9 Banks With Completely Free Checking And No Minimum Balance of April 2024
Written by
Daria Uhlig
Edited by
Lindsey Kloosterman
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Keeping cash on hand never goes out of style, and a checking account is the best place to keep it instantly accessible for bills and day-to-day expenses. However, some checking accounts with your bank or credit union have minimum balance account requirements that keep your cash tied up, and you also might encounter monthly fees that make those minimums even harder to maintain for your checking or savings accounts.
How We Chose the List of Best Free Checking Accounts
GOBankingRates has put together a list of some of the best free checking accounts that don’t have minimum balance requirements or monthly fees. Not only do the accounts let you bank the way you want to, but they also let you hold on to more of your cash. The accounts were analyzed and ranked based on the following:
- Minimum deposit to open an account
- Monthly fees and the ability to waive them if applicable
- If the account earns interest and what the annual percentage yield, or APY, is if applicable
- Overdraft fees
- ATM withdrawals and fees
- Mobile check deposits
- Daily balance requirements
- Customer service
- Mobile app ratings
9 Best Free Checking Bank Accounts With No Minimums
Here’s a look at the 10 best free online banking options and checking accounts with no minimum balance requirements. As a bonus, you can open most of these accounts and online bank accounts free and they come with no minimum opening deposits, account balances or even monthly service fees.
1. Ally Bank
Ally Bank’s interest-bearing Spending account is a free online checking account with lots of perks to help you manage your money. Deposit checks from your smartphone, or transfer money using Zelle. Open an online savings account and Ally Round Ups will round up your spending transactions and deposit the extra amounts into your savings account.
ATM access
- No fee at over 43,000 Allpoint ATMs in the U.S.
- Automatic reimbursement for up to $10 in other domestic ATM fees
Interest
- APY for accounts with a daily balance of at least $15,000
- APY for accounts with a daily balance under $15,000
Fees
- Outgoing domestic wire transfer: $20 per transfer
- Expedited delivery: $15
- Account research fee: $25 per hour
Physical locations: No
Customer service
- Phone: 877-247-2559, available 24/7
- Email and live chat for account holders
Additional features
- No maintenance fees
- Expedited paychecks — get paid up to two days early
- Overdraft protection up to $250 and no overdraft fees
- Debit card controls available
Why we like it
Ally includes lots of freebies with its Spending account. There’s no charge for incoming wire transfers or cashier’s checks, and there also are no overdraft fees. Plus, accounts earn APY to APY, depending on the balance.
2. Axos Bank
Axos Bank’s no-fee, no-minimum checking account is called Essential Checking, and it has the features you need most. Axos also prioritizes security by offering biometric authentication, account monitoring and other security measures.
ATM access
- Free withdrawals at approximately 91,000 locations
- Unlimited ATM fee reimbursements
Interest: Non-interest-bearing account
Fees
- Paper statements: $5
- Wire transfers: $35 for outgoing domestic and $45 for outgoing international
Physical locations: No
Customer service
- Evo virtual assistant
- Phone: 888-502-2967
Additional features
- Get access to funds up to two days early via Direct Deposit Express
- Referral bonus for inviting friends
- Peer-to-peer payments directly from your account with just the recipient’s email or phone number
Why we like it
Axos has a high-yield checking option for customers who maintain higher balances, receive monthly direct deposits and/or have an Axos loan. You can start with Essential Checking for basic day-to-day checking needs, and then trade up to Rewards Checking if your situation changes.
3. Capital One
Capital One offers a free 360 Checking account that includes integration with Zelle for easy peer-to-peer payments, plus additional features to make banking easy.
ATM access
- Over 70,000 fee-free ATMs
- No fee for out-of-network ATM use
Interest: APY for all balances
Fees
- Cashier’s check: $10 from Capital One location or $20 for expedited delivery
- Wire transfer: $30 for outgoing domestic
Physical locations: Yes
Customer service
- Phone: 877-383-4802
- Automated service available 24/7
- Online chat with digital assistant Eno
Additional features
- Real-time alerts about account activity
- Debit card with $0 fraud liability, plus lock and unlock features
- Receive paycheck up to two days early
- Deposit money on the mobile app or at an ATM, physical location or CVS or Walgreens store
Why we like it
Unlike many of the banks on this list, Capital One has physical branches as well as Capital One Cafés where you can bank face-to-face with a representative.
*Capital one interest rates accurate as of 4/5/24. See website for all current rates.
