, not a bank. Banking services and debit card provided by The Bancorp Bank N.A. or Stride Bank, N.A., Members FDIC. ATMs: Out-of-network ATM withdrawal fees may apply except at MoneyPass ATMs in a 7-Eleven, or any Allpoint or Visa Plus Alliance ATM. Deposit: Once the retailer accepts your cash, the funds will be transferred to your Chime Checking Account. Cash deposit fees may apply if using a retailer other than Walgreens and Duane Reade. Mobile Deposit: Mobile Check Deposit eligibility is determined by Chime in its sole discretion and may be granted based on various factors including, but not limited to, a member's direct deposit enrollment status. Chime Savings Account: Chime Checking Account is required to be eligible for a Savings Account. APY: The Annual Percentage Yield (“APY”) is variable and may change at any time. The disclosed APY is accurate as of date of publication. No minimum balance required. Must have $0.01 in savings to earn interest. Get Paid Early: Early access to direct deposit funds depends on the timing of the submission of the payment file from the payer. We generally make these funds available on the day the payment file is received, which may be up to 2 days earlier than the scheduled payment date. Chime Card:: To apply for a Chime Card, Chime® Checking Account is required to apply. SpotMe: SpotMe® on Credit is an optional, no interest / no fee overdraft line of credit tied to the Secured Deposit Account available to qualifying members with an active Chime Card Account. To qualify for the SpotMe on Chime Card service, you must receive $200 or more in qualifying direct deposits to your Chime® Checking Account each month and have activated your physical secured Chime Visa® Credit Card or Chime Visa® Debit Card.
Qualifying members will be allowed to overdraw their Secured Deposit Account up to $20, but may later be eligible for a higher limit of up to $200 or more based on Chime account history, direct deposit frequency and amount, spending activity and other risk-based factors. The SpotMe on Chime Card Limit will be displayed within the Chime mobile app and is subject to change at any time, at Chime’s or its banking partners’ discretion. Although Chime does not charge any overdraft fees for SpotMe on Chime Card, there may be out-of-network or third-party fees associated with ATM transactions and fees associated with OTC cash withdrawals. SpotMe on Chime Card won’t cover non-card transactions. SpotMe on Chime Card Terms and Conditions. Federal Tax Return Direct Deposit: Chime members may choose to direct deposit their state and/or federal tax refunds with Chime. They may choose to direct deposit no matter what tax preparer they choose. They do not need to file through Chime in order to direct deposit their refund. If a member does direct deposit their federal refund they may receive the refund up to 6 days early. This only applies to federal refunds, not state. When marketing the speed of the tax refund it must always include the following elements: federal tax refund, up to 6 days early, with direct deposit. MyPay®: MyPay® is only offered in select states. To be eligible for MyPay, you must receive Qualifying MyPay Direct Deposits to your Chime Checking Account as set forth in the MyPay Agreement. A Qualifying MyPay Direct Deposit is a deposit from an employer, payroll provider, gig economy payer, government benefits payer, or other permitted source of income by Automated Clearing House (“ACH”) or Original Credit Transaction (“OCT”). Your MyPay Credit Limit and Available Advance Amount may change at any time. MyPay is a line of credit and available limits are based on estimated income and risk-based criteria. Eligible members may be offered a $20 - $500 Credit Limit per pay period. Your Credit Limit and Maximum Available Advance will be displayed to you within the Chime app. MyPay is currently only available to eligible Chime members in certain states. Other restrictions may apply. See Bancorp MyPay Agreement or Stride MyPay Agreement for details. To be eligible for MyPay, you must receive Qualifying MyPay Direct Deposits to your Chime Checking Account as set forth in the MyPay Agreement. A Qualifying MyPay Direct Deposit is a deposit from an employer, payroll provider, gig economy payer, government benefits payer, or other permitted source of income by Automated Clearing House (“ACH”) or Original Credit Transaction (“OCT”). Your MyPay Credit Limit and Available Advance Amount may change at any time. MyPay is a line of credit and available limits are based on estimated income and risk-based criteria. Eligible members may be offered a $20 - $500 Credit Limit per pay period. Your Credit Limit and Maximum Available Advance will be displayed to you within the Chime app. MyPay is currently only available to eligible Chime members in certain states. Other restrictions may apply. See Bancorp MyPay Agreement or https://www.chime.com/policies/stride/mypay/ for details.
