This article was reviewed by Marguerita Cheng, a member of the Finder Editorial Review Board and award-winning advocate for ethical financial planning for over 20 years.
The best free checking account comes with no monthly fees and the features you need to reach your goals. Most free checking accounts still have backend fees for certain transactions, like overseas withdrawals and international transaction fees. We researched over 150 accounts and evaluated factors like interest, fees, ATM access, balance requirements and account features to bring you our top six picks. Use this list to quickly compare your options and find the best account for you in minutes.
What’s changed in 2021? We added a new category for best free teen checking account and chose Capital One MONEY because it has helpful features with no fees or minimum deposit requirements. We removed Simple from our list because it’s shutting down later this year. We also added a new category for best free small business checking account and named the BlueVine Business Checking account as the winner because it has no fees, has unlimited transactions and earns 1% APY.
The 7 best free checking accounts
Compare these seven free checking accounts by exploring their minimum deposit, features, and pros and cons.
High APY. This account earns up to 1.25% APY if you meet a few requirements.
Unlimited ATM fee reimbursements. Axos reimburses all domestic ATM fees within one business day.
No fees. On top of having no monthly fees, Axos doesn't charge you for overdrafts or insufficient funds
Opening deposit requirements. You need at least $50 to open this account.
APY requirements. Earn 0.42% APY for each of these three conditions you meet, up to a total of 1.25% APY: Receive at least $1,000 in monthly direct deposits, use your debit card at least 10 times a month at a minimum of $3 per transaction, use your debit card at least 15 times a month at a minimum of $3 per transaction.
APY
1.25%
Account fees
$0
monthly
Can the fee be waived?
Yes
Insufficient funds fee
$0
ATM transaction fee
$0
Foreign transaction fee
1%
Overdraft fee
$0
Best free checking account for small business owners
No hidden fees. BlueVine foregoes common banking fees for monthly maintenance, incoming wires, transactions, non-sufficient funds and more.
Accepts cash deposits. Unlike most digital bank accounts, this one actually accepts cash deposits at any Green Dot location. While BlueVine doesn't charge a fee for this service, the retailer may charge up to $4.95 per deposit.
Earns interest. You'll earn a solid 1% APY on the first $100,000 in your account. This rate is higher than most high-yield savings accounts available today.
No other accounts. While BlueVine does have a loans program, it doesn't have any savings, money market or CD accounts to complement your checking account.
Limited customer service. BlueVine customer service is available weekdays from 8 a.m. to 8 p.m. ET, but it has limited hours on Saturday and doesn't operate on Sundays.
Earns interest. Unlike most teen checking accounts, Capital One Money earns 0.1% APY on your total balance.
No overdraft charges. Your teen won't have to worry about overdraft fees with Capital One because any charge that would drop their balance below $0 is automatically declined.
Savings tools. Your teen can create savings goals, track expenses and more in the Capital One mobile app.
No 24/7 support. Unlike most banks of its size, Capital One doesn't have 'round the clock support. Phone support is available from 8 a.m. to 11 p.m. ET.
No checks or bill pay. Your teen won't be able to write checks or pay bills with this account, which may limit withdrawals.
0.1% APY. While most checking accounts don't earn any interest, this one earns 0.1% on your balance. You'll never pay fees for foreign transactions, checks, stop payments and more.
Overdraft protection. This account has four overdraft protection options to choose from: auto-decline, next-day grace period, a free transfer from your savings or an overdraft line of credit.
Early paydays. If your employer pays you via direct deposit, your paycheck could arrive in your account up to two days early.
Limited branch access. Capital One operates primarily online, so don't expect to find a branch location on every corner.
Credit checks. There's a hard pull on your credit if you choose an overdraft line of credit as your overdraft protection option.
Other fees. Capital One doesn't charge monthly fees, but there are other miscellaneous fees for overnight check deliveries, overnight card replacements and stop payment requests.
When choosing the best free bank account for you, consider these six factors:
Read the fee-free conditions
Some bank accounts will waive monthly fees when you meet conditions like balance requirements or making qualifying direct deposits each month. Requirements and conditions may vary, so you should read the terms and conditions to ensure that you won’t be charged.
Determine if your salary can cover the direct deposit
If an account requires a direct deposit each month, your paychecks may be enough to waive the monthly fee. Find out what the requirements are, then sign up for direct deposit with your employer.
Look at the other fees that apply
Free checking accounts will often waive the monthly service fee, but other fees could still apply. You may be charged for using your bank account overseas, sending or receiving wire transfers, ordering checks and more. Read the terms and conditions or fee schedule for a full breakdown of fees.
Linked debit card access
Many financial institutions will give you a debit card with a Visa or Mastercard logo, meaning you can use it at an ATM or for purchases. Beyond that, find out if you can link your debit card to other accounts.
ATM network and fees
Most banks charge a fee when you make an ATM withdrawal from an out-of-network ATM. You can save money by going with the financial institution with the largest ATM network, but you can also find banks that don’t charge ATM fees.
Other products offerings
Find out if the institution offers other products so that you can do all of your banking in one place and make instant transfers between your accounts.
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What are the pros and cons of free checking accounts?
Free checking accounts have a few features and drawbacks worth noting:
Pros
There are no monthly fees. By choosing a free bank account, you can save money every month.