4. Chime®
Chime* is a financial technology company that has partnered with The Bancorp Bank and Stride Bank, which provide banking services for Chime members. Here’s what you can expect when you open a checking account with Chime.
ATM access: Over 60,000 free in-network ATMs1
Interest: Non-interest-bearing account
Fees
- ATM and over-the-counter withdrawals: $2.50 at non-network machines
Physical locations: No
Customer service
- Phone: 844-244-6363, 24/7
- Via Chime mobile app
Additional features
- Get your paycheck up to two days early2
- Debit card settings available online3
- Deposit cash at Walgreens stores4
Why we like it
Chime is especially well suited for consumers banking for the first time. A highly rated app and opportunities to open a savings account and secured credit card make it easier to get your finances off to a strong start.5 You’ll need to have a Chime checking account in order to be eligible for a savings account.
5. Discover
The Discover® Cashback Debit account is a robust option for fee-weary consumers. You can earn cash back on purchases and benefit from additional online security measures.
ATM access
- Over 60,000 domestic ATMs
- Free withdrawals
Interest: Non-interest-bearing account
Fees
- Outbound wire transfer: $30
Physical locations: No
Customer service
- Phone: 800-347-7000
- 24/7, including evenings, weekends and holidays
Additional features
- 1% cash back on up to $3,000 in debit card purchases each month; see website for details
- Integrate with digital wallets and Apple Pay
- Helps remove personal information from online searches
Why we like it
Discover, Member FDIC is a full-service financial institution that can handle all your banking needs. In addition to a full range of deposit accounts, Discover offers individual retirement account products, credit cards and personal, student and home loans.
6. E-Trade From Morgan Stanley
This checking account is serviced by Morgan Stanley Private Bank, National Association, Member FDIC, with these features:
ATM access
- Use any ATM nationwide, with unlimited fee refunds
- No fees are charged by Morgan Stanley Private Bank, National Association
Interest: APY
Fees
- Wire transfer: $25 per outgoing made by phone; $0 if placed online
Physical locations: No
Customer service
- Phone: 800-387-2331
Additional features
- Unlimited ATM fee refunds nationwide
- No transaction fees for online wire transfers, stop payments and more
- Money transfers via the E-Trade platform
- Free Coverdraft Protection, when enrolled
- Same-day wire transfers
Why we like it
A generous APY, ATM refunds and more makes this checking account a solid option for E-Trade investors looking for a free and easy way to manage their uninvested cash.
7. FNBO Direct
The FNBO Direct Online Checking account features standard online and mobile checking services with just a nominal $1 deposit to open, as well as the following:
ATM access
- No fee at any Allpoint ATM
Interest: APY
Fees
- Wire transfers: $15 for domestic outgoing; $10 for next-day transfers
Physical locations: Yes, in select states
Customer service
- Phone: 877-370-3707
- Secure email via FNBO Direct website
Additional features
- No stop-payment fees
- No overdraft fees
- Digital payments via Apple Pay, Visa SRC and Samsung Pay
- Account alerts
Why we like it
FNBO Direct provides plenty of access to your money with over 2 million FNBO-fee-free ATMs worldwide, a free debit card and digital payments.
8. One
One offers envelope budgeters an easy way to organize their expenses into categories called Pockets along with other features, such as cash back on some purchases. The fintech company has partnered with Coastal Community Bank, which provides banking services for One customers.
ATM access
- Access over 55,000 ATMs in the Allpoint network
- Fee-free access for eligible direct deposit customers — or $3 for noneligible customers
Interest
- APY on Savings balances up to $250,000 with $500 per month in eligible direct deposits
Fees: $3 for barcode withdrawals for customers without $500 per month in eligible direct deposits
Physical locations: No
Customer service
- Phone: 855-830-6200, 6 a.m. to 6 p.m. PT, seven days a week
- Chat: Available 24/7 in app
- Submit a request for assistance via One website
Additional features
- The app integrates checking and savings
- Up to three free custom Pockets for savings
- Overdraft protection up to $200 for direct deposit eligible customers
- Receive your paycheck up to two days early
Why we like it
One allows users to set aside part of each paycheck as savings, which earns APY.
9. Varo
Varo is a full-service online bank with no hidden account fees, and you can open an account online or via the app in just a few minutes.
