Best Free Checking Accounts of June 2024 (2024)

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A good checking account is essential for managing everyday purchases, and it shouldn't cost you a penny.

Free checking accounts don't charge monthly service fees. Many of them also offer free overdraft protection and reimburse a certain amount in out-of-network ATM fees each month. These types of perks can save you money when you bank.

Best Free Checking Accounts of 2024

• Capital One 360 Checking: Best overall
• Capital One MONEY Teen Checking Account: Best for teens
• Schwab Bank High Yield Investor Checking® Account: Best for avoiding ATM fees
• Chime® Checking Account: Best second chance checking account
• Consumers Credit Union Free Rewards Checking Account: Best for credit unions
• First Citizens Bank Free Checking Account: Best for a traditional bank experience
• SoFi Checking and Savings: Best for a cash bonus
• Upgrade Rewards Checking Plus: Best for cash-back rewards
• Primis Novus Checking: Best for a high interest rate
• Experian Smart Money: Best for financial tools

Compare the Top No-Fee Checking Accounts

We wanted to provide various options so our top picks for no-fee checking accounts stand out for different reasons. We selected checking accounts from traditional financial institutions as well as investment platforms and fintech companies — in case you want a more traditional or alternative checking account.

For each checking account, we noted why it stands out. For example, the best free checking accounts may distinctly offer the best interest rate, cash bonus, or financial tools.

Capital One 360 Checking

Capital One 360 Checking® is a well-rounded checking account and an excellent choice if your priority is to avoid common fees. With thisCapital Onechecking account, there are no monthly service fees, no foreign transaction fees, and a variety of overdraft protection options.

Capital One 360 Checking®also has several notable perks to make your banking experience manageable. For example, the account offers a two-day early direct deposit, and the ability to deposit cash at ATMs and nearby CVS locations. Furthermore, all balances earn 0.10% Annual Percentage Yield (APY).

Though Capital One Cafés are popping up in big cities around the US, the bank only operates about 280 branches in nine states. You'll likely have to be comfortable with a fully online banking experience.

Capital One Bank Review

Capital One MONEY Teen Checking Account

The Capital One MONEY Teen Checking Account is featured in our best teen checking accounts guide and could be a good choice if want to teach your child how to manage a checking account.

This teen checking account has budgeting tools to help teens save and parental monitoring features to track spending and apply limits if necessary. You may open the Capital One MONEY Teen Checking Account for a minor over the age of eight. You'll also be able to link this teen bank account to any checking account, even if it isn't a Capital One account.

You'll only be able to open the Capital One MONEY Teen Checking Account online, not at a Capital One location.

Schwab Bank High Yield Investor Checking® Account

Charles Schwab High Yield Investor Checking doesn't charge ATM fees, and the bank offers unlimited refunds worldwide when an ATM provider charges you a fee. Charles Schwab also doesn't charge foreign transaction fees, and it has free overdraft protection.

You must open a brokerage account with Charles Schwab before opening a checking account.

Charles Schwab Bank Review

Chime® Checking Account

The Chime® Checking Account is a second chance checking account, which is a bank account that does not require a credit check or review by ChexSystems to evaluate your trustworthiness.

If you've struggled to open a bank account at a financial institution due to your bank account history, Chime is a great option. Chime also stands out because it doesn't charge monthly service fees, and you may open an online account from anywhere in the US.

Chime's SpotMe® feature allows you to overdraw by up to $200 with no overdraft fee — but you must receive $200 in direct deposits each month to qualify for SpotMe. Your transaction will be denied if you need to overdraw by more than the limit.

Chime Bank Review

Consumers Credit Union Free Rewards Checking Account

You may like Consumers Credit Union Free Rewards Checking Account if you favor credit unions over banks.

While you can bank online, Consumers Credit Union also has 15 open branches in Chicago, Illinois, and nearby cities. Members also have access to the CO-OP Shared Branch and ATM network, which has over 5,600 shared branches and 60,000 surcharge-free ATMs.

The Consumers Credit Union Free Rewards Checking Account stands out for its competitive interest rate. You may earn up to 5.00% APY on the first $10,000 in your account and receive unlimited out-of-network ATM reimbursem*nts if you meet certain requirements.