Step is a banking app with a secured card for building credit. No monthly fees, overdraft fees or opening deposit. The card works like a debit card, but it’s backed by your Step deposit account and auto-paid monthly with no interest. Earn up to 3% cash back at select brands and 1% to 2% on other purchases like dining, delivery and entertainment. If you want an upgrade, Step Black bumps rewards to up to 8%, adds Visa Signature event access and $1 million FDIC insurance. Step Black costs $4.99 a month, but that fee can be waived with $500 in monthly direct deposits. But there's no customer service phone line.
APY
3.00%
Fee
$0 per month
Step is a banking app with a secured card for building credit. No monthly fees, overdraft fees or opening deposit. The card works like a debit card, but it’s backed by your Step deposit account and auto-paid monthly with no interest. Earn up to 3% cash back at select brands and 1% to 2% on other purchases like dining, delivery and entertainment. If you want an upgrade, Step Black bumps rewards to up to 8%, adds Visa Signature event access and $1 million FDIC insurance. Step Black costs $4.99 a month, but that fee can be waived with $500 in monthly direct deposits. But there's no customer service phone line.
You can earn $500 when you open a new Bluevine Business Checking account and meet eligibility requirements. Apply with referral code CA300. T&Cs apply.
Bluevine is a fintech with business checking from FDIC-insured Coastal Community Bank. Standard at $0, Plus at $30 and Premier at $95 (paid plans also offer fee waivers). All plans include unlimited transactions, no overdraft or foreign transaction fees, some free checks, team tools, custom invoices and up to $3 million in FDIC coverage. The Standard plan earns up to 1.5% APY with qualifying activity, while paid plans offer 2.7% or 3.7% APY with no requirements. On the downside, there's only weekday support and a 2.9% credit card bill pay fee.
APY
Up to
3.70%
Fee
From $0 per month
Bluevine is a fintech with business checking from FDIC-insured Coastal Community Bank. Standard at $0, Plus at $30 and Premier at $95 (paid plans also offer fee waivers). All plans include unlimited transactions, no overdraft or foreign transaction fees, some free checks, team tools, custom invoices and up to $3 million in FDIC coverage. The Standard plan earns up to 1.5% APY with qualifying activity, while paid plans offer 2.7% or 3.7% APY with no requirements. On the downside, there's only weekday support and a 2.9% credit card bill pay fee.
Pros
Free plan option
Earns up to 1.5% APY with free plan
Earn either 2.7% or 3.7% APY with paid plans
Up to $3 million in FDIC insurance
Offers business lines of credit
Create subaccounts
Cons
Limited customer support
$4.95 cash deposit fee
Fee for bill pay with a credit card
Annual Percentage Yield (APY)
3.70% on balances of $0 to $3,000,000 2.70% on balances of $0 to $250,000 1.50% on balances of $0 to $250,000
Intro or bonus offer
You can earn $500 when you open a new Bluevine Business Checking account and meet eligibility requirements. Apply with referral code CA300.
Prefer not-for-profit? Alliant Credit Union is online and open to almost anyone. Its high-yield checking has no monthly or overdraft fees or balance requirements, earns 0.25% APY, includes 80,000 free ATMs and up to $20 in out-of-network reimbursements. Outside the service area, join with a one-time donation to the Alliant Credit Union Foundation. Strong rates with few fees plus lending, investing, savings and CDs, teen checking and kid savings. But if you were looking for business banking, you're out of luck with Alliant.
