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Best free online bank accounts 2024

All digital, fee-free checking and savings accounts with high APYs and fancy tools.

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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  • 300+ banks and credit unions reviewed
  • 190+ checking accounts analyzed and rated by our team of experts
  • Evaluated under our unbiased rating system covering 8 categories
  • 20+ years of combined experience covering financial topics

We're big on editorial independence. That means our content, reviews and ratings are fair, accurate and trustworthy. We don't let advertisers or partners sway our opinions. Our financial experts put in the hard work, spending hours researching and analyzing hundreds of products based on data-driven methodologies to find the best accounts and providers for you. Explore our editorial guidelines to see how we work.

8 best free online bank accounts

Best overall

SoFi Checking and Savings

4.5
★★★★★

Finder score

Get up to $300 cash bonus with qualifying direct deposit. Terms apply. This offer is available until December 31, 2024.
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on SoFi's secure site
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APYUp to 4.00%
Fee$0 per month
Minimum deposit to open$0
New and existing Checking and Savings members who have not previously enrolled in Direct Deposit with SoFi are eligible to earn a cash bonus of either $50 (with at least $1,000 total Direct Deposits received during the Direct Deposit Bonus Period) OR $300 (with at least $5,000 total Direct Deposits received during the Direct Deposit Bonus Period). Cash bonus will be based on the total amount of Direct Deposit. Direct Deposit Promotion begins on 12/7/2023 and will be available through 1/31/2026. Full terms at sofi.com/banking. SoFi Checking and Savings is offered through SoFi Bank, N.A., Member FDIC.
SoFi members with Direct Deposit can earn 4.00% annual percentage yield (APY) on savings balances (including Vaults) and 0.50% APY on checking balances. There is no minimum Direct Deposit amount required to qualify for the 4.00% APY for savings (including Vaults). Members without Direct Deposit will earn 1.20% APY on savings balances (including Vaults) and 0.50% APY on checking balances. Interest rates are variable and subject to change at any time. These rates are current as of 12/3/2024. There is no minimum balance requirement. Additional information can be found at http://www.sofi.com/legal/banking-rate-sheet.

SoFi members with Direct Deposit or $5,000 or more in Qualifying Deposits during the 30-Day Evaluation Period can earn 4.00% annual percentage yield (APY) on savings balances (including Vaults) and 0.50% APY on checking balances. There is no minimum Direct Deposit amount required to qualify for the stated interest rate. Members without either Direct Deposit or Qualifying Deposits, during the 30-Day Evaluation Period will earn 1.20% APY on savings balances (including Vaults) and 0.50% APY on checking balances. Only SoFi members with direct deposit are eligible for other SoFi Plus benefits. Interest rates are variable and subject to change at any time. These rates are current as of 12/3/24. There is no minimum balance requirement. Additional information can be found at http://www.sofi.com/legal/banking-rate-sheet.

We do not charge any account, service or maintenance fees for SoFi Checking and Savings. We do charge a transaction fee to process each outgoing wire transfer. SoFi does not charge a fee for incoming wire transfers, however the sending bank may charge a fee. Our fee policy is subject to change at any time. See the SoFi Checking & Savings Fee Sheet for details at sofi.com/legal/banking-fees/.

SoFi Bank is a member FDIC and does not provide more than $250,000 of FDIC insurance per legal category of account ownership, as described in the FDIC’s regulations. Any additional FDIC insurance is provided by the SoFi Insured Deposit Program. Deposits may be insured up to $2M through participation in the program. See full terms at SoFi.com/banking/fdic/termsSee list of participating banks at SoFi.com/banking/fdic/receivingbanks

We’ve partnered with Allpoint to provide you with ATM access at any of the 55,000+ ATMs within the Allpoint network. You will not be charged a fee when using an in-network ATM, however, third-party fees incurred when using out-of-network ATMs are not subject to reimbursement. SoFi’s ATM policies are subject to change at our discretion at any time.

Early access to direct deposit funds is based on the timing in which we receive notice of impending payment from the Federal Reserve, which is typically up to two days before the scheduled
payment date, but may vary.

Best for second-chance banking

Chime® Checking Account

4.8
★★★★★

Finder score

Refer a friend to Chime using your referral link, and if they complete a $200 direct deposit within 45 days of opening their new account, you both get $100.
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Fee$0 per month
Minimum deposit to open$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 May 22, 2023. 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.
Credit Builder: To apply for Credit Builder, you must have an active Chime® Checking Account.
SpotMe: Chime SpotMe is an optional, no fee service that requires a single deposit of $200 or more in qualifying direct deposits to the Chime Checking Account each at least once every 34 days. All qualifying members will be allowed to overdraw their account up to $20 on debit card purchases and cash withdrawals initially, but may be later eligible for a higher limit of up to $200 or more based on member’s Chime Account history, direct deposit frequency and amount, spending activity and other risk-based factors. Your limit will be displayed to you within the Chime mobile app. You will receive notice of any changes to your limit. Your limit may change at any time, at Chime’s discretion. Although there are no overdraft fees, there may be out-of-network or third party fees associated with ATM transactions. SpotMe won’t cover non-debit card transactions, including ACH transfers, Pay Anyone transfers, or Chime Checkbook transactions. See Terms and Conditions.

Best for cashback checking

Upgrade Rewards Checking Plus

4.3
★★★★★

Finder score

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on Upgrade's secure site
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Fee$0 per month
Minimum deposit to open$0
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.

Best for credit building

Step Visa Card

4.7
★★★★★

Finder score

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on Step's secure site
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APY4.00%
Fee$0 per month
Minimum deposit to open$0

Best for business checking

Bluevine Business Checking

4.5
★★★★★

Finder score

You can earn $300 when you open a new Bluevine Business Checking account and meet eligibility requirements. Apply with referral code CA300.
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APYUp to 4.00%
FeeFrom $0 per month
Minimum deposit to open$0

Best for traveling

Capital One 360 Checking

4.6
★★★★★

Finder score

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APY0.10%
Fee$0 per month
Minimum deposit to open$0

Best for budgeting

Ally Bank Spending Account

4.3
★★★★★

Finder score

APYUp to 0.25%
Fee$0 per month
Minimum deposit to open$0

Best credit union

Alliant Credit Union High-Rate Checking

4.2
★★★★★

Finder score

APY0.25%
Fee$0 per month
Minimum deposit to open$0

Methodology

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.

  1. 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.
  2. 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 $2 million in FDIC coverage.
  3. 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.
  4. 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.
  5. 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.
  6. Savings APYs. Online banks consistently have some of the highest savings APYs in the market, including Varo, Upgrade and Marcus.

Are online banks worth it?

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.

Pros and cons of free online banking

Pros

  • 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 0.43%.(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 adoption

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.

How to open an account with an online bank

Opening a bank account online is pretty straightforward:

  1. Visit the bank’s site.
  2. Select the account you want.
  3. Follow the application instructions.

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.

Holly Jennings's headshot
To make sure you get accurate and helpful information, this guide has been edited by Holly Jennings as part of our fact-checking process.
Bethany Hickey's headshot
Written by

Editor, Banking

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. See full bio

Bethany's expertise
Bethany has written 442 Finder guides across topics including:
  • Personal finance
  • Banking
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  • Insurance
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2 Responses

    Default Gravatar
    CandyDecember 9, 2018

    Does bank of America have a fee free checking account if so where do I apply

      Default Gravatar
      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.

      Best,
      Nikki

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