Here's how the account's tiered interest rate works:

• Earn3.00% APYif you have less than $10,000 when you sign up to receive eDocuments, make 12 monthly debit card purchases, and receive $500 in monthly direct deposits, mobile check deposits, or transfers from other banks
• Earn4.00% APYif you meet the requirements to earn 3% and spend $500 per month with your Consumers Credit Union Credit Card
• Earn5.00% APYif you meet the requirements to earn 3% and spend $1,000 per month with your Consumers Credit Card
• Earn0.20% APYif you have an account balance between $10,000.01 and $25,000 when you receive eDocuments, make 12 monthly transactions, and receive $500 per month in direct deposits, mobile check deposits, or transfers from other banks
• Earn0.10% APYif you have an account balance over $25,000 when you receive eDocuments, make 12 monthly transactions, and receive $500 per month in direct deposits, mobile check deposits, or transfers from other banks

If you don't meet the requirements, though, you'll only earn 0.01% APY on your account balance.

You'll need to become a member to open a bank account at Consumers Credit Union.

Anyone in the US is eligible for membership online. To become a member, pay a one-time membership fee and open the Consumers Credit Union Membership Share Savings Account with at least $5.

Consumers Credit Union Review

First Citizens Bank Free Checking Account

The First Citizens Bank Free Checking Account doesn't charge any monthly fees, and you won't have to deal with any minimum balance requirements. First Citizens Bank has over 550 branches in 22 states throughout the US.

Several national brick-and-mortar banks — like Chase, Bank of America, and Wells Fargo — charge monthly bank maintenance fees on checking accounts if you do not meet certain monthly requirements. However, if you are more comfortable with traditional banking, you might consider First Citizens Bank.

Branches are limited to the following states: Arizona, California, Colorado, Florida, Georgia, Hawaii, Kansas, Maryland, Missouri, Nebraska, Nevada, New Mexico, North Carolina, Oklahoma, Oregon, South Carolina, Tennessee, Texas, Virginia, Washington, West Virginia, and Wisconsin.

To be eligible for the First Citizens Bank Free Checking Account, you'll need to sign up for paperless statements within 60 days of opening an account. Otherwise, it will be converted to a Select Checking Account, which charges a monthly service fee unless you meet specific requirements each month.

First Citizens Bank Review

SoFi Checking and Savings

SoFiChecking and Savings is a strong choice if you don't want to deal with monthly service fees, overdraft fees, or out-of-network ATM fees.

It's also offering a cash bonus of up to $300. You may qualify for the bonus as long as you're a new SoFi Checking and Savings customer, or an existing SoFi Checking and Savings customer who hasn't set up direct deposits yet.

To get the reward, you have to meet the following requirements:

• Open SoFi Checking and Savings by December 31, 2024
• To earn a $50 cash bonus, you must receive between $1,000 and $4,999.99 in qualifying direct deposits during the first 30 days of opening an account
• To earn a $300 cash bonus, you must receive over $5,000 in qualifying direct deposits during the first 30 days of opening an account

The account works best if you set up a direct deposit. That way, you'll qualify for the cash bonus and the highest-tier interest rate.

SoFi Checking and Savings Review

Upgrade Rewards Checking Plus

With Upgrade Rewards Checking Plus, you'll earn 2% cash back on everyday debit card purchases and payments on utilities and monthly subscriptions. Any other debit card purchases can earn 1% cash back. Everyday purchases that qualify for 2% cash back include purchases at a convenience store, drugstore, restaurant, bar, or gas station.

The 2% cash back perk has a limit of $500 per year. Once you reach the annual limit, you'll get 1% cash back on all eligible purchases for the rest of the year.

To get the most out of the Upgrade Rewards Checking Plus Account, like loan discounts, you'll have to receive at least $1,000 in direct deposits each month, or make eight or more monthly debit card purchases. Otherwise, you won't qualify for these perks.

Upgrade Checking and Savings Review

Primis Novus Checking

Primis Novus Checking may be appealing if you're looking to earn a high interest rate on a checking account.

For this account, Primis offers a boost interest rate of 6.00% APY on balances up to $100,000 for up to six months if you meet certain requirements and a base rate of 4.00% APY.

You must set up a direct deposit of $1,200 or more within the first 60 days of opening Primis Novus Checking to earn 6.00% APY. The deposit must also be new to Primis Bank. Primis will apply the interest rate boost for balances up to $100,000 in the next statement cycle, and you'll have to maintain direct deposits to continue earning the rate boost.

You'll earn 4.00% APY if you don't meet the monthly requirements and after 6 month boost period is over.

You might prefer Primis Premium Checking if you don't qualify for the APY boost. You can earn 5.07% APY on all balances.