APY
0.25%
Fee
$0 per month
Prefer not-for-profit? Alliant Credit Union is online and open to almost anyone. Its high-yield checking has no monthly or overdraft fees or balance requirements, earns 0.25% APY, includes 80,000 free ATMs and up to $20 in out-of-network reimbursements. Outside the service area, join with a one-time donation to the Alliant Credit Union Foundation. Strong rates with few fees plus lending, investing, savings and CDs, teen checking and kid savings. But if you were looking for business banking, you're out of luck with Alliant.
Upgrade is a fintech with banking partners. The Rewards Checking Plus account has no monthly or overdraft fees. Setting up direct deposit of at least $1,000 a month unlocks up to 2% cash back at convenience stores, drugstores, restaurants and bars up to $500 a year, plus 1% on other purchases. You get one free domestic wire per month and 55,000 Allpoint ATMs. But if you miss the deposit threshold the rewards drop, and you can't make cash deposits.
Fee
$0 per month
Upgrade is a fintech with banking partners. The Rewards Checking Plus account has no monthly or overdraft fees. Setting up direct deposit of at least $1,000 a month unlocks up to 2% cash back at convenience stores, drugstores, restaurants and bars up to $500 a year, plus 1% on other purchases. You get one free domestic wire per month and 55,000 Allpoint ATMs. But if you miss the deposit threshold the rewards drop, and you can't make cash deposits.
Pros
No monthly fees
Up to 2% cash back
55,000 fee-free ATM network
One free domestic wire per month
Cons
Can't make cash deposits
Direct deposit requirements for best cashback rate
Annual Percentage Yield (APY)
N/A
Rewards
Up to 2% cash back on everyday purchases for active accounts with monthly $1,000 direct deposit, and up to 1% cash back for other purchases
Fee
$0 per month
Nonsufficient funds fee
$0
ATM transaction fee
$0
Overdraft fee
$0
Foreign transaction fee
3%
Rewards Checking Plus customers who set up monthly direct deposits of $1,000 or more earn 2% cash back on common everyday expenses at convenience stores, drugstores, restaurants and bars - including deliveries - and gas stations, as well as recurring payments on utilities and monthly subscriptions including phone, cable, TV and other streaming services, and 1% cash back on all other debit card purchases. 2% cash back is limited to $500 in rewards per calendar year; after $500, customers earn 1% cash back on all eligible debit card purchases for the remainder of the year. Rewards Checking Plus accounts with less than $1,000 in monthly direct deposits 60 days after account opening will earn 1% cash back on common everyday expenses and 0.50% cash back on all other eligible debit card purchases. Some limitations apply. Please refer to the applicable Upgrade Visa® Debit Card Agreement and Disclosures for more information.
Upgrade is a financial technology company, not a bank. Rewards Checking services provided by Cross River Bank, Member FDIC. Upgrade Visa ® Debit Cards issued by Cross River Bank, Member FDIC, pursuant to a license from Visa U.S.A. Inc.
Capital One 360 Checking is a strong choice for travelers. The account has no foreign ATM fees, foreign transaction fees or currency conversion fees. And there are also no monthly fees or minimums. Access 70,000 fee-free Capital One and Allpoint ATMs, choose overdraft settings like auto-decline or a free transfer from another account, use Zelle and request checkbooks. But there's a $9 insufficient funds fee, so choose an overdraft protection option carefully if you want to avoid that.
APY
0.10%
Fee
$0 per month
Capital One 360 Checking is a strong choice for travelers. The account has no foreign ATM fees, foreign transaction fees or currency conversion fees. And there are also no monthly fees or minimums. Access 70,000 fee-free Capital One and Allpoint ATMs, choose overdraft settings like auto-decline or a free transfer from another account, use Zelle and request checkbooks. But there's a $9 insufficient funds fee, so choose an overdraft protection option carefully if you want to avoid that.
Pros
$0 international ATMs
No currency or foreign transaction fees
Multiple overdraft protection options
Large ATM network
Cons
Extra services may come with fees
$40 to send domestic wires
Annual Percentage Yield (APY)
0.10% on balances of $0.01+
Intro or bonus offer
Earn a $250 bonus with 360 Checking. No fees, no minimums.