You get ATM access. Some give you deals on ATM transactions while others don’t charge for transactions at non-partner ATMs.
Other benefits. Waiving the monthly service fee is the least you should expect. Some bank accounts give you other incentives like cash back or free checks.
Cons
You still get charged other fees. Unfortunately, truly free checking accounts aren’t common. Banks will still charge for certain activities, like foreign transactions, going into overdraft or sending wire transfers. However, it’s possible to get by without incurring any of these fees.
You could give up perks. Free checking accounts are a low-cost option designed for people looking to save. By choosing this account, you might be giving up valuable features that might be worth paying a small monthly fee for.
3 pesky checking account fees to avoid
Aside from monthly maintenance fees, there are 30+ sneaky fees that could eat into your balance. Here are the three most common fees you’ll see when comparing checking accounts:
ATM fee. Most banks and credit unions charge a fee if you use an out-of-network ATM, averaging $3.08 per transaction, on top of whatever the ATM owner charges.
Paper statement fee. If you get your bank statement in the mail, it may run you a few dollars every month. Most checking accounts offer free e-statements to bypass the monthly paper statement fee.
Overdraft fee. If you overdraw from your checking account, you may get hit with a non-sufficient funds (NSF) fee, which costs $33.47 on average. Though we’ve mostly seen accounts with overdraft fees of $35.
What banks offer free checking?
This table highlights banks that offer free bank accounts with no monthly fees, along with those that have no fees for domestic ATMs, overdrafts and international money transfers.
What fee do you want to avoid?
Bank accounts that avoid this fee
Monthly fees
Ally Bank Interest Checking
BBVA Free Checking
Capital One 360 Checking
Domestic ATM withdrawal fees
Ally Bank Interest Checking
Capital One 360 Checking
Chase Premier Plus Checking
Chase Total Checking®
Citibank Full-Feature Relationship Checking
HSBC Basic Banking
US Bank Easy Checking
Wells Fargo Everyday Checking
Overdraft fees
Citibank Affordable Access Banking
International money transfer fees
Capital One 360 Checking
How do free checking accounts work?
A truly free checking account will waive the monthly fee no matter how much you deposit into the account. Here’s how some popular checking accounts compare on monthly fees.
Bank account
Monthly fee
Ally Bank
No monthly fee.
Bank of America Core Checking
$12, avoidable if you make at least one qualifying Direct Deposit of $250 or more or maintain a minimum daily balance of $1,500 or more, or meet other conditions.
BBVA Free Checking
No monthly fee.
Capital One 360 Checking
No monthly account fee or ATM fee.
Chase Premier Plus Checking
$25, avoidable if an average beginning day balance of $15,000 or more in any combination of this account and linked qualifying deposits Footnote/investments or have a linked qualifying Chase first mortgage enrolled in automatic payments Footnote from your Chase account.
Chase Total Checking
$12, avoidable if Direct deposits totaling $500 or more made to this account 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 deposits/investments.
Citibank Simple Checking
$12, avoidable if you make one direct deposit per month and one bill payment per month, or maintain a $1,500 or higher monthly balance.
HSBC Basic Banking
$3, Regardless of balance, $0.35 for each check/withdrawal slip over 8, You may make an unlimited number of deposits without any additional charge.
US Bank Easy Checking
$6.95, avoidable if Combined monthly direct deposits totaling $1,000+ or an average account balance of $1,500+
Wells Fargo Everyday Checking
$10, avoidable if you make 10 monthly purchases/payments, make two direct deposits totaling $500 or more, hold a $1,500 minimum daily balance, or meet other qualifications.
Compare banks with free checking accounts
Use the table to sort free checking accounts by ATM fees, overdraft fees, foreign transaction fees and more. View your top picks side-by-side by clicking the “Compare” box next to each.
Bottom line
Free checking accounts are a great way to cut down on your monthly expenses without sacrificing the convenience of a checking account. And while there are a handful of free checking accounts available, you can also find plenty that will waive the monthly fee when certain conditions are met. Compare bank accounts to find one that fits your financial situation.
Common questions about free checking accounts
Do free bank accounts earn interest?
It depends on the account. Most free accounts won’t reward you with interest, though you might get lucky and come across one that does. If not, there are many free savings accounts that reward you with higher interest rates to help grow your balance.
How do I know if an account is really fee-free?
There are many accounts that waive the monthly transaction fee; however, other fees may still apply. Common backend fees include:
Statement reissuing.
Additional card.
Telephone banking transactions and staff-assisted transactions made at a branch.
Overdraft.
Purchase in a foreign currency.
Overseas ATM withdrawals.
Can I overdraft my transaction account?
No. While BBVA supports Apple Pay, Android Pay and Samsung Pay, these features are available in association with a BBVA Visa.
Can I open a bank account with no money?
Yes. Many banks let you open an account with no money, but plenty of other banks do require a minimum initial deposit. Compare free checking accounts before making a decision.
Cassidy Horton is a writer for Finder, specializing in banking and kids’ debit cards. She’s been featured on Legal Zoom, MSN, and Consolidated Credit and has a Bachelor of Science in Public Relations and a Master of Business Administration from Georgia Southern University. When not writing, you can find her exploring the Pacific Northwest and watching endless reruns of The Office.
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.
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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