If you prefer a traditional banking experience, you won't be able to get these accounts. Primis branches have comparable accounts, or you might consider a different brick-and-mortar bank.

Primis Bank Review

Experian Smart Money

The Experian Smart Money Account may be a good option if you want a checking account that has financial tools. It is automatically linked Experian Boost, a tool that allows you to build credit for making on-time payments for phone bills, utility bills, rent payments, and more. The account also offers early direct deposits and a $50 bonus when you set up direct deposit.

Experian Smart Money is a good option if you want an account that's easy to open. It notably has a $0 minimum opening deposit, no monthly service fee, and no overdraft fees.

If you want overdraft protection, you might prefer one of our other top picks, though. Your transaction will be denied if you try to overdraw from your account.

Experian Smart Money Review

Which Banks are the Most Trustworthy?

We assess the ethics of each bank, so you can see if a specific financial institution aligns with your values.

We include the settlement history of the last 3 years so you're aware of any recent public controversies involving the bank.

The Better Business Bureau assigns companies grades, ranging from F to A+. A good BBB grade indicates a company responds effectively to customer complaints, advertises honestly, and is transparent about business practices.

Here are the BBB grades for our top picks:

Chime's NR rating is because the company is reviewed on the BBB website.

First Citizens Bank has a B rating because it received one customer complaint and has four unresolved complaints.

Upgrade received anA+ rating from the BBB. Its partner bank, Cross River Bank, received a C- rating because it has received a high volume of customer complaints on the BBB website, and it has six unresolved complaints.

Experian received a B- ratingfrom BBB because it has received a high volume of customer complaints, had government actions taken against the company, and has taken a long time to respond to customer complaints.

A strong BBB grade doesn't guarantee you'll have a smooth relationship with a company, though. We've also looked at any public scandals.

Chime, Experian, and Capital One have been involved in recent public controversies.

Chime used the URL "Chimebank.com" and the words "bank" and "banking," but Chime isn't licensed as a bank. Chime is a banking platform, and is insured by a bank. In 2021, the Commissioner of Financial Protection and Innovation ordered Chime to stop using the terms "Chimebank.com," "bank," and "banking" on its webpage and advertisem*nts.

In November 2022,Experian was required to pay a total of $13.67 million regarding two settlementsover data breaches that occurred in 2012 and 2015. The 2015 breach occurred when an authorized person obtained access to personal information in the Experian network, primarily affecting people who applied for T-Mobile services between September 2013 and September 2015. The 2012 breach involved identity theft.

Capital One used to have an account called 360 Savings. In 2019, Capital One launched the new 360 Performance Savings Account, which paid a much a higher interest rate. Many customers thought their old savings accounts would automatically transition into this new one, but in reality, they had to manually open a new 360 Performance Savings Account to earn the higher rate. So some customers have been earning a significantly lower savings rate for years.

In the lawsuit, the plaintiffs' lawyers allege that Capital One didn't inform 360 Savings customers that these were two distinct accounts, or that 360 Performance Savings paid a higher rate. However,Capital One wants this case dismissed because it claims people had every opportunity to learn these facts on their own. The case is still ongoing.

What Defines a Free Checking Account?

A free checking account is a type of bank account that doesn't charge monthly bank maintenance fees and has minimal common bank fees. You can learn more about monthly bank maintenance fees and common bank fees below.

Monthly Bank Maintenance Fees

Banks may charge you a bank maintenance fee (also known as a monthly service fee) to use their services. Monthly service fees can occur in checking accounts, money market accounts, or savings accounts.

Most banks offer ways to waive these fees. You might be asked to maintain an average daily balance, make a direct deposit, or complete certain transactions. Monthly service fees might also be automatically waived for some age demographics — most commonly, children, college students, or seniors.

If you want to avoid monthly service fees entirely, you could select a bank that doesn't charge any monthly service fees. Keep in mind online banks and credit union are more likely to have free checking accounts than brick-and-mortar banks.

Common Bank Fees

Common bank fees that apply to checking accounts include overdraft fees and out-of-network ATM fees.

An overdraft fee can happen if you take out too much money from your checking account, and the bank covers your overdraft, so your transaction goes through. You'll have to pay a fee on top of restoring your account balance so its positive again.

Banks can charge out-of-network ATM fees when you use an ATM from another provider. For example, Chase will charge you when you use a non-Chase ATM.

Many free checking accounts do not charge overdraft fees and have free overdraft protection services so your transactions can be processed. Regarding out-of-network ATM fees, some of our top picks offer free monthly reimbursem*nts.