Ally Bank is a large online bank. The Ally Spending account has no monthly or overdraft fees and offers buckets to organize savings or spending goals. The account is also interest-bearing, offering 0.1% APY for balances under $15,000 and 0.25% APY for balances higher than that. Ally’s savings and CD rates are strong, and it also offers mortgages, credit cards, auto loans and personal loans. To offset no branches, you get extended phone hours and 24/7 chat, but you can't make cash deposits.
APY
Up to
0.25%
Fee
$0 per month
Ally Bank is a large online bank. The Ally Spending account has no monthly or overdraft fees and offers buckets to organize savings or spending goals. The account is also interest-bearing, offering 0.1% APY for balances under $15,000 and 0.25% APY for balances higher than that. Ally’s savings and CD rates are strong, and it also offers mortgages, credit cards, auto loans and personal loans. To offset no branches, you get extended phone hours and 24/7 chat, but you can't make cash deposits.
Pros
$0 Spending account
Organize spending and saving with buckets
Interest-bearing checking
43,000 fee-free ATMs
24/7 customer support
Cons
Can't make cash deposits
Annual Percentage Yield (APY)
0.25% on balances of $15,000+ 0.10% on balances of to $15,000
Finder’s banking experts analyze over 150 online federally-insured banks and fintechs to narrow down the best options. We chose the best options based on multiple factors, including state availability, monthly fees, mobile apps and more. We also favor online banks that accept cash deposits, although it’s not a requirement.
$0 monthly fee
$0 minimum opening deposits
$0 overdraft fees
Must be an online bank, credit union or fintech company
Available in all 50 states
How to compare free online checking accounts
Online banks may not have all the same products as traditional banks, but they make up for it with fewer fees, higher insurance coverage and top-of-the-line tech.
Monthly fee. Online banks typically offer fee-free checking accounts. Traditional banks may nickel and dime you with monthly maintenance fees of $5 to $25 per month just to keep the account open.
Insurance coverage. Some online fintech companies offer banking services through an FDIC-insured partner bank or a network of banks. Those that partner with more than one bank provide insurance that exceeds the typical $250,000 coverage amount, such as SoFi, which offers up to $3 million in FDIC coverage.
Site and mobile app. Look for speed, accuracy and ease of navigatation on the bank’s website and online platform. After all, you’ll need to manage your account primarily online.
Customer service. Some online banks are limited in terms of customer service, but many offer 24/7 chat support, phone support and automated chat support. Since you can’t visit a branch, make sure the customer service is accessible and offers extended support hours.
ATMs. Most online banks don’t have their own ATM network. Instead, they’re part of a shared network of ATMs like AllPoint. However, many online banks don’t offer cash deposits, and those that do often use Green Dot locations, which typically charge a $4.95 fee.
Savings APYs. Online banks consistently have some of the highest savings APYs in the market, including Varo, Upgrade and Marcus.
If you don’t need to make frequent cash deposits and are comfortable with online banking, the payout and convenience of digital banks can be worth the lack of branch access. Many of us have said goodbye to regular bank trips anyway, thanks to mobile and online banking.
But if you prefer branch access or frequently make cash deposits, a traditional bank or credit union may be more your speed.
Convenience. With bank apps and online portals, trips to the bank have nearly become obsolete. An app allows you to make mobile check deposits, access early paychecks, transfer funds between accounts, view bank statements, pay bills and much more.
No monthly fees. Since online banks don’t have to pay for physical branches, most offer checking and savings accounts without annoying monthly maintenance fees.
High APYs. For the same reason online banks often don’t charge monthly fees on deposit accounts, they can offer higher APYs and pass on more savings to their customers with high savings rates. Many online banks offer savings accounts with APYs around 5% — over 11 times higher than the national average of
0.40%.(1)
Souped-up mobile apps. Without physical branches, online banks are compelled to provide great mobile apps since that’s how their customers will manage their accounts. You’ll likely get mobile check deposit features, peer-to-peer payment options, budgeting tools, in-app chat features and much more.