ATM access
- Over 40,000 fee-free Allpoint ATMs
- No foreign transaction fees
Interest: Non-interest-bearing account
Fees
- $3.50 per out-of-network ATM transaction
- Up to $5.95 retail service fee to deposit at checkout or use MoneyPaks
Physical locations: No
Customer service
- Phone: 877-377-8276, Monday-Friday, 7 a.m. to 3:30 p.m. PT, for help filing a dispute, logging in to your account or adding your Varo Debit or Believe card to your digital wallet
- Chat: Available seven days per week from 7 a.m. PT to 3:30 p.m. PT, except Thanksgiving, Christmas and New Year’s Day
Additional features
- Receive your paycheck up to two days early
Why we like it
You can start using your Varo bank account right away with the digital debit card you get free while you wait for the physical card to arrive by mail.
Final Take To GO: Are Free Checking Accounts Really Free?
That depends. A free bank account online might be free of monthly maintenance fees but have other, avoidable fees that can add up if you’re not careful. A couple of the most common fees to watch for include:
- ATM fee: Usually charged when you use an ATM that’s outside of your bank’s network. In some cases, you’ll be charged by your bank and by the machine operator. You can avoid ATM fees by sticking with your bank’s own ATMs or withdrawing some cash each time you make a purchase with your debit card so that you always have some on hand.
- Overdraft and non-sufficient funds fees: Charged when you spend more than you have in your account, whether by writing a check, withdrawing money from an ATM or using your debit card to pay for a purchase. It’s not uncommon for banks to charge $35 per occurrence — and charge you for several occurrences per day, in the event several charges come back before you’re able to make a deposit. Avoid these fees by keeping track of your balance.
FAQ
- What banks have completely free checking?
- Ally Bank, Axos Bank, Capital One, Discover, E-Trade, FNBO Direct and Varo are all banks that offer free checking accounts.
- What big banks have free checking accounts?
- Some bigger banks that offer free checking accounts are Capital One, Ally Bank and Axos Bank.
- What banks have free checking with no minimum balance?
- Ally Bank, Axos Bank, Capital One, Discover, E-Trade, FNBO Direct and Varo are all banks that offer free checking accounts with no minimum balance requirement.
- Which banks have no account-keeping fee?
- Ally Bank, Axos Bank, Capital One, Discover, E-Trade, FNBO Direct and Varo have checking accounts with no monthly maintenance fee.
- Can I open a free checking account online?
- Yes. You can open your free checking account online from the bank's mobile app or website.
Taylor DeJesus, Cynthia Measom and Caitlyn Moorhead contributed to the reporting for this article.
Rates are subject to change; unless otherwise noted, rates are updated periodically. All other information on accounts is accurate as of Apr. 1, 2024.
Editorial Note: This content is not provided by any entity covered in this article. Any opinions, analyses, reviews, ratings or recommendations expressed in this article are those of the author alone and have not been reviewed, approved or otherwise endorsed by any entity named in this article, unless labeled as sponsored.
*Chime is a financial technology company, not a bank. Banking services provided by, and debit card issued by, The Bancorp Bank, N.A. or Stride Bank, N.A., Members FDIC.
1Out-of-network ATM withdrawal and over-the-counter advance fees may apply. See here for details.
2Early access to direct deposit funds depends on the timing of the submission of the payment file from the payer. Chime generally makes these funds available on the day the payment file is received, which may be up to two days earlier than the scheduled payment date.
3Banking services and debit card provided by The Bancorp Bank N.A. or Stride Bank, N.A., Members FDIC, pursuant to a license from Visa U.S.A. Inc. and may be used everywhere Visa debit cards are accepted.
4Once the retailer accepts your cash, the funds will be transferred to your selected Chime Account. Barcode and debit card cash deposits land in the Checking Account. Credit Builder card cash deposits first go through your Card Account and then land in your Secured Account. Cash deposit fees may apply if using a retailer other than Walgreens and Duane Reade.
5The Chime Credit Builder Visa® Card is issued by Stride Bank, N.A., Member FDIC, pursuant to a license from Visa U.S.A. Inc. and may be used everywhere Visa credit cards are accepted.
GOBankingRates is a personal finance and consumer interest rate website and an online marketing company serving top-tier banks, credit unions and other financial services organizations. Some companies mentioned in this article might be clients of GOBankingRates, which serves more than 100 national, local and online financial institutions. Rankings and roundups are completely objective, and no institution, client or otherwise, paid for inclusion or specific placement. Any opinions, analyses, reviews or recommendations expressed in this article are those of the author alone and have not been reviewed, approved or otherwise endorsed by the companies included in the article. All fees and rates are subject to change at the issuers’ discretion. Some interest rates might be short-term or promotional offers only, and it is possible additional terms and conditions must be met to obtain the interest rates listed. Rates and availability might vary by region. Verify terms and conditions before opening an account.
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