Key Features to Look for in a Checking Account

In addition to bank fees, here are key features that you can use to compare and assess different checking account options:

• Opening requirements:The standard minimum opening deposit for a checking account is $25. However, some banks will let you get a checking account with $0, while others may require significantly more than the standard amount.
• ATM access:If you frequently use ATMs while traveling, you may prefer a bank that has a national ATM network. However, if ATM access doesn't play a significant factor in your banking experience, you might be fine with a regional or local ATM network.
• Online and mobile banking services:If you're comfortable managing your account primarily online, you might choose a checking account from a bank with one of the best mobile banking apps. J.D. Power conducts an annual study that ranks mobile and online banking customer satisfaction.
• Overdraft protection options:If you have overdrawn from your bank account, you will want to look for a checking account that has free overdraft protection options. For example, some banks will let you link your checking account to a savings account and make free transfers to restore your balance.
• Customer support availability:Customer support options vary widely at banks. You can find institutions that allow you to connect with representatives by phone, email, live chat, or mobile banking. Also, bear mind there are banks that have 24/7 customer support availability.

How to Open a Free Checking Account

Ensure you have all the information you need to open an account. Here's how to apply for a free checking account online or at a branch.

Applying for a Free Checking Account Online

If you're applying for a free checking account online, most banks require you to provide a Social Security number. If you would rather use an ITIN number, generally, you'll have to apply at a bank's branch. You might also be asked to provide a copy of a government-issued ID like a driver's license or passport.

You'll enter basic information like your name, address, phone number, and email. At the end, you'll also deposit your account.

Applying for a Free Checking Account at a Branch

When applying for a free checking account at a branch, you must provide at least two forms of identification as well as a proof of address.

Some brick-and-mortar banks permit immigrants and non-US citizens to open a bank account using an alternative form of ID, although other financial institutions have stricter documentation requirements and require a social security number or ITIN.

You'll also have to share basic information about yourself as well as make an opening deposit.

Best Free Checking Accounts FAQs

Why You Should Trust Us: Our Expert Panel for the Best Free Checking Accounts

We consulted banking and financial planning experts to inform these picks and provide their advice on finding the best checking accounts for your needs.

We're focusing on checking accounts with no monthly maintenance fees, but we're also taking fees for foreign transactions, out-of-network ATMs, and more into consideration.

Here's what they had to say about checking accounts. (Some text may be lightly edited for clarity.)

What makes a checking account good or not good?

Roger Ma, certified financial planner withlifelaidout®and author of"Work Your Money, Not Your Life":

"I would look at the ATM branch locations and then minimum balance amounts to not incur a monthly fee. I think other stuff could make life easier, whether it's free checks, online bill pay, are they in the Zelle network?"

Sophia Acevedo, banking editor,Business Insider:

"I would look for a checking account that either doesn't have any monthly services fees or offers multiple ways to waive the fee. I would also look at customer support availability and mobile app ratings."

How can someone determine whether a bank is the right fit for them?

Tania Brown, certified financial planner and vice president of coaching strategy atOfColor:

"Obviously, you want to make sure it's FDIC insured. Also, your banking experience — do you like walking into a bank? Well, then you need someone local. Do you just not care if you ever see your bank? Then you're okay online. Do you write checks? Do you not write checks? So it's thinking through how your experience with it is going to be before you make that decision."

Mykail James, MBA, certified financial education instructor,BoujieBudgets.com:

"The No. 1 thing about a checking account is you should know what provider the debit card is coming from. And a lot of people don't think about that, because there are places that don't accept MasterCard or don't accept an Amex."

Methodology: How We Chose the Best Free Checking Accounts

First and foremost, we wanted to provide you with options. To find the best free checking accounts, we considered over two dozen brick-and-mortar banks, online banks, credit unions, and online banking platforms that do not charge any monthly service fees.

We looked at how financial institutions charge other bank fees — for example, out-of-network ATM fees, overdraft fees, or foreign transaction fees. If a financial institution offered a unique perk, like a high interest rate or a cash bonus, we evaluated the criteria needed to get the reward. For more about how we rate and review products, see our editorial standards page.

At BusinessInsider, we strive to help smart people make the best decisions with their money. We spent hours comparing and contrasting the features and fine print of nearly three dozen checking accounts available at over 20 national and online-only banks so you don't have to.

We understand that "best" is often subjective, however, so in addition to highlighting the clear benefits of a checking account — no fees, for example — we outline the limitations, too.