Cons
No physical branches. Without branch locations, you’ll have to rely mainly on electronic communication to resolve issues, such as chat support or email. If possible, look for an online bank with a customer support phone line.
May not accept cash deposits. Unless the online bank has an ATM network that can accept cash, you’ll have to do electronic transfers or mobile check deposits.
Limited account options. Some online banks, like Ally or SoFi, only offer one or two account options. Traditional banks like Wells Fargo or Chase tend to offer various account options.
Digital banking is growing in popularity in the US, with roughly 37% of American adults saying they do at least some of their banking online, and 19% saying they exclusively bank online.
You may need to submit some documents to verify your identity, such as a driver’s license or government-issued identification, and provide a deposit via ACH transfer from an existing, external bank account.
Bottom line
Choosing the best online bank for your needs ensures you can manage your money with ease wherever life takes you. Learn more about how online banking works so you know what to expect when you open and set up your account.
Frequently asked questions
What is the best online bank?
A few of the best online banks include SoFi, Ally Bank, First Internet Bank and Axos Bank. These banks are FDIC-insured on their own and have accounts with low fees and high savings rates.
Can you trust an online bank?
The most important factor when choosing an online bank is making sure it has FDIC or NCUA insurance. Typically, banks offer up to $250,000 in coverage, meaning that if the bank were to fail, your deposit accounts are covered up to that amount.
Just keep in mind that deposit insurance is per depositor, not per deposit account. If you need more insurance, look to banks or fintechs like SoFi, Wealthfront or Bluevine for higher-than-average deposit insurance.
What’s the easiest bank account to open?
Most online banking options have fast and easy online applications that can be completed in minutes, and approval can be sent near-instantly. Online banks with quick applications that only take a few minutes to complete include SoFi, Axos and Ally Bank.
Bethany Hickey is the banking editor and personal finance expert at Finder, specializing in banking, lending, insurance, and crypto.
Bethany’s expertise in personal finance has garnered recognition from esteemed media outlets, such as Nasdaq, MSN, Yahoo Finance, GOBankingRates, SuperMoney, AOL and Newsweek. Her articles offer practical financial strategies to Americans, empowering them to make decisions that meet their financial goals. Her past work includes articles on generational spending and saving habits, lending, budgeting and managing debt.
Before joining Finder, she was a content manager where she wrote hundreds of articles and news pieces on auto financing and credit repair for CarsDirect, Auto Credit Express and The Car Connection, among others.
Bethany holds a BA in English from the University of Michigan-Flint, and was poetry editor for the university’s Qua Literary and Fine Arts Magazine.
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Does bank of America have a fee free checking account if so where do I apply
nikkiangcoDecember 12, 2018
Hi Candy,
Thanks for reaching out! Upon checking, Bank of America doesn’t have a fee free checking account. Hope this was helpful. Don’t hesitate to message us back if you have more questions.
Understand what a checking account is, what types there are, what to look for, how to open a checking account and more.
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Finder.com is an independent comparison platform and information service that aims to provide you with the tools you need to make better decisions. While we are independent, the offers that appear on this site are from companies from which Finder receives compensation. We may receive compensation from our partners for placement of their products or services. We may also receive compensation if you click on certain links posted on our site. While compensation arrangements may affect the order, position or placement of product information, it doesn't influence our assessment of those products. Please don't interpret the order in which products appear on our Site as any endorsement or recommendation from us. Finder compares a wide range of products, providers and services but we don't provide information on all available products, providers or services. Please appreciate that there may be other options available to you than the products, providers or services covered by our service.
We update our data regularly, but information can change between updates. Confirm details with the provider you're interested in before making a decision.
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Does bank of America have a fee free checking account if so where do I apply
Hi Candy,
Thanks for reaching out! Upon checking, Bank of America doesn’t have a fee free checking account. Hope this was helpful. Don’t hesitate to message us back if you have more questions.
Best,
